#gstamendment

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Penalty for Late or complete failure to take GST Registration

As per GST act, there is a direct penalty for failure to take GST registration in India and the same is levied even in case of late GST registration.

As per section 122 of CGST act, any taxable person who fails to take GST registration though he is liable to be registered under the act, then the penalty of ₹10,000 or amount of tax evaded or any short tax liability whichever is higher.

Hence, if any person fails to take GST registration and the total tax liability after calculation comes to ₹2 lakh, then the penalty for failure to take GST registration shall be 2 lakh or ₹10,000 whichever is higher and hence, ₹2 lakh shall be levied.

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Penalty for Late or complete failure to take GST Registration

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What are benefits of GST Registration?

For normal registered businesses:

1. Take input tax credit 2. Make interstate sales without restrictions

For Composition dealers:

1. Limited compliance 2. Less tax liability 3. High working capital

For businesses that voluntarily opt-in for GST registration (Below 40 lakhs)

1. Take input tax credit 2. Make interstate sales without restrictions

3. Register on e-commerce websites. 4. Have a competitive advantage compared to other businesses

For More Information visit site : https://www.gstregistrationonline.org

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Applicability of GST

If you are involved in any business except agriculture and your aggregate turnover is above ₹ 20 lakh in a financial year, then you are a taxable person under GST law.

Businesses operating in North Eastern and some other states need registration if their turnover exceeds Rs 10 lakh.

If you are an NRI doing business in India then it is mandatory for you to register under GST irrespective of the turnover of your business.

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Online GST Registration| GST Amendment| Apply in India.

GST Registration online application. Get GST Certificate in just 3 days. Expert advice about Applicability of GST, What are the benefits of GST Registration, penalty for Late or complete failure to take GST Registration, GST rules, forms, documents required for GST Registration.