If turnover crosses 20 lakhs towards the end of the year?

Dyumnin (Owner) (25 Points)

24 October 2017  

Hi,
I am an independent professional service provider, providing services to companies abroad and recieve payment directly to my bank account in INR
My income from consultancy has been below 20 lakhs till now, so my understanding is that I am exempted from paying GST.

  • What happens if my income crosses the 20 lakh milestone towards the end of the year? Will I have to pay a penalty for the previous 11 months?
  • If in the following years my income again falls below 20 lakh will I loose my exempt status due to the one peak year?