GOODS & SERVICE TAX

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REGISTRATION

It is compulsory to get your GST registered for Traders, Manufacturers, Businesses, Individuals, Professionals etc, whose turnover (sales) exceed INR 40 Lakh. 


If your sales are less than INR 40 Lakh, you may also voluntarily opt for GST Registration in case you wish to avail the benefits of Input Tax Credit. Further, all persons who make interstate purchase or sales of services or goods have to apply for GST registration irrespective of their turnover (sales).



MONTHLY / QUARTERLY RETURNS

 All registered persons under GST are required to file various returns. Main returns to be filed are GSTR-3B (which is a monthly summary) and GSTR 1 (details of outward supplies).


GSTR 3B is to be filed every month by 20th. However, the government has recently introduced new due dates for filing the form GSTR 3B. According to which the 2oth of subsequent month would be the due date for the taxpayers whose turnover is above INR 5 crores and for the taxpayers whose turnover is below INR 5 crores, the due date for GSTR 3B would be 22nd for some states and 24th for the remaining states. GSTR 1 is to be filed on a monthly or quarterly basis, depending on the turnover. It is to be filed on 10th of every month or quarter, as the case may be.



CANCELLATION OF REGISTRATION

GST registration can be cancelled by a GST officer or voluntarily by the person registered under GST. 


Before applying for GST registration cancellation, the taxpayer must file all the GST returns up to date. In case there is non-compliance with respect to GSTR-3B return or GSTR-1 return or GST annual return, the overdue returns must be filed before initiating the GST cancellation process. 



REVOCATION OF CANCELLATION OF REGISTRATION

What is revocation of cancellation?


Revocation means the official cancellation of a decision or promise. Revocation of cancellation of registration means that the decision to cancel the registration has been reversed and the registration is still valid.


When is revocation of cancellation applicable?

This is applicable only when the tax officer has cancelled the registration of a taxable person on his own motion. Such taxable person can apply to the officer for revocation of cancellation within thirty days from the date of the cancellation order.



REFUND OF ELECTRONIC CASH BALANCE

The balance in Electronic Cash Ledger can be claimed as a refund by submitting a refund application form RFD-01. This can be done online on the GST Portal/GSTN


The excess GST paid can be claimed as a refund within two years from the date of payment. This means that if excess GST is paid in the month of June 2018, GST refund application can be submitted until June 2020.



ANNUAL RETURN

GSTR-9

All entities having GST registration are required to file GST annual return in form GSTR-9.


GSTR-9A

GST registered taxpayers who have opted for the GST Composition Scheme are required to file GSTR-9A.


GSTR-9C

GSTR 9C is applicable to taxpayers who are required to obtain an annual GST audit of their accounts.



FINAL RETURN

Every person whose registration has been cancelled are required to file a final GST return in Form GSTR-10 within three months of the date of cancellation or the date of order of cancellation, whichever is later. 

This is done to ensure that the taxpayer is devoid of liabilities. 


It may be noted that Input Service Distributors or non-resident taxpayers who are required to pay tax under section 10, section 51 or section 52 are exempted from this provision. 



E-WAY BILL

GST eWay 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. 



MODIFICATION IN EXISTING REGISTRATIONS

After receipt of GST Registration Certificate, if you wish to modify any fields such as Name, Address, Email ID, Contact details, you need to apply for GST Modification request.


GST Modification is divided into two parts: Core Fields and Non-Core Fields. Core Field changes require supporting documents to be attached while applying. Non-Core Fields can be updated without submitting any proofs.


Non-Core Fields include Email ID, Phone number, any minor changes, while Core Fields include Change in Address, Add a place of Business etc.



OTHERS

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