GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Businesses that generate more than $75, 000 in income annually MUST register for this.
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ACN
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PAYG
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GST
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BAS
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Explanation:
Detailed explanation-1: -Can I register for GST if turnover is less than 75000? Registration for GST is optional if your GST income is less than 75, 000. However, once registered, you will have to include GST in your charges and apply for GST credit on your business purchases regardless of your turnover.
Detailed explanation-2: -The laws of GST states that any turnover up to 20 lakhs is completely exempted from GST, 10 lakhs for special category states except the state of “Jammu and Kashmir”, which is fully exempted from registration, while anything above these values are subject to registration.
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