By registering to GST, you will be legally recognized as a supplier of goods/services & would get authorization to collect tax from customers and pass on the credit of the taxes paid on the goods/services that is provided to the recipients.
GST has eliminated the cascading effect of tax that was earlier noticeable and put an end to the tax-on-tax impact on goods and services.
Registered person can pass on the credit of the taxes paid on the supply of the goods & services to the purchaser.
Registered businesses/individuals will have competitive advantage in comparison to those who are not registered.
Pre-GST tax regime was a time where we saw a tiresome burden of compliances on businesses as they had to file various returns accorded with taxes like VAT, Excise, and Service Taxes. GST being a unified & singular tax regime has lowered the number of filings thus providing much needed relief to business. By merging all the indirect taxes under its ambit, GST has managed to bring down the cost of goods and services.
GST registration and filing acts as proof of business activity and creates a track record for a business. Banks and NBFCs lend to businesses based on this data. Hence, GST registration can help you in formalizing your business and get credit.
The GST Composition Scheme has been introduced to provide relief to the small businessmen (having turnover of less than 1 Cr) in the tax system and to ease their difficulties. By opting for the composition scheme, the businesses will be taxed at a fixed rate, also having the advantage of lump sum tax payment and only one return in 3 months.
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Normal Taxpayer: This category holds most of the businesses of India. There is no necessity of putting down any money as deposits for Normal Taxpayers. There is also no expiration date of registration under this category.
Casual Taxable Individual : Individuals who wish to set up an occasional/seasonal shop can opt for this category. For instance, say Mr X has a place of business in Delhi and supplies taxable consulting services in Patna where he has no place of business . He would be treated as a casual taxable person in Patna.
In this case, you have to deposit an advance sum of money that is expected to be equal to your GST liability during the operational time-period of the seasonal shop or business. The registration under this category is active for 3 months which can be renewed.
Composition Taxpayer: In the GST composition scheme, businesses/individuals have to deposit a fixed yearly payment irrespective of their actual earnings.Small taxpayers can get rid of tiesome formalities and pay GST at a fixed rate of turnover. Entities having a yearly turnover of up to Rs. 1 Cr are eligible to get registered as composition taxpayers. It is also imperative to note that they will not be able to claim Input Tax credit under this category.
Non-Resident Taxable Individual: People who reside outside India, but supply goods to individuals who stay in India, can opt for this type of GST Registration. As per the GST rules, when a non-resident occasionally supplies goods/services in a GST applied region and does not have a fixed place of business, he will be treated as a non-resident taxable person. It is similar to a casual taxable individual, just that in this case the non-resident has no place of business in India.
You have to deposit a sum equal to the expected GST liability during the operational time-period of registration. Usually, the normal tenure of registration is 3 months, but can be extended or renewed by the taxpayer.
|For Sole proprietors or Individuals||
|For LLPs and Partnership Firms||
|For HUFs (Hindu Undivided Family)||
|For Companies (Both Public & Private)||
|Return Form||Description||Frequency||Due Date|
|GSTR-1||Statement of Outward Supplies made||Monthly
Quarterly (If opted under the QRMP scheme)
|11th of the next month
13th of the month succeeding the quarter
|GSTR-2 (suspended)||Statement of inward supplies made||Monthly||---|
|GSTR-2A||Read only documents for the recipients, to verify the details uploaded by the seller in GSTR 1||Monthly||15th of the next month|
|GSTR 3 (suspended)||Auto populated document based on the details found in GSTR 1, GSTR 2 and tax liability of any preceeding period||---||---|
|GSTR-3B||Inward and Outward supply summary||Monthly
|20th of the next month from the month of January 2021 onwards
22nd or 24th of the month next to the quarter
|GSTR-4||Quarterly return for composition traders.||Annually||30th of the month succeeding a financial year.|
|GSTR-5||Monthly return for Non-Resident taxable people.||Annually||20th of the next month|
|GSTR-6||Monthly return for Input Tax Distributor||Annually||13th of the next month|
|GSTR-7||Monthly Return for Tax Deductor.||Annually||10th of next month|
|GSTR-8||Monthly return for E-Commerce Operators.||Annually||10th of next month|
|GSTR-9||Annual GST Return||Annually||31st December of next financial year.|
|GSTR-9A (suspended)||Annual Return for Composition Scheme taxpayer||Annually until FY 2017-18 and FY 2018-19||---|
|GSTR-9B||To be filed by E-Commerce operator||Annually||31st December following the financial year end.|
|GSTR-9C||Reconciliation Statement||Annually||31st December following the financial year end.|
|GSTR-10||Final GST return||Once, when GST registration is canceled or surrendered.||Within 3 months of the date of cancellation or date of cancellation order, whichever is later.|
|GSTR-11||GST Return for UID holders||Monthly||28th of the next month in which the inward supplies are received.|
|CMP 08||---||---||18th of the month succeeding the quarter.|
1. Legally recognized as supplier of goods or services.
Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods and/or services by the business.
Pass on the credit of the taxes paid on the goods and/or services supplied to purchasers or recipients.
2. Authorization to a taxpayer to collect tax on behalf of the Government.
The supplier can make interstate sales without any restriction.
The supplier can take ITC (input tax credit) on the purchases made.
The supplier can provide ITC (input tax credit) to the customers.
Only a registered supplier is allowed to register himself as an E-commerce Operator.
The supplier can have access to larger market. An unregistered supplier is not allowed to make interstate sales.