The turnover of your business is more than $1 million for the past 12 months OR;
You are currently making sales and you can reasonably expect the turnover of your business to be more than $1 million for the next 12 months.
Q2. What if I do not register for GST?
If you are required to register for GST but fail to apply for GST registration within the required time, you may be liable to a fine of up to $10,000 and a penalty equal to 10% of the tax due in respect of each year starting from the date on which you are required to apply for GST registration.
Once the effective date to register for GST is back-dated, you are required to file GST returns and account GST to the Comptroller on all standard-rated supplies that you have made in the past since the effective date of registration.
