GST

GST has been implemented all over India with effect from 1st July, 2017. Under the new GST regime, nearly 2 crores businesses in India have obtained GST registration. All businesses having GST registration are required to file GST returns.

GST Registration?

  1. Turnover of goods and services crossing Rs.20/40 Lakhs

  2. E-commerce operators – Such as Flipkart, Snapdeal Etc

  3. Non Resident entities - Any Non-resident person or company supplying goods or services irrespective of turnover.

  4. Inter-state supplies - Anyone supplying goods or services to another state, need to apply for GST regardless of turnover. Even online service provider serving customers in another State will instantly attract GST registration.

  5. Vendors through Ecommerce portals – Persons who supplies goods through E-commerce sites

  6. Services from outside India – Any person providing services out of India need to register GST with irrespective of turnover.


GST Returns:

GST return filing is mandatory for all businesses having GST registration, irrespective of business activity or sales or profitability. Hence, even a dormant business must file GST return


Penalty for not obtaining GST registration :

An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.

The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes