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I recently registered my own private limited company in June 2017. We provide consulting services to other businesses. My total service revenue this year is approximately 4 lakh total. Do I need to register my company with GST?
Goods and services of a business exceeding Rs. 20,00,000 turnover has to register under GST. Some businesses have to register themselves as a mandatory part example - Sellers on Ecommerce platforms.
Penalty for not registering
Wazzeer Professional Network
ProfessionalI recently registered my own private limited company in June 2017. We provide consulting services to other businesses. My total service revenue this year is approximately 4 lakh total. Do I need to register my company with GST?
-
Wazzeer Professional Network
ProfessionalGoods and services of a business exceeding Rs. 20,00,000 turnover has to register under GST. Some businesses have to register themselves as a mandatory part example - Sellers on Ecommerce platforms.Penalty for not registeringThose exceeding turnover of Rs. 20,00,000 that haven't registered their company will have to pay the penalty for an offense of not registering it.
An offender not paying tax or doing genuine errors has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.Benefits of registeringBut if they register themselves, they have some benefits of it:1. For composition dealers:-- Liability of tax will be less.- Working capital will be high.- Limited Compliance.2. Businesses registered voluntarily having a turnover less than Rs. 20 Lakhs:-- Competitive advantage as compared to other businesses not registered.- No restrictions on interstate sales.- Get input tax credit.3. For persons registered normally:-- No restrictions on interstate sales.- Get input tax credit.To get your business GST registered in a day ->"Get your Wazzeer"over 3 years ago
View answer
I recently registered my own private limited company in June 2017. We provide consulting services to other businesses. My total service revenue this year is approximately 4 lakh total. Do I need to register my company with GST?
-
Wazzeer Professional Network
ProfessionalGoods and services of a business exceeding Rs. 20,00,000 turnover has to register under GST. Some businesses have to register themselves as a mandatory part example - Sellers on Ecommerce platforms.Penalty for not registeringThose exceeding turnover of Rs. 20,00,000 that haven't registered their company will have to pay the penalty for an offense of not registering it.
An offender not paying tax or doing genuine errors has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.Benefits of registeringBut if they register themselves, they have some benefits of it:1. For composition dealers:-- Liability of tax will be less.- Working capital will be high.- Limited Compliance.2. Businesses registered voluntarily having a turnover less than Rs. 20 Lakhs:-- Competitive advantage as compared to other businesses not registered.- No restrictions on interstate sales.- Get input tax credit.3. For persons registered normally:-- No restrictions on interstate sales.- Get input tax credit.To get your business GST registered in a day ->"Get your Wazzeer"over 3 years ago
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