GST Registration & Filing
Ryot associates provide support in GST Registration in Coimbatore, Tirupur, Erode, and Chennai and all other places in Tamilnadu. We help to get an assured GST identification number in between 3 to 7 working days. You can easily make your GST registration in online.
An overview about GST:
Goods & Services Tax (GST) is an Indirect tax rolled out in India to bring uniformity in the Indirect tax structure. GST subsumed all the Indirect taxes like VAT, Service Tax, Excise duty, additional customs duty, etc., which are existing before GST regime. It is introduced with the concept of “one nation one tax” in India with effect from 1st July 2017.
Personliable for GST Registration:
Reverse Charge Mechanism
Every person who needs to pay tax under reverse charge is mandatorily required to register under GST.
Inter-State supply of Goods
Person supply goods from one state to another state are required to get GST Registration mandatorily without any turnover exemption.
Entities who are all registered in the existing tax regime before GST like service tax or VAT or central excise are required to register mandatorily under GST regime.
Every E-commerce operators like Flipkart, Amazon, OLA, UBER, etc., who provide platform to connect peopleare mandatorily required to register under GST without any basic exemptions.
Input Service Distributor & Agent of a Supplier
Every agent who supply on behalf of the principal and all input service distributor who wants to carry forward the benefits of ITC is mandatory to get GST Registration.
Any person wants to supply goods/service in any exhibition/event and don’t have any permanent place of business can get GST Registration as casual taxpayer. Casual Taxpayer Registration is valid for 90 days.
Based on Annual Turnover
Traders/manufacturers who is engaged exclusively in supply of goods and whose aggregate turnover in the financial year exceedsRs.40 lakh (20 lakh in special category states) and service providers whose annual aggregate turnover is greater than Rs.20 lakh(10 lakh in special category states) is mandatory to get GST Registration.
Benefits of GST Registration
GST Registration will provide legal recognition to the Business in the Competitive market.
Availment of Input Tax Credit
Only registered taxpayer can avail the benefit of Input tax credit paid on purchase
A person cannot do interstate supply, Import, Export without GST Registration. Therefore one must take GST registration to expand their Business beyond their state.
Opening Bank account
In case of Sole proprietorship business bankers need a valid business registration proof to open a current account in the name of the Business. GST Registration will give the legal recognition and helps to open a current account in the Bank.
Composition Scheme for Small Taxpayers:
To reduce the compliance burden for small Taxpayers GST Composition scheme was introduced by the Government of India. Taxpayers whose annual Turnover is up to Rs. 1.5 crore can opt for Composition scheme. This scheme facilitates small taxpayers to pay the tax at fixed rate on its turnover and also need not file the returns on monthly basis.
Benefits of Composition Scheme:
Drawbacks in Composition scheme:
Documents Required for GST Registration:
GST Returns filing and Due dates:
Every registered person has to file the details of the outward supply in GSTR 1 every month, due date for filing GSTR 1 is within 10th of the following month. Whereas in case of small taxpayers whose turnover is up to Rs. 1.5 crore in the previous financial year can opt to file the return on a quarterly basis within 10th of the following month of the Quarter. Both outward supply and ITC in inward supply has to be reported in GSTR 3B and the GST liability to be paid to GST administrative authority every month, due date for GSTR 3B is within 20th of the following month by every registered person.
Whereas composite dealers file the return in GSTR 4 on Quarterly basis, due date for filing GSTR 4 is 18th of the following month of the quarter. Details required in the GST return filing are Sales Invoices, purchase invoices, any other outward supply and all other invoices of GST inward supplies.
GST Tax Rates
The GST rates are completely based on the type of goods and services. The current slab rates are 5%, 12%, 18% and 28%. Some of the goods and services considered to be essential are exempted from GST under section 11 of CGST Act. The goods or services can be supplied outside India at zero rated by obtaining LUT.
ITC in GST
“Input Tax Credit” (ITC) is the backbone for the every registered persons in GST. ITC means the GST charged on Purchase, expenses done in the course or furtherance of Business. There are so many conditions for claiming ITC under section 16 of the GST act. Registered taxpayer can take their ITC in Invoice on provisional basis in GSTR 3B every month.
ITC cannot be availed on some of the transactions specified as Ineligible ITC under section 17(5) of the GST act.
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