Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Gst registered required

254 views

Save Share

Kollipara Sundaraiah

B.com

2405 Points Posted on 28 September 2020

Assess trading of goods sales turnover amount rs : 42 lacs in f.y.2019-2020 sec 44ad provision I.t. return filed.but dealer not gst registered.
question:
1.dealer gst registered compulsory
2.if compulsory at present new gst composite or regular scheme registered applied new gst number received after previous sale turnover Rs:42 lacs 19-20 and April to August,2020 sales turnover first return filed time show in gst returns compulsory or not.

Replies (2)

Quick Summary

This discussion clarifies GST registration requirements for businesses with a turnover exceeding Rs. 40 lakhs in a financial year. It explains that GST registration is compulsory if your sales surpass this threshold. Failing to register can lead to notices, penalties, and interest on unpaid taxes for both previous and current financial years.

Hardik Patel

61 Points Posted on 28 September 2020

GST registration is compulsory if sales above 40 lakhs in a financial year.

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 28 September 2020

If your aggregate turnover in 19-20 is exceeding Rs.40 lakhs then you may get notice from the department to pay tax along with interest on Rs.2 lakhs for F.Y 2019-20 and if your are still unregistered than also liable to pay tax for sale done up to date i.e in F.Y 2020-21 along with interest.