I start New Business .my turnover not more than 20 lakh now My CA says Do not register for GST . I am Trading In Machinery Spares . Margin around 20 to 30 % . If I am Not register Gst Bear My Resale cost increase More than 50 to 60%. Its More than GST register trader. PLs any one has suggestion pls tell me more
-If your buyers are registered in GST, then definite they will not provide material from you because they will not get the benefit for paid GST, which you paid during purchase. -If your customers are non-registered & you have total local sale then don't register. -But now it is a up-step to grow your business with GST registration in future also. more
If your customers are end users and not bothered much about price then you need not register for time being. But if they are retailers or institutions that require imput credits,then they will surely don"t prefer to do business with you. But my suggestion is, better to get registered even if your expected turnover is below 20lacs. more
The basic approach to the GST itself is "USER PAYS". It is a chain, starting from the manufacturer's Input Tax credit, and terminating with the end user, who will buy the products from you. But, as "last-stop" trader, if you OPT for GST chain, then, you must Regsister, with GST authority Prepare GST invoice, quoting your GSTIN No. Collect the tariff GST Remit the GST due to the GOVT. If you are a small or Tiny trader, do you have infrastructure for this work, which is 100% Line. In addition to the advice rendered by your CA Sir, please get in touch with the GST Seva Kendra in your jurisdiction and ask all questions and get answers from the "horses mouth." Good Luck. M.Balachandran more
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By Sunita Varghese
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