Respected Members & Friends
i want suggestion on following matter in the eye of law if turnover of business cross 4000000 but he not get register for GST
he is doing business of 5% tax product.
how much penalty he has to pay for this
Rs. 10000 or
10% of tax on 4000000 @ 5%
Rs. 25000
or 100% tax on said sales of 4000000.
consequences if he Register now .
please suggest which amount he has to pay.
Penalty of Rs. 10,000 or equal to the amount of tax involved, whichever is higher, apart from the requirement to pay the tax and applicable interest.
Sec. 122(1)(xi) of the CGST Act.
transaction in
saving a/c 900000
personal OD a/c 3700000
curren a/c 100000
in the aboue case he has to pay tax on 4700000 ?
please reply
CAclubindia
