MP: Number of traders registered under GST crosses 4 lakh

Joint Commissioner of MP Commercial Tax department, Sudip Gupta said that it is mandatory for businessmen with annual gross turnover of more than Rs 20 lakh to register under GST.

The number of traders who have joined the Goods and Services Tax (GST) regime in Madhya Pradesh has reached over four lakh, a senior state commercial tax official said.

Joint Commissioner of MP Commercial Tax department, Sudip Gupta, told PTI that by the end of the current financial year, the number of registered businessmen under GST could further increase to 4.60 lakh.

“Nearly three lakh businessmen in MP got associated with the GST regime when it was implemented nationwide on July 1, 2017. At present, the number of such businessmen has gone above four lakh,” Gupta said.

Gupta said that it is mandatory for businessmen with annual gross turnover of more than Rs 20 lakh to register under GST.

Under VAT, registration was mandatory for those having annual gross turnover of more than Rs 10 lakh.

He said that most of the businessmen associated with the old system of Value Added Tax (VAT) had been registered under GST.

source:https://www.moneycontrol.com/news/business/mp-number-of-traders-registered-under-gst-crosses-4-lakh-2938931.html

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