GST Compliance

Description

In the following cases GST registration is mandatory:

1. When the turnover of any business exceeds Rs. 40 lakhs per year for states in the normalised category (depending on state law).
2. Supply of goods to other states even if turnover is less than the specified limit
3. If a person consumes the service for the purpose of his business where GST is levied under a reverse charge mechanism.
4. Business through e-commerce
5. A person supplying goods or rendering services in a state where he has no fixed place of business, GST registration is mandatory in that state as a casual taxable person.

Separate GST registration is required in every state where the goods or services are supplied. Turnover in point 1 above is considered for the total turnover of the business and not per state. Further, the aggregate turnover of all businesses under one PAN card is to be considered for the limit of GST registration.

Regarding compliance, there are several schemes available depending on the nature and scale of the business. For small business houses, a composition scheme is available and for mid-size firms quarterly compliances can be done instead of monthly.

We at PRANV assist you in optimising your tax impact by analysing your business model. We keep you update on the various changes in the law to keep your business statutory compliant.