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FAQ's on Goods and Services Tax (GST) Compliance

CBIC Has Increased GST Registration Limit to Rs. 40 Lakhs from Earlier Limit of Rs. 20 Lakhs. However for some State Limit are (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

No, For Claiming GST Input Credit Tax payer Must Be Required to Registered with GST Department.

At the Time of New Application of GST Registration Bank Account with Business Name is not Mandatory. However Once You Received the Registration Certificate you need to submit your Banking Details with GST Department Via Modification/ Amendment of Registration Application. For Such Application you required to furnish Cancel Cheque or Bank Statement.

While Applying for GST Registration of FIRM, LLP, Company or any other Artificial Body Authorised Person Resolution is Mandatory. Such Resolution or NOC can Be Drafted in Letter Head of FIM/Company where any one/all Accept acting as Primary Contact Person for Filing of Return.

Yes, There is no compulsion that GST Registration must taken at Commercial places. It should be takes at Business Place. Such Business place can Be Home in case of Free Lancer, Home Made Products/ Services etc. Thus you can get New GST Registration with Home Address.

No, DSC (Digital Signature) is Mandatory incase of Company and LLP Return Filing and Registration Filings. Otherwise You can File your Return and Registration with Mobile/ Email OTP.

No, Mismatch in Adhar Name and PAN name, Date of Birth, address is not barrier in New GST Registration. Even you can apply for Registration if you don’t have Adhar Card. GST System is Syncronised with PAN Data Base. You should Enter Your Name as Per PAN Data Base. (however Name as per PAN Data Base and Name Printed on PAN Card may be not same. you need to check from “Know my PAN”)

Yes, Many Banks Open Current Account of Business with GST Certificate. However You should Obtain all required License as per your applicability. GST Certificate is Considered as Business Proof in all places with all institutions.

There is NO Government Fees for New GST Registration. However Professional Charges for GST Registration in India is around Rs. 1500 to 5000. Also One Should Note that GST Return Filing is Compulsory and Such Filing will Cost Tax Payer on an Average Rs. 12000 Per Year. Fails to comply with Return Filing provision will leed to penalty.

Yes, GST Return Filing is Compulsory Once you Registered with GST Department. Your Turnover Figure is not relevant.

Monthly GSTR 3B Required to file within 20/22/24 Days of Month Ends. Example for April Month Due date for 3B Return is 20th May. However Government has made Relaxation for Small Turnover Can File Return on 22 or 24 as per State Distribution.

 

If GSTR-1 is Opted Quarterly then Due date is 1 month of Quarter Ends. Eg. For June Quarter GSTR 1 Required to file Before 31 July.

if GSTR-1 is opted Monthly then Due Date is 11 Day of Month Ends. Eg. For June Month GSTR 1 Required to File Before 11 July.

 

GSTR 9 Is Required to File Before 31-December for Previous Financial year ended. (However Govt. has Made Extension)

No, You Don’t Need to pay IGST on Export of Service or Export of Goods if you have LUT (Letter of Undertaking) For Export Without payment of tax. Such LUT Can Be applied to tax authorities on GST Portal.

RCM (Reverse Charge Mechanism) is System of Tax Liability where Person who is Recipient of Service is required to GST.

Under GST Regime of One Nation, One Tax. we are currently with multiple tax rate regime. where tax rates are start from(%) 0, 0.25, 0.50, 1.50, 3, 5, 6, 12, 18, 28, to 40.

Yes, You Can submit application for Changing Core Filed, Non-core Field amendment after login in to your GST Account.

GST Department issue Refund of IGST Paid Export of Goods/ Services. They Will Cross Check GST Invoice (GSTR-1 Export Invoice) with ICEGATE Commercial Invoic. Once They Validate such invoice they will refund your IGST paid. However you can also file Refund Application. Exporting with LUT is preferable option if you want to avoid Refund application process and hardship.

Goods Supplier Having Turnover Less than 1.5 Crore are having option to pay lumpsum tax on turnover. Input Credit is not available for Composition. also they cannot pass input credit to buyer. Rates for composition 1% (For Manufacturer and Trader), 5% (For Restaurant), 6% (For Service Provider).

Penalty is Rs. 50 Per Day Per Return. If Return is NIL then penalty is Rs. 20 Per Day for GSTR-3B, Rs. 50 Per Day for GSTR-1, GSTR-9 Penalty is Rs. 100 Per Day.

NO, Online GST Registration Takes upto 3 Days Minimum.

No, If you Dont have that much complicated Transaction you can file GST Return without Maintaining Book of account records. however it is always advisable to keep accounting records.

We Charge Rs. 18000 Per Year For GST Filings. That Includes All the filings without Audit.

Yes, You can get Refund of GST paid on Input Credit used to provide Export of Goods/Service

No, Person Dealing with only exempt goods does not required to get GST Registration.

Only supplies made to SEZ has been notified as Zero rated supply. Supplies to EOU has not been notified under Zero rated supply so it shall be treated as normal taxable supplies.

The sale of car will be treated as supply under GST and accordingly registration is required. If you are not engaged in any other supplies, then you can take registration as a casual taxable person. The registration of casual taxable person will be valid for the period of 90 days only.

Online GST Registration and Return Filing Charges are Rs. 1500 and Rs. 18000/year respectively. Includes Best Tax Professionals Review of Your Return.

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