GST

GST Compliance:

Requirement: All businesses registered under the GST Act must provide details of their sales and purchases of goods and services, along with the tax collected and paid.

Categories Covered :

• E-commerce Operators
• Input Service Distributors
• Individuals engaging in Interstate taxable supply
• Businesses or services exceeding prescribed turnover limits (40 lakhs for businesses and 20 lakhs for services)

Registration Process:

1. Visit the Open GST Portal and click on "Services."
2. Select "New Registration" and fill in the required details.
3. Verify your Phone Number and Email ID through OTP.
4. Upon successful verification, a Temporary Reference Number (TRN) will be generated.
5. Log in with the TRN and submit the following details:
• Business Details
• Promoter Information
• Authorized Signatory
• Principal Place of Business
• Additional Place(s) of Business
• Details of Goods and Services
• Bank Account Information
6. Complete Aadhar Authentication through the provided link.
7. After successful authentication, an Application Reference Number (ARN) will be generated.
8. The Assessing Officer will scrutinize the application and issue the Goods and Service Tax Identification Number (GSTIN) accordingly.

Documents Required for GST Registration:

• PAN Card of the applicant
• Aadhar Card
• Address Proof of the Registered Office
• Notarized NOC from owners
• Bank Account Statement
• Incorporation Certificate of the Business
• Digital Signature
• Identity Proof, Address Proof, and Photograph of the Director or Promoter of the Business
• Board Resolution or Letter of Authorization from the authorized signatory
(Additional documents may be required as per authorities' discretion)

Types of GST Returns:

Different types of GST returns are applicable to various taxpayer categories:

• GSTR - 1: Monthly or Quarterly based on turnover.
• GSTR - 3B: Monthly or Quarterly based on turnover.
• CMP - 08: Quarterly for composition suppliers.
• GSTR - 4: Annually for composition scheme taxpayers.
• GSTR - 5: Monthly for non-resident foreign taxpayers.
• GSTR - 5A: Monthly for OIDAR.
• GSTR - 6: Monthly for Input Service Distributors (ISD).
• GSTR - 7: Monthly for persons deducting TDS.
• GSTR - 8: Monthly for e-commerce operators collecting TCS.
• GSTR - 9: Annual return for all taxpayers.
• GSTR - 9C: Reconciliation statement for taxpayers with turnover > Rs. 2 crore.
• GSTR - 10: For canceled/surrendered registrations.
• GSTR - 11: For persons with UIN claiming refunds.

Filing GST Returns Online:

• Log in to the GST portal.
• Access the Return dashboard and select the desired return.
• Enter required details and save.
• Verify details and submit the return.
• Make payment if applicable.
• File the return with DSC or EVC.

Consequences of Late or Non-filing:

• Interest at 18% p.a. on the outstanding tax amount.
• Late fee of Rs 100 per day per act, up to 0.25% of turnover.
• Various types of notices may be issued by authorities for non-compliance.

Types of GST Notices:

Notices serve as a communication channel between tax authorities and taxpayers. They include:

• Scrutiny Notice
• Show Cause Notice (SCN)
• Demand Notice

Reasons for Issuing GST Notices:

• Discrepancies in filing returns or claiming credits.
• Non-payment or short payment of GST liability.
• Non-registration under GST despite liability.
• Failure to furnish required information.

Modes of Sending GST Notices:

• Hand delivery, registered post, email, GST portal, or publication in newspapers.
• Notices must adhere to specified modes to be considered valid under GST Law.