If the annual sales of a business are more than Rs. 20 Lakh or the sales if done outside the home state then Goods and Services Tax Registration (GST Registration) is mandatory. However, if the sales are less than Rs. 20 Lakh, GST Registration becomes optional.
Every person who has registered under the Goods and Services Tax has to mandatorily file their returns. Failing to file the periodic returns can be a very costly affair since GST act has prescribed heavy penalties and late fees for defaulters.
GST is the newest reform in the Indian Taxation System, the new tax reform has brought an extra burden on the businessman to stay compliant on other aspects such as timely payment of GST, timely returns, issuance of GST compliance invoices etc.
Confused about startup compliances ?
Get free consultation now
Frequently Asked Questions
Currently, there are five common rates and two special category rates.
According to the notification issued by CBEC persons having turnover below 1.50 Crores and not required to mention HSN/SAC in their invoices.
If your Turnover is 1.5 Crores to 5 Crores you need to mention at least 2 Digit HSN in your Invoices
If your Turnover exceeds 5 Crores you need to mention 4 Digit HSN in your Invoices
GSTR 3B Monthly: by 20th Of the Following Month
GSTR 1 Quarterly/Monthly
GSTR 2 Quarterly: Date Not yet Notified
GSTR 3: Not yet Notified
GSTR 9: Not yet Notified
No you cannot file a single annual return.
Yes, you can cancel your GST registration.