Goods & Services Tax (GST Registration)

 The Goods and Services Tax came into effect in year 2017, it is an indirect tax levied on Goods ad Services. The GST Act defines u/s 2(73) a "person" is the following:

1. Private Limited Company (Pvt Ltd)
2. Limited Liability Partnership (LLP)
3. Individual
4. Partnership Firm
5. Hindu Undivided Family  (HUF) 
6. An Association of Persons or a Body of Individuals, whether incorporated or not, in India or outside  India
7. Any Corporation Established by or under any Central, State or Provincial Act, or a      Government Company 
8. A co-operative society registered under any law relating to cooperative societies
9. A local authority
10. Society
11. Trusts
12. Government

As per Chapter 6 of the GST Act, the following persons have to register under GST:

1. Any supplier of  Services who makes a taxable supply having aggregate turnover of Rs. 20  lakhs in Financial year needs to mandatorily register under GST in the state in which is located.
2. For supplier of goods who  makes taxable supply having aggregate turnover of Rs. 40 lakhs need to mandatorily register under GST.
3. Special Category States  aggregate turnover is set at Rs.10 lakhs.

1. Types of GST Returns? 

Every GST dealer is required to file GST returns Monthly, Quarterly and Annually, failing which penalty and interest is charged and show causes notices will be sent by the Jurisdictional Commercial Tax department. Further, consequences for non-compliance could be restriction of not generating the E-Way bill.

The following are returns:

1. GSTR 3B - Monthly Return

2. GSTR 1 - Quarterly Return

2.  What type of persons are exempted from GST? 

The following classes of tax payers are exempted from getting registered in GST:

1. Suppliers of service having turnover less than 20 lakhs making inter-state supplies

2. Service providers having turnover less than 20 lakhs and making supplies through e-commerce platforms or sites. 

3. Whether one registration is sufficient for operating in different states?

Every Supplier of Service or Supplier of Goods gets a GSTIN (Goods & Services Tax Identification Number) once he registers with the State Jurisdictional Commercial tax Department. 

A Service provider or Supplier of goods has to register separately for each state in which he operates. Likewise, a business has to register for each verticals separately within the state 

4. What are HSN Codes?

HSN (Harmonised System of Nomenclature) is a system of classification where all products are classified and identified across the world. They are divided by headings and chapters which are easy to identify the tariff rates in a particular Country.

· Registered Businesses whose turnover is less than 1.5 Crores do not require you mention the HSN Code in the tax invoice. 

· Registered Companies/Businesses whose turnover is between INR 1.5 Cr to INR 5 Cr will have to mention 2 digits of the HSN Codes.

· Those whose turnover exceeds 5 Cr will have to mention 4 digit HSN Codes.

Importers and Exporters have to mention the all 8 digits of the applicable HSN Codes in their documentation.  

5. What are SAC Codes?

SAC (Services Accounting Codes) is a system of classifying all Services.

6. What are due dates under GST? 

The frequency of the returns are broadly categorised into Monthly Returns and Quarterly Returns and Annual Returns. The GSTR-3B which is a Monthly return is to be filed 20thof every subsequent month. The Quarterly return is to be filed every Monthly or quarterly at the discretion of the GST dealer. The Annual Return GSTR-9 (usually before 31st December of the financial year ended) but is subject to change by notifications.

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