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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.
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| Return Form | Particulars | Interval | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected from July 2018 to March 2019 ( Taxpayers whose turnover is more than Rs. 1.5 Crores in previous year) | Monthly* | 11th 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 (Suspended now ) |
| 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-9 | Annual Return | Annually* | 31st December of next financial year |
| GSTR-3B | Return for the months of up to March 2019 | Monthly | 20th of the next month |
| Return Form | Particulars | Interval | Due Date |
|---|---|---|---|
| GSTR-4 | Return for compounding taxable person | Quarterly | 18th of the month succeeding quarter** |
| GSTR-9A | Annual Return | Monthly* | 31st December of next financial year |
| Return Form | Particulars | Interval | Due Date |
|---|---|---|---|
| GSTR-5 | Return for Non-Resident foreign taxable person | Monthly | 20th of the next month*** |
| GSTR-5A | Return for Non-resident persons providing OIDAR services | 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-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 |
Late Filing Fees :A late fee is levied for delayed filing of GST returns, which varies based on the duration of delay and turnover of the taxpayer.
Interest Charges :Interest is charged on any delayed payment of GST dues, calculated from the due date of payment until the actual date of payment.
Suspension/Cancellation of Registration :Persistent non-compliance or default in filing GST returns can lead to the suspension or cancellation of the taxpayer's GST registration.
Maintain Accurate Records :
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Return filing is mandatory under GST. Even if there is no transaction, you must file a Nil return.
Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing to the date of payment.
As per GST Act Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.
Late fees for GSTR-3B of July, Aug and Sept waived. Any late fees paid for these months will be credited back to Electronic Cash Ledger under ‘Tax’ and can be utilized to make GST payments.
As per latest update, late fees for GSTR-5A earlier reduced stands withdrawn. So, the Late fee of Rs 200 per day (or Rs. 100 per day in case of NIL return filing) shall apply with effect from 7th March 2018.
Late Fee for filing GSTR-1, GSTR-3B, GSTR-4, GSTR-5 & GSTR-6 after the due date has been reduced to Rs. 50 per day of delay.
Late fee for filing NIL returns have been reduced to Rs. 20 per day of delay for taxpayers (i.e having Nil tax liability for the month) for GSTR-1, GSTR-3B and GSTR-4 & GSTR-5.
A return is a statement of financial activity by a taxable person for a prescribed period. This allows a taxable person to self-assess the tax they owe for that period.
Every registered taxable person is required to file returns under the GST law. If you have not performed any business activities during the period covered by a return, you need to file a Nil return.
There are some entities that will need to register for GST but aren’t required to file returns regularly, such as UN bodies (and foreign consulates) must register for a unique GST ID, but they are required to file returns only for months during which they make purchases.
Some entities do not need to register or file returns. Government entities and Public Sector Undertakings (PSUs), entities dealing with non-GST supplies, and those who deal with exempted/Nil rated/non GST goods and/or services will neither be required to register under the GST nor file returns.
Yes, you are allowed to make corrections. As a registered taxpayer, you are legally bound to file the details of every modification made to the return data to the GSTN either through an amendment form (if the edit was made before 17th of the following) or using the amendment sections under the next month’s tax return (if the edit was made after 17th of the following month). This is because modifications to invoices and other documents can result in a mismatch between your data and the data held by your customer or vendor and this will lead to litigation. Hence, by declaring the details of all edits made by you, you stay true to the law.
If e-sign does not work, you can always file a GST return using other methods which involve an OTP from your registered phone number, your PAN information and a DSC.
Yes, an OTP is required at every stage of the filing process: whether it’s for pushing data into GSTN, reconciling uncategorised transactions from GSTN, or for filing GST returns. Every OTP sent to the registered phone number is valid only for 10mins. That said, if you are filing your GST returns through a GST filing software, the life of your OTP gets extended.
Upon entering the OTP for the very first time inside the filing software, the network will authenticate the OTP and provide a token to the application which will allow you to carry out your filing operation uninterrupted for 6-12hrs (until the token expires).
Technically, you need the PAN and DSC of the registered person along with an OTP that will be sent by the GSTN to the registered person’s phone while filing GST returns. Hence it is better if the business owner is made aware before you initiate the filing process.
Before we dive into GST returns, let us first try to understand who a Non-Resident taxpayer is. A Non-Resident taxpayer is a taxable person who occasionally undertakes transactions involving supply of goods and/or services but who has no fixed place of business in India.
Non-Resident taxpayers are required to file the GSTR-5 for their registered period (which can range from days to weeks to months). This return has to be filed within a period of 7 days after the expiry date of the registration. If the registered period is more than a month, then this return has to be filed every month for the remainder of the registered period.
