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Any new taxation system such as GST brings lot of issues at the beginning and it takes time in implementing the same.Having basic knowledge of GST will make it easy for you to understand the need of your business.
So, who is required to get registered under GST:- If you are a service provider or supplier of goods and your Turnover exceeds 20 Lakhs. The limit is 10 Lakh for North Eastern States.
Mandatory registration for these: Casual Traders/Ifyou are liable to deduct TDS/Agents of personsproviding Taxable Service/Non-resident Person.
What if you do not register? Penalty of 10% of Tax due subject to minimum of Rs.10,000. The higher side could be 100% of the tax amount due when it’s a fraud case.
Is separate registration required for if one has different business verticals? Yes
No. A person without following GST registration procedure in Mumbai can neither collect Goods & Service Tax from his customers nor claim any input tax credit of Goods & Service Tax paid by him. GOODS & SERVICE TAX
Any person who wants to register for GST should take an online GST registration certificate in Mumbai, within thirty days from the date on which he becomes liable to registration, in such manner as may be prescribed.
Yes, any Registration granted under this Act may be rejected by the Proper Officer..
The goods and service tax you pay on input goods/services can be used as an Input Tax Credit (ITC) against output tax liabilities.
Reverse charge implies to settle government obligation is on the beneficiary of supply of goods and services rather than the provider of such products or administrations related to informed classifications of supply.
No, a person without following the GST registration procedure in Mumbai cannot claim ITC. He should register for GST in accordance to new GST registration process in Mumbai.
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