Goods And Service Tax

Goods and service tax is an indispensable and indirect tax that has been carried out in India to displaced multiple taxes. Before moving to GST registration we must know about what is GST? GST means goods and services tax hair goods represent things. Before GST is not implemented in India then the tax system is divided in in two parts that is a direct tax and indirect tax. After that, on 29 March 2017 GST e registration has been passed in the parliament. This goods and service tax is applicable on 1st July 2017 in India from that day India became one nation one tax country in the world.

What is the GST registration?

In the GST authority, a business whose turnover exceeds from 40 lakh rupees then there will be a GST registration required for a normal taxable person. This complete process is known as GST registration. On the other hand, there are a few exceptional cases where GST registration is compulsory. If any organisation running a business without registering under GST then it will come under offence service of GST. These organisation will pay heavy penalties. If any organisation won how to do GST registration it will take hardly 2 to 6 working days. GST registration process is also short. Any organisation can register within 3 easy steps.

Important document required for GST registration

  • PAN card
  • Business certificate of incorporation
  • Business owner ID with address proof and photograph
  • Registered address proof of business
  • Your bank account statement
  • class 2 digital signature ( if you can run a company or limited liability partnership)

What is the GST registration process?

  • First of all, open the official website and select GST REG-01 for new registration. Completely fill the application form of GST REG-01.
  • Complete part 1 GST registration which includes name, PAN card, mobile number, etc.
  • After completing part 1 registration of GST you will receive an OTP that OTP will take you to GST registration form part 2.
  • Completely fill part 2 of GST REG-01. In the path to you have to attach a few documents and ID your business.
  • If other information is required apart from the information given by you then GST REG-03 will be issued for you.
  • After receiving GST REG-03, you have to submit the form GST REG-04 by submitting within 7 days.
  • Now the GST registration process is over if your registration is confirmed then within 3 days the registration certificate will be issued in the form of GST REG-06. In the certificate, you are having your GST number.

Penalty for not registering under GST

If any organisation is not paying goods and service tax and showing genuine error then that organisation must have to pay a penalty of 10% the total tax amount. The minimum amount of rs 10,000 will be charged as a penalty.

The penalty will be 100  per cent of the tax amount when the wrongdoer has purposely circumvented paying taxes.

GST Return Filing

Any person who will apply for GST registration will also have to file GST return. The GST return is basically a document, which is required to be filed according to the Indian tax authorities of the law. It will be used by tax authorities for the purpose of calculating tax liability.

GST Filing Procedure in India

Any businessman who has taken registration but has not exceeded the exemption limit will have to follow the GST billing process step by step. The government has given a limit for goods and services, which will be based on a total of 40 lakhs in the case of service and 20 lakhs in the case of goods. Provided that, the person makes a taxable supply of goods or services from a particular category of states or both. He will be liable to be registered if his total turnover in the financial year exceeds one million rupees. The special category states include Jammu and Kashmir State, Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand.

Once the taxpayer crosses the exemption limit, he should start filing GST returns. Not only this, in cases where no taxable supply is received or made during a particular period, but the taxpayer will also have to file an NIL return. Let me tell you that there is no way that you can avoid the return file. The point to note is that if you are not able to file a return for one period, you will not be able to file the return for the next period. 

Way to simplify GST

Any business has to file monthly GST returns twice and annual returns once. This means that in total, you have to file GST return 26 times a year. The GST portal issues 4 types of forms for filing GST returns, which are as follows-

Purchase return

Supply returns

Annual return

Monthly return

In the case of small business taxpayers in India, who have opted for the composition scheme, they only have to file GST returns on a quarterly basis. The process of filing returns can be done online

Online GST return filing process

There are 3 steps to be followed in GST return filing work for every Indian business taxpayer, whose discussion is as follows-

Step 1: Documents and monthly results included in the GST Returns process

All registered taxpayers can follow the filing format and upload their annual returns on the GST portal. To do this, you have to keep the information of your records, only after which you can upload GST returns. We help you to file the process in the GST portal by installing a simplified version of the Excel template, with which you can easily remember your records.

Step 2: Preparation for GST Retaining Process

We collect all the information and documents needed to start preparing for your GST return. AdvocateSearch maintains the records of registered taxpayers, due to which you can easily file tax at the end of the month with the help of our experts. Let us know that from the time you process the filing in the GST portal, our expert colleagues will remind you about the filing date so that you do not forget the date and avoid paying the tax penalty.

Step 3: Steps required to complete the returns that follow the rules

You can review your GST filing before filing GST, after which we will file an online return only after your approval. Our experts will file the GSTR return using the challan, after which the ARN number will be shared with you. We will let you know via email after the process is complete.

GST Surrender

GST Surrender-GST traders coming in GST limits after the entry into force is essential to the GST registration. But, there are many people who do not even need it. The government has now given the option to Surrender such registration.

The GST system has been implemented by eliminating the different types of taxes in the country. Earlier, merchants had to fill forms for different registration of taxes like sales tax, wattage tax etc. Only one registration has to be done after the GST regime is implemented. While implementing the GST regime, it was said that the businessmen whose income would be more than 20 lakhs per annum would have to get GST registration, which was later increased to 40 lakhs.

Procedure for Surrender GST registration

There were many small and medium level businessmen who got GST registration but their annual turnover is less than 20 lakhs or 40 lakhs. Now it is difficult in front of such businessmen that it does not even come under the purview of GST but tax has to be paid equally. In view of the problems of similar traders, the government also implemented the system of Surrender GST registration. In this blog, let us understand how can GST registration be Surrender?

Who has got the facility to Surrender GST registration

There is an option to cancel GST registration but not all people have got this facility. Let us know who has got the facility to Surrender GST registration:

  • To the person who has registered GST, himself
  • The successor of a person registered in GST (legally valid)
  • Those whose turnover is less than 20 lakhs annually
  • A registered person has closed his business

It is important here that registration can be Surrender only within 1 year from the date of registration.

To register, you must first open the GST portal, log in by entering your GST registration number and password on the portal. Registration utility ‘Utility REG 29’ has been created just below the profile in the portal. Here, if you click on the Cassil button, you will have to tick the answer on questions like registration type, the reason for cancelling an account is single or company name etc. As soon as you submit, Before you will get the message of a registration Surrender and within 1 week your GST registration will be Surrender.