FAQs
1. What is GST compliance?
It is vital to adhere to the rules and regulations on how you raise invoices, report your purchases or sales, how you pay taxes and file returns. This is what constitutes GST compliance.
2. What is the GST registration process?
If your business turnover exceeds Rs. 40 lakhs (Rs. 10 lakhs for North East and hill stations), you are required to do GST registration.
3. What are the documents required for GST registration?
- Aadhaar card
- PAN card
- Digital signature
- Proof of registration certificate
- Proof of appointment of authorized signatory
- Address proof of the place of business
- Bank statement – the opening page
4. What are the current GST Slabs?
There are five slabs in GST and they are 0%, 5%, 12%, 18% and 28%.
5. How is the GST compliance rating calculated?
GST compliance rating is introduced by the government to monitor how compliant the businesses are with the tax department. The score is given by the government and is calculated based on few parameters such as timely filing of monthly and annual returns, furnishing details of input credits used, taxes paid, etc. A good score reveals that the company is punctual in filing its returns.
6. Is GST good for small business?
GST is good for small businesses as it gives an option to reduce taxes by using the Composition scheme.
7. Is GST mandatory for business?
GST is mandatory for any business whose turnover exceeds Rs. 40 lakhs in a financial year.
8. Is GST mandatory for business?
GST is mandatory for any business whose turnover exceeds Rs. 40 lakhs in a financial year.
9. Who can file GST compliance?
Any business whose turnover exceeding Rs. 40 lakhs in goods and Rs. 20 lakhs in services in the previous financial year needs to register in GST and then follow other compliances as a registered supplier.
10. How would GST be administered in India?
The GST regime in India offers a single, nationwide tax rate, thus unifying India’s tax system. The dual GST model has been adopted because of India’s federal structure, which means the central government and the states administer GST.
11. Who is eligible to file a return under GST law?
Any business whose annual aggregate turnover is more than Rs. 5 crores need to file two monthly returns and one annual return, and that amount to 26 returns in a year.