GST SERIES – PART 30
1. The individual shall obtain GST registration within 30 days of becoming liable to obtain registration. On grant of registration, a taxable person is required to file his first return.
2. The effective date of Registration:
|Rule 10(2)||The registration shall be effective from the date on which the person becomes liable to registration where the application for registration has been submitted within thirty days from such date|
|Rule 10(3)||If the application for registration is submitted by the applicant after the expiry of thirty days from the date of his becoming liable to registration, the effective date of registration shall be the date of the grant of registration|
3. Issuance of Revised invoices: If the application for GST registration is made within 30 days from the date the person was liable to pay GST, he can issue revised invoices for GST for the period prior to registration – Rule 53(2)
4. Input Tax Credit (ITC): Person making an application for new registration shall be entitled to claim credit of input tax held in inputs as such, inputs contained in semi-finished goods or finished goods held in stock by such person on the day immediately preceding the date from which such person is liable to obtain registration – Section 18(1)
4.1 Input tax credit in relation to capital goods held as a fixed asset as on the above date, which will be used or is intended to be used in making taxable supply will not be available, as there is no specific provision in this regard
5. Furnishing of First Return Every registered person who has made outward supplies in the period between the dates on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after the grant of registration.
5.1 Furnishing details as part of the first return would apply, only when the person has affected taxable supplies between the period of the date of application for registration and the actual date of grant of registration, where such registration certificate is granted effective from the date of application for registration.
5.2 Section 40 of the CGST Act specifies the period for which the first return needs to be furnished:-
|Section 40||Every registered person who has made outward supplies in the period between the dates on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after the grant of registration.|
6. Contents of First Return: There is no separate form/return prescribed for first return and will have to furnish first return in regular forms such as GSTR 3B as the case may be.
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