GST Registration Application @ ₹1,999* (Basic Discounted Plan) Best-Selling Plan
If your entity is eligible to be registered under GST Law, need not to worry TMWala is here. We will assist you in filing GST Registration Application so that your business stays compliant under the relevant laws. Apply for GST Registration with TMWala and get your business GST-compliant effortlessly. Our comprehensive service includes expert consultation and step-by-step assistance in filing your GST Registration Application. Whether you’re a small business, startup, or large enterprise, GST registration is crucial for compliance, tax benefits, and expanding your business. Avoid penalties and ensure smooth operations with fast and hassle-free GST registration. Contact TMWala now…
Benefits and importance of GST for New Businesses: Tax Advantages for Early-Stage Companies
Starting a new business is an exciting journey full of opportunities and challenges, but one thing you definitely don’t want to overlook is your tax setup. This is where GST Registration can play a huge role in making your entrepreneurial path smoother. If you’re wondering why GST matters for new businesses, the answer is simple: it offers a range of tax benefits that help you manage costs, streamline operations, and grow your company without unnecessary headaches. Let’s dive into some of the major perks that GST brings to the table for early-stage businesses!
Simplified Tax Structure: One Nation, One Tax
Remember the days when businesses had to deal with a confusing web of taxes like VAT, service tax, and excise duty? Well, one of the biggest benefits of GST (Goods and Services Tax) is that it has replaced all these multiple taxes with a single, unified tax system. Whether you’re selling goods or providing services, you only need to worry about GST. For new businesses, this means less paperwork, fewer tax returns to file, and less time spent on managing different taxes.
The simplified tax structure of GST makes life a lot easier for startups. You no longer have to navigate the complexities of state-specific taxes or worry about the different rates for goods and services. GST offers a straightforward approach where everything is under one umbrella, so you can focus more on growing your business and less on tax compliance. Plus, it reduces the chances of errors in tax filings and helps you avoid penalties down the line.
Input Tax Credit (ITC): Save More, Spend Smarter
One of the best perks of GST Registration is the Input Tax Credit (ITC). In simple terms, ITC allows you to claim credit for the GST you’ve paid on business-related purchases, such as raw materials, equipment, or even rent. Instead of paying tax on the entire sale amount, you only need to pay GST on the value your business adds. This reduces your overall tax burden and keeps more money in your pocket, which is crucial for a new business.
For example, let’s say you buy office furniture or machinery to kickstart your business. The GST you pay on those purchases can be deducted from the GST you charge your customers. Essentially, you’re not being taxed twice on the same transaction, which saves you a lot of money in the long run. This advantage can help startups reinvest in their growth and boost profitability in the early stages when every penny counts.
Without GST Registration, you wouldn’t be able to claim ITC, which means higher costs and lower margins. So, getting registered early ensures you’re making the most of this tax-saving opportunity from the get-go.
Learn more about input tax credit: https://tmwala.com/input-tax-credit/
Ease of Doing Business: Interstate Trade Made Simple
If you have big plans for your startup, you’re probably thinking about scaling up and expanding beyond your local market. That’s where GST Registration can be a game-changer. Under the previous tax system, interstate trade in India was complicated due to various state taxes and border levies, making it difficult for businesses to expand across state lines. But with GST, it’s now much simpler to do business anywhere in the country.
Since GST is a single, nationwide tax, it has removed the barriers to interstate trade. Whether you’re selling products in Delhi or delivering services in Bangalore, you only need to comply with one tax system. This streamlined process makes it easier for startups to explore new markets and expand their customer base without worrying about the complexities of managing different state taxes.
Additionally, because GST applies uniformly across the country, you don’t have to worry about varying tax rates or compliance rules in different states. This consistency makes it easier to plan your expansion strategy and ensures you can do business anywhere in India with minimal hassle.
Increased Credibility: Attracting Customers and Investors
When you’re running a new business, building trust with customers and investors is critical to your success. One of the often-overlooked benefits of GST Registration is the credibility it brings to your company. Being GST-registered signals to the world that your business is legitimate, compliant with tax laws, and ready for growth. Customers are more likely to trust a business that’s GST-registered because it shows you’re transparent and professional.
Not only that, but potential investors also see GST Registration as a sign of seriousness. Investors want to know that the startups they’re backing are playing by the rules, and being GST-compliant gives them confidence that your business is on the right track. It’s a simple step that can boost your reputation and open doors to bigger opportunities – whether that’s landing a new