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What is GST Registration ?

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply. GST registration usually takes between 2-6 working days. We’ll help you to register for GST in 3 easy steps. *CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.

Who Should Register for GST?

  • Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.).
  • Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand) .
  • Casual taxable person / Non-Resident taxable person.
  • Agents of a supplier & Input service distributor.
  • Those paying tax under the reverse charge mechanism.
  • Person who supplies via e-commerce aggregator.
  • Every e-commerce aggregator.
  • Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person *CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019..

What is GST Registration Process?

  • Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand) .
  • Casual taxable person / Non-Resident taxable person.
  • Agents of a supplier & Input service distributor.

Documents Required for GST Registration

  • PAN of the Applicant.
  • Aadhaar card.
  • Proof of business registration or Incorporation certificate.
  • Identity and Address proof of Promoters/Director with Photographs.
  • Address proof of the place of business.
  • Bank Account statement/Cancelled cheque.
  • Digital Signature.
  • Letter of Authorization/Board Resolution for Authorized Signatory.
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What is GST Return Filing?

GST is Good and Service Tax which is imposed on most goods and services which are usually sold for the domestic purpose. It is imposed at every step of production. GST filing means creating a return document which comprises details of income so that GST tax authorities can compute the tax on the income of the business.GST returns include sales,purchases,GST on sales and GST on purchases,sales and purchase invoices.

Procedure for GST Return Filing?

You must first file for GSTR-1 (for sales made) by the 10th of each month. The buyer views (and rectifies, if any) the sales made by you in GSTR-2A. The buyer then favors the sale made by you and files for GSTR-2 by the 15th of each month. If any changes are made, you (the seller) can favor or repudiate the same in GSTR-1A. When both the seller and buyer favor of the forms, GSTR-3 is generated with the payment of taxes due by the 20th of each month. A GST return is a statement of financial activity by a taxable person for a prescribed epoch. This allows a taxable person to self-assess the tax they owe for specific epoch. In the GST norms, any usual business has to file three monthly returns and one annual return. GST should also be filed by entities that make no sales or purchases during a given epoch (year) in the form of nil-returns (meaning no returns). The best part in this system one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. Compounding taxpayers have to file returns quarterly which is for every three months and usual taxpayers such as, foreign non-residents, casual taxpayers and Input Service Providers (ISD) have to file returns monthly.

What are the different types of GST returns?

  • GSTR-1: monthly return for outward supplies
  • GSTR-2: monthly return for inward supplies
  • GSTR-3: monthly return containing details from other monthly returns filed by the taxpayer (GSTR-1, GSTR-2, GSTR-6, GSTR-7)
  • GSTR-4: quarterly return
  • GSTR-5: variable return to be filed by Non-Resident Taxpayers
  • GSTR-6: monthly return to be filed by input service distributors
  • GSTR-7: monthly return to be filed for Tax Deducted at Source (TDS) transactions
  • GSTR-8: monthly return to be filed by e-commerce operators
  • GSTR-9: annual return
  • GSTR-10: final return to be filed when terminating business activities permanently
  • GSTR-11: to be filed by taxpayers with a Unique Identity Number (UIN)
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GST Monthly Returns

One of the key aspects of the GST era is that most of the indirect taxes – for which returns had to be filed separately for various businesses, have been subsumed. Today, irrespective of whether one is a trader, manufacturer, reseller or service provider, one needs to file GST returns online, in the prescribed formats. More importantly, the monthly compliance activity has significantly gone up in the GST regime.


Under GST, there are 19 GST return forms, which tax payers can use to file GST returns online. All these forms are required to be e-filed as per the GST return filing process laid down in the GST return rules section of the GST Act. While most of them are monthly returns, there are quite a few which are quarterly and annually as well.

GST Monthly Returns Dates Overview

Under GST, every registered taxable person will need to file GST monthly returns – which are specifically via filing a set of GSTR (GST Returns ) forms. For a particular month, the GST monthly returns format will need to be adhered to, filed and submitted in the subsequent month. The following will help understand the GST monthly returns dates in a given month:

  • By the 10th - All outward supplies need to be populated in Form GSTR 1
  • On the 11th - The inward supplies starts becoming visible to a recipient in the GST portal, in the auto-populated Form GSTR 2A
  • From 11th to 15th - All corrections (additions, modifications and deletion) in Form GSTR 2A need to be done by the recipient and submitted via Form GSTR 2t
  • On the 16th - The corrections (addition, modification and deletion) by the recipient in Form GSTR 2 will be made available to the supplier in Form GSTR 1A . The supplier has to accept or reject the adjustments made by the recipient. The Form GSTR 1 will be amended according to the extent of correction accepted by supplier.
  • On the 20th- The auto-populated return GSTR-3 will be available for submission along with the payment. After the due date of filing the monthly return Form GSTR-3 , the inward supplies will be matched with the outward supplies furnished by the supplier, and then the final acceptance of input tax credit will be communicated in Form GST MIS-1 . Also, the mismatch input tax credit on account of excess claims or duplication claims will be communicated in Form GST MIS-1 . Discrepancies not ratified will be added as output tax liability along with interest. However, within the prescribed time, if it is ratified, the recipient will be eligible to reduce this output tax liability.

Eligibility

Monthly GST return must be filed by all taxpayer except for small taxpayers (Taxpayers having a turnover of less than Rs.5 crores), composition dealers, input service distributors, non-resident registered persons and person liable to deduct tax at source. Hence, any person having GST registration and a turnover of more than Rs.5 crores per annum would be required to file monthly GST return. The taxpayer would be able to determine if the account falls in the small category taxpayer by checking the GST portal. In case of a newly registered taxpayer, the account would be classified on the basis of self-declaration of the estimated turnover.

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ANNUAL RETURN

An annual return has to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme under GSTR-9 & GSTR-9A.

What is GSTR-9 annual return?

GSTR 9 form is an annual return to be filed once in a year by the registered taxpayers under GST. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST and IGST. It consolidates the information furnished in the monthly or quarterly returns during the year.

Who should file GSTR 9 annual return?

  • Taxpayers opting Composition scheme as they must file GSTR-9A
  • Casual Taxable Person
  • Input service distributors
  • Non-resident taxable persons
  • Persons paying TDS under section 51 of GST Act.

What are different types of annual returns?

  • GSTR 9: GSTR 9 should be filed by the regular taxpayers filing GSTR 1, and GSTR 3B.
  • GSTR 9A: GSTR 9A should be filed by the persons registered under composition scheme under GST.
  • GSTR 9B: GSTR 9B should be filed by the e-commerce operators who have filed GSTR 8 during the financial year.
  • GSTR 9C: GSTR 9C should be filed by the taxpayers whose annual turnover exceeds Rs 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C.

What is the due date of GSTR-9?

GSTR-9 due date is on or before 31st December of the subsequent financial year. For instance, for FY 2017-18, the due date for filing GSTR 9 is 30th June 2019*. For FY 2018-19 the due date for filing GSTR 9 is 31st December 2019*.

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GST Consultancy

Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%.The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GSTm.

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