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Abhishek

Abhishek Shah  | Answer  |Ask -

HR Expert - Answered on Feb 17, 2023

Abhishek Shah is an experienced tech and HR leader. He has over 10 years of experience in helping create sustainable thriving businesses, leveraging technology and mentoring people. He founded Testlify, a talent assessment platform in 2022. He is passionate about helping founders build high-performing tech teams. ... more
Muthu Question by Muthu on Feb 16, 2023Hindi
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Career

I'm sole trader doing business with a turnover of not more than 10 lac per anum. When I supply food items they insist on gst. I dont have. What to do

Ans: Hello Muthu,

I hope you're doing well.

As a sole trader, if your turnover is not more than 10 lakh per annum, you are exempt from registering for GST. However, if your customers are insisting on GST, it may be because they are registered under GST and are required to collect and remit GST on the goods they purchase.

In this case, you may want to consider registering for GST voluntarily. Voluntary registration will allow you to collect GST from your customers and remit it to the government. It may also allow you to claim input tax credit on your purchases.

To register for GST, you can visit the GST portal and follow the registration process. You will need to provide your business details, PAN card, and bank account details. Once you are registered, you will be issued a GSTIN and can start collecting and remitting GST.

It is important to note that once you are registered for GST, you will be required to file regular GST returns, even if you have no sales or purchases during the period. Failure to file GST returns can result in penalties and interest.

Therefore, you should evaluate whether registering for GST is in your best interest, taking into account the administrative burden of compliance and the impact on your pricing and competitiveness. If you decide not to register for GST, you may want to consider finding customers who are not registered under GST.

I hope this helps. Good luck.

Regards,
Abhishek
Career

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Ramalingam

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Asked by Anonymous - Aug 08, 2024Hindi
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Hello sir Very very afternoon How To Claim Tax Amount With Out GST Number.
Ans: If you do not have a GST number, you cannot claim GST input tax credit (ITC) or get a refund of GST paid on purchases. However, depending on your situation, there are some ways to manage taxes:

1. If You Are a Salaried Employee
You don’t need a GST number to file income tax returns.
You can claim deductions under Section 80C, 80D, HRA, and other sections to reduce taxable income.
If TDS is deducted, file ITR to claim excess tax refund.
2. If You Are a Business Owner or Freelancer (Without GST Number)
If your turnover is below Rs 20 lakh (service) or Rs 40 lakh (goods), GST registration is not mandatory.
You cannot charge GST on invoices or claim input tax credit on business expenses.
Instead, show expenses as deductions under income tax rules.
3. If You Paid GST but Do Not Have a GST Number
If you have paid GST on any purchase, but you don’t have a GSTIN, you cannot claim ITC.
However, you can include those expenses as business costs to reduce income tax.
4. If You Are Eligible for GST Registration
If your business turnover exceeds the GST threshold, register for GST to claim ITC.
If you voluntarily register for GST, you can claim ITC on future purchases.
5. If You Want a GST Refund Without a GST Number
GST refunds are usually only for registered businesses.
If you are an exporter or have made a zero-rated supply, you need a GST number to claim refunds.
If you were wrongly charged GST, you can request the seller for a refund or avoid paying GST on exempted items.
Final Insights
Without a GST number, you cannot claim GST input tax credit.
For salaried employees, claim deductions under income tax laws.
For businesses, show expenses to reduce taxable income.
If eligible, register for GST to claim ITC and get refunds.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Hello Sir, my daughter got IIT Bhubaneswar- Engineering Physics until Josaa round 4 and also scored 99,90 in Maharashtra CET. Which one should she opt ? She has appeared for BITS too. Pls suggest - She wants to take CS. So we are confused with location n preferences.
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