Good And Service Tax

What is the GST registration?

Goods and Services Tax (GST) was introduced by the Government of India on 29th March 2017 and was effective from 1st July, 2017 to boost the economic growth of India. GST is considered to be the biggest taxation reform in the history of Indian economy. GST is the result of an indirect tax reform that aims to make a single national market. For this purpose, the government had combined different taxes under GST. It has combined different indirect taxes like service tax, entry tax, luxury tax, entertainment tax, CST, VAT, excise duty, etc.

What is the importance of GST registration?

  • GST Registration allows the seamless credit of the input tax from the entire chain, i.e from the manufacturer, importer to the last supplier in the chain. Registration under GST facilitates a person to keep a proper accounting of taxes paid on the input goods and services or both. Without GST registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him.

What is the threshold limit for GST registration ??

  • Any business entity which is engage in supply of goods and whose aggregate turnover exceeds Rs.40 lakh in normal category states and Rs.20 lakh in special category states.
  • Any business entity which is engage in supply of service and whose aggregate turnover exceeds Rs.20 lakh in normal category states and Rs.10 lakh in special category states.
  • However there are two special category states named Jammu & Kashmir and Assam which opted for threshold limit of Rs.40 lakh in respect of goods NOT Rs.20 lakh AND there is a normal category state Puducherry which opted for threshold limit of Rs.20 lakh in respect of goods NOT Rs.40 lakh.

Special category of states

  • Arunachal Pradesh
  • Assam
  • Jammu & Kashmir
  • Manipur
  • Meghalaya
  • Mizoram
  • Nagaland
  • Tripura
  • Sikkim
  • Uttarakhand

Important Documents required for GST registration

  • Photographs
  • PAN cards of the taxpayer
  • Proof for the place of business
  • Verification and aadhaar authentication, if chosen
  • Bank account details are non-mandatory at the time of GST registration since 27th December 2018.

What are the rules for applying GST penalties?

  • For any type of GST penalty, the following rules would apply – The taxpayer on whom the penalty is applicable would be given a show cause notice which would allow him ample time to present his side of the case The tax authority applying the penalty would have to state the reason of penalty and the type of offence done by the taxpayer

GST Return Filing

What is the GST registration process?

Step 1 – Go to GST portal. Click on Services. Then, click on the ‘Registration’ tab and thereafter, select ‘New Registration’.

Step 2 – Enter the following details in Part A –

  • Select New Registration radio button
  • In the drop-down under ‘I am a’ – select Taxpayer
  • Select State and District from the drop down
  • Enter the Name of Business and PAN of the business
  • Key in the Email Address and Mobile Number. The registered email id and mobile number will receive the OTPs.
  • Click on Proceed
  • Step 3 – Enter the two OTPs received on the email and mobile. Click on Continue. If you have not received the OTP click on Resend OTP.

Step 4 – You will receive the 15-digit Temporary Reference Number (TRN) now. This will also be sent to your email and mobile. Note down the TRN. You need to complete filling the part-B details within the next 15 days.

Step 5 – Once again go to the GST portal. Select the ‘New Registration’ tab.

Step 6 – Select Temporary Reference Number (TRN). Enter the TRN and the captcha code and click on Proceed.

Step 7 – You will receive an OTP on the registered mobile and email. Enter the OTP and click on Proceed

Step 8 –You will see that the status of the application is shown as drafts. Click on Edit Icon.

Step 9 – Part B has 10 sections. Fill in all the details and submit appropriate documents. The Aadhaar authentication section was added and the bank account section was made non-mandatory in 2020.

GST Surrender

How to surrender GSTIN number?

  • A registered person who is having a GST registration can surrender GSTIN number by filing a return in the form of GSTR-10. This return is called a final return. Most of persons or entities who supply goods and services in India are having a GST registration number.

 What is the provision for revocation of GST registration?

  • The provision for revocation are contained under rule 23 of the CGST Rules, 2017. Note: Revocation of GST registration can be initiated if a GST registration certificate has been cancelled by GST authorities .

What is cancellation of GST registration?

  • Central Tax Authority will cancel the GSTIN issued to the taxpayer by the Cancellation of GST Registration. With the help of GSTIN Cancellation, he will not be the authorized person anymore and irrecoverable from him as he is not a registered person under GST and there is no system to pay or collect the GST anymore.

GST Services

  • GST Registration
  • GST (Nil) Return Filing Regular Scheme (GSTR1/GSTR3B)
  • GST Return Filing Regular Scheme (GSTR-1/GSTR-3B)
  • GSTR Return Filing Composition Scheme (GSTR-4)
  • GST E-Commerce Return (GSTR 8)
  • GST Annual Return (GSTR 9/9A)
  • GST Final Return (GSTR 10)
  • GST Reconciliation (Upto 3 Months)
  • GST CASH REFUND
  • GST Surrender
  • GST Audit (Upto 5 Crore)
  • GST Audit (Above 5 Crore Upto 10 Crore)
  • GST Regular Return filing (Annual charges)
  • GST Return Filing in Composition Scheme (CMP-08)
  • GST Response of Notice
  • GST (Nil) Return Filing Composition Scheme
  • GST PMT-09 Form Submission
  • GST Composition to Regular Scheme
  • Revocation of Cancellation of GST Licence