GST was introduced in July 2017 as an indirect tax for the entire nation with a vision of One Nation One Tax. It offers a plethora of benefits for the consumers, merchants, and the Government, alike. The average Indian consumers and SMEs are generally in a fix as to how to apply for GST and how to track their GST applications. This article will cover some FAQs on GST and the application process in general.
1. Who is liable to be registered under GST?
Any person who is registered under an earlier law (Excise, VAT, Service Tax, etc.), anyone who carries on inter-state supply of goods, casual/non-resident taxable persons, suppliers and their agents, e-commerce aggregators and distributors, those paying tax under the reverse charge mechanism, and any business having an annual turnover of 20 Lakhs or more (10 Lakhs for special states), all need to be registered under GST.
2. Is GST registration required in case of a person supplying exempted products and having their own brand?
There is no need of registering under GST if a person or brand is dealing with the sales of exempted products.
3. What are the documents required for GST application?
The list of documents required to apply for GST and get a GSTIN (GST Identification Number) are: PAN of the registration applicant, Incorporation certificate (or other proof of business registration), address proof of the business, ID proofs, photographs of promoters, bank account statements, and digital signature of the authorized signatory.
4. Is GST registration compulsory if a taxable person is involved in inter-state transportation of goods and has businesses in multiple states, but has an annual turnover of less than 10 Lakhs?
A taxable person is liable to register under GST if his annual turnover is INR 20 lakhs or more (10 Lakhs in case of special states).
5. What should a taxable person do if he has completed the procedures and formalities to migrate to GST registration from an old tax regime, but missed out on entering appropriate Service Accounting Codes (SAC)?
Service Accounting Codes fall under the “Non-core” fields of registration and can be added/modified by accessing Services> Registration> Amendment of Registration Non – Core Fields on the GST portal after logging in.
We hope this article on the FAQs on GST helped you with a few of your queries. A few more Frequently Asked Questions about GST are discussed in the next part of this article.