Goods and Service tax most commonly known as GST was introduced in India on 1st July 2017. Most of you might have seen and heard about GST a lot these days, and many of you might be keen to know what GST actually is. In this guide, we will be clearing your views about GST and GST Registration process.
Under the GST regime, the tax is payable by the registered taxable person on the supply of goods and services.
Here we have mentioned who needs to get registered under GST mandatorily.
*Casual taxable person means the person whose place of business is not fixed and occasionally undertakes transactions involving the supply of goods or services or both.
*Non-Resident Taxable Person means the person whose place of business is not fixed or is not the resident of India and occasionally undertakes transactions involving the supply of goods or services or both.
As we all know GST is PAN-based, so PAN is the most important document for GST Registration (except for non-resident of India). The document list differs for every business category.
Different type of business categories mentioned in GST are:
The process of registering your business under GST is explained in the steps below
There are many compliances in GST, for which, if not complied properly, high penalties can be charged.
List of three basic compliance’s is listed as below:
Details of Invoice: The details of every invoice are required to be furnished in the GST returns
3 Returns: There are 3 monthly returns to be filed by invoices (GSTR- 1, 2 and 3)
Annual Return: There is also an annual return to be filed (GSTR- 9)
Not registering under GST is an offence under Section 122. The Act has listed down 21 offences in section 122, apart from the penalty that is prescribed under section 10 for availing compounding by a taxable person who is ineligible for it.
[ Read: Penalties under GST Act ]
*Aggregate turnover includes all the kind of combinations of taxable and non- taxable supplies, exempt supplies, exports of goods or services.
[ What Next: Download your GST Certificate ]