If the annual sales of a business are more than Rs. 20 Lakh or the sales if done outside the home state then Goods and Services Tax Registration (GST Registration) is mandatory. However, if the sales are less than Rs. 20 Lakh, GST Registration becomes optional.
Every person who has registered under the Goods and Services Tax has to mandatorily file their returns. Failing to file the periodic returns can be a very costly affair since GST act has prescribed heavy penalties and late fees for defaulters.
GST is the newest reform in the Indian Taxation System, the new tax reform has brought an extra burden on the businessman to stay compliant on other aspects such as timely payment of GST, timely returns, issuance of GST compliance invoices etc.