GST is a single comprehensive tax on the supply of goods and services across India, right from the manufacturer to the Consumer. GST is applicable to the whole of India except the state of Jammu & Kashmir. GST would be levied on Supply of goods and services or both and hence the present prevalent concepts of levy of Excise Duty on manufacture, VAT on sales, Central sales Tax on sales, Service tax on services, Entry tax on entry of goods in local area would no longer be in existence.
Who is Liable for GST Registration?
Every person needs to get registered under GST in the state from where he makes taxable supply of goods and/or services, if his aggregate turnover in a financial year exceeds Rs.20 Lakhs (Rs.10 Lakhs in North Eastern States including Sikkim)
Generally, the liability to register under GST arises when you are a supplier within the meaning of the term, and also your aggregate turn over in the financial year is above the Exemption threshold of Rs.20 lakh rupees. However, the GST law enlists certain categories of suppliers who are required to get compulsory registration irrespective of their turnover that is to say, the threshold exemption of 20 lakh is not available to them. Some of such suppliers who need to register compulsorily irrespective of the size of their turnover are:
Who is exempted from Registration?
The following persons shall not be liable to registration, namely:–
GST Registration Process
Procedure for Registration
Every person who is liable to be registered under GST shall apply for registration in every such State or Union territory in which he is so liable within thirty days from the date on which he becomes liable to registration. Provided that a casual taxable person or a non-resident taxable person shall apply for registration at least five days prior to the commencement of business.
Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 in order to be eligible for grant of registration.
Accounts and other records
Every registered person shall keep and maintain at his principal place of business as mentioned in the certificate of registration a true and correct account of
Period of retention of Accounts
Every registered person required keeping and maintaining books of account or other records in accordance with the provision of GST shall retain them until the expiry of 72 months from the due date of furnishing of annual return for the year pertaining to such accounts and records.
Cancellation of Registration
The proper officer may either on his own motion or on application filed by the registered person or by his legal heirs, in case of death of such person, cancel the registration in such manner and within such period as may be prescribed, having regard to the circumstances where-
Filing GST Returns
Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC
Due Date for filing
Monthly Statement of Outward supplies of Goods or Services
10th of the next month
Monthly Statement of Inward supplies of Goods or Services
15th of the next month
Monthly Return for a normal taxpayer
20th of the next month
Registered Person other than an ISD, TDS/TCS Taxpayer, Casual Taxable Person and Non-resident Taxpayer
31st December of next Financial Year
Taxable Person whose registration has been surrendered or cancelled
Within three months of the date of cancellation or date of order of cancellation, whichever is later
Late Fee for Non-Filing Returns
Every registered persons has to fie periodical returns whether they are doing any bushiness or not. If there is no Taxable supplies / purchases, it is mandatory to file NIL returns as per filing schedule.
Any registered person who fails to furnish the details of return under GST by due date shall pay a late fee of Rs.100 for every day during which such failure continues subject to a maximum of an amount calculated at quarter percent of his turnover.