A person sec 44ad sales of taxable turnover Rs:45 lacs show in I t return filed in f.y.19-20.but person not registered in gst act(turnover Rs:40 lacs threshold limit above).
Question
What is the consequences to dealer not registered in gst act.
3 Replies
CA AKSHAY VARMA
(74 Points)
Replied 10 February 2021
Have to take registration as turnover cross the 40lakh limit
Analytic Business Consulting
(150 Points)
Replied 10 February 2021
You should have taken GST registration and pay the tax and file returns. But, here such act cannot be taken since the issue has been occurred, So, lets wait till GST authority takes any action if they come across the matter.
And if your business crosses such limits in the C.Y too then please take prior registration and comply with laws at the earliest.
And if the GST authority had issued you with any notice then seeks any experts opinion on how we can respond for such.
And if your business crosses such limits in the C.Y too then please take prior registration and comply with laws at the earliest.
And if the GST authority had issued you with any notice then seeks any experts opinion on how we can respond for such.
anil jain
(Partner)
(1072 Points)
Replied 12 February 2021
Take registration
Calculate tax and interest.
In first return pay that tax and interest.
This is required per section 40 of CGST Act.
Keep with you that computation for future reference if gst authorities ask for old arear.
Otherwise your liab will not vanish and interest will increase manifold with time.
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