The power of taxing people and their property is essential to the very existence of government.
James Madison

1. GST Registration

Accounts receivable and accounts payable are both important financial management tools that help companies maintain a healthy cash flow. They are essentially opposites of each other, and understanding how to manage them is important for a company’s financial stability.

Overview on GST Registration

What is Goods & Service Tax (GST) in India?
GST refers to Goods & Service Tax. It is an indirect tax levied on goods & services replacing all other indirect taxes like VAT, excise duty, and service tax, etc., the Indian government launched This on 1 July 2017.
Under GST, they levy a tax on all points of sale. For Intra state sales CGST & SGST are levied and for Interstate sales, IGST will be levied.
Who Should Apply for New GST Registration?
Any Business Entities, Firms, Enterprises, or any commercial establishments which are engaged in the sale of Goods & Services with an aggregate turnover of above ₹40 Lakhs & ₹20 Lakhs respectively in normal category states, ₹20 Lakhs & ₹10 Lakhs respectively in special category states.

Documents Required for GST Registration

  • PAN
  • Aadhar Card
  • Proof of Principal Place of business* (ref below)
  • Photo of the authorised Signatory
  • Bank Statement / Cancelled Cheque of the business
  • Partnership Deed or Any proof substantiating Constitution
  • Photo of the authorised Signatory
  • LeƩer of Authorisation
  • Proof of Principal Place of business (Any one)
  • Bank Statement / Cancelled Cheque of the business
  • Certificate of Incorporation
  • Photo of the authorised Signatory
  • Letter of Authorisation
  • Proof of Principal Place of business (Any one)
  • Bank Statement / Cancelled Cheque of the business.

*Proof of Principal Place of business is Electricity Bill, Legal ownership document (If own property), Municipal Khata Copy, Property Tax Receipt & Rent / Lease agreement (if rental property).

Types of GST Registrations

GST - Composite Registration

  • The GST Composition Scheme is a scheme created for small taxpayers to lessen their compliance with them.
  • Small taxpayers can be free of tiring GST formalities and file GST at a fixed rate of turnover.
  • Any individual or entity having a yearly turnover of less than INR 1.5 Crores & ₹75 Lakhs in north eastern states can opt for a simplified composition scheme where tax is payable at a concessional rate on a turnover in a state without the benefit of ITC (Input Tax Credit). Under this scheme, businesses have to pay a fixed amount of GST irrespective of their actual turnover.

GST - Regular Scheme

  • Businesses whose turnover exceeds Rs 40 lakh in a financial year should register as normal taxable persons. However, the threshold limit is Rs 10 lakh if you have a
    business in north-eastern states viz. Jammu & Kashmir, Himachal Pradesh, and Uttarakhand.
  • Under the regular registration of GST, the payment of tax is instant, so the customer must pay the GST at the time of buying the product(s) and it needs to be collected from the customer during the time of sale.

2. GST Return Filing

GSTR 1

GSTR 1 is a form to submit business details of outward supplies (Sales) before the GSTR 1 due date i.e. 10th of every month

GSTR 3B

GSTR-3B is the summary return that taxpayers must file regularly to show details of sales, ITC claims, tax liability, refunds, etc recorded on their GSTIN. GST return (GSTR-3B) is mandatory to file every month. Even though you do not have any sales in a particular month, file GSTR-3B as NIL. The due date is 20th of the subsequent month

GST Annual Return

  1. Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return. GST-registered taxpayers with a total turnover exceeding ₹2 Cr are applicable for GST Annual Return
  2. GSTR-9C is a form for annual GST reconciliation statement filed by applicable taxpayers. Every registered person whose aggregate turnover during a financial year exceeds Rs.5 crore rupees must file this form. They shall also furnish a copy of the audited annual accounts.
T Squad is a leading business service platform in India that offers end-to-end GST services. We make GST return filing very seamless and simple. There will be absolutely no delay from our end in the process. You will get GST return filed before the due date by availing of our services. Contact us today to learn more about how our GST registration services can help your business stay compliant with GST regulations.