Sage-Tips

Is GST applicable for Kirana store?

You will have to take mandatory GST registration once you cross yearly turnover of Rs. 20 lakhs. This includes turnover of everything from taxable, non taxable , exempt, etc.

How do I apply for GST in a retail store?

Part I: Generate your GST Application form To obtain this, you need a valid mobile number (an India number), email address and PAN (Permanent Account Number) for the business. Go to official GST portal – https://www.gst.gov.in/ and under the services tab, choose Services > Registration > New Registration.

What shops require GST registration?

What is GST Registration. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

How do you pay GST in a shop?

How to make GST payment online

1. Highlights.
2. Login to the GST portal to make GST payment.
3. You can pay GST online or offline.
4. Generate challan online as a proof of GST payment.
5. Pay GST on time to avoid 18\% interest charges.

Which accounts are must be maintained under GST?

What records must be maintained under GST?

• Production or manufacture of goods.
• Inward and outward supply of goods or services or both.
• Stock of goods.
• Input tax credit availed.
• Output tax payable and paid and.
• Other particulars as may be prescribed.

Do Kirana Stores need to be worried about GST?

However, CAIT ( Confederation of All India Traders) secretary general Praveen Khandelwal said, “Local kirana stores need not be anxious about GST since most of them fall within the Rs 20 lakh turnover threshold and are not covered by this new tax. They do not even require to seek a GST registration number.

What is the minimum turnover required for GST registration?

There are few things that you need to consider regarding GST. You will have to take mandatory GST registration once you cross yearly turnover of Rs. 20 lakhs. This includes turnover of everything from taxable, non taxable , exempt, etc. If yearly turnover is below Rs. 75 lakhs then you can opt for composition scheme as well.

Can a shop run without a GST registration?

If a shop can manage to carry out it’s business without GST registration, no one can make them pay taxes. The tax collectors will not be asked to go collect some revenue because all transactions are recorded and that is what the govt will get. Yes you can have defaulters but there is no half way with that.

Who is not liable to pay GST in Mumbai?

Those with an annual turnover under Rs 20 lakh are not liable to pay the new tax, but traders of Mumbai seem to do better since they are seeking GST registration in large numbers. A shopowner from Mirani Nagar, Mulund, uses a term that appears to be in common usage for GST.