Table of Contents
Is it mandatory to file GST after registration?
Charge, collect and deposit the GST After obtaining the registration, the registered person is liable to charge GST on all taxable supplies and declare the same in GST invoice raised by them. Every goods have a separate GST rate and HSN code.
What happens after registering for GST?
If you’re registered for GST, you can generally claim back any GST included in the price of things you’ve bought for your business. These are GST credits. If, for any tax period, your GST credits are higher than the amount of GST your business has to pay the ATO, you could get a refund.
How do I file first return under GST?
How to File GST Returns Online?
- Step:1 Visit the GST portal (www.gst.gov.in).
- Step:2 A 15-digit GST identification number will be issued based on your state code and PAN number.
- Step:3 Upload invoices on the GST portal or the software.
Is GST registration mandatory for small business?
However, any business whose turnover exceeds Rs 40 lakh in a financial year is required to register under GST. This limit is Rs 20 lakh for service providers. This higher threshold under GST has brought compliance relief to many small businesses, including startups in India.
What happens if I don’t file my GST return?
If you don’t file any GST return then subsequent returns cannot be filed. For example, if GSTR-2 return of August is not filed then the next return GSTR-3 and subsequent returns of September cannot be filed. Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty (see below).
What happens if GST annual return is not filed?
What is the penalty for not filing the GST Annual Return? As per Section 47(2) of the Central Goods and Service Tax Act (2017), a person will be fined a penalty of INR 100 per day (CGST) + INR 100 per day (SGST), amounting to a total of INR 200 per day if he/she fails to file GSTR-9 before the due date.
What happens if a GST return is not filed?
If the taxpayer does not file GST Return for a specific period, he cannot file GST Returns for subsequent periods too. Thus, the late fee would keep accumulating. There would be no interest liability in case of nil return since there would not be any tax liability.
Are e-commerce companies required to file GST returns?
Yes, every assessee with GST registration must file GST returns on the 10th, 15th, and 20th of each month. In case, there haven’t been any transactions or business activity in any month, you should still log in to the GST portal and file NIL GST return or this may incur a penalty. Are e-commerce operators also supposed to file GST returns?
Is it mandatory to file a nil return under GST?
It is mandatory for every registered taxpayer to file GST Return. Taxpayers with no business transactions should file Nil Return within the due date. Consequences for not filing a NIL Return:
How many gstrs are required to be filed per month?
Every registered person as a normal tax payer or SEZ taxpayers are required to file monthly two returns as of now i.e. GSTR 1 by 11th of subsequent month and GSTR 3B by 20th of subsequent month. Every person registered as input service distributor is required to file one monthly GST return i.e. GSTR6.