Dear Experts
Following is the question.
Professional consideration received during 2018-19 has exceeded ₹ 20 lakhs which was ignored due to oversight & registration was not taken. Now the person wants take registration voluntarily for the year 2018-19 and desires to pay applicable GST thereon.
During subsequent years, the consideration received is less than threshold limit prescribed for registration.As such continuation of registration is not required.
Kindly clarify how to take voluntary registration for 2018-19 now and pay GST accordingly. Any specific provisions/notifications for such situations may please be highlighted.
Missed GST Registration Deadline: Pay Arrears with Interest, Late Fees, and Penalty; Consider Surrendering if Below Threshold in 2020. A person exceeded the 20 lakh threshold for GST registration in 2018-19 but failed to register due to oversight. They seek guidance on voluntary registration for that year and paying the applicable GST. An expert clarified that retrospective registration is not possible, and the person should have registered within 30 days of exceeding the threshold. They must now apply for registration, pay the tax arrears with interest and late fees, and can surrender the registration in April 2020 if turnover remains below the threshold. A penalty of 10,000 applies for failing to register when required. (AI Summary)
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