Hi, some party paid me GST along with bill payment. I have not charged GST on invoice as my goods are exempt from GST. What should i do now? is there any penalty for it?
Since you're trading into goods exempt from tax under CGST Act, 2017, You're not a taxable person for the purpose act. Thus, no penal provisions provided under the act shall be applicable on you. Ideally, you should refund the excess amount wrongly paid to as GST.
By- Vineet Choubey
Hi, as per sec 76 of CGST act, if any person collects GST of supply of goods or services,even if goods are exempt then it shall have to be deposited to govt within 30 days of receiving the amount. If not, then there is a penalty of Rs.10000 or 10% of GST, whichever is lower.
By- SUNIL KUMAR