GST
We also provide most important service popularly known as GST which helps you the most in your business. GST is an indirect tax which has replaced by many indirect taxes.
GST was launched at midnight on 1st July 2017, by the President of India and the Government of India.GST is being introduced in the country after a 13 year long journey.
This led to the idea of “One nation One Tax” and introduction of GST in Indian financial system and going to replace almost all existing indirect tax or levies like Excise Duty, Service Tax, VAT entry tax etc.
There are 3 taxes applicable under this system
CGST
Collected by the Central Government on an intra-state sale (Eg: transaction happening within Gujarat)
SGST
Collected by the State Government on an intra-state sale (Eg: transaction happening within Gujarat)
IGST
Collected by the Central Government for inter-state sale (Eg: Gujarat to Maharashtra)
We as a consultant helps you to run this process smoothly and at very reasonable price.
We provide you following services:
- GST Registration
- GST Migration
- GST Return filing
- GST Consulting services
We will help you in all matters:
- GST Registration at reasonable price
- GST Return filing on time
- Reminds you every month
- Collect the bills from you on time
GST Turnover Limit
There are various types of GST registration and some types of entities like casual taxable persons, non-resident taxable persons or persons supplying through eCommerce operators are required to mandatorily obtain GST registration irrespective of turnover limit. The GST turnover limit for regular GST registration for service providers and goods supplier is provided below.
Service Providers: Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. for North Eastern and hill states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Goods Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:
- Should not be providing any services.
- The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripur and Uttarakhand.
- Should not be involved in the supply of ice cream, pan masala or tobacco.
If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.
Special Category States: Under GST, the following are listed as special category states – Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.
Voluntary GST Registration
Any person or entity irrespective of business turnover can obtain GST registration at any-time. Hence, GST registration is obtained by many businesses in spite of not reaching the aggregate turnover limit. Some of the main reasons for obtaining voluntary GST registration are:
- To improve the business credibility
- To satisfy the requirements of B2B customers
- To claim input tax credit benefits
Entities registered under GST have various responsibilities and compliance requirements from time to time. Failure to comply with the GST regulations or compliance requirements can lead to penalties and revocation of GST registration by the authorities. Some of the main responsibilities of a person registered under GST include:
- Collecting and remitting GST amount from customers
- Issuing proper GST invoice as per the GST rules and regulations
- Filing GST returns whenever due based on turnover – even if there is no turnover or business activity
- FIling annual GST return
- Maintaining all records pertaining to GST for a period of 8 years
GST Registration Responsibilities
What is GST Registration Process?
Mindsure is the leading business services platform in India can help you obtain GST registration in India and maintain GST compliance through a GST accounting software. The average time taken to obtain GST Certificate is about 3 – 7 working days, subject to government processing time and client document submission. Get a free consultation on GST and GST return filing by scheduling an appointment with a Mindsure Advisor
Mindsure GST experts will guide you on the applicability and compliances under GST for your business and get your business registered under GST.
Documents Required for GST Registration
The following persons are required to submit their identity proof and address proof along with photographs. For identity proof, documents like PAN, passport, driving license, aadhaar card or voters identity card can be submitted. For address proof, documents like passport, driving license, aadhaar card, voters identity card and ration card can be submitted.
- Proprietary Concern – Proprietor
- Partnership Firm / LLP – Managing/Authorized/Designated Partners (personal details of all partners are to be submitted but photos of only ten partners including that of Managing Partner are to be submitted)
- Hindu Undivided Family – Karta
- Company – Managing Director, Directors and the Authorised Person
- Trust – Managing Trustee, Trustees and Authorised Person
- Association of Persons or Body of Individuals –Members of Managing Committee (personal details of all members are to be submitted but photos of only ten members including that of Chairman are to be submitted)
- Local Authority – CEO or his equivalent
- Statutory Body – CEO or his equivalent
- Others – Person(s) in Charge
Business Registration Document
Proof of business registration must be submitted for all types of entities. For proprietorships there is no requirement for submitting this document, as the proprietor and proprietorship are considered the same legal entity.
In case of partnership firm the partnership deed must be submitted. In case of LLP or Company, the incorporation certificate from MCA must be submitted. For other types of entities like society, trust, club, government department or body of individuals, registration certificate can be provided.
Address Proof for Place of Business
For all places of business mentioned in the GST registration application, address proof must be submitted. The following documents are acceptable as address proof for GST registration.
For Own premises
Any document in support of the ownership of the premises like latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill.
For Rented or Leased Premises
A copy of the valid rental agreement with any document in support of the ownership of the premises of the Lessor like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill. If rental agreement or lease deed is not available, then an affidavit to that effect along with any document in support of the possession of the premises like copy of electricity bill is acceptable.
SEZ Premises
If the principal place of business is located in an SEZ or the applicant is an SEZ developer, necessary documents/certificates issued by Government of India are required to be uploaded.
All Other Cases
For all other cases, a copy of the consent letter of the owner of the premises with any document in support of the ownership of the premises of the Consenter like Municipal Khata copy or Electricity Bill copy. For shared properties also, the same documents can be uploaded.
Bank Account Proof
Scanned copy of the first page of bank passbook or the relevant page of bank statement or scanned copy of a cancelled cheque containing name of the Proprietor or Business entity, Bank Account No., MICR, IFSC and Branch details including code.
