Goods and Service Tax Compliance

A Person is registered or liable to be registered under the law would be a taxable person in GST.

Person liable to be registered provided aggregate turnover of supply of goods or services or both exceeds threshold limit.

Applicability : From 1^st  April 2019.

Aggregate Turnover :

1. For Sale of Goods :-
   • Normal Category States - Exceeds Rs.40 lakh
   • Special Category States - Exceeds Rs.20 lakh
2. For Providing Services :-
   • Normal Category States - Exceeds Rs.20 lakh
   • Special Category States - Exceeds Rs.10 lakh

Note :- Special Category States under GST    (1) Arunachal Pradesh (2) Assam (3) Jammu & Kashmir (4) Manipur (5) Meghalaya (6) Mizoram (7) Nagaland (8) Sikkim (9) Tripura (10) Himachal Pradesh (11) Uttarakhand

Composite Tax Payer

GST Composition Scheme also contains an option for a registered taxable person having turnover less than the limit to pay tax at a lower rate respect to certain specified conditions. ... Such option needs to be for all businesses of the taxpayers i.e., both for goods as well as services.

Applicability : From 1st April 2019

Aggregate Turnover :

• North Eastern states & Uttarakhand - Upto 75 Lakhs
• Rest of India - Upto 1.5 crores

Tax Deductor

Deductor is the one who is responsible for ensuring that the said amount is held back from his payment to the receiver and also remit the same to the authorities

Who could be liable to deduct TDS under GST law?

1. A department or an establishment of the Central Government or State Government; or
2. Local authority; or
3. Governmental agencies; or
4. Such persons or category of persons as may be notified by the Government.

TDS under GST is applicable from 1^st October 2018.

TDS rate of CGST 1%, SGST 1% in case of intra state and IGST 2% for interstate which would be required to be deducted and deposited from the payments made or credited to the supplier of taxable goods and services as notified by the Central or State Governments on the recommendation of GST Council.

Tax Collector (e-commerce)

GST Registration is now mandatory only for e-commerce operators who are liable to collect tax at source, as against the earlier provision of every e-commerce 

Once a person becomes liable to obtain GST registration, he shall make an application for registration within 30 days of becoming liable by filing Form GST-REG 01.

A regular taxpayer needs to undertake the following compliances under the Goods and Services Tax Act:

• Monthly or Quarterly GST Return Filing: For a regular taxpayer, you need to file the GSTR-1 and GSTR-3B each month. However, if you opt for Quarterly Return and Monthly Payment (QRMP) scheme, then you need to file your GST returns quarterly.
• Annual Return: You need to file an annual return if your annual turnover exceeds Rs. 2 crores during a financial year.
• GST Refunds: If you fulfill the conditions specified under the GST law, then you can apply for refunds under the GST law.
• E-invoicing: With effect from 1st October 2022, businesses with turnover above Rs. 10 crores in a financial year shall be liable to issue e-invoices.
• E-way Bills: If the taxpayer undertakes the movement of goods above Rs. 50,000, then it shall generate an e-way bill for the same.