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Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.

Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.

GST Return Filing

Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.

GST Registration

Persons or entities in India involved in the supply of goods or services must obtain GST registration when the threshold limit for registration is crossed. In most states, GST registration is mandatory when a person supplies services or goods over Rs.20 lakhs per year. In addition to the turnover limit, GST registration is compulsory for all persons undertaking eCommerce sales.

Whose should file GST Return?

GST registration holders are required to file GSTR-3B return every month providing details of sales and purchases made in a month to the Government. GSTR-3B return is due on the 20th of each month.

In addition to GSTR-3B return, businesses registered under GST must file GSTR-1 return. GSTR-1 return must be filed every month by businesses having annual revenue of over Rs.1.5 crores. In case a business has a yearly revenue of less than Rs.1.5 crores, GST return should be filed every quarter.

Annual GST return must be filed by all GST entities having GST registration. The due date for filing GST annual return for FY 2017-18 is 31st December 2019. The due date for filing GST annual return for FY2018-19 is 31st March 2020.

GST Registration

The following are upcoming GST return due dates:

  1. November GSTR-3B will be due on 20th of December 2019.
  2. November GSTR-1 return for persons having annual revenue of more than Rs.1.5 crores will be due on 11th December 2019.
  3. October - December GSTR-1 return for persons having annual revenue of less than Rs.1.5 crores will be due on 31st January 2020.

Keep watching this page for the latest updates to GST return due dates.

Penalty for Late Filing GST Return

Failure to file GST returns on time to can lead to penalties and cancellation of GST registration. If GST return is continuously not submitted for six months, then the GST registration would be cancelled, and the person would not be able to obtain another GST registration - unless all the late filing penalty is paid. The penalty for late filing GST return is different for persons having NIL return and persons having turnover. In case a person has no business, NIL GST return must be filed. Failure to file NIL GST return can lead to a penalty of Rs.20 per day for each of the GSTR-3B return and GSTR-1 return. So, failure to file NIL GST return can result in a penalty of Rs.40 per day.

In case a person has business activity during the period for which GST return is late-filed, then a penalty of Rs.50 per day will be applicable for late GSTR-3B return and Rs.50 per for GSTR-1 return.

In addition to the above late filing fees, the person would also have to pay interest at the rate of 18% on GST payment remitted late to the Government.

When GST Return Filing is outsourced to LIVEPROFESSIONAL.IN, a dedicated GST Advisor will be assigned to your business. The dedicated Advisor would contact you each month, collect the necessary information, prepare the GST return and help you file the same. Some of the advantages of outsourcing your GST return filing to LIVEPROFESSIONAL.IN are:

  1. Dedicated GST Advisor
  2. Reminders each month to file GST return
  3. Monthly GST Status reports
  4. GST returns prepared using GST Software
  5. GSTR-1 and GSTR-3B return filing
  6. Input Tax Credit Reconciliation
  7. Proper accounting and saving of records for future references

The average time taken to file a GST return is about 1 - 3 working days, subject to government portal availability and client document submission.


Registration

GST Registration - Eligibility, Process and Expert Help

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 an input tax credit of GST paid and/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

There are various types of GST registration and some types of entities like casual taxable persons, non-resident taxable persons or persons supplying through eCommerce operators are required to mandatorily obtain GST registration irrespective of turnover limit. The GST turnover limit for regular GST registration for service providers and goods supplier is provided below.

Service Providers: Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.

Goods Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:

  1. Should not be providing any services.
  2. The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Pondicherry, Sikkim, Telangana, Tripur and Uttarakhand.
  3. Should not be involved in the supply of ice cream, pan masala or tobacco.

If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.

Special Category States: Under GST, the following are listed as special category states - Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

Aggregate Turnover:  Aggregate turnover = (Taxable supplies + Exempt Supplies + Exports + Inter-State Supplies) – (Taxes + Value of Inward Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies). Aggregate turnover is calculated based on the PAN. Hence, even if one person has multiple places of business, it must be summed to arrive at the aggregate turnover.

Voluntary GST Registration

Any person or entity irrespective of business turnover can obtain GST registration at any-time. Hence, GST registration is obtained by many businesses in spite of not reaching the aggregate turnover limit. Some of the main reasons for obtaining voluntary GST registration are:

  1. To improve the business credibility
  2. To satisfy the requirements of B2B customers
  3. To claim input tax credit benefits

GST Registration Responsibilities

Entities registered under GST have various responsibilities and compliance requirements from time to time. Failure to comply with the GST regulations or compliance requirements can lead to penalties and revocation of GST registration by the authorities. Some of the main responsibilities of a person registered under GST include:

  1. Collecting and remitting GST amount from customers
  2. Issuing proper GST invoice as per the GST rules and regulations
  3. Filing GST returns whenever due based on turnover - even if there is no turnover or business activity
  4. Filing annual GST return
  5. Maintaining all records pertaining to GST for a period of 8 years

Live professional is the leading business services platform in India, offering a variety of services like income tax filing, GST return filing, private limited company registration, trademark filing and more. LIVEPRO can help you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software. The average time taken to obtain GST Certificate is about 5 - 10 working days, subject to government processing time and client document submission.

Transaction

Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.

Both the Central Government and State Governments would simultaneously levy GST across the value chain. GST levied and collected by the Central Government would be Integrated Goods and Services Tax (IGST) and the State Governments would levy and collect (SGST) on transactions within the State.

GST Articles

Here you get the latest changes and updated from the various GST experts in form of articles and blogs which might help you in understating to daily changes in gst law. Please subscribe to the update mail for more update.

GST Forum

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