What happens if I wont collect gst after registration?

what happens if I won't collect gst after registration?what to do then??
Replies (3)
Quick Summary
If you've registered for GST but choose not to collect it from customers, you'll still be liable to pay the applicable GST to the government. Failure to do so can result in a penalty of 10% of the tax due, with a minimum penalty of Rs. 10,000. This liability can significantly impact your business's profitability.

An offender not paying tax or making short payments must pay a penalty of 10% of the tax amount due subject to a minimum of Rs. 10,000. Consider — in case tax has not been paid or a short payment is made, a minimum penalty of Rs 10,000 has to be paid. The maximum penalty is 10% of the tax unpaid.

Liability will effect your profitability.

The collection of GST from customer is a matter of agreement.

The supplier whether collects or not will still be liable to pay applicable GST to the government.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register