The legal and official procedure through which a business entity or individual registers with the tax authorities to comply with the Goods and Services Tax (GST) framework. GST registration involves providing specific information about the taxpayer's business activities, turnover, and other relevant details
Businesses with an annual aggregate turnover above a certain threshold are required to register for GST. The threshold limit varies for different categories of taxpayers and states. It's essential to check the current threshold limits to determine whether your business needs to register for GST.
FAQS
1. What is GST?
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GST stands for Goods and Services Tax. It is a comprehensive indirect tax that has replaced various other indirect taxes in India, aiming to simplify the tax structure and create a single tax regime for goods and services.
2. Who needs to register for GST?
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Businesses with an annual aggregate turnover above the prescribed threshold limit are required to register for GST. The threshold limit varies for different categories of taxpayers and states.
3. What are the different types of GST returns?
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There are various types of GST returns, including GSTR-1 (for outward supplies), GSTR-3B (summary return), GSTR-4 (for composition dealers), GSTR-9 (annual return), and more. The specific returns to be filed depend on the nature of the taxpayer and the turnover.
4. What is the GST rate for different goods and services?
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GST rates are categorized into five tax slabs: 0%, 5%, 12%, 18%, and 28%. Some essential goods and services may be exempted from GST, while others are subject to the relevant slab rate.
5. What is Input Tax Credit (ITC)?
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ITC allows businesses to claim a credit for the GST they have paid on their purchases. This credit can be used to offset the GST liability on their sales. It helps avoid the cascading effect of taxes.
6. What is the composition scheme under GST?
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The composition scheme is a simplified tax scheme for small businesses with an annual turnover below a specified limit. These businesses can pay GST at a fixed rate on their turnover and file simplified returns.
7. How can I check the GST registration status?
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You can check the status of your GST registration application on the GST Common Portal (https://www.gst.gov.in/) using the Application Reference Number (ARN) generated during the registration process.
8. Can I revise my GST returns?
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Yes, you can revise your GST returns if there are errors or omissions in the original return. However, revisions are subject to certain time limits and conditions.
9. What is an e-way bill under GST?
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An e-way bill is an electronic document generated for the movement of goods. It must be generated online when goods of a certain value are transported from one place to another. The e-way bill helps track the movement of goods.