What happens if I wont collect gst after registration?
zanis 0071 (68 Points)
04 October 2021
what happens if I won't collect gst after registration?what to do then??
3 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5934 Points)
Replied 04 October 2021
An offender not paying tax or making short payments must pay a penalty of 10% of the tax amount due subject to a minimum of Rs. 10,000. Consider — in case tax has not been paid or a short payment is made, a minimum penalty of Rs 10,000 has to be paid. The maximum penalty is 10% of the tax unpaid.
Rajendra Prasad
(Employee Private)
(1895 Points)
Replied 04 October 2021
Liability will effect your profitability.
CA Altamush Zafar
(GST Consultant)
(15976 Points)
Replied 04 October 2021
The collection of GST from customer is a matter of agreement.
The supplier whether collects or not will still be liable to pay applicable GST to the government.
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