{"id":344,"date":"2016-01-06T11:31:27","date_gmt":"2016-01-06T11:31:27","guid":{"rendered":"http:\/\/consulting.stylemixthemes.com\/?page_id=344"},"modified":"2021-06-11T14:49:07","modified_gmt":"2021-06-11T14:49:07","slug":"gst","status":"publish","type":"page","link":"https:\/\/taxshield.co.in\/index.php\/income-tax\/gst\/","title":{"rendered":"GST"},"content":{"rendered":"<p>[vc_row css=&#8221;.vc_custom_1459506276575{margin-bottom: 100px !important;}&#8221;][vc_column offset=&#8221;vc_col-lg-9 vc_col-md-9&#8243;][vc_single_image image=&#8221;7098&#8243; img_size=&#8221;600&#215;300&#8243;][vc_column_text css=&#8221;.vc_custom_1623422943315{margin-top: 45px !important;}&#8221;]<strong><u><b>What is GST Registration?<\/b><\/u><\/strong><\/p>\n<p>Under the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs (*Rs 10 lakhs for North Eastern States; J&amp;K; Himachal Pradesh &amp; Uttarakhand) is required to register as a normal taxable person. This process of registration is called GST registration.<\/p>\n<p>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.<\/p>\n<p><strong><u><b>Who should register under GST?<\/b><\/u><\/strong><\/p>\n<ul>\n<li>Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)<\/li>\n<li>Businesses with turnover above the threshold limit of Rs. 40 Lakhs (*Rs. 10 Lakhs for North-Eastern States; \u00a0J&amp;K; Himachal Pradesh and Uttarakhand)<\/li>\n<li>Casual taxable person\/\u00a0Non-Resident taxable person<\/li>\n<li>Agents of a Supplier &amp; Input service distributor<\/li>\n<li>Those paying tax under the\u00a0Reverse Charge Mechanism<\/li>\n<li>Person who supplies via E-Commerce Aggregator<\/li>\n<li>Every E-Commerce Aggregator<\/li>\n<li>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<\/li>\n<\/ul>\n<p><strong><u><b>All about GST Returns<\/b><\/u><\/strong><\/p>\n<p>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 &#8211; which is then used to assess the tax liability of the assessee.<\/p>\n<p>A Registered Dealer under GST has to file GST returns\u00a0that broadly include:<\/p>\n<ul>\n<li>Purchases<\/li>\n<li>Sales<\/li>\n<li>Output GST (On sales)<\/li>\n<li>Input tax credit (GST paid on purchases)<\/li>\n<\/ul>\n<p>Any regular business, under GST, which is having more than Rs.5 crore of annual aggregate turnover has to file\u00a0two monthly returns and one annual return \u2013 which tantamount\u00a0to 26 returns in a year.<\/p>\n<p>The number of GSTR filings varies for quarterly GSTR-1 filers under\u00a0<strong>QRMP Scheme<\/strong>. The number of GSTR filings online for them is 9 in a year, including the GSTR-3B and annual return.<\/p>\n<p>There are separate returns required to be filed by special cases such as\u00a0<strong>Composition Dealers<\/strong>\u00a0whose number of GSTR filings is 5 in a year.<\/p>\n<p>Return filing is mandatory under GST. Even if there is no transaction, you must file a NIL return.<\/p>\n<p><strong><u><b>Points to be noted<\/b><\/u><\/strong><\/p>\n<ul>\n<li>On failing to file the previous month\/quarter\u2019s return, you cannot file a GST return.<\/li>\n<li>Fines and penalties will be levied on late filing of GST returns.<\/li>\n<li>The late filing fee of the GSTR-1 is populated in the liability ledger of GSTR-3B filed immediately after such delay.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row css=&#8221;.vc_custom_1459506276575{margin-bottom: 100px !important;}&#8221;][vc_column offset=&#8221;vc_col-lg-9 vc_col-md-9&#8243;][vc_single_image image=&#8221;7098&#8243; img_size=&#8221;600&#215;300&#8243;][vc_column_text css=&#8221;.vc_custom_1623422943315{margin-top: 45px !important;}&#8221;]What is GST Registration? Under the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs (*Rs 10 lakhs for North Eastern States; J&amp;K; Himachal Pradesh &amp; Uttarakhand) is required to register as a normal taxable person. This process of registration is called GST registration. For<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":6483,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-344","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/pages\/344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/comments?post=344"}],"version-history":[{"count":9,"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/pages\/344\/revisions"}],"predecessor-version":[{"id":7220,"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/pages\/344\/revisions\/7220"}],"up":[{"embeddable":true,"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/pages\/6483"}],"wp:attachment":[{"href":"https:\/\/taxshield.co.in\/index.php\/wp-json\/wp\/v2\/media?parent=344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}