Penalty for not registering under GST
An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.
The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes
TYPES OF GST RETURN- FORMAT TAXWAY INDIA
GSTR – 1
Return for Outward Supplies
GSTR-1 is a monthly return of outward supplies undertaken by a normal registered taxpayer under GST. In other words, this monthly return showcases the sales transactions of a business in a particular month.
GSTR-2 is a monthly return of inward supply of goods and services as agreed by the recipient of the goods and services. In other words, GSTR-2 contains details with regards to the purchases made by the recipient in a particular month. The information contained in GSTR-2 is auto-populated with the details contained in GSTR-2A.
GSTR – 2
Return for Inward Supplies
GSTR – 3B
Read Only Document
GSTR 3B is a simplified monthly summary return of inward and outward supplies. It is a self declaration showcasing the summary of GST liabilities of the taxpayer for the tax period in question. Moreover, it helps the taxpayer to discharge the tax liabilities in a timely manner.
GSTR-2 is a monthly return of inward supply of goods and services as agreed by the recipient of the goods and services. In other words, GSTR-2 contains details with regards to the purchases made by the recipient in a particular month. The information contained in GSTR-2 is auto-populated with the details contained in GSTR-2A.
GSTR – 2
Summary of Inward and Outward Supplies
GSTR – 4
Return for Composition Dealers
GSTR-4 is a quarterly return that needs to be filed by a registered taxpayer who has signed up for the Composition Scheme. Under this scheme, small taxpayers having a turnover of upto Rs 1.5 Crores need to pay tax at a fixed rate and file quarterly return. This is unlike the normal registered dealer who files three returns every month including GSTR-1, GSTR-2 and GSTR-3B.
GSTR-5 is a monthly return filed by every non-resident taxable person. This return includes details pertaining to:
- inward supplies
- outward supplies
- any interest, penalty, fees
- tax payable or tax paid or
- any other amount payable under the act
GSTR – 5
Return For Non-Resident Taxable Persons
GSTR – 6
Return For Input Service Distributors
GSTR 6 is a monthly return that an Input Service Distributor files every calendar month. This return provides information of all the invoices on which credit has been received and are issued by an ISD. This means that it gives a summary of the total input tax credit available for distribution during a particular month. Thus, the details of the invoices that an ISD furnishes in form GSTR 6 are made available to every recipient of the credit. These details are visible to the recipient in part B of form GSTR 2A.
GSTR 7 is a monthly return that is required to be filed by the deductors who are required to deduct TDS under GST. Such a return consists of the details regarding:
- tax deducted at source,
- the liability towards TDS,
- TDS Refund claimed if any
- Interest, late fees etc. paid or payable
GSTR – 7
Return For Taxpayers Deducting TDS
GSTR – 8
Return For E-Commerce Operators Collecting TCS
GSTR 8 is a monthly return furnished by every electronic commerce operator who is required to deduct Tax Collected at Source under GST. This return reflects details of the supplies made through e-commerce portal and the amount of tax collected from suppliers of goods and services. Furthermore, the operator can also make changes to the details of supplies furnished in any of the earlier period statements.
Every registered person shall furnish electronically an annual return for every financial year in the prescribed form, except the following:
- Input Service Distributor
- Person paying tax under section 51 or section 52,
- Casual taxable person
- Non-resident taxable person
GSTR – 9
Annual Return For Normal Registered Taxpayer Under GST
GSTR – 9A
Annual Return For Composition Dealers
GSTR 9A is the annual return that every registered person opting for composition levy needs to file every financial year. This return is in addition to the quarterly returns filed by a composition dealer during a financial year. Thus, GSTR 9A is an annual return filed by a composition dealer containing details that relate to the quarterly returns filed by him during the year. This return contains details with regards to supplies made by the taxpayer during the year under composition scheme. These details include:
- inward and outward supplies,
- tax paid,
- input credit availed or reversed,
- tax refunds,
- late fee etc
Every electronic commerce operator required to collect tax at source under section 52 shall furnish annual statement in FORM GSTR -9B. This return includes all the information furnished by the e-commerce operators in the monthly returns filed during the financial year.
GSTR – 9B
Annual Return For E-Commerce Operators Collecting TCS
GSTR – 9C
Return For Registered Persons Getting Accounts Audited From CA
Every registered person having an aggregate turnover of more than Rs. 2 crores during a financial year must get his accounts audited by a CA or cost account. Furthermore, he needs to submit the annual return, a copy of the audited accounts and a reconciliation statement. This reconciliation statement is in Form GSTR 9C. So basically, GSTR 9C is a reconciliation statement reconciling value of supplies declared in annual return with the audited annual accounts.
GSTR-10 is a final return required to be filed by a registered person whose GST Registration gets cancelled. Such a registered person does not include:
- Input Service Distributor
- Person paying tax under composition scheme
- Non-resident taxable person
- Person collecting TDS or TCS
GSTR – 10
Return For Registered Person Whose GST Registration Gets Cancelled
GSTR – 11
Return For UIN (Unique Identification Number) Holders
GSTR-11 is a return to be furnished by a person who has been allotted a Unique Identification Number (UIN). UIN is issued so that the registered person obtaining the same can claim refunds for GST paid on goods and services purchased by them in India.