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.
kollipara sundaraiah (B.com) (2916 Points)
10 February 2021A 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.
CA AKSHAY VARMA
(74 Points)
Replied 10 February 2021
Analytic Business Consulting
(150 Points)
Replied 10 February 2021
anil jain
(Partner)
(1067 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.
CAclubindia
