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12_GST TAB

What is GST Registration?

Under the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs (*Rs 10 lakhs for North Eastern States; J&K; Himachal Pradesh & Uttarakhand) is required to register as a normal taxable person. This process of registration is called GST registration.

For certain businesses, registration under GST is mandatory. Non- Registration in such cases under GST will be treated as an offence and subjected to heavy penalties.

Who should register under GST?

  • Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
  • Businesses with turnover above the threshold limit of Rs. 40 Lakhs (*Rs. 10 Lakhs for North-Eastern States;  J&K; Himachal Pradesh and Uttarakhand)
  • Casual taxable person/ Non-Resident taxable person
  • Agents of a Supplier & Input service distributor
  • Those paying tax under the Reverse Charge Mechanism
  • Person who supplies via E-Commerce Aggregator
  • Every E-Commerce Aggregator
  • Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

All about GST Returns

A GST return is a form containing details of all income/sales and/or expense/purchase which a taxpayer (every GSTIN) is required to file with the indirect tax authorities – which is then used to assess the tax liability of the assessee.

A Registered Dealer under GST has to file GST returns that broadly include:

  • Purchases
  • Sales
  • Output GST (On sales)
  • Input tax credit (GST paid on purchases)

Any regular business, under GST, which is having more than Rs.5 crore of annual aggregate turnover has to file two monthly returns and one annual return – which tantamount to 26 returns in a year.

The number of GSTR filings varies for quarterly GSTR-1 filers under QRMP Scheme. The number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual return.

There are separate returns required to be filed by special cases such as Composition Dealers whose number of GSTR filings is 5 in a year.

Return filing is mandatory under GST. Even if there is no transaction, you must file a NIL return.

Points to be noted

  • On failing to file the previous month/quarter’s return, you cannot file a GST return.
  • Fines and penalties will be levied on late filing of GST returns.
  • The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR-3B filed immediately after such delay.