Simplify Your GST Compliance

Availment Of Composition Scheme Is Optional

Traders, Manufacturers And Restaurant Service Providers Having An Aggregate Annual Turnover Ypto Rs 1.5 Crore In The Preceeding Financial Yearcan Register Under Composition Scheme.

Other Service Providers Can Avail Composition Scehme If Their Aagregate Annual Turnover Is Upto Rs 50 Lakhs In The Preceeding Financial Year.

No, A Taxable Person Under Composition Scheme Is Not Eligible To Claim Input Tax Credit.

In General Parlance The Supplier Needs To Charge And Pay GST. However In Certain Cases The Receiver Of Good Or Service Needs To Discharge The Tax Liability And Deposit The GST To The Exchequer Account. This Is Called Reverse Charge.

The Government Of India Has Notified A List On Which GST Is To Be Paid By Recipient Of Service. Generally Whn A Registered Person Receives Supplies As Notified By The Government From A Non Registered Person, The Registered Person Has To Dischrge GST Under Reverse Charge.

Hsn Stands For Harmonized System Nomenclature. It Is Internationlly Accepted Goods Classification System And It Consists Of 6 Digits.

Under GST Entities Having Turnover Of Less Than Rs 1.5 Crore Are Not Required To Mention Any Hsn Code. Entities Having Turnover Between 1.5- 5 Crore Are Rquired To Mention First 2 Digit Of Hsn And Entities Having Turnover Of More Than Rs 5 Crore Required To Give 5 Digit Hsn Code.

Similarly In Case Of Services Entities Are Required To Mention Service Accounting Code (Sac)

Hsn Or Sac Will Be Selected As Per The Product Or Service Dealt In By The Taxpayer. Our Experts Will Guide On Chosing The Crrect Hsn Or Sac Code Based On The Taxpayers Business.

No,Under GST Centralized Registration Cannot Be Taken. If An Entity Operates From More Than One State Then In Each State Separate Registration Is Required.

GST Registration Is Not Required If The Turnover Criteria Is Not Met, Except For In The Following Situations:-

If You Make Interstate Supply.
You Are Required To Pay Tax Under Reverse Charge Mechanism (Rcm).
You Are An Input Service Distributor.
You Are A Casual Tax Person Or A Non Resident Taxable Person.
If You Are An E-Commerce Operator Or Selling On E-Commerce Platform.
You Are Supplyng On Behalf Of Taxable Person.
You Are Responsible For Deducting Tds
You Supply Online Information And Database Access Or Retrieval Services From Outside India To An Unregistered Person In India.

No, An Unregistered Person Cannot Collect Gs

“Aggregate Turnover” Means The Aggregate Value Of All Taxable Supplies (Excluding The Value Of Inward Supplies On Which Tax Is Payable By A Person On Reverse Charge Basis), Exempt Supplies, Exports Of Goods Or Services Or Both And Inter-State Supplies Of Persons Having The Same Permanent Account Number, To Be Computed On All India Basis But Excludes Central Tax, State Tax, Union Territory Tax, Integrated Tax And Cess.

Primary Authorized Signatory Is Person Who Is Primarily Repsonsible To Act On Behalf Of The Taxpayer. For Example In Case Of A Company A Director Or Any Person Nominated By The Company Can Be A Primary Authorzed Signatory.

Yes, A Nil GST Return Needs To Be Filed.

Yes, In Certain Cases GST Registration Can Be Cancelled.

Voluntary Cancelation: When The Tax-Payer Voluntarily Cancels His Or Her GST Registration.

When He/She Has Reasons To Believe That In The Current Financial Year, The Annual Turnover Will Be Less Than Rs. 40/20 Lakh, The Business Operations Have Ceased To Exist Or Have Done Amalgamation Or Any Other Arrangement.

When The GST Officer Uses His Power And Cancels The Certificate Of The Tax-Payer. It May Be Because Of The Below Reasons –

• If The Tax-Payer Is Not Doing Business From His/Her Notified Registered Place,

• If The Tax-Payer Issues A Tax Invoice Without Making The Supply Of Goods Or Services.

• By Legal Heirs In Case Of Death Of Taxpayer