Pani puri wala gets GST notice after receiving Rs 40 lakhs Annual Income
Social media has recently been buzzing with stories about pani puri vendors who received GST notifications after transacting more than Rs 40 lakh using online payment services like RazorPay and PhonePe. What's really entertaining, though, are the humorous responses to these notices!
One user said, "Time for him to enter capital markets: PP Waterballs,"
While another cheekily suggested, "Excellent export opportunities in London."
Some even joked about a "foreign collaboration," and one user jokingly pitched an "80% export unit."
On a more practical note, some suggested, "He should better get himself registered under GST," while others pondered whether vendors could simply avoid the system by using multiple mobile numbers and QR codes.
And yet someone else said, "Time to change career!" Regardless of the approach, it's clear—these reactions are adding a lot of flavor to the ongoing story!
Are street vendors exempt from GST and income tax?
Due to their modest activities, street sellers in india are often exempt from paying income tax and the Goods and services Tax (GST). Only companies with an annual turnover of more than Rs 40 lakhs are required to register for GST. Individuals who earn more than the taxable limit, which is Rs 2.5 lakhs for those under 60, are also subject to income tax responsibilities.
Street sellers usually earn less than these criteria and are thus free from these taxes because many of them work for meager wages. Furthermore, they are also exempt from taxes if they get payment in cash. The rise in online payments, which consumers now prefer, has drawn attention to street sellers, nevertheless.
One user said, "Time for him to enter capital markets: PP Waterballs,"
While another cheekily suggested, "Excellent export opportunities in London."
Some even joked about a "foreign collaboration," and one user jokingly pitched an "80% export unit."
On a more practical note, some suggested, "He should better get himself registered under GST," while others pondered whether vendors could simply avoid the system by using multiple mobile numbers and QR codes.
And yet someone else said, "Time to change career!" Regardless of the approach, it's clear—these reactions are adding a lot of flavor to the ongoing story!
Are street vendors exempt from GST and income tax?
Due to their modest activities, street sellers in india are often exempt from paying income tax and the Goods and services Tax (GST). Only companies with an annual turnover of more than Rs 40 lakhs are required to register for GST. Individuals who earn more than the taxable limit, which is Rs 2.5 lakhs for those under 60, are also subject to income tax responsibilities.
Street sellers usually earn less than these criteria and are thus free from these taxes because many of them work for meager wages. Furthermore, they are also exempt from taxes if they get payment in cash. The rise in online payments, which consumers now prefer, has drawn attention to street sellers, nevertheless.