Goods & Service Tax

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GST Registration Services

  • Registration under GST means obtaining a unique identity no. from the concerned authorities.
  • So, instead of the name of the tax payer the identity no. of tax payer is his / her identification for tax purpose.
  • 1. PERSON LIABLE FOR REGISTRATION
  • As per Section 22 of the CGST / SGST Act 2017 , every supplier which makes a taxable supply i.e. supply of goods or services which are leviable to tax underGST law , and his aggregate turn over in a financial year exceeds the threshold limit of 40 lakh rupees shall be liable to register himself .
  • In case of elven special category states this threshold limit for registration liability is 10 lakh rupees.
  • 2. PERSON NOT LIABLE FOR REGISTRATION :
  • As per Section 23 of the Act, the following persons shall not be liable for registration: Any person engaged in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax under this act or under the Integrated Goods and Services Tax Act. An agriculturist, to the extent of supply of procedure out of cultivation of land.
  • 3. COMPULSORY REGISTRATION IN CERTAIN CASES
  • The following categories of persons shall be required to be registered under this act:

  • Persons making any inter-state taxable supply;
  • Casual taxable persons making taxable supply;
  • Persons who are required to pay tax under reverse charge;
  • Non- resident taxable persons making taxable supply;
  • Persons who are required to deduct tax under whether or not separately registered under this act;
  • Persons who make taxable supply of goods or services or both on behalf of other taxable persons whether as an agent or otherwise;
  • Input Service Distributor , whether or not separately registered under this act;
  • Every electronic commerce operator;
4. INDIVIDUAL / SOLE PROPRIETORSHIP :
  • Any person or entity irrespective of business turnover can obtain GST registrationat any time.
  • Eligibility :Whose business turnover of goods exceeds rs.40 lakhs ( Rs.10 lakhs for NE and hill states) and in services turnover exceeds rs.20 lakhs can register as normal taxable person.
  • Documents required :
  • PAN card, aadhaar card, and a photograph of the sole proprietor.
  • Bank account details : a copy of cancelled cheque or bank statement
  • Address proof of office
  • Time Period:Applicant should submit proper documents with correct details to get GST registration within 3 days.
  • 5. PARTNERSHIP FIRM:
  • An organization which is formed with two or more persons is known as partnership firm .
  • Eligibility :Whose business turnover of goods exceeds rs.40 lakhs ( Rs.10 lakhs for NE and hill states) and in services turnover exceeds rs.20 lakhs can register as normal taxable person.
  • Documents required :
  • Partnership Deed.
  • PAN card in the name of partnership firm.
  • Address Proof of the partnership
  • Time Period :
  • It take 3 working days to get the registration done.
  • 7. PRIVATE LIMITED COMPANY :
  • A registration of private limited company is one that has separate legal entity.
  • Eligibility :Whose business turnover of goods exceeds rs.40 lakhs ( Rs.10 lakhs for NE and hill states) and in services turnover exceeds rs.20 lakhs can register as normal taxable person.
  • Documents required :
  • PAN Card of company
  • Letter of authorization
  • Address proof for place of business along with utility bill ( rent agreement an no objection certificate in case of rented property)
  • Bank Account Statement
  • Digital Signature
  • Time period
  • It takes 4-5 working days to get the registration done.
  • 8. LIMITED LIABILITY PARTNERSHIP (LLP)
  • Copy of certificate of incorporation of LLP
  • PAN of LLP
  • Consent by directors for obtaining GST registration
  • Bank account details
  • Photographs of designated directors and authorized signatory
  • Digital Signature of the Authorized Signatory
  • Address Proof ( rent agreement in name of LLP in case of rented property)
  • Time Period:It takes 4-5 working days to get the registration done.
  • 9. COMPOSITION SCHEME :
  • Tax payment under this scheme is an option to the taxable person. This scheme can be opted by any taxpayer whose turnover is less than Rs.1.5 Cr.
  • Eligibility :Any business which has a turnover of less than Rs.1 Cr or 75 lakhs for specified states can opt for this scheme.
  • Documents Required : To register for composition scheme , the business owner should file FORM GST CMP -02 , and furnish details.
  • Time period : A tax payer can register under composition scheme within 60 days from the beginning of the financial year.
  • 10. CASUAL TAXABLE PERSON :
  • A person who occasionally undertakes transactions involving supply of goods or services in a state or UT where he has no fixed place of business is known as casual taxable person.
  • Has a PAN
  • Can claim ITC of all inward supplies.
  • GST Returns Fillings &Tax Payments

    GST Act requires the registered person to file return as per the prescribed format and time as specified .

    PURPOSE OF FILING RETURN
  • Submission of information of business conducted by a taxable person to the government.
  • Serves the basis to compute the tax liability of the taxable person
  • Ensures transparency in the GST administration
  • Facilitates the taxable person by enabling him to file return in an easier mode i.e. electronically
  • The ITC shall be available to the tax payer provisionally on the basis of returns filed by him
  • Monthly returns is considered to be an applicant for eligible refund
  • GST ADVICE ON INPUT TAX CREDIT

    GST is destination based tax and Input Tax Credit is the core provision of GST.

  • ITC is available in respect of taxes paid on any supply of goods or services used or intended to be used in the course for business promotion.
  • Full ITC allowed on capital goods in one go.
  • Input Tax Credit is available only if included in GSTR-2 return and tax invoice contains all required details.
  • Input Tax Credit of SGST / UTGST can be utilized for payment of SGST / UTGST first and balance for payment of IGST on outward supply.
  • Input Tax Credit of CGST and SGST / IGST is not interchangeable.
  • GST TAX PLANNING

    GST tax planning is the systematic process of reducing the tax liability by using various provision sunder the law . The main purpose behind tax planning is not only reduction of tax liability but also to the minimization of litigation . Tax planning means to reduce the tax liability by taking maximum benefits of the provisions under the law.