Suppose I am a manufacturer my turnover less than 20 lacs
cost 5 , profit 2
now,
what is the sale price of a product?
if turn over exceed 20 lacs what will be the sale price?
Actually my question is govt says trader don't want to pay GST is they come under 20 lacs slab it means what ? they collect gst from customer and they don't want to pay to govt?? or they should not collect gst from customer ?
here final burden is on customer not others then why they fix limit?
if your turnover is less than 20 lacs then u r not liable for registration under GST Law... voluntary you can take....
if you collect GST from customer then it is mandatory to take registration nd pay the tax to Govt else if you do not do this then you will be liable for prosecution as retaining amount of GST is serious offence under GST Law
if your turnover exceeds rs 20 lacs then you need to apply for registration with in 30 days from the date you become liable to get registration
you have to raise revised invoice for the period you become liable for GST Registration till the date of grant of registration
you have to show your revised invoices in your first return
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