a unregd person having business of man power supply having turnover of rs 64 lakhs what are the tax implication in income tax and gst. as he is a unregd person he didnt deduct any gst in previous year 17-18
In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.
In income tax, you can opt presumptive taxation scheme under section 44AD.businesses with turnover up to Rs 2 crores can opt for presumptive taxation scheme.
Your turnover must be less than Rs 2 crores
Your NET income shall be considered as 8% of your turnover (net income will be considered 6% in case of digital receipts)
You don’t have to maintain accounting records
You don’t have to pay advance tax (from FY 16-17, assessee opting for presumptive taxation has to pay 100% advance tax by 15th March of that particular financial year)
You don’t have to get your accounting records audited
You will have to file your tax return in ITR-4 a shorter and simple form.