GST Registration in Moradabad

GST Registration in Moradabad

GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalised. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover. As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria's, that could make an entity liable for obtaining GST registration - irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.

Understand the Registration Requirement:

Any person with a taxable supply turnover of over Rs.25 lakhs is required to register for GST in India. There is also a mechanism available for voluntary GST registration to help claim input tax credit. The term “person” under GST law, who are required to pay it, includes proprietorship, partnership firms, Hindu Undivided Family, Company, LLP, Society and any other legal entity. GST registration must be obtained within 30 days of exceeding the Rs.25 lakh turnover limit. In the case of individuals or entities with existing service tax or VAT registration, the procedure for migrating the VAT or Service Tax registration as a GST registration will be announced in due course.

Do you need a GST Registration Number?

It is expected that GST registration would be provided based on your PAN number. Another major advantage of GST implementation is that the same GST registration number can be used in all states across India. Under the current VAT regimen governed by the State Governments, a VAT dealer must obtain VAT registration in each of the State, incurring additional cost and compliance formalities. Return A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under GST, a registered dealer has to file GST returns that include: • Purchases • Sales • Output GST (On sales) • Input tax credit (GST paid on purchases) To file GST returns, GST compliant sales and purchase invoices are required. You can generate GST compliant invoices for free on ClearTax Bill Book. Who should file GST Returns? In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. There are separate returns required to be filed by special cases such as composition dealers.