GST Registration

Criteria for mandatory registration under GST:

– Annual supplies of goods above Rs. 40 Lacs

– Annual supplies of services above Rs. 20 Lacs

– Supplying goods or services to other states

– Supplying goods or services through e-commerce

– Receiving goods or service falling under reverse charge mechanism

Anybody can get registered voluntarily for GST

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Benefits of voluntary GST registration:

Availing input tax credit: Persons who have registered voluntarily under the Goods and Services Tax have the option to avail input tax credit on the purchases and expenses they make which results in enhancing their profitability and business margin.

No restriction on inter-state supplies: Entities which are not registered under GST cannot make inter-state supplies of goods or services. If a person gets registered voluntarily, he can make hassle free inter-state supplies of goods or services.

GST Compliances:

Every registered person has to filed GST returns as follows:

GST Return	Particulars
GSTR-1	Details of outward supplies of taxable goods and/or services on or before 10th of every month. Entites with annual turnover of less than Rs. 1.50 crores have the option to file this return on quartely basis. The quarterly retrun is to be filed within one month from end of the quarter.
GSTR-2 (Currently Suspended)	Details of inward supplies of taxable goods and/or services. This return is currently suspended. Only summary of inward supplies is to be provided in GSTR-3B on monthly basis.
GSTR-3 (Currently Suspended)	Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax. This return is currently suspended and tax has to be paid along with summary return GSTR-3B on monthly basis.
GSTR-3B	Monthly summary return of outward supplies & input tax credit claimed along with payment of tax. This return is to be filed along with payment of tax on or before 20th of every month
GSTR-4	Return for a taxpayer registered under the composition scheme
GSTR-5	Return for a Non-Resident foreign taxable person
GSTR-6	Return for an Input Service Distributor
GSTR-7	Return for authorities deducting tax at source
GSTR-8	Details of supplies effected through e-commerce operator and the amount of tax collected
GSTR-9	Annual Return for a Normal Taxpayer
GSTR-9A	Annual Return a taxpayer registered under the composition scheme anytime during the year
GSTR-10	Final Return on cancellation of GST registration

GST Composition Scheme:

Composition scheme under GST is more simplified scheme of taxation. There are four tax rates under normal scheme for various commodities. Under composition scheme, GST has to be paid at one notified rate for all commodities.

Eligibility:

– Supplier of goods with annual turnover upto Rs. 1.5 crores (Rs. 75 lacs for north-eastern states and Himachal Pradesh)

– Supplier of Services with annual turnover upto Rs. 50 lcas

Ineligible Suppliers:

– Manufacturers of ice cream, pan masala and tobacco

– Persons making inter-state supplies

– Businesses which make supplies through e-commerce operator

Conditions for opting composition scheme:

– No input tax credit of purchases & expenses

– Cannon supply GST exempted goods or services

– Cannot issue tax invoice, therefore, input tax credit is not available to customer

– Turnover should be calculated for all the businesses registered under the same PAN

– All the businesses registered under the same PAN should be under composition scheme.

– Supplier of goods can also make supplies of services to the extent of 10% of turnover or Rs. 5 lacs whichever is higher

– Composition scheme should be opted at the beginning of every financial year by filing form CMP-02 online through GST portal

Applicable Tax Rates:

Type of Business	CGST	SGST	Total
Manufactureres & Traders	0.5%	0.5%	1.00%
Restaurants not serving alcohol	2.5%	2.5%	5.00%
Service Providers	3.00%	3.00%	6.00%

Interest on delayed payment of GST:

If a taxpayer fails to make payment of GST on or before the prescribed due date, he has to pay interest on such delay. Interest is charged at 18% p.a. from the due date of payment to the date of payment proportionately on daily basis. If the taxpayer has claimed excess ITC in earlier returns & such excess ITC is reversed in the current return, he has to pay interest at 24% p.a. from the date on which such excess ITC was claimed to the date of filing of current month’s return.

Late fees for delayed filing of GST returns:

Type of Return	CGST	SGST	Total
Nil Return	Rs. 10 per day	Rs. 10 per day	Rs. 20 per day
Other than Nil Return	Rs. 25 per day	Rs. 25 per day	Rs. 50 per day

The maximum late fees charged per return is Rs. 5,000/-

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Frequently Asked Questions

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