GST registration

Businesses whose turnover exceed Rs.40 lakhs are required to register as a normal taxable person. This process of registration is called GST Registration.

Who Should Register for GST ?

This form should be used to file income tax if the proprietorship is run by a Hindu Undivided family or any other proprietor.

• Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax, etc.)
• Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand)
• Casual taxable person / Non-Resident taxable person
• Agents of a supplier & Input service distributor
• Those paying tax under the reverse charge mechanism
• The Person who supplies via e-commerce aggregator
• Every e-commerce aggregator

The process of GST registration is a tedious and strenuous process That requires the submission of many business details and scanned documents. But GST registration is easy, quick, and seamless with THE TAX HELP! We provide you the online GST registration in India.

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GST return Filing

A return is a document containing details of income That a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that include:

• Purchases
• Sales
• Output GST (On sales)
• Input tax credit (GST paid on purchases)

Who should file GST returns ?

Any regular business has to file one annual return and two monthly returns in a year. Which totals to 26 returns in a year. GST returns act as a point of contact between a registered taxpayer and the government.

GST returns can be filed in different GST return forms depending upon the nature of the transaction and registration. GST return form that is applicable for Normal Taxpayers are:

• Monthly Details of outward supplies of taxable goods and/or services affected are to be filed in FORM GSTR-1.
• Monthly Details of inward supplies of taxable goods and/or services Affected are to be filed in FORM GSTR-2.
• Monthly return Based on finalization of details of outward supplies and inward supplies along with the payment of tax is to be filed in FORM GSTR-3.
• Annual Filing of GST return forms is to be filed in FORM GSTR 9.
• GST Return forms for a summary of outward supplies along with input tax credit declared and payment of tax affected by taxpayer are to be filed in FORM GSTR-3B.

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GST accounting and Invoicing

GST Invoice is a business instrument issued by a supplier or a seller to the recipient or the buyer of goods and services. Such a document indicates names of the parties involved as well as the details of goods and services supplied under a given transaction. These details include the:

• Product name
• Description
• Quantity of goods or services sold
• Details of the supplier and the purchaser
• Terms of supply
• Date of supply
• Price of each good sold or service rendered
• Discount

Issuing an invoice under GST is extremely important for several reasons such as Invoice acts as proof of supply of goods and services by a registered person under GST. It forms the basis on which a supplier can demand payment from the buyer of such goods and services. Moreover, the recipient cannot claim ITC if he does not have the tax invoice or debit note with him.