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GST and Compliance



Process and Eligibility of GST

Goods and Service Tax has brought almost all the other indirect taxes into one single tax system consequently to sublime the trade of goods and services under a common platform, therefore it has dissolved different tax complexities and had further eased the business. GST is applicable almost on all the transactions involving buying and selling of goods and rendering of output services and availing any input services, GST is applicable across India without any differentiation.

How GST works?

Businesses registered under GST come under responsibilities and are bound to follow compliance thereafter. GST is a particular rate or tax slab which is charged by the seller and service provider at the time of buying or delivery. It becomes mandatory for entities to collect GST if they have GST number by mentioning the GSTIN in the invoice, there are different slabs for different types of goods and in general, there is a single slab of 18% for services.

When to get a GST Registration

When the business deals in Goods

  • If the business is involved in supplying goods then GST is required when reaching an aggregate turnover of INR 20 Lakhs. (With an Exception)
  • Irrespective of turnover if the business is involved in providing goods out of its state then getting GST becomes a necessity to the business.

When the business is a service provider

  • If the business is dealing in providing services then GST is required with an aggregate turnover of INR 10 lakhs. (With an Exception )
  • If a business runs exclusively in Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand

Exception- Under the GST, the following states are categorized differently-Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand. The GST compliance for these stated is mentioned under Exception.

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    If Not reaching the aggregate turnover

    Any person or entity irrespective of business turnover voluntarily obtain the business then it will have following benefits:

    • To improve your business credibility
    • To claim input against any transaction under GST
    • To be an unbreakable chain of B2B customers.

    Documents Required

    Private/ Public Limited/OPCPartnership/ Limited Liability Partnership Proprietor Firm
    Company PAN Card >Firm PAN Card Firm PAN Card
    Company PAN Card Firm PAN Card Proprietors’ PAN Card
    MOA,AOA LLP Agreement/ Partnership Deed Shop Act/ Ghumsata License
    Company Address Proof Firm Address Proof Firm Address Proof

    Post –GST Compliance

    Once you are registered under GST. Following are the must comply with
    • Collecting and remitting GST amount from customers
    • Issuing a legitimate GST invoice with GSTIN on it.
    • Duly filing GST returns whenever due mentioning sales and purchases
    • Keep a record of all the transactions for a period of 8 years.


    GST Returns

    GSTR 3B

    GST registration holders are required to file GSTR-3B returns every month with details of sales and purchases made in a month to the Government. GSTR-3B return is due on the 20th of each month (GST Return of September month will be filed on the 20th of October which has been updated now from state to state).

    GSTR-1

    Businesses registered under GST must file GSTR-1 return. GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of fewer than Rs.1.5 crores, GST return should be filed every quarter falling between 20th to 25th of the following month.

    • November GSTR-3B dues on the 20th of every month which has been updated now from state to state falling between 20th to 25th of the following month.
    • November GSTR-1 return for persons having annual revenue of more than Rs.1.5 crores will be due on the 11th of the following month.
    • October - December GSTR-1 return for persons having annual revenue of fewer than Rs.1.5 crores will be due on the month after completing the quarter.

    GST Annual Returns

    GST Annual Returns Filing can be categorised into three types based on the following form:

    GSTR-9: All entities having GST registration are required to file GST annual return in form GSTR-9

    GSTR-9A: GST registered taxpayers who have opted for the GST Composition Scheme under Goods and Services Tax (GST) are required to file GSTR-9A optional up to turnover of 5 Crore per annum.

    GSTR-9C: Form GSTR 9C is meant for filing the reconciliation statement of taxpayers pertaining to a particular financial year. It is applicable to taxpayers who are required to obtain an annual GST audit of their accounts optional up to a turnover of 5 Crore per annum.

    FAQs

    Is it mandatory to opt for monthly GST filing? Is there any penalty for not filing it?
    Yes, it is mandatory to file Post GST compliance. Penalties are levied each day of non- filing.
    What are the GST rates in India?
    The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. Gold and rough diamonds do not currently fall under GST and will be taxed at 3% and 0.25%.
    How to file GST returns?
    After doing a thorough GST accounting a return is filed. Different GST returns have different due dates to follow.
    How often do we need to file GST returns?
    Once you register for GST there is mandatory compliance (s) to follow which includes GST returns. Different GST return has different due dates to follow.
    Is GST returns eligible to be revised?
    Yes, GST returns can be revised again with certain conditions. Businesses that have our GST team in assisting get an exceptional advantage of proceeding further in it.
    What details are to be submitted while filing GST returns?
    The only information needed here is the information related to sales and purchases during the month. After doing a thorough GST accounting a return is filed.
    Does the GST certificate require renewal?
    Only GST certificate issued to non-resident taxable person and casual taxable person have a validity period. However, to others it is valid under cancelled or surrendered
    Can we claim a GST refund?
    Yes, DealTax will provide an end to end assistance for claiming a GST refund if applicable .
    What details are to be submitted while filing GST returns?
    The only information needed here is the information related to sales and purchases during the month. After doing a thorough GST accounting a return is filed.