My business is a Proprietor Concern doing business of Retail Gold and Silver Jewelry. Earlier under TNVAT, as there was no basic exemption, I had to register my concern. I have never crossed the turnover of Rs. 15 lakhs in the past. As I was informed to migrate to GST by concerned department, I have executed all the necessary online submissions to migrate to GST and I have also received the URN. I want to know whether GST migration/registrarion for my concern is necessary or otherwise. As the basic exemption is Rs. 20 Lakhs, do I need to migrate to GST? If the answer is No/Not Necessary, then can I ignore further GST communications to get Permanent GST registration? Kindly inform your opinion. This will also help lot of fellow retailers.
Migration is compulsory, as per CGST act if you are already registered under existing tax laws, you need to register under GST.
However if your turnover is below 20 lakhs, then you can apply for cancellation of registration.
Cancellation forms will be made available post GST implementation.
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