GST, Goods and Services Tax, is one of the most reforming tax schemes ever introduced in the Indian economy and constitution. The reason why GST is the most-talked taxes is...
With the GST coming in, all the subsuming multiple taxes have been abolished, and a single tax system has been introduced. Under the GST both the seller and buyer are required to get registrations who are engaged in the business of good and services as the case may be. Without registration the input tax credit cannot be availed nor can GST registration requirement be collected from the customer.
Entities required to obtain GST registration are as the following:
- Basis the turnover:
- Entities having turnover more than 20 lacs
- Entities specially put in special category states, having a turnover of more than 10 Lacs.
- Not on the basis of turnover:
Certain other categories are required to register themselves irrespective of the turnover:
- In case of interstate Example when goods are supplied from Gujarat to Maharashtra.
- Existing or previous taxpayer paying tax in the form of VAT/ Central excise such other taxes previously existing are also mandatorily required to pay the service tax.
- E-Commerce Sellers engaged in the supply of goods or services. Example- Amazon, Flipkart, etc.
- Casual taxable persons: Persons who occasionally supply service or goods and do not have a fixed place of business. Usually, the festival based shopkeepers come under this category, say Diwali crackers shopkeeper, or such temporary food stalls.
Time limit for registration:
The GST registration should be done within 30 days of coming into the ambit of required registration category.
Periodical returns are required to be filed once the GST registration is obtained.
The GST return shall include following Information/details:
- Details of Purchases of goods
- Details of Sales of goods
- Details of Output GST (On sales)
- Details of Input tax credit (GST paid on purchases)
To file GST returns following is required:
- GST compliant sales and
- Purchase invoices are required.
Filing of GST Returns:
Regular business is required to file three monthly returns and one annual return. In total 37 GST returns in a year.
- One monthly return – GSTR-1.
- The other two returns – GSTR 2 & 3 will get auto-populated.
|Sr. No.||Turnover (in Rs)||Return||Filing time|
|1.||More than 1.5 Cr||GSTR-1||Monthly (10th of the month)|
|2.||More than 1.5 Cr||GSTR-2||Monthly (15th of each month)|
|3.||More than 1.5 Cr||GSTR-3||Monthly (25th of each month)|
In special cases such as composition dealers, different returns are required to be filed.
In case of Failure to file GST returns penalty shall be charged in accordance to the applicable rules and regulation of GST law.
Documents required for GST registration:
- PAN Card
PAN of the business and it should be GSTIN linked.
- Identity and Address Proof of Promoters
It could be anything says like PAN, passport, driving license, Aadhaar card or voters identity card of all the promoters.
- Business Registration Document
It may consist of an incorporation certificate or partnership deed or registration certificate for all types of registered entities.
- Address Proof for Place of Business
One can provide rental agreement or sale deed along with copies of electricity bill or latest property tax receipt or municipal khata copy for the address mentioned in the GST application.
- Bank Account Proof
Scanned copy of the first page of bank passbook showing a few transactions, the address of the business.
- Digital Signature
The digital signatures for Class 2 or class 3 are required for the authorized signatory in order to sign and submit the GST application. However, in a proprietorship, there is no requirement for a digital signature.
The expert team of Swarit Advisors will help you and provide end to end solution with regard to GST registration, the filing of the return, and the other related compliances required in this regard, also the expert team shall provide guidance required for the changes induced by the government in this regards. In case you wish to know more or learn more and contact Click here.