GST And Mandatory Requirements under GST

Goods and Service Tax (GST) is an indirect tax levied on the supply of Goods and Services. This law has replaced many indirect tax laws that previously existed in India.

For certain businesses, registration under GST is mandatory.

If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

Who should register under GST

  • Individuals registered under the Pre-GST law (i.e, Excise, VAT, Service Tax etc)
  • Business whose turnover above the threshold limit of 20 Lakhs (Rs.10 Lakhs for North- Eastern States, J&K, Himachal Pradesh and Uttarakhand.
  • Agents of a supplier and Input service distributor.
  • Person who supplies via e-commerce aggregator
  • Every e- commerce aggregator
  • Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

Difference between In-house Accountant and Outsourced Accountant from Accteez

  • In-house Accountant

-Monthly fixed expense of 25k with increase in Experience.

– Staff space is required.

-Leaves required i.e Medical leaves, Casual leaves.

– Manpower risk is always there.

  • Outsourced Accountant

-Minimum starting from 1500 for filing monthly GST return with Accteez.

-No staff space is required

-No leaves requires, taken care by outsourced firm

– No risk, as it is the responsibility of an outsourced firm.

Penalty for not registering under GST

An offender not paying tax or making short payments has to pay penalty of 10% of the tax amount due subject to a minimum of Rs.10000.

The penalty will at 100% of the  tax amount due when the offender has the deliberately evaded paying tax.

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