#gstamendment

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.

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

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.

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