Non-payment Non-payment, If you do not pay an invoice, there can be several consequences depending on the situation. Here are some of the possible outcomes: 1.Late payment fees or interest charges: The first consequence of not paying an invoice on time is that you may be charged late payment fees or interest charges. This is… Read More »
Risk in taking GST on home address For many small business owners or freelancers, using a home address for Goods and Services Tax (GST) registration is a common practice, especially if they don’t have a commercial office space. But is there any risk involved in this? Let’s explore the potential concerns: Legal Compliance As long… Read More »
What are the consequences of Not Issuing E-Invoices Under India’s New GST Regime With the introduction of the Goods and Services Tax (GST) in India, the government has significantly reformed the tax system, aiming to streamline indirect taxation. A critical aspect of this evolution is the requirement for businesses to generate and issue electronic invoices… Read More »
The implications of non registration with GST Non-registration with GST can have various implications, such as: If a business is not registered under GST, it cannot collect GST from its customers. This means that the business will have to bear the tax burden on its own, which could impact its profitability. To visit:https://www.gst.gov.in/ Penalty for… Read More »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »
