GOODS & SERVICE TAX
“GST (Goods and Services Tax) is the major indirect tax reform in India.GST is the only tax on the supply of services and goods. It is a destination-based tax.GST has subsumed Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc”
Every law mandates that registered individuals must submit their returns in a specified format and within a prescribed timeframe. Similarly, the GST Act outlines requirements for taxable individuals to provide information through return filings.
Under GST, returns are self-assessed by registered individuals. A taxable person can seek assistance from a GST Practitioner during the filing process and may also file returns using GST Suvidha Providers (GSP).
GST registration based on aggregate turnover
According to the regulations, every supplier must register in the State or Union Territory, except for special category States, from where they make taxable supplies of goods or services, or both, if their total turnover in a financial year exceeds INR 20 lakhs.
Other cases where GST registration is a must
In addition to the aggregate turnover criteria, it is essential to ascertain whether a business falls within the categories specified below under GST law. The following are the categories of individuals who must register compulsorily, regardless of whether they meet the aforementioned threshold:
- Individuals engaged in any inter-State taxable supply
- Casual taxable individuals making taxable supplies
- Individuals required to remit tax under reverse charge mechanism
- Individuals required to remit tax under sub-section (5) of section 9 (electronic commerce operator)
- Non-resident taxable individuals making taxable supplies
- Individuals mandated to deduct tax under section 51 (Tax Deduction at Source)
- Individuals providing services or goods, or both, on behalf of other registered taxable individuals, whether as an agent or otherwise
Input service distributor
Voluntary Registration
In addition to the specified criteria, suppliers can voluntarily register under the GST Act by submitting an application through the GSTN portal.
Certain individuals are not required to register:
- When a supplier’s aggregate turnover consists solely of goods or services that are non-taxable or fully exempt under this Act.
- Agriculturists supplying produce from land cultivation.
The documentation required for GST registration varies based on the type of business. PAN is mandatory for GST registration, except for non-residents.
Starting from INR,1,500/-
( inclusive of all taxes )*
