Is it compulsory to pay GST after registration?

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Is it compulsory to pay GST after registration?

After obtaining the registration, the registered person is liable to charge GST on all taxable supplies and declare the same in GST invoice raised by them. Every goods have a separate GST rate and HSN code. He shall be liable to pay GST on aggregate turnover.

What happens if I am not registered for GST?

If you don’t register for GST and are required to, you may have to pay GST on sales made since the date you were required to register. This could happen even if you didn’t include GST in the price of those sales. You may also have to pay penalties and interest.

Can unregistered person make interstate supply?

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Supply must be by an unregistered person. Supply must be to a registered person. Supply must be an intra-state supply as compulsory registration is required for inter-state sales.

Can you run a business without GST?

Businesses and individuals are exempt from GST if their annual aggregate turnover is less than a specific amount. At the time of GST implementation in July 2017, businesses/individuals with annual aggregate turnover of less than Rs. 20 lakhs were allowed GST exemption. A lower limit of Rs.

How to register a company in India?

To register a company in India, the promoters have to start with obtaining their DIN and DSC, and the process ends with the registration formalities and post registration, PAN/TAN can be obtained. The documents required for such process are generally noted as passport size photographs, address proof, ID proof, Utility proof, etc.

How to apply tin number in all states of India?

For the TIN Number we already discussed above that each state they have own rules so basically below are some common procedure to apply TIN Number in all over India in any state – a) First of all you have to find the respective State Government VAT Department Website.

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Can a private limited company be struck off the Register?

Yes, so long as the annual compliances are met, the private limited company will continue to exist. If you do not comply with the requirements, it will go dormant, until it is struck off the register altogether. Is it necessary to have a company’s books audited? Yes, a private limited company must hire an auditor, no matter what its revenues.

What is a VAT number / TIN / CST number?

Therefore, manufactures or traders must be aware of the relevant state VAT regulation and obtain registration if required. When registered for VAT, the manufacturer or trader is allotted a unique 11 digit number which will serve as the VAT Number / TIN Number / CST Number for the business.VAT / TIN / CST utilize the same unique 11 digit number.