CA Amit Lath
♠ Separate registration for each state
♠ Threshold for registration on all India Basis Including Exports and Exempted supplies
♠ Mandatorily register within 30 days of applicability otherwise no credit for prior period
♠ Can take voluntary registration even if below threshold limit and once opted would be part of credit chain
♠ Mandatory Registration
- Inter -state supply of any value
- Reverse charge Liability
♠ Enforcement cases
- Suo Moto registration granted
- No PAN, first temporary registration granted and then Pan based registration granted
♠ Vertical Registration
- Option of taking Segment wise registration for the same business entity
- Input tax credit across the verticals shall not be available unless goods or services are actually supplied across the verticals
- For recovery, all verticals will be considered a separate legal entity.
♠ Registration procedure through a common portal named as GST common portal to be set up by GSTN.
♠ Verification of PAN with GSTN and CBDT database before sharing with state/Centre
♠ 3 days to response to application for state/ central authorities. Date of submission of application to be excluded
♠ Email and Mobile no. to be captured, assesse to keep it updated
♠ Mandatory online PAN verification of MD and whole time director/authorized signatory
♠ Multiple states/verticals can be registered in one go
♠ Scanned Documents to be filled for registration
- CIN/ Partnership deed
- lease Deed/ ownership proof
- All bank account details
- Authorization letters
- Photograph of the MD
♠ optional submission of latitude and longitude data in respect of principal place of business
♠ PAN is mandatory, In North eastern states where individual income is exempted they also need to take PAN for GST registration.
♠ If Application of registration neither rejected nor query raised within 3 days, Auto approval
♠ If digital Signature mandatory under any law for the assesse then submit registration using DSC.
♠ If no digital signature then sends hard copy, application processed even without receipt, reminder to be sent, not deposited within 30 days, initiation for cancellation, cancellation to have prospective effect.
♠ If either of state or centre refuses to register, No registration will be granted
♠ Speaking order for rejection of application for registration
♠ Casual Dealer
- Conduct business for limited Period
- Limited period registration mentioned in RC
- Application for registration have field to determine estimated supplies
- Different return
- Assess the likely liability and deposit by way of DD to State Govt and Central Govt, to be returned after discharging final liability
♠ Non Resident Supplier
- Intra State Supply
- Not a resident in the state in which he has applied for registration, but is already registered in other state
- Casual dealer provisions to apply except advance payment
♠ Compounding Turnover
- Optional
- Higher Limit on all India Basis
- No credit and no tax charged t o customer
- No need to apply every year
- can opt only at the beginning
- can opt out during the year
- Once opted out, need to apply again at the beginning
♠ switching over from compounding schemes to Normal Scheme
- Compounding only from the beginning of the next year
- Apply before 31st March
- Upon crossing the threshold for composition, automatically switch to normal scheme from the next day
- Return Validation auto to switch to regular
♠ Concept of Tax return preparer and Facilitation centre
♠ Migration of existing registration
- Taxpayers under VAT & Excise, Vat data to be used as source
- Taxpayers under service tax, Service tax data
- Data to be migrated, GSTIN to be generated and assesse to update further required details within a specified period
♠ cancellation of registration
- Closure of Business
- Annual turnover falling below limit
- Transfer of Business
- Amalgamation and demerger
- Non- commencement of business within stipulated period
♠ Supply to UN
UN to obtain a unique id, to be inscribed on the invoice of Service Provider, Upload on the portal
Same for govt. authorities / PSU not having output liability.
♠ ISD
- Only for services
- “Input” to be deliberated
Kudos Mr. Lath..!!!
As always short, sharp and useful.