On GST - All the best to all Indians

[writer99025]

Mitron, in 2 days, GST will be launched. One nation, one tax. This is the greatest tax reform undertaken by an Indian government in 70 years since independence. Things will be really messy in the initial few days we are basically changing an entire economic system. Stay patient, don’t succumb to rumors and read, find out all the details from official Government of India sources. Talk to your CA - most important. Eventually, GST will add 1-2% to our GDP growth rate and is the biggest economic reform attempted in India since the opening up of the economy in 1991. All the best to everyone!

[MOST IMPORTANT: My CA said if you make less than 20 lakh rupees/year and have a work-at-home job or are a freelancer, you DON’T have to register for GST]

[if you make over 20 lakhs/year from your freelance business, you will need to register. However, if you make say 15 lakhs/year from your freelance business and 10 lakhs/year from other sources of income, such as bank interest income, dividend income, income from a job which gives you a total of 25 lakhs/year- you DON’T have to register for GST. GST is only for your business income. Remember the VAT/sales tax we have till now? GST is that only, except that different states have different VAT and sales tax, GST is one VAT, one sales tax for all states.]

[ghemachandar1]

Mitron, in 2 days, GST will be launched. One nation, one tax. This is the greatest tax reform undertaken by an Indian government in 70 years since independence. Things will be really messy in the initial few days we are basically changing an entire economic system. Stay patient, don’t succumb to rumors and read, find out all the details from official Government of India sources. Talk to your CA - most important. Eventually, GST will add 1-2% to our GDP growth rate and is the biggest economic reform attempted in India since the opening up of the economy in 1991. All the best to everyone!

[MOST IMPORTANT: My CA said if you make less than 20 lakh rupees/year and have a work-at-home job or are a freelancer, you DON’T have to register for GST]

[if you make over 20 lakhs/year from your freelance business, you will need to register. However, if you make say 15 lakhs/year from your freelance business and 10 lakhs/year from other sources of income, such as bank interest income, dividend income, income from a job which gives you a total of 25 lakhs/year- you DON’T have to register for GST. GST is only for your business income. Remember the VAT/sales tax we have till now? GST is that only, except that different states have different VAT and sales tax, GST is one VAT, one sales tax for all states.]

Thanks for the update, @writer99025!

[MOST IMPORTANT: My CA said if you make less than 20 lakh rupees/year and have a work-at-home job or are a freelancer, you DON’T have to register for GST]

Not really sure about this, but will leave it to the professionals. 😌

[nazish28]

Thanks for sharing 🙂

[writer99025]

Thanks for the update, @writer99025!

[MOST IMPORTANT: My CA said if you make less than 20 lakh rupees/year and have a work-at-home job or are a freelancer, you DON’T have to register for GST]

Not really sure about this, but will leave it to the professionals. 😌

I asked this 10 times, my old and trusted CA told me 10 times you don’t have to apply for GST. What more can I say? LOL. He spends all his time advising small businesses on GST, so he should know.

[ghemachandar1]

I asked this 10 times, my old and trusted CA told me 10 times you don’t have to apply for GST. What more can I say? LOL. He spends all his time advising small businesses on GST, so he should know.

For the sake of health and wealth, let’s listen to what professionals say 🙂

[writer99025]

For the sake of health and wealth, let’s listen to what professionals say 🙂

CAs are to GST what Bankers were to Demonetization…LOL…our new heroes 😛

[ghemachandar1]

CAs are to GST what Bankers were to Demonetization…LOL…our new heroes 😛

Yup!

Confirm. Not registering for GST right now. 🙂 The only situation for registering would be if Paypal makes it mandatory or when business income exceeds 20L.

The worst case scenario for non-compliance is a penalty of 10% of tax due, subject to a minimum of Rs.10K (I think). So if business income is less than 20L, one will have to pay 10K for non-compliance of not registering when one should. I’ll take that for a couple of bad buyers on Fiverr. 😏

I love GST, but just doesn’t want to be bothered with invoicing/returns or fall into GST scanner right now.