What is GST?

GST (Goods and Services Tax) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc.

Who needs to register for GST?

Businesses with an annual turnover exceeding Rs. 40 lakhs (Rs. 20 lakhs for special category states) are required to register for GST. Additionally, certain businesses, like those involved in interstate supply or e-commerce, must register irrespective of turnover.

What documents are required for GST registration?

How long does it take to register for GST?

The GST registration process typically takes between 2-6 working days, depending on the accuracy and completeness of the submitted documents and information.

What are the benefits of registering for GST?

How often do I need to file GST returns?

GST returns are generally filed monthly, but there are quarterly options available for businesses with a turnover of up to Rs. 1.5 crores. There is also an annual return that needs to be filed.

What is the penalty for not registering under GST?

If a business is liable to register under GST but fails to do so, a penalty of 10% of the tax amount due (subject to a minimum of Rs. 10,000) will be levied. If the tax evasion is deliberate, the penalty could be 100% of the tax amount due.

Can I voluntarily register for GST even if my turnover is below the threshold?

Yes, businesses with turnover below the threshold limit can voluntarily register for GST. Voluntarily registered businesses have to comply with all the regulations and file returns as per the rules.

How can I amend my GST registration?

To amend your GST registration, you need to log in to the GST portal, select the amendment option, and make the necessary changes. Amendments can be of two types: core fields (which require approval from tax authorities) and non-core fields (which do not require approval).

What is GSTR-1?

GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies (sales) of goods and services.

What is GSTR-3B?

GSTR-3B is a monthly self-declaration that has to be filed by every registered dealer. It is a simplified summary return of inward and outward supplies, input tax credit claimed, and the tax liability.

How can I claim Input Tax Credit (ITC)?

To claim ITC, the purchaser must ensure that the supplier has uploaded the invoices and filed the GSTR-1 return. The ITC is auto-populated in GSTR-2A and can be claimed when filing the GSTR-3B return.

What happens if I miss the GST return filing deadline?

A late fee will be applicable for each day of delay beyond the due date. Interest will also be charged on the outstanding tax amount. The late fee is Rs. 50 per day (Rs. 20 per day for NIL returns) subject to a maximum of Rs. 5,000.

Can I revise a GST return after filing?

No, once a GST return is filed, it cannot be revised. Any errors can be rectified in the subsequent returns.

How do I cancel my GST registration?

To cancel GST registration, you need to apply for cancellation on the GST portal. The cancellation can be initiated by the taxpayer, the tax officer, or by a legal heir in case of death of the taxpayer.