GST Registration

Advantage of GST

• GST remove the cascading effect of tax ( Levy tax on tax).
• Higher threshold limit for registration( In VAT limit was 5/10 lacs but in GST 40/20/10 lacs.)
• Composition scheme available for a small organization with a limit of 1.5Cr.
• The simple and easy online process for GST registration and compliances.
• Smooth compliances under GST for every type for organization
• Coverage of all business. (earlier treatment of E-commerce operation was not defined).
• Improved in logistic business.
• An unorganized business is regulated in GST.

Dis-Advantage of GST

• Compliance cost due to the implementation of GST (i.e purchased of  GST Software).
• GST Complain (For Small Business same type of compliance for big business)
• Enhance operational cost (Staff Training for GST implementation, etc).
• GST Implement in the middle of the financial year.
• GST Compliance in with modern approach less traditional approach.
• Difficulties for SME.(Especially in the manufacturing industry for GST implementation.

Type of GST Registration

1. For Taxpayer:-  In this categories person can take voluntary registration or Every ‘supplier’ shall be liable to be registered under the GST law in the State (or Union territory) from where he makes any taxable supply of goods or services or both if his
   aggregate turnover in a financial year exceeds the specified limit (Rs. 20 Lacs or Rs. 10 Lacs / Rs.40 lacs in case of persons dealing only in goods – refer Section 22 for details).
2. For TDS Deductor:- A person who is liable to deducted Tds has to mandatory registration of TDS deductor under the GST Act, without any limit. There is no requirement of PAN. They can use their TAN issued under the Income-tax Act, 1961.
3. For TCS Deductor ( E-Commerce):-  TCS has similar to TDS with distinctive features also. while TCS
   mean the tax which is collected by the e-commerce operator when a supplier supplies some goods or services
   through its portal and the payment for that supply is
   collected by the e-commerce operator.
4. For GST Practitioner:- A GST practitioner or GSTP is a tax professional approved by the Central and State Governments to
   perform any or all of the following functions, on behalf of a taxable person. File an application for fresh registration. File an application for amendment or cancellation of registration, Furnish details of outward and inward supplies, Furnish monthly, quarterly, annual or final, GST returns, Make payments for credit into the electronic, cash ledger, i.e. payments for tax, interest, penalty, fees or any other amount, File a claim for refund, Appear as an authorized representative, before any officer of department, appellate, authority or appellate tribunal
5. For Non-Resident Taxable Person:- “Non-resident taxable person” means any person who occasionally undertakes transactions involving the supply of goods or services or both, whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India. ( Other than OIDAR services).
6. For United Nations Body/Other Notified Person/Embassy::- Ministry of External Affairs (MEA) issued a letter to the entity with a unique number with date so that they can obtain registration from GST portal. And this number called UIN Unique identity number. UNB is not required to take registration state wise on there hand other notified person has to take registration every state wise.
7. For Non-Resident online service provider:-  Service provided by a person in India from abroad through the use of the internet. ( OIDAR Services).

Type of GST Returns

• GSTR-1:- GST returns to be furnished for the reporting of all outward supply of goods and services, credit/debit note, and advance received and adjustment of advance details. This is a monthly return for those who have turnover is more than 1.5 Cr. in the previous financial year than reaming assessee has quarterly returns.
• GSTR-2A:- This return containing details of all inwards supplies goods and services revised to from a registered supplier during the tax period. This data is auto-populated base on data filed by a supplier.
• GSTR-2:-  it is the same as GSTR-2A, unlike GSTR-2 can be editable. This return is suspended since the GST Act applicable.
• GSTR-3:-  This return is auto-populated of the GSTR-1 & GSTR-2 return filed. This return is suspended since the GST Act applicable.
• GSTR-3B:- Due to GSTR3 & GSTR2 return is suspended since GST applicable, the supplier can file GSTR-3B monthly on a self-declaration basis to ascertain the tax liabilities and taxes paid.
• GSTR-4/CMP-08:-  This return is filed by a supplier who opts composition scheme under GST. This scheme is opted by a supplier if their turnover up to 1.5 Cr. and pay taxes at a fixed rate prescribed by Govt. on declared turnover.
• GSTR-5:- This return is filed by a non-resident taxable person, who has a business transaction in India. This return contains all details of outward supplies made, inward supplies received, credit/debit note and tax liabilities, and taxes paid.
• GSTR-6:- This return is filed by ISD. it will contain all detail of ITC received and the distribution of ITC by the Input Service Distributor (ISD).
• GSTR-7:- This return is filed by a person who has required to deducted TDS under the GST Act.
• GSTR-8:- This return is filed by an E-commerce operator