What will happen if I don't register my small business for GST?
Shyamal Modi, Tax Advocate | Financial Advisor | Virtual CFO
Answered on December 12,2022
Answered on December 12,2022
If your annual turnover doesn't cross the threshold limit (Rs. 40L for goods/Rs. 20L for services) and you don't come under the scenarios where compulsory registration is required, then you don't have to worry!
But if any of the above doesn't meet - that means you are violating provisions of the CGST Act.
Later on if the department finds out from your ITR, that you are liable to register, they will impose Penalties along with tax payable + interest on late payment of taxes!
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