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GST (Goods & Services Taxes)

GST is a biggest tax reform in India post-Independence. GST is a single comprehensive tax levied on goods and services consumed in an economy. GST is levied at every stage of production/distribution chain with applicable ITC set offs in respect of the tax paid at previous stages. It is basically a tax on final consumption.

All businesses and companies running in India must have Registration under GST or should take New GST Registration.

Who all are required to take GST registration

Business having turnover more than 40 lakhs for supply of goods
Business having turnover more than 20 lakh for supply of services
Persons who are required to pay taxes on reverse charge basis
E- commerce business and aggregator
For those having business in more than one states i.e. inter state supply of goods and services
Person supplying from outside India i.e. non- taxable territory to person situated in India (taxable territory)
*the above limits are 20 lakh (goods) & 10 lakh (services) for North eastern states such as Assam , Sikkim, Meghalaya & Tripura etc.

Types of GST registration

Composition Scheme :
The composition scheme is for small tax payers having annual turnover upto Rs 1.5 crore for easing their compliance burden. They need to file their return on quarterly basis only. However, they are restricted from taking the input of taxes paid on purchases.
Casual Taxpayers:
Casual taxable person is that who supplies the taxable goods and services occasionally in the taxable territory where he has no fixed place of business. Then he can opt for casual taxable person
Normal Registration:
It is for all the persons except person opting for composition scheme. Input tax credit are not at all restricted

Documents required for GST registration

Proprietorship	Private Limited	LLP/Partnership
PAN of the Applicant Aadhaar card Address proof Bank Account statement/Cancelled cheque Business description Photograph of the Applicant	Pan card of the Company Aadhaar card of all the Directors Proof of business registration or Incorporation certificate Bank Account Details Address proof of the location of the business/ company MOA, AOA Digital Signature Letter of Authorization/Board Resolution for Authorized Signatory ID and Address proof of Promoters/Director with Photographs	Pan Card of the partnership Aadhaar card of all the Partners Bank Account Details Address proof Partnership Deed/ LLP Certi

The above documents are standard documents which may vary depending upon the requirement of GST portal

What Is GST (Goods and Service Tax) Return?

GST return is a document which contains the details of sales and purchases for a particular month or quarter depending upon the type of registration taken and details of input tax credit and out tax liability paid thereon.

Information to be furnished in GST returns

Nature of business activities
Tax Payable and ITC
Business Turnover for the period
Deductions and exemptions availed

Why filling of GST return is important

Necessary to adhere the legal compliances
Helps in calculating the correct GST tax liability for self and others
A tool for claiming ITC

Consequence of Non Filling of GST Returns

Non filing or delayed filing of GST Returns can attract

Late Fee u/s 47(1) of CGST Act
Penalty and 47(2) of CGST Act
Interest upto 18 % p.a

Various types of GST Returns and who are required to file the it.

Form	Who is Required to file?	Particulars	Due Date
GSTR-1	Registered Person	Monthly statement of Outward Supplies of goods or services or both	11th of the following month of the tax period
GSTR-2 (Suspended)	Suspended	Monthly return form used to give the details of inward supply or purchases	15th of next month of the tax period
GSTR2A	Generated by GST portal	Contains details of Inward supplies and input tax	Available by 13th of every month on GST portal after login at portal
GSTR-3B	Registered Person	Monthly summary return to declare the GST liability for the tax period and to pay off such liability	20th of the following month for which the return is to be submitted
GSTR-4	Taxpayer who opted for Composition Scheme	A yearly return is for the taxpayers who opted for paying tax under the composition scheme	30th April of the next financial year
GSTR-5	Non Resident Taxable Person (NRTP)	Return for Non- Resident Taxpayer who are not availing Input Tax Credit (ITC) on local purchases	Registration period < 1 month, the due date is within 7 days of the expiry of registration, or Registration Period> 1 month, the due date is 20th of the following month and for remaining period is 7 days of the expiry of registration
GSTR-5A	Taxpayer providing OIDAR services	Monthly return for Online Information and Database Access or Retrieval (OIDAR) services provider, providing services from place outside India to un-registered person or customers in India	20th of the following month
GSTR-6	Input Service Distributor (ISD)	Monthly return for the Input Service Distributor for distribution of its credit among the different unit	13th of the following month of the tax period
GSTR-7	TDS Deductor	Monthly return for the person who deducts tax at the time of making payment to suppliers (TDS) u/s 51 of CGST Act 2017	10th of the next month
GSTR-8	E Commerce Operator	Monthly return containing the details of taxable supplies and the amount collected by the E-Commerce Operator related to the supplies and amount of TCS collected	10th of the following month of the tax period
GSTR-9	Registered Taxpayer	Annual return containing information such as purchases, sales, input tax credit or refund claimed, etc. by the regular taxpayer	31st December of the subsequent financial year
GSTR-9A	Taxpayer who opted for Composition Scheme	Annual return for taxpayer opted for composition scheme	31st December of next financial year
GSTR-9C	Regular Taxpayer	An additional annual return submitted along with GSTR-9 by assessee having turnover more than Rs. 2 crores during the financial year	31st December of the year subsequent
GSTR-10	Taxpayer whose registration got canceled or surrendered	The taxpayer whose registration got canceled or surrendered, Final Return	Date of order of cancellation, or Within 3 months from the date of cancellation, Whichever is later.
GSTR-11	UIN Holder Taxpayer	Return having details of inward supply of goods or services or both, for an assessee who has been assigned with the Unique Identification Number (UIN) and claiming a refund	28th of the following month in which the UIN holders receive the inward supply

HOW RAJUL SHAH & CO help in GST

Easy GST Registration process and easy delivery of GSTIN Number
Advising on books and records to be maintained as per GST Act
Educating the client about the basic provisions that he needs to know for day-to-day running of his business
Assisting in preparation and filing of monthly & quarterly GST returns
Assisting in GSTR 2A reconciliation
Providing regular and timely updates pertaining to his business
Consultation and Advisory pertaining to GST including HSN/SAC codes, classification of goods/services, rates applicable, E-way bill generation, and the like.
Assistance in preparation and filing of GST Annual returns and various other ITC, TRANS forms, TDS/TCS credits, etc
Representation services before GST Authorities, GST Appeals, filing for Advance Rulings, etc.

Get all GST Solution for Your Business at RAJUL SHAH & CO

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