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GST REGISTRATION NOW MORE SIMPLER

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GST REGISTRATION | RETURN FILING | GST AUDIT

WHAT IS GST?

GST stands for Goods And Service Tax. GST can be understood as a tax reform that imposes an indirect tax on value-added goods and services that are sold domestically. To put in simple terms, GST is imposed whenever value is added to a product. 

Example: When a food maker buys ingredients and makes food, value is added to the product. And when a consumer buys the product, tax is levied on them and this tax collected by the supplier is remitted to the government.

 

What is GST Registration?

Any entity/ individual that runs a business in any part of India (except Jammu and Kashmir) is considered to be a ‘taxable person’ if their aggregate turnover in a particular financial year exceeds 40 lakhs (20 lakhs for NE states and hill states  In such a case, it is required for the business to register under the GST act. This process of registration is called GST registration. 

*Note: A taxable person can be an individual, business, firm, LLP, BOI/AOP, or any corporation 

GST REGISTRATION PROCESS

New GST registrations will be done through an online portal under the Government of India (https://reg.gst.gov.in/registration/). 

GST registration is a two-stage process which requires the registrant to fill out two forms, PART A and PART B

  1. The applicant will have to fill Part A GST form by submitting PAN, mobile number and email address. To verify PAN, unique OTPs will be sent to the registrant’s email and mobile number for verification. After submitting the OTPs, the registrant will receive a Temporary Reference Number (TRN) using which the registrant can fill the PART B registration form.
  2. The registrant is then required to fill the Part B of GST registration form by submitting the Temporary Reference Number. PART B consists of 10 sections.
  3. After filling in these sections, the registrant will receive an Application Reference Number (ARN) within the next 15 minutes on email/registered mobile number.
  4. Once the ARN is generated, the GST application will be reviewed in 3 working days. The applicant can check the GST registration status by visiting https://gst.gov.in and clicking on track application.

This is the step by step GST registration procedure which needs to be followed by every applicant. The applicant will receive GSTIN ( Goods and Service Tax Identification Number) shortly after filling in the forms. GSTIN is required under the tax regime to pay/collect GST and to collect Input Tax Regime. 

Timeline And Pricing

GST registration time limit for businesses

Timeline: 7 – 15 days

Pricing: 4499/-

NOT SURE WHERE TO START WITH GST?

GST RETURN FILING

GST return filing is mandatory for all registered dealers. CFO Angle helps business owners to file monthly return in form GSTR 3B by every 20th of subsequent month. The return includes information like, Sale (output tax), Purchase (input tax credit) and net amount payable for the month. The difference between Sales and Purchase tax is payable to the government. The difference between Purchase and Sales is the excess credit available for the month to be set off against future output tax.

CFO Angle ensure no delay in filing the GSTR 3B as it attracts late fees per day @ ₹ 20 for nil data cases and @ ₹ 50 for others till the date of submission.

GSTR 1 is filed monthly by 10th of subsequent month for turnover higher than INR ₹ 1.5 Cr and for quarterly by 10th of subsequent month of the quarter end. Turnover less than ₹ 1.5 Cr can file monthly also.

CFO Angle ensure GSTR 2A reconciliation to ensure input tax credit on purchases is correctly reflecting in purchase register and government data.

DOCUMENTS REQUIRED FOR GST RETURNS

  • For GSTR 3B
    • Sales bills for the month with running serial numbers
    • Purchase bills recorded in the month
  • For GSTR 1
    • Sales registration matched with the books.

Timelines:  It takes generally one day to complete the activity subject to data is provided in the required format.

Pricing: 3000 minimum.  Charges subject to change based on number of transaction and work involved.

GST Audit

GST auditing is the activity of examining documents maintained by a taxable person. This is done to scrutinise the authenticity of the information provided on turnover declared, taxes paid and to verify the compliance with GST law. 

DOCUMENTS REQUIRED FOR GST Audit

  • Goods production and manufacture account
  • Details of inward and outward supplies
  • Records of stocked goods
  • Account of availed ITC
  • Details of paid and payable output tax

GST AUDIT APPLICABILITY

Under CGST Act Section 35, 2017, every registered person with a gross turnover of more than Rs. 2 crore in a financial year, is applicable for GST audit.

TYPES OF GST AUDIT

  1. Turnover Based Audit 
  2. General Audit 
  3. Special Audit 

CONTACT OUR TEAM OF EXPERTS

FAQ

GST number is mandatory when the turnover crosses beyond 20 lakhs, not  necessary if it is coming in cash or cheque.

When your vendor files his GSTR-1 he has considered the invoices for which you have paid GST to him.  This credit is used on provisional basis while filing GSTR 3B. If the credits are not reflected against your GSTR - 2A department has right to reject the credit availed earlier.  In such cases it is important to do GST Input Reconciliation through CFO Angle Reconciliation tool monthly.

We are not authorized to do GST audits as this is done by Chartered Accountants and Cost Accountants.  We will help in consolidating the data and make it GST ready.

If any dealer has multi city or multi state office then he has to take registration for that state and include additional place of business.  If not some of the input on purchases from that state is not available for offset.

All registered dealer having turnover <1.5 Cr have to submit quarterly (Option to submit monthly) GSTR-1 and monthly GSTR 3B. Dealer having turnover > 1.5 Cr have to do it monthly GSTR-1 & GSTR 3B.

Monthly sales including details of the invoices raised to each registered and unregistered dealers.