GST Registration And Certificate
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.
GST Certificate is issued to people who are registered under GST. Those having GST registration certificate are mandatorily required to display the registration certificate prominently at their place of business.
GST Reconciliation is a process through which a taxpayer comes to know about the discrepancy between his books of accounts and GST Returns.
Moreover, with the help of GST Reconciliation, you can rectify the mismatches either by communicating with the supplier or doing changes in your books of accounts.
In addition to this, you should carry out the GST Reconciliation process in a regular interval of time. This helps you to avoid any consequences and penalties that you may face due to mismatches. In case the mismatch amount is too high you can also face the scrutiny from the tax authority.
GST Return Filing
The GSTR 4 is a return under GST that needs to be filed once every 3 months by registered taxpayers who have signed up for the composition scheme (those who opt for this scheme are known as compounding vendors). They would be required to pay taxes at a fixed rate without any input tax credit facilities.
The taxpayer is only required to indicate the total consolidated value of supplies made during the period and the tax paid at the composition rate.
The taxpayer will also need to declare invoice-level purchase information for the purchases from normal taxpayers, which will be auto-drafted in Form GSTR 4A from the supply invoice uploaded by counter-party taxpayers in GSTR 1.
GSTR 4 has a total of 13 headings, the taxable person need not worry as most of these will be pre-filled. But we need to understand certain terms:
GSTIN : Goods and Services Taxpayer Identification Number
UIN : Unique Identification Number
UQC : Unit Quantity Code
HSN : Harmonised System of Nomenclature
SAC : Services Accounting Code
POS : Place of Supply of Goods and Services
B2B : From one registered person to another registered person
B2C : From registered person to unregistered person.
GSTR 8 is a type of GST return to being filed by the e-commerce operator who is required to deduct TCS(Tax Collected at Source) under GST. GSTR 8 filings will comprise details like the supplies effected through the e-commerce platform and the amount of tax collected at source (TCS) from e-commerce sellers and their GSTIN. To help taxpayers prepare their GSTR 8 return offline, Goods and Service Tax Network(GSTN) has provided an Excel-based GSTR 8 offline utility. The e-commerce operators can prepare their GSTR 8 form details offline by generating the JSON file. Once the return is prepared using offline utility, it is to be uploaded on GST Portal for filing GSTR 8.
GST Cash Refund
Any individual having GST registration can claim a refund under the GST Act for tax, penalty, interest, fees or any other amount paid by the taxpayer. GST RFD-01A form has to be filled by the taxpayer to claim the refund of excess amount in electronic cash ledger.
E Way Bill
GST E-Way Bill is a document for tracking of goods in transit introduced under the Goods and Services Tax. Under GST, a taxable person registered under GST transporting goods with a value of over Rs.50,000 is required to possess an eWay Bill generated from the GST Portal. LEDGERS can make eWay Bill generation and management simple for your business. The LEDGERS eWay Bill tool is synced to GST invoices, bill of supply, purchase invoices, and customer or supplier accounts. So you can now seamlessly at the click of a button generate eWay Bill and share with your customers or suppliers.
GST Return Filing Regular
Every registered person paying GST is required to furnish an electronic return every calendar month. A “Tax Return” is a document that showcases the income of a registered taxpayer. Such a document needs to be filed with the tax authorities to pay tax to the government. The tax to be paid by a registered dealer depends upon the income declared by such a person in the tax return filed with the tax authorities.
GSTR 10 is a return to be filed by taxpayers whose GST Registration has either been surrendered by the taxpayer or has been cancelled by authorities. The return is also called as Final Return, which is different from Annual Return. The annual return is the return to be filed every year in accordance with the quarterly returns filed by taxpayers throughout the Financial Year.
Here it is important to understand the difference between a final return and an annual return, basically the difference between GSTR-10 and GSTR-9.
Annual Return: or Form GSTR-9 is to be filed by all registered persons paying tax as a normal taxpayer under GST, and it has to be filed once a year.
Final Return: or Form GSTR-10 is to be filed by all persons whose registration has been cancelled or surrendered and is a one-time process.
Goods and Service Tax (GST) is structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods and a lot more. GST Audit will apply every year for those GST registered a business (GSTIN) having turnover more than Rs 2 crores, by the sale of goods or services in the financial year.
Audit under GST is the examination of records maintained by a registered dealer. The aim is to verify the correctness of information declared, taxes paid and to assess the compliance with GST.
A taxable person whose GST registration is cancelled or surrendered has to file a return in the form of GSTR-10. This return is called a final return.
Most persons or entities who supply goods and/or services in India have a GST registration. After obtaining GST registration, sometimes a GST registration may need to be cancelled. Some of the most common reasons for cancellation of GST registration are a closure of business, no requirement to pay GST, transfer of business, change in the constitution and no business activity. Surrendering a GST registration will reduce the compliance requirement for the taxpayer, as GST returns would no longer have to be filed monthly.
To cancel a GST registration, an application must be submitted on the GST Common Portal in FORM GST REG-16 along with the required information. On submission of an application for cancellation of GST registration, the GST officer is required to verify the application and issue an order in FORM GST REG-19, within 30 days from the date of application.
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