GST

GST

GST registration. In the GST Regime, businesses whose turnover exceeds Rs 40 lakhs ( Rs 10 lakhs for NE and hill States) are required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.

Document required for GST registration

• Aadhar card, pan card, shop firm registration name, photo and digital signature

• Address proof permission,

• Mobile number and email ID

• Bank statement and (cancel cheque)

• light bill

• For further clarification

  • Visit nearest Maha e seva Kendra for further queries

  • Official website of GST

  • www.gst.gov.in

Three types of GST in India

• CGST,SGST and IGST are the 3 types of GST in India

• CGST and SGST are levied on intrastate transaction

• CGST is collected by the center and SGST by the state.

• IGST is charged on intrastate goods/services Transactions

How is GST calculated?

If goods or services are sold at Rs 1000 and the GST rate applicable is 18%,then the net price calculated will be =1000+(1000x(18/100))=1000+180=Rs 1,180.

Common Offences And Penalty under GST

• Delay in filing GSTR : Rs 100 per day per act . so it is 100 under SGST total =Rs 200 day maximum = Rs 5000

• Helping a person to commit fraud and incorrect invoicing =Rs25,000

• Not filing GSTR

• Committing a fraud

• Composition scheme even though he is not eligible

  • Fraud case and Non Fraud case

• Wrongfully charging GST rate - charging higher rate

• Not issuing invoice

• Not registering under GST = Rs 10,000