WHAT IS GST

Goods and Services Tax (GST) is a multi-stage tax system that is comprehensive in nature and applies to the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other indirect taxes, and it is applicable throughout India.

GST IN INDIA

• Implementation: The GST Act was passed in the Indian Parliament on 29th March 2017 and came into effect on 1st July 2017.

• Levied On: GST is levied on the supply of goods and services and is charged at every point of sale.

• Intra-State and Inter-State Sales: In the case of intra-state sales, Central GST and State GST are charged. All inter-state sales are chargeable to the Integrated GST.

• Multi-Stage Tax: GST is a multi-stage tax as it is levied at each stage of the production process.

• Value-Added Tax: GST is a value-added tax, i.e., it is levied on the monetary value added at each stage.

• Destination-Based Tax: GST is collected from the point of consumption and not the point of origin.

• Journey of GST in India: The journey of GST in India began in the year 2000 when a committee was set up to draft the law. It took 17 years for the law to evolve, and in 2017, the GST Bill was passed in the Lok Sabha and Rajya Sabha.

• Tax Slabs: Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18%, and 28%.

• Exemptions: Petroleum products, alcoholic beverages, and electricity are not taxed under GST and instead are taxed separately by the individual state governments.

KNOW YOUR GSTIN NUMBER

Visit the GST Portal: Go to the portal Goods & Services Tax (GST) | Services

• Search Taxpayer Option: Look for the “Search Taxpayer” option in the menu bar.

• Enter the GSTIN:Input the GSTIN you want to verify; you can also enter the PAN Number if you do not have complete GSTIN. When you enter the PAN, you would be able to find out all the GSTIN linked with such PAN.s

• Enter the Captcha Code: Fill in the captcha code for verification.

• Check the Details: After submitting, you’ll see details like GSTIN status, registration date, and taxpayer type (e.g., company, sole proprietorship)

GST REGISTRATION

GST registration is a time consuming, and which requires to provide the information first. The GST registration is fully online, for this you need not to visit anywhere, you can yourself or through your CA / Consultant get this apply. Let’s discuss the basic procedure to apply for the GST step by step:

Visit the GST Portal: https://www.gst.gov.in/ URL. The GST Home page is displayed.

• Select New Registration:Click on “Services”, then “Registration”, and select “New Registration”.

• Enter Details: Fill in the required details such as name, permanent account number, state, district, etc.

Note: Enter details carefully

• Receive OTPs:You will receive OTPs on the registered email id and mobile number or PAN-linked contact details. Enter these OTPs to proceed.

• Get Temporary Reference Number (TRN): After submitting the OTPs, you will receive a 15-digit Temporary Reference Number (TRN). Note down the TRN.

• Complete Part-B Details: You need to complete filling the part-B details within the next 15 days. To Access the Part-B Details Use your Temporary Reference Number (TRN) and OTP

Once your access, below page will be displayed. Under the Action tab, click the edit icon, the Part B will be displayed with the information required to fill.  Complete Part B details on such order

Business Details	Fill Your basic Business Details
Promoter/ Partners	Fill Your Partners Basic Details
Authorized Signatory	Select the Authorized Signatory
Authorized Representative	NA
Principal Place of Business	Fill the address of Registered office.
Additional Places of Business	If any additional place of business, fill address
Goods and Services	HSN code for goods and SAC code for services
State Specific Information	NA
Aadhaar Authentication	Authenticate the application through Aadhar
Verification	Submit tha application

The complete GST Registration process and filling the details is an intelligent job. Our advice is to consult your CA or Consultant, they will help you to fill the right information and get you registration done within time. Below is the format of GST Certificate for your reference:

DOCUMENTS REQUIRED FOR GST REGISTRATION

Below are the GST Registration Documents required for the different category of the supplier to apply for the GST Number:

Individual / Proprietorship

• PAN card of the owner
• Aadhar card of the owner.
• Photograph of the owner (JPEG format, maximum size – 100 KB)
• Bank account details
• Registered Office / Place of Business Proof – An electricity bill, Telephone bill, water bill, rent agreement , Lease Deed or  Sale Purchase Deed

Partnership Firm / LLP

• PAN card of all partners (including managing partner and authorized signatory)
• Aadhar card of all partners & authorized signatory
• Photograph of all partners & authorised signatories (JPEG format, Max size–100 KB)
• Address proof of partners (Passport, driving license, Voters identity card, Aadhar card)
• Proof of appointment of authorized signatory.
• In the case of LLP, Partners Resolution
• Bank Statement /Cancelled Cheque /Bank Account details.
• Address proof of principal place of business
• Partnership deed copy
• Mobile No. and Email IDs of all the partners
• Rental agreement if the office premises is rented
• Electricity Bill of Office (Latest)
• No objection certificate from the Owner of the office premises.

