GST Registration is mandatory for those businesses having a turnover exceeding Rs. 40 Lakhs per annum. Henceforth, businesses not having a GST Registration are liable for a penalty prescribed by relevant laws. Furthermore, let’s learn more about GST and GST Returns in this article.
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The GST or Good and Services Tax was introduced with the intention to help businesses grow effectively and effortlessly. Also, the purpose of GST was to remove the complexity of the older taxation system, which was imposed on products and services.
Furthermore, under the GST Regime, businesses having turnover of more than Rs. 40 lakhs need to obtain GST Registration mandatorily.
The following people or entities ought to obtain GST Registration;
The advantages of obtaining GST Registration are as follows;
Follow the given steps to obtain GST Registration;
You would need the following documents to obtain GST Registration;
The business registered under GST needs to file GST returns within the specified due dates. However, the requirement of GST Returns is based on the annual turnover of a taxable person.
Furthermore, in case the annual turnover is less than Rs 1.5 Crore, then one needs to submit the GST returns quarterly basis. On the other hand,
Also, One needs to provide details of purchase and sale in GST returns filing, and failing to file GST Returns can lead to a penalty.
Every defaulting person or entity is liable for paying a fine as prescribed by relevant laws. Let’s learn about them in detail.
Any defaulter not paying his tax is liable to pay a penalty of 10% of the tax amount. Additionally, this amount can not be less than Rs 10,000.
Furthermore, In the case of short payment of tax, a minimum penalty of Rs 10,000 needs to be paid. Otherwise, the maximum amount can be the amount equivalent to 10% of the unpaid tax.
In the case of non-filling of unpaid Tax, there is a penalty of Rs 50 per day. The maximum amount must not exceed 5000 rs.
There is also the provision of a penalty by a jail term for offenders with the intention to commit fraud.
Every business having a turnover of more than Rs. 40 Lakhs must obtain GST Registration. However, this limit is set to Rs. 20 lakhs for Northeastern states of India. You can take the help of a consultant to get GST Registration. Corpbiz is a leading consultant that consists of a team of experts that helps people easily obtain GST Registration.
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