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Criteria for mandatory GST Registration in Pune:
– Annual supplies of goods above Rs. 40 Lacs
– Annual supplies of services above Rs. 20 Lacs
– Supplying goods or services to other states
– Supplying goods or services through e-commerce
– Receiving goods or service falling under reverse charge mechanism
Anybody can get registered voluntarily for GST. If you are looking for GST Registration Services in Pune – Akshay Sane & Associates is the one stop solution for all your GST related queries. We are one of the leading Chartered Accountant firms in Pune with expert GST Consultants in our company to guide you accurately.
Benefits of voluntary GST registration:
Availing input tax credit: Persons who have registered voluntarily under the Goods and Services Tax have the option to avail input tax credit on the purchases and expenses they make which results in enhancing their profitability and business margin.
No restriction on inter-state supplies: Entities which are not registered under GST cannot make inter-state supplies of goods or services. If a person gets GST Registered voluntarily, he can make hassle free inter-state supplies of goods or services.
Benefits of voluntary GST registration:
· Availing input tax credit: Persons who have registered voluntarily under the Goods and Services Tax have the option to avail input tax credit on the purchases and expenses they make which results in enhancing their profitability and business margin.
· No restriction on inter-state supplies: Entities which are not registered under GST cannot make inter-state supplies of goods or services. If a person gets GST Registered voluntarily, he can make hassle free inter-state supplies of goods or services.
| GST Return | Particulars |
|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services |
| GSTR-3B | Monthly summary return of outward supplies & input tax credit claimed along with payment of tax |
| GSTR-4 | Return for a taxpayer registered under the composition scheme |
| GSTR-5 | Return for a Non-Resident foreign taxable person |
| GSTR-6 | Return for an Input Service Distributor |
| GSTR-7 | Return for authorities deducting tax at source |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected |
| GSTR-9 | Annual Return for a Normal Taxpayer |
| GSTR-9A | Annual Return a taxpayer registered under the composition scheme anytime during the year |
| GSTR-10 | Final Return on cancellation of GST registration |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | GSTR-10 | Final Return on cancellation of GST registration |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund |
GST Composition Scheme:
Composition scheme under GST is more simplified scheme of taxation. There are four tax rates under normal scheme for various commodities. Under composition scheme, GST has to be paid at one notified rate for all commodities. Akshay Sane & Associates expert GST Consultants take all the hassle documentation work related to GST Registration from you so that you can focus on important company operations. Contact us for quick and easy GST Registration Services
Eligibility:
– Supplier of goods with annual turnover upto Rs. 1.5 crores (Rs. 75 lakhs for north-eastern states and Himachal Pradesh)
– Supplier of Services with annual turnover upto Rs. 50 lakhs
Ineligible Suppliers:
– Manufacturers of ice cream, pan masala and tobacco
– Persons making inter-state supplies
– Businesses which make supplies through e-commerce operator
Conditions for opting composition scheme:
– No input tax credit of purchases & expenses
– Cannon supply GST exempted goods or services
– Cannot issue tax invoice, therefore, input tax credit is not available to customer
– Turnover should be calculated for all the businesses registered under the same PAN
– All the businesses registered under the same PAN should be under composition scheme.
– Supplier of goods can also make supplies of services to the extent of 10% of turnover or Rs. 5 lacs whichever is higher
– Composition scheme should be opted at the beginning of every financial year by filing form CMP-02 online through GST portal
Applicable Tax Rates:
Type of Business | CGST | SGST | Total |
Manufactureres & Traders | 0.5% | 0.5% | 1.00% |
Restaurants not serving alcohol | 2.5% | 2.5% | 5.00% |
Service Providers | 3.00% | 3.00% | 6.00% |
Interest on delayed payment of GST:
If a taxpayer fails to make payment of GST on or before the prescribed due date, he has to pay interest on such delay. Interest is charged at 18% p.a. from the due date of payment to the date of payment proportionately on daily basis. If the taxpayer has claimed excess ITC in earlier returns & such excess ITC is reversed in the current return, he has to pay interest at 24% p.a. from the date on which such excess ITC was claimed to the date of filing of current month’s return.
Late fees for delayed filing of GST returns:
Type of Return | Total |
GSTR-3B Nil Return i.e. there is not tax liability | Rs. 10 per day, Maximum late fees is capped at Rs. 500/- per return (Rs. 250/- CGST & Rs. 250/- SGST) |
GSTR-3B Return with tax liability |
|
1. Taxpayers having aggregate annual turnover in preceding financial year upto Rs. 1.50 Crores | Maximum late fees is capped at Rs. 2,000/- per return (Rs. 1,000/- CGST & Rs. 1,000/- SGST) |
2. Taxpayers having aggregate annual turnover in preceding financial year between Rs. 1.50 Crores upto Rs. 5.00 Crores | Maximum late fees is capped at Rs. 5,000/- per return (Rs. 2,500/- CGST & Rs. 2,500/- SGST) |
3. Taxpayers having aggregate annual turnover in preceding financial year above Rs. 5.00 Crores | Maximum late fees is capped at Rs. 10,000/- per return (Rs. 5,000/- CGST & Rs. 5,000/- SGST) |