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GST is known as Goods and Services Tax. All firms that acquire or sell products or provide services must register for GST.
Firms with annual revenue of Rs.40 lakhs or above are required to register themselves under GST. The turnover limit for firms in the North-Eastern states or hill states is Rs.20 lakh. A firm that conducts business without registering for GST, faces severe penalties.
GST is an indirect tax that has been implemented to replace a variety of other indirect taxes such as VAT, service tax, excise duty, and so on. It is a single tax that is levied throughout India.
GST registration is required for firms with annual revenue of Rs. 40 lakhs or higher. For businesses that are present in the North-Eastern states or hill states like Jammu and Kashmir, Uttarakhand, and Himachal Pradesh, the turnover limit is Rs.20 lakhs.
If the supply of goods is made in more than one state, GST registration must be completed in each state. If a business fails to finish the GST registration process in India, a fee of 10% of the total amount due, or Rs.10,000, would be charged.
In the case of full tax evasion, the penalty will be 100 % of the amount due.
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