GST Homework Incomplete
I have a suggestion and I shall put forward my point by giving an example.
Those who have taxable income below the limits specified, and hence are not paying any Income Tax, have the facility of “Form 15 G” (15-H for senior citizens) to be submitted, so that there is no Tax Deducted at source. If the IT depaart6ment gets into some doubt, they can always ask for clarification from such persons.
Likewise, why can’t there be some similar form for claiming an Exemption from GST, when the turnover is claimed to be below the specified limit? And if the taxation department has any doubts or queries, they can always check with the said trader/company/Firm.
Moreover each trader/businessman filing such application shall know one’s own responsibility while making such an application, and the department shall also have the details of all such traders and businessmen.
Possibly, like the Form 15G/15H, such forms shall also have to be submitted each year in the specified time limit, to claim the exemption.
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Oct 31
If Revenue is under 20L, no requirement to Register. If Not Registered 1. Cannot charge GST seperately - Illegal to charge but not pay to Govt - Must Invoice inclusive of Tax 2. Cannot avail Input Credit for GST Charged by Vendors Govt is really not concerned about last point GST from sales by small business. No exemption required.
Sep 13
Where is the exemption? As far as I think, there is no exemption from GST. If some trader below taxable limit purchases anything from a registered dealer, he is charged GST by the selling registered dealer as in the case of an end user.
Sep 13
Very nice suggestion. Can some one pass on this suggestion to GST Council and our learned Finance minister for adoption.
Sep 13