GST Registration
In order to supply goods and products in India, it is mandatory to do GST registration.
Registration ensures safe taxation and also lets you enjoy various benefits. Multiple input taxes paid at every stage build up and cause cumbersome interaction with tax authorities. It would be done by applying interest at each point by charging the final tax by the buyer to the last supplier by where the goods is being bought or the services have been provided.
Any business in India making sale of goods with annual turnover in a financial year of 40 lakhs or service with annual turnover in a financial year of 20 lacs must require the registration for GST and should possess a valid GST Number. In case of interstate sale of goods then from Rs. 1 such business is liable to get the registration for GST and should possess a valid GST Number. If any business in India is making sale of goods and services then in case of intra state transactions only means Rs. 20 lakhs are the limit and incase of interstate transactions then from Rs. 1 such business is liable to get the registration for GST and should possess a valid GST Number. How to GST Registration online is next good question and you will find the answer in upcoming paragraphs.
The documents needed for the GST Registration Online in India differs depending on the type of business. Below is the list of documents needed:
ProprietorshipAs per section 44 of the CGST Act 2017 says, Annual return under GST has to be filed annually by registered taxpayers. It consists of details regarding:
It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, and GSTR-3B) filed in the relevant financial year. Most of the fields of GST Annual Returns are auto-filled based on GST Returns filled during the relevant year.
This return helps in the substantial reconciliation of data for 100% transparent disclosures.
Who should file GST Annual Return
Every registered entity (other than exempted entities) having turnover exceeding Rs. 2 Crore must file their GSTR 9.
GSTR-9 filing for taxpayers with aggregate turnover up to Rs 2crore made optional from FY 17-18 onwards.
Taxable Persons who are exempted from filing of Annual Return:
GST Annual Return Due Dates & Penalties
The due date for filing of Annual Return (GSTR-9) for a financial year is 31st December of the next Financial Year.
Late Fee will be attracted, incase of not furnishing GSTR 9 within the due date, as per the provisions of the Act and applicable rules thereunder.
As per section 44 of the CGST Act 2017 says, Annual return under GST has to be filed annually by registered taxpayers. It consists of details regarding:
It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, and GSTR-3B) filed in the relevant financial year. Most of the fields of GST Annual Returns are auto-filled based on GST Returns filled during the relevant year.
This return helps in the substantial reconciliation of data for 100% transparent disclosures.
Who should file GST Annual Return
Every registered entity (other than exempted entities) having turnover exceeding Rs. 2 Crore must file their GSTR 9.
GSTR-9 filing for taxpayers with aggregate turnover up to Rs 2crore made optional from FY 17-18 onwards.
Taxable Persons who are exempted from filing of Annual Return:
GST Annual Return Due Dates & Penalties
The due date for filing of Annual Return (GSTR-9) for a financial year is 31st December of the next Financial Year.
Late Fee will be attracted, incase of not furnishing GSTR 9 within the due date, as per the provisions of the Act and applicable rules thereunder.
GST E-Way Bill (short for Electronic Way Bill) is a compliance mechanism provided by the GST Council for every registered person. Under this, the registered person is required to generate a bill through the digital interface, every time he causes the movement of goods from one place to another. The movement of goods can be either
The registered person uploads the relevant information, like the place of delivery, the value of goods, document number, on the GST Portal and generates e-way bill GST before commencing the movement of goods.
What are the benefits of the E-Way Bill under GST?
GST E-Way bill was introduced by the GST Council in 2018 and it provides the following benefits:
GST registration modification is a process where a taxable person under GST is allowed to make any change or amendment in his GST registration. After obtaining GST registration, if there are any changes in the information furnished by the taxable person at the time of registration, he can make an application for the GST amendments. The taxable or registered person is required to file an application in Form GST REG 14 to the proper officer within fifteen days of the occurrence of those changes.
On filing of application by the taxable person, the jurisdictional officer is required to verify the application and approve the amendment within the next fifteen working days in form GST REG 15. On approval, the amendment will be made applicable in the GST registration certificate.
Every registered person and a person to whom UIN has been assigned (for example, UN Bodies and Embassies) are eligible to file GST amendment.
What are the fields (core and non-core) in GST registration?
When a taxable person applies for a GST registration, he is required to furnish specified information on the GST common portal. That information is divided into two fields i.e., core field and non-core field.
If there is any change in the core fields, the taxable person is required to obtain prior approval of the jurisdictional officer. However, no approval is required in case of non-core field. Any amendment in the non-core field will be updated automatically after filing of the application under GST REG 14.
GST cancellation means the person will not be a registered person in GST anymore. Also, the person need not pay GST or claim input tax credit (ITC) and not even required to file GST returns.
The cancellation of GST can either be initiated by the GST Officer on his own motion or the registered person can apply for cancellation of their registration.
Whenever the registration has been cancelled by the GST department there is an option for the taxpayer for revocation of the GST cancellation. On cancellation of the registration, the Registered Person has to file a Final Return.
