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Any business entity whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for North East India and hilly states) is required by law to take GST registration. In addition following entities also need to register for GST
- Agents of a supplier & Input service distributor
- Those paying tax under the reverse charge mechanism
- All e-commerce aggregators and persons supplying goods by them
- Any other individual or group of individuals notified by the Central or State Government as per the GST Council’s recommendations.
As per the eligibility to obtain GST Registration, it can be obtained online from the GST Portal i.e https://www.gst.gov.in/, filling all necessary documents prescribed. Once obtained, it can be used for GST return filling, GST E-way bill generation and report to GST authorities as per Act. Primary documents involved in GST registration process are as under
- Pan Card
- Proof of business registration
- Address proof of business
- Photo and Address proof of the person in charge
- Bank Account details of the business
Yes, for all taxpayers, who have obtained GST Registration, GST Return e-filling is mandatory. Even if there is no transaction present in a month; in such situations a tax payer is required to file a NIL GST return. For non-filling of GST Return or non-compliance of any GST Act provision, severe penalties shall be imposed. GST Return filling in general includes filing of GSTR -1 , GSTR-2, GSTR-3, GSTR 3B and other returns as applicable.
Rules of GST Audit and Assessment shall become applicable as per provisions of the GST Act, 2017. Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 2 crore] shall get his accounts audited by a chartered accountant or a cost accountant. GST Audit & Assessment shall include GST Annual return filling, GST Input tax credit reconciliation etc.