Mitali
Quick Summary
The GST department issued Show Cause Notices under Section 63 to individuals for failing to comply with GST registration. What's in the Notice? You being an individual, have received the amount through Phonepe or Paytm towards the supply of service or goods to the extent of FY 2020-21 to 2024-25 w
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FAQ :
Receiving substantial amounts through UPI for supplying goods or services without being registered under the GST Act can trigger notices from the GST department, especially if your turnover exceeds the prescribed thresholds.
GST registration is mandatory if your annual supply of services exceeds ₹20 lakh, or if your annual supply of goods exceeds ₹40 lakh.
You should be cautious about unnecessary or unclear transactions, including loans, gifts, or third-party payments, as these can attract scrutiny if not properly documented.
Failure to register or pay due GST can lead to tax notices, legal liabilities, and potential penalties from the authorities.
Avoid unnecessary UPI transactions, maintain accurate records of all financial dealings, regularly check your Annual Information Statement (AIS), and seek professional advice to ensure compliance.
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