GST SERVICES

GOOD AND SERVICE TAX (GST)

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Goods & Services Tax (GST) is a unified indirect tax introduced in India on 1st July 2017, replacing multiple state and central taxes such as VAT, Service Tax, and Excise Duty. It is levied on the supply of goods and services and is designed to create a “One Nation, One Tax” system.

GST is a destination-based tax, meaning it is collected at the point of consumption rather than origin.

Frequently Asked Questions (FAQs)

1. Who needs to register under GST?
Businesses with turnover above ₹40 lakh (₹20 lakh in some states), e-commerce sellers, and inter-state suppliers must register under GST.

2. What is the GST threshold limit for businesses?

  • Goods: ₹40 lakh (₹20 lakh for special category states).

  • Services: ₹20 lakh (₹10 lakh for special category states).

3. What are the types of GST returns?

  • GSTR-1 (Sales)

  • GSTR-3B (Summary return)

  • GSTR-9 (Annual return)

  • GSTR-4 (Composition scheme)

4. Can I register voluntarily for GST?
Yes, even if your turnover is below the limit, voluntary registration helps claim Input Tax Credit (ITC).

5. How often should I file GST returns?
Generally monthly, but quarterly under the composition scheme.

6. What happens if GST is not filed on time?
Late filing attracts a penalty of ₹50 per day (₹20 for NIL returns) and interest on unpaid tax.

7. Can I claim Input Tax Credit (ITC) without GST registration?
No, ITC can only be claimed by registered businesses.

8. How can I cancel my GST registration?
You can apply online through the GST portal if business is closed or turnover falls below threshold.

9. What is GST composition scheme?
A scheme for small businesses with turnover up to ₹1.5 crore to pay tax at a fixed rate with fewer compliance requirements.

10. What documents are required for GST registration?

  • PAN card

  • Aadhaar card

  • Business address proof

  • Bank details

  • Photographs

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