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GST registration is not mandatory to get an FSSAI license. However, if your business crosses the standard annual turnover threshold, is involved in inter-state sales, & sells through e-commerce platforms, you must obtain a GST number.
GST Collection is the total indirect tax revenue. The government collects it from the supply of goods and services. It can be considered as a key indicator of economic health. This specifies consumer spending and industrial activity across India.
E invoicing applicability generally depends on the aggregate annual turnover of a business. It has an turnover of Rs. 5 crore in any financial year. If it has an more than Rs. 10 crore, they must report invoices within 30 days to the IRP. Read more.
Section 50 of CGST Act outlines the interest on delayed GST payments. This is usually 18% per year on the tax paid in cash. The 24% per year is charged for wrongly claimed Input Tax Credit (ITC). Keep reading to stay informed.
Section 73 of CGST Act manages tax recovery in the purpose of non-fraudulent errors, short payment, or Wrong Input Tax Credit or refunds (Non-fraud cases). This allows paying tax and interest within 30 days to avoid penalties for business purposes.
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