PERSON LIABLE FOR REGISTRATION UNDER NEW GST TAX REGIME
Person liable for registration under new GST tax regime.
- Taxable supplies of goods or services or both, if aggregate turnover in a financial year exceeds 20 lakhs rupees. (10 lakhs for special category states which includes J & K, Uttrakhand, Himanchal Pradesh, Arunachal Pradesh & Seven Sisters)
- Every person who is already registered under existing tax regime. (VAT,SERVICE TAX,EXCISE)
- Person making any interstate taxable supply.
- A person who are required to pay tax under reverse charge mechanism.
- Person who supplies taxable goods and/or services for other registered taxable person whether as an agent or otherwise.
- Input service distributor.
- Electronic commerce operator.
PERSON NOT LIABLE FOR REGISTRATION UNDER NEW GST TAX REGIME
- Person involved in supplying goods or services or both that are not liable for tax or wholly exempt.
- An agriculturist to an extent of supply of produce out of cultivation of land.
PROCEDURE FOR REGISTRATION
- The person is liable to get registered within 30 days from the date on which he becomes liable to registration.
- A person seeking registration shall be granted a single registration in specified union territory or state provided if he has multiple lines of business within a single state he may be provided with multiple registration for different lines of business subject to conditions as may be prescribed.
- Copy of pan card.
- Proof of constitution of tax payer like partnership deed, certificate of incorporation, Memorandum of Association (MOA) /Articles of Association (AOA).
- Details & proof of place of business(Rent agreement or electricity bill if owned premises)
- Cancelled cheque of bank account.
- Digital signature certificate(DSC)
- Mail ID & Contact number.
- 2 Passport Size photos.
RETURNS WHICH ARE REQUIRED TO BE FILED UNDER GST
|Sr. No.||Return / Ledger||For||To be filed by|
|1||GSTR 1||Outward supplies made by taxpayer (other than compounding taxpayer and ISD)||10th of the next month|
|2||GSTR 2||Inward supplies received by a taxpayer (other than a compounding taxpayer and ISD)||15th of the next month|
|3||GSTR 3||Monthly return (other than compounding taxpayer and ISD)||20th of the next month|
|4||GSTR 4||Quarterly return for compounding Taxpayer||18th of the month next to quarter|
|5||GSTR 5||Periodic return by Non-Resident Foreign Taxpayer||Last day of registration|
|6||GSTR 6||Return for Input Service Distributor (ISD)||15th of the next month|
|7||GSTR 7||Return for Tax Deducted at Source||10th of the next month|
|8||GSTR 8||Annual Return||By 31st December of next FY|
|9||ITC Ledger of taxpayer||Continuous|
|10||Cash Ledger of taxpayer||Continuous|
|11||Tax ledger of taxpayer||Continuous|
However, it should be noted returns for the month of July and August should filed in September.
Easy migration from your accounting software to GST
- If you are using updated version of Quick book accounting software.
Following is the procedure link for quick book per new GST regime
- If you are not using any of the above mentioned software, we will provide you with sample excel template for Invoicing.
INVOICES UNDER NEW GST TAX REGIME
Invoicing forms a crucial function when it comes to the execution of a transaction. On every sale/purchase an invoice is issued by the supplier i.e person making the sale.
The invoice contains S.No, details of product such as product name, description, quantity etc along with details of supplier, purchaser, tax charged and other particulars such as discounts, terms of sale etc.
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