GST





GST Registration

GST is a new tax regime, Taxpayer have to register under GST if the turnover exceed Rs. 20 lakh while in Special states range is 10 Lakh. There is a composition scheme under GST which is applicable when turnover exceed 1.5 Cr and charge tax at concession rate.




GST Return

Under GST taxpayer have to file the GST return on periodic basis. GSTR-1 to be filed monthly/quarterly, GSTR-9 to be filed Annually and GSTR-3b to be filed monthly.




E-way Bill

E way bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above Rs. 50000. The bill can be generated from the ewaybill portal and every registered taxpayer must require this e-way bill along with the goods transferred. Central gov. has posponed the e-way bill however eway bill is made mandatory by some states like UP etc.




Audit under GST

"Every registered taxable person under GST whose turnover during a financial year exceeds the prescribed limit under GST ( Currently 1 crore) shall get his accounts audited by a chartered accountant or a cost accountant.

 

He shall electronically file:

1. An annual return using the Form GSTR 9B along with the reconciliation statement by 31st December of the next Financial Year,

2. The audited copy of the annual accounts,

3. A reconciliation statement, reconciling the value of supplies declared in the return with the audited annual financial statement,

4. Other particulars as prescribed."




GST Surrender

If any taxpayer close their business can apply for GST surrender upon discharging of all its liability under GST Act.




GST Modification

GST modification refer to any alteration in GST registration credential like Address change, Name change, product/service change etc.




GST Assessment

GST Assessment refer to proceeding going on before the GST authorities where any representation required on behalf of taxpayer or have represent their case before GST department.




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