Goods & Services Tax (GST)

• GST Registration Process:
• Normal Tax Payer - If the total turnover of any Proprietor / Partnership Firm / Private Limited Companies Rs.20.0 lakhs ( Rupees twenty lakhs) per annum, the Firm has to register under GST.
  
  Time limit - GST application is to be made within 30 days from the date on which the above entity became liable for registration under GST.
• Composition Scheme - A taxpayer whose turnover is below Rs 1.5 Crore ( Rupees One Crore fifty lakhs only) can opt in for Composition Scheme ( as per notification dated 10th November 2017.)
  Conditions to be satisfied in order to opt for composition scheme:
• No Input Tax Credit can be claimed by a dealer opting for Composition Scheme.
• The taxpayer can only make Intra-state supply (sell in the same state) i.e. no inter-state supply of goods.
• The dealer cannot supply GST Exempted goods.
• Taxpayer has to pay tax at normal rates for transactions under Reverse Charge Mechanism.
• If a taxable person has different segments of businesses (such as textile, electronic accessories, groceries, etc.) under the same PAN, they must register all such businesses under the scheme collectively or opt out of the scheme.
• The taxpayer has to mention the words 'composition taxable person' on every notice or signboard displayed prominently at their place of business.
• The taxpayer has to mention the words 'composition taxable person' on every bill of supply issued by him.
• Those supplying goods can provide services of upto Rs. 5 lakh.
• Documents required for GST Registration :
• PAN Card of the Business or Applicant
• Identity and Address Proof of Applicant along with Photographs
• Business Registration Document
• Address Proof for Place of Business
• Bank Account Proof
• Digital Signature/AADHAR CARD
• GST Returns
• GSTR-3B contains details of outward and inward supplies to be filed by 20th of next month.
• FORM GSTR-1 giving the details of outward supplies of goods or services to be filed on or before the tenth day of the following month.
• FORM GSTR-2, giving the details of inward supplies to be filed after tenth but before the fifteenth day of the following month.
• FORM GSTR-3 to be filed after fifteenth day but before the twentieth day of the following month.
• FORM GSTR-4 Composition dealer is required to file a quarterly return by 18th of the month after the end of the quarter.
• Input Tax Credit
• It can be used to reduce the tax already paid on inputs, at the time of paying tax on output.