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Section 22 of the ACT specifies threshold limit for GST registration. It states that for following suppliers GST registration is required:
Along with these threshold limits, Section 24 of the Act also specifies a list of suppliers for whom GST registration is mandatory. This list includes the following suppliers:
| Return Form | Particulars | Frequency | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services effected | Monthly | 10th of the next month |
| GSTR-2 | Details of inward supplies of taxable goods and/or services effected claiming input tax credit. | Monthly | 15th of the next month |
| GSTR-3 | Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. | Monthly | 20th of the next month |
| GSTR-3B | Simple return for Jul 2017- Mar 2018 | Monthly | 20th of the next month |
| GSTR-4 | Return for compounding taxable person | Quarterly | 18th of the month succeeding quarter |
| GSTR-5 | Return for Non-Resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Return for Input Service Distributor | Monthly | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-9 | Annual Return | Annually | 31st December of next financial year |
| GSTR-9A | Annual Return | Monthly | 31st December of next financial year |
| GSTR-10 | Final Return | Once. When registration is cancelled or surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming refund | Monthly | 28th of the month following the month for which statement is filed |
Offenders who do not pay tax or fail to make the full payment will face a penalty of 10% of the tax amount. The minimum amount of fine will be Rs.10, 000 if the 10% amounts to anything less. In case of deliberate tax evasions, offenders will be charged a penalty of 100% of the tax amount. The penalty will be 10% of the tax due in case of genuine errors.
Preparation of Documents :The first step involves gathering all the necessary documents required for registration, including PAN card, Aadhar card, business incorporation certificate, bank account details, and proof of business place.
Online Application :The application for GST registration is done through the GST portal by filling out Form GST REG-01.
Verification and Validation :Once the application is submitted, the details provided are verified by the GST authorities. Any discrepancies or additional information required may be communicated during this stage.
Issuance of GSTIN :Upon successful verification, the GST registration certificate along with the unique GSTIN is issued to the applicant.
Compliance Requirements :After registration, businesses must comply with various GST regulations such as filing periodic returns, maintaining proper records, and adhering to tax payment schedules.
All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also know as GSTIN.
If a business operates from more than one state, then a separate GST registration is required for each state. For instance, If a sweet vendor sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and TN respectively.
A business with multiple business verticals in a state may obtain a separate registration for each business vertical.
Small businesses having an annual turnover less than Rs. 1 crore* ( Rs. 75 Lakhs for NE States) can opt for Composition scheme.
GST Council decided to increase the limit to Rs. 1.5 crores but notification is awaited.
Composition dealers will pay nominal tax rates based on the type of business:
Composition scheme is not applicable to :
This scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST.
A GST taxpayer whose turnover is below Rs 1 crore* can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the present limit is Rs 75* lakhs.
Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover.
Limit is raised to Rs. 1.5 crores after decision taken by the GST Council. However notification is awaited.
Learn the Rules about Composition scheme & Know the pros & cons of being a composition dealer.
Obtain GST registration and file CMP-02 to opt in for the scheme.
For normal registered businesses:
Yes, you can apply for GST Registration online. You can simply register your business on the official GST portal and then scan and upload all the required documents. You will then receive an acknowledgement. A GSTIN will be generated on acceptance of the application and a temporary password and login will be sent. GSTIN is a unique 15-digit ID.
The validity of GST certificate is forever. It is just a one-time certificate.
The primary authorised signatory is the person who is primarily responsible for performing an action on the GST System Portal on behalf of the taxpayer.
