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GST Registration

GST Registration
What if not registered
Benefits
Documents required
After Registration Composition
After Registration Normal
Updates

After Registration Normal

Responsibilities for Regular Taxable Person under GST

  • Display Registration Certificate prominently at Principal Place of Business


  • Display GST Number on Name Board of Shop, Every Letterhead, Business Documents, Bills, Invoice etc


  • Daily: Make Taxable Invoice as Per law for every sale, Voucher for Purchase, expenses etc


  • Maintain Accounting Records for your business for at least 8 years


  • File Returns As prescribed in law even if there is no transaction, otherwise heavy penalty and interest are imposed

    1. Sales return details Before 10th of Every month

    2. Pay tax before 20th of Every Month

    3. Annual Return Before 30 Sept for Every Year




  • Maintain Separate Records for each of the following

    1. All Purchases made

    2. All sales

    3. All Expenses

    4. All Bank Statements / Passbook



  • Other Compliances as per various GST laws applicable to you


  • Do not sale goods or send goods to another state  valuing to Rs 50000 in a day, without prior consultation


  • Open a separate bank account with the business name. And use it for a business transaction. Do not use any personal bank account


  • Keep visiting Finphic.com


  • The list is not exhaustive and keeps on changing

GST Registration

All business which are required to be registered under GST must get themselves register within 30 days of commencement of business.



If the aggregate turnover of a business exceeds the below-mentioned limits, then the business must be compulsorily registered under GST




1. For Service Providers who belongs to

a. Normal states of India = Rs 20 Lakhs

b. Special states of India = Rs 10 Lakhs



2. For Supplier of Goods who belongs to

a. Normal states of India = 40 Lakhs

b. Special states of India = 20 Lakhs



3. Exceptions of above

a. Kerala & Telangana For Goods & Services Both = 20 lakhs

b. J&K and Assam for Goods = 40 Lakhs, For service = 20 Lakhs


Meaning under GST

i. Special States: Arunachal Pradesh, Assam, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura,   Himachal Pradesh, Uttarakhand


ii. Normal States : All states other than Special Category States



However, certain category of business are required to compulsorily get registered under GST irrespective of their states or turnover

1. Inter state suppliers

2. Casual Taxable persons

3. Persons taxable under the reverse charge basis

4. Non-resident taxable persons

5. Persons required to deduct TDS under GST

6. Persons required to deduct TCS under GST

7. Input Service Distributors

8. Persons making a sale on behalf of someone else whether as an Agent or Principal.

9. Every E-commerce Operator who provides a platform to suppliers to make supply through it.

10. Suppliers who supply goods through E-commerce operator who is liable to collect tax at source.

11. Online Service Providers providing service from outside India to a non-registered person in India.

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