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REGISTRATION UNDER (GST) GOODS SERVICE TAX IN INDIA

 
COMPETITION LAW
LAW RELATING TO START UPS
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The Constitution Amendment (122nd Amendment) (GST) Bill, 2014 was assented to and thereby the Constitution (101st Amendment) Act, 2016 came into effect. GST is a destination based tax on consumption of goods and services. It is to be levied at all stages right from manufacturing up to final consumption with credit of taxes paid at previous stages available as setoff. In 2017, the following four acts relating to GST were passed: Central GST Act, 2017, Integrated GST Act, 2017, Union Territory GST Act, 2017, GST (Compensation to States) Act, 2017.

 

GST shall be effective from July 1, 2017.

 

Need for registration: To be regulated by the GST Authorities and to avail the benefits of GST, every person, liable for registration, should register, within thirty days from the date on which he becomes liable to registration. If the persons falling within the ambit of the GST laws, do not register, then without such registration, they can neither collect GST from their customers nor claim from their suppliers any input tax credit of GST paid by him. So read along to find out if you are within the ambit of GST laws and register yourself quickly.

 

Threshold limits for registration: Any supplier who carries on any business at any place in India having aggregate turnover exceeding the threshold limit as prescribed in a year is liable to get himself registered.

 

If the annual turnover of a person in a given financial year exceeds INR 20 lakhs (INR 10 lakhs for Special category states), such persons are liable to register. The special states are Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

 

Registration irrespective of threshold limit:

 

The following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:

  • persons making any inter-State taxable supply;

  • casual taxable persons: A Casual Taxable Person has been defined in Section 2 (20) of the CGST/SGST Act meaning a person who occasionally undertakes transactions involving supply of goods and/or services in the course or furtherance of business,

  • persons who are required to pay tax under reverse charge;

  • non-resident taxable persons: According to Section 2(77) of the CGST/SGST Act, a nonresident taxable person means any person who occasionally undertakes transactions involving supply of goods and/or services whether as principal or agent or in any other capacity, but who has no fixed place of business or residence in India.

  • persons who are required to deduct taxes under Section 37 of the CGST Act, 2017;

  • persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise;

  • input service distributor;

  • persons who supply goods and/or services, other than branded services, through electronic commerce operator;

  • every electronic commerce operator;

  • an aggregator who supplies services under his brand name or his trade name; and

  • such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.

Where to register?

 

The introduction of the GST Portal will provide a one-stop shop of all GST related registrations, filing of returns etc. The Government has invested heavily in the technology required for GST Portal’s implementation.

 

Process of Registration:

  • The Registration Rules mandate that, every person shall, before applying for registration, declare his Permanent Account Number (PAN), mobile number, e-mail address, State or Union territory in Part A of FORM GST REG-01 on the Common Portal either directly or through a Facilitation Centre notified by the Commissioner.

  • On successful verification of the PAN, mobile number and e-mail address, a temporary reference number shall be generated and communicated to the applicant on the said mobile number and e-mail address.

  • Using this reference number, the applicant shall electronically submit an application in Part B of FORM GST REG-01, duly signed, along with documents specified in the said Form at the Common Portal, either directly or through a Facilitation Centre notified by the Commissioner

  • Approval of the grant of registration to the applicant shall be given within three working days from the date of submission of application, in case there are no further clarifications required by the officer.

  • Where the application for grant of registration has been approved, a certificate of registration in FORM GST REG-06 showing the principal place of business and additional place(s) of business shall be made available to the applicant on the Common Portal and a Goods and Services Tax Identification Number (hereinafter in these rules referred to as “GSTIN”) shall be assigned to him.

Filing of Return

 

Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for a taxpayer registered under the composition scheme, non-resident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS) and a person granted Unique Identification Number. Taxpayers are required to file returns depending on the activities undertaken by him. All the returns are to be filed online.

 

A taxpayer is required to file the Annual return by 31st December of the next Financial Year. In this return, the taxpayer needs to furnish details of expenditure and details of income for the entire Financial Year. However, the monthly return is to be filed by 20th of the succeeding month.

 

Note: The GST Portal is closed till June 25, 2017.

 

Contact us for registering yourself on the GST Portal or for further queries with regards to registrations and other aspects of GST Laws.

 

For more information on Registration under GST India, Goods and Service Tax in India please write to us at info@ssrana.com

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