Need some clarification on tax revers

[Sivakumar Palanisamy]

Dear sir/madam,

This is sivakumar.i am starting very small business with GST registered. I am going to buy some furniture and computers for my business. I don't have enough knowledge about GST. so could you please explain me that am I allowed to get tax revers whichever I am going to pay to the vendor. Because my business is not yet open but works are under process. If you don't mind can anyone send a chart of the products that we can revers the tax.

Thanks & Regards

Sivakumar

AI Summary

Business Owner Seeks Advice on GST Registration and Input Tax Credit for Pre-Opening Purchases Under Section 22 A business owner, starting a small venture, seeks advice on GST and the possibility of reclaiming taxes paid on purchases before the business officially opens. A respondent clarifies that if annual transactions are below 20 lakhs, GST registration is not mandatory, but voluntary registration is possible. The respondent also explains the concept of input tax credit and advises consulting with an auditor for detailed guidance. Another participant concurs, emphasizing the importance of understanding GST registration requirements and utilizing input tax credit for GST paid on supplies. The discussion highlights the need for professional advice in navigating GST regulations.