GST Registration & Filing

What Is Cancellation Of GST Registration?

When GSTIN number issued to the registered taxpayer cancelled by the taxpayer himself voluntarily or by
the central tax authority, it is known as cancellation of GST registration. GST cancellation is basically done to surrender GST number and to opt out of GST scheme. It is mandatory for certain businesses to apply for GST registration. After GST cancellation, you will not be considered as a registered person under GST scheme and you don’t have to pay or collect any GST. If you are still running your business after GST cancellation, you will be liable to pay high penalties to the income tax department. Tax officer is responsible for cancellation of GST registration in India. In case of voluntary registration, cancellation application can only be made after one year from the date of registration by the registered taxpayer.

What Is GST LUT Or Export Bond Filing?

LUT stands for letter of undertaking. This term is supremely important for exporters of goods & services. As per rule 96A of CGST rules, any person registered under GST using the option to supply goods or services for export without making IGST payment need to provide a bond or a letter of undertaking in form GST RFD – 11 bond & LUT format to the concerned officer before exporting goods & services. It is also applicable in case when we export goods or services to SEZ units/developer.

Previously, we were filing LUT manually along with the required documents but now CBEC provided the facility to apply LUT through online mode and reduced the burden of many taxpayers. It is a great step taken by government to automate the LUT process under GST. It also helps in reducing exporter’s grievances.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

What is GST registration?

The Goods and Services Tax (GST), which was passed on July 01, 2017, is applicable to all Indian service
providers, traders, and manufacturers. Several central taxes such as CST, service tax, and excise duty, as well as state taxes such as VAT, entertainment tax, octroi, and luxury tax, have been combined into a single tax known as GST, which was launched on 01.07.2017.
Every business with annual revenue of more than Rs.40 lakhs is required to register for GST. Certain types of businesses require GST registration. If a business is operated without being registered for GST, this is a violation of GST law. This law was passed on 01 July 2017, with the goal of eliminating all other indirect taxes in the country. GST is applicable to all services and goods(except the exempted one) produced and manufactured in India. As a result of the new labour law modifications, this would also apply to freelancers.

What is GST Return filing?

It is mandatory for every registered entity to file GST return under the GST act. Return filing period depends on the type of GST Registration as well as transactions performed by the taxpayer. Regular taxpayers, tax diductors, input service distributors, foreign non-residents needs to file monthly tax returns whereas taxpayers availing composition scheme needs to file quarterly returns to the GST department. You can easily file your return on GST online portal. Don’t miss the GST return date otherwise you have to pay fines & penalties. Tax department allows you to make online GST payment by offering different payment modes by which you can easily pay GST to the tax department. GST filing is a new concept and must be handled with utmost care.

Who Should File GST Returns?

GST return filing must be done twice in a month and once annually. Every tax payer registered under GST act needs to file GST return to the tax department. There are various GST return forms which are used at the time of filing GST return. There are total 26 returns which you need to file in a year. GST filing dates are provided by the tax department which may get modified or extended sometimes. You can easily pay GST online with the payment modes available on the GST portal.

What Is Temporary GST Registration?

As per GST act, a casual taxable person is a person who deals in supplying of taxable goods & services on
occasional basis in a taxable territory in the absence of any fixed business place. A casual person can act as an agent or a principal or in any other capacity in order to supply goods & services for the continuation of business.

Every individual who is a supplier & his or her aggregate turnover exceeds the limit of 20 Lakh rupees needs to register under GST. Such threshold limit does not apply on casual taxable persons. A casual taxable person cannot avail the composition scheme. A casual taxable person needs to obtain a temporary registration which is valid for maximum 90 days period from the date of registration. For ex – Mr. Tarun estimates the value of taxable services at Rs.200000. Therefore, in order to obtain temporary registration, he should deposit Rs.36000 (18% of Rs.200000) as an advance to GST department.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees