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Implementation of Goods and Service Tax ( GST)
Goods and Service Tax (GST) was introduced to develop the competence of the Indian market with the world market. It is also a part of the One Nation, One, Tax One Market Reform. Goods and Service Tax ( GSTN) is a destination-based tax, which means the Place of supply will decide how a supply is taxed, i.e., SGST, CGST, UGST, or IGST. GST was introduced by consolidating existing taxes like Central Excise, Service Tax, State Vat, Entry Tax, Octroi, etc. GST Registration applies to all business forms like proprietorship, partnership firms, private companies, and LLPs. GST registration is unavoidable for even a small business in India in this competitive market. GST Registration helps small, micro, and medium businesses explore the opportunities to do business with corporate companies in India. So, the growth and development of every business have directly proportional to the Goods and service tax of the Country.
Who helps businesses to take GST Registration, Return Filing, and other legal compliance related to GSTN?
A GST (Goods and Services Tax) consultant is a professional who provides expert advice and assistance on GST-related matters to businesses and individuals. A GST consultant helps their clients comply with the various provisions and regulations of the GST law, and helps them in preparing and filing GST returns.GSTN Registration is essential for all prospective businesses who intend to develop their business seamlessly. Ourtaxpartner.com is responsible for supporting such companies to register under GST Portal.
The role of a GST consultant may include:
- Providing advice on GST registration, tax rates, exemptions, and other compliance requirements.
- Assisting businesses in preparing and filing their GST returns, and helping them maintain accurate and up-to-date records of their transactions.
- Conducting GST audits to ensure compliance with GST regulations and identify any potential issues.
- Providing training to businesses and their employees on GST compliance and record-keeping.
- Assisting businesses in claiming input tax credit (ITC) and resolving any disputes with the tax authorities.
Who should take GSTN ?
The Goods and Services Tax Network (GSTN) is a platform that provides the technological infrastructure for the registration, payment, return filing, and processing of GST in India. As per the GST laws, GSTN registration is applicable to all persons who are required to register for GST.
The applicability of GSTN registration depends on the turnover and nature of the business of the taxpayer. As per the GST laws, a person is required to register for GST if their aggregate turnover in a financial year exceeds the threshold limit specified for their category of business. The threshold limit for GST registration varies based on the type of business, and it is Rs. 20 lakhs for most businesses, and Rs. 10 lakhs for businesses located in certain special category states.
In addition to the threshold limit, certain other categories of persons are also required to register for GST, irrespective of their turnover. These include persons making inter-state supplies, casual taxable persons, non-resident taxable persons, and persons liable to pay tax under the reverse charge mechanism.
It is important to note that GSTN registration is mandatory for persons who are required to register for GST, and non-compliance with the registration requirement can result in penalties and legal repercussions. Therefore, it is recommended that taxpayers consult with a tax professional or a GST consultant to determine their GSTN registration requirements and ensure timely compliance.
- Persons registered under the Pre – GST Law (e.g., VAT, Excise, Customs, and Services Tax)
- Persons having Turnover above the specified limit by GST Rules
- Agents of a supplier / Input Service Distributor
- Those liable to pay tax under RCM (Reverse Charge Mechanism)
- Persons who supply products through e-Commerce Operator
- E-Commerce Operator
- Casual Taxable Person / Non-Resident Taxable Person
Who should take GSTN ?
The Goods and Services Tax Network (GSTN) is a platform that provides the technological infrastructure for the registration, payment, return filing, and processing of GST in India. As per the GST laws, GSTN registration is applicable to all persons who are required to register for GST.
The applicability of GSTN registration depends on the turnover and nature of the business of the taxpayer. As per the GST laws, a person is required to register for GST if their aggregate turnover in a financial year exceeds the threshold limit specified for their category of business. The threshold limit for GST registration varies based on the type of business, and it is Rs. 20 lakhs for most businesses, and Rs. 10 lakhs for businesses located in certain special category states.
In addition to the threshold limit, certain other categories of persons are also required to register for GST, irrespective of their turnover. These include persons making inter-state supplies, casual taxable persons, non-resident taxable persons, and persons liable to pay tax under the reverse charge mechanism.
It is important to note that GSTN registration is mandatory for persons who are required to register for GST, and non-compliance with the registration requirement can result in penalties and legal repercussions. Therefore, it is recommended that taxpayers consult with a tax professional or a GST consultant to determine their GSTN registration requirements and ensure timely compliance.
- Persons registered under the Pre – GST Law (e.g., VAT, Excise, Customs, and Services Tax)
- Persons having Turnover above the specified limit by GST Rules
- Agents of a supplier / Input Service Distributor
- Those liable to pay tax under RCM (Reverse Charge Mechanism)
- Persons who supply products through e-Commerce Operator
- E-Commerce Operator
- Casual Taxable Person / Non-Resident Taxable Person
Documents for applying GSTN Registration are :
- PAN of the Applicant
- Aadhaar card of Applicant
- Photo, Email id & Mobile number of Applicant
- Proof of business registration or Incorporation certificate
- Latest Building Tax Receipt of Registered Address
- Identity and Address proof of Promoters/Director with Photographs
- Address proof of the place of business
- Bank Account statement/Cancelled cheque
- Digital Signature Certificate
- Letter of Authorization/Board Resolution for Authorized Signatory
To cancel the GST registration, the business entity must file an application in the prescribed form (Form GST REG-16) on the GST portal. The application for cancellation of GST registration must be filed within 30 days from the date on which the cancellation of registration is required. Once the application is filed, the GST officer may request additional information or documents for processing the application. If the officer is satisfied that all the conditions are met, the GST registration will be cancelled within a period of 30 days from the date of application. Before the GST registration is cancelled, the business entity must file all the pending GST returns and pay any outstanding taxes, interest or penalties before the cancellation is effective
The cancellation of the registration can be initiation in some cases like the death of the taxpayer. While the registration can also be done voluntarily but only after one or more years are elapsed starting from the date of GST registration
Introduction to GSTR Forms & Return Filing
Under GST, registered taxpayers are required to file periodic returns summarizing their business transactions, sales, purchases, input tax credit (ITC), and tax liability for a given period. The GST returns need to be filed electronically on the GST portal, and the frequency of filing varies depending on the type of taxpayer and their turnover.
The GST returns can be filed by the registered taxpayer themselves, or they can hire a GST consultant or a tax professional to file their returns on their behalf. However, it is important to note that the responsibility of ensuring accurate and timely filing of GST returns lies with the registered taxpayer, and they may be liable for any errors or omissions in their returns, even if they have hired a third-party professional to file them.
Non-compliance with GST return filing requirements can result in penalties and interest charges, and may also impact the taxpayer’s eligibility for certain tax benefits and incentives.
In summary, GST return filing is an important compliance requirement under the GST regime, and registered taxpayers need to ensure that they file their returns accurately and timely to avoid any penalties or legal repercussions. It is recommended to consult with a GST consultant or a tax professional for guidance on GST return filing and compliance requirements.
Under the Goods and Services Tax (GST) regime in India, there are several types of GST returns and forms that taxpayers need to file, depending on their business activities, turnover, and registration status. Here are some of the most commonly used GST returns and forms:
GSTR-1: This return is used to report the details of outward supplies (sales) made by the taxpayer during a given period. It needs to be filed by all registered taxpayers, except for those who have opted for the composition scheme.
GSTR-2A: This is an auto-populated return that shows the details of inward supplies (purchases) that have been uploaded by the supplier in their GSTR-1 return. It helps taxpayers reconcile their purchase data with that of their suppliers.
GSTR-3B: This is a summary return that needs to be filed by all registered taxpayers on a monthly basis, summarizing their sales, purchases, input tax credit (ITC) claims, and tax liability for the period.
GSTR-4: This return is used by taxpayers who have opted for the composition scheme, which allows them to pay tax at a lower rate based on their turnover. It needs to be filed on a quarterly basis.
GSTR-5: This return is used by non-resident taxpayers who are registered under GST and are engaged in taxable supplies in India. It needs to be filed on a monthly basis.
GSTR-6: This return is used by Input Service Distributors (ISDs), which are entities that receive invoices for input services and distribute the ITC to other units within the same organization. It needs to be filed on a monthly basis.
GSTR-9: This is an annual return that needs to be filed by all regular taxpayers, providing a summary of their transactions for the entire financial year.
GSTR-10: This return needs to be filed by taxpayers who have surrendered their GST registration, providing details of their closing stock and tax liability for the period.
There are also other forms and returns that may be required to be filed in certain situations, such as GSTR-7 for taxpayers who deduct tax at source, GSTR-8 for e-commerce operators, and GSTR-11 for taxpayers who have been issued a Unique Identity Number (UIN) for diplomatic missions or other international organizations.