 

Private Limited Company

• PAN card of the company and its all Directors
• Email ID and Mobile Number of all the Directors
• Aadhar Card of all the Directors
• Recent Photographs of all the Directors
• Certificate of Incorporation
• Board resolution to Authorize any of the Director
• Proof of Principal Place of Business-
• Rented Premised- lease/rent agreement along with utility bills, NOC from the owner
• Owned premises: Property ownership documents and recent electricity bill.
• Bank Account Details like Bank Statement or Cancelled Cheque
• Memorandum of Association (MoA)

GST REGISTRATION LIMIT

There is different limit provided for difference category of persons. Here we are discussing the normal supplier supplying goods or services or Goods and Services. For another category we will be discussed later:

Category	Present Limit (in Rs)
Supplier, Taxable Supply of Goods	40 lakhs (Other Than Special Category States)
	20 lakhs (For Special Category States)
Supplier, Taxable Supply of Services	20 lakhs (Other Than Special Category States)
	10 lakhs (for Special Category States)
Supplier, Taxable Supply of Goods and Services	20 lakhs (Other than Special category of states)

Special Category States Name

The expression “special category States” shall mean the States as specified in sub-clause (g) of clause (4) of article 279A of the Constitution which are as follows:

• Arunachal Pradesh
• Assam
• Jammu & Kashmir
• Manipur
• Meghalaya
• Mizoram
• Nagaland
• Sikkim
• Tripura
• Himachal Pradesh
• Uttarakhand

However, please note that the CGST (Extension to Jammu and Kashmir) Act, 2017 has excluded the state of Jammu and Kashmir from the definition of Special category States for the purpose of Section 22 of GST Act, 2017 with effect from 8 July 2017. Furthermore, The CGST (Amendment) Act, 2018 has excluded the states of Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim, and Uttarakhand from the definition of Special category States for the purpose of Section 22 of GST Act, 2017 with effect from 1 Feb 2019

Above data Uploaded on Site

WHAT IS COMPOSITION LEVY

• Relevant section 10 of CGST Act &, Relevant rules 3 to 7 of CGST rules
• It’s an alternative method of Tax levy for Payment of GST, for small taxpayers
• The scheme is optional & aims to bring simplicity for small taxpayers ss
• Applicable to businesses with aggregate turnover of Rs. 1.5 crores or less in a FY

DISADVANTAGES OF COMPOSITION LEVY SCHEME

• Inter-State Sales Not Permitted
• Non-availability of Input Tax Credit / can’t claim GST paid on Purchases
• Can not charge the GST in the Invoice and Collect from the Customers
• Can not issue the tax invoice to customers
• Supplier of Services can not opt composition levy scheme
• Non-eligible To Supply Exempt Goods
• Non-eligible To Supply Goods Through any E-commerce Portal

 

RATE OF GST UNDER COMPOSITION LEVY

Sl. No.	Section of CGST Act	Category of Registered Person	Rate
1.	Section 10(1)(a)	Manufacturers	2% (1%CGST+1%SGST) Turnover
2.	Section 10(1)(b)	Restaurant Services	5% (2.5%CGST+2.5%SGST) Turnover
3.	Section 10(1)(c)	Traders or any Other Suppliers	1% (0.5%CGST+0.5%SGST) Turnover

HOW TO WITHDRAW FROM THE COMPOSITION LEVY SCHEME Similar to Apply to opt for Composition Levy in mid of the Year, you can also apply for withdrawal from the Composition levy

• Access the GST portal.
• Enter the login credentials.
• Click on ‘Services’ on the dashboard.
• Select Registration > Application for Withdrawal from Composition Levy.

 

HOW TO FILE GST RETURN 1

GSTR 1 is the statement of Outward supplied made by the Supplier during the month or during the quarter. Following is the process to file the GSTR1:

Step: 1 Log in to GST Portal

Link:  https://services.gst.gov.in/services/login  

Step: 2 After login go to Returns Dashboard

 

Step: 3 Select the Tax Period

Please select the Year and Month / Quarter for which you want to file your GSTR 1  

Step : 4 Access to GSTR 1 and Select Option Prepare Online

 

Step: 5 Select the table

• To add B2B Invoices select table number 4
• To add B2C Invoices, for large invoices select the table number 5 and all other B2C invoices select table no. 7
• To add Credit/Debit notes select table 9B
• To add HSN summary table 12
• To add Document issued table 13

Step: 6 Press to Generate Summary Then File Statement

• Verify all the details.
• Click “Submit” to file your GSTR-1 return

HOW TO FILE GST RETURN 3B

Certainly! Here’s a step-by-step guide on how to file GSTR-3B on the GST Portal:

Step:1 Login to the GST Portal:

 

Step: 2 After login go to Returns Dashboard

Step: 3 Select the Tax Period

Please select the Year and Month / Quarter for which you want to file your GSTR 3B  

Step: 4 Access to GSTR 3B and Select Option Prepare Online

 

Step: 5 Select the table

• Table 3.1 Auto update the sales details from GSTR 1 filed
• Table 3.1.1 This table came to under section 9(5)
• Table 3.2 Auto update of B2C supply inter sstate wise
• Table 4 ITC table auto update from GSTR 2B
• Table 5 This table show all exempt rate inward supply
• Table 5.1 This table show Late fees and Interest if applicable
• Table 6.1 Payment of GST liability paid

Step: 7 Proceed to file statement Once all data is filled and tax duly paid in cash or through the electronic credit ledger thereafter proceed to file statement with the help of OTP or digital signatures  

HOW TO MAKE GST PAYMENT

To make a GST payment, follow these steps:

• Log in to the GST portal.
• After logging in, click on Services > Payment > Challan.
• Fill the liability amount you wish to pay in CGST/SGST/IGST column
• Proceed to make payment by selecting payment mode
• Choose the appropriate mode of payment (E-payment /over the counter / NEFT/RTGS)
• E Payment will give you options to make payment such as internet banking / debit / credit cards
• Over the counter option will generate challan for you to submit at bank for payment
• NEFT / RTGS will also generate the challan for you to pay GST at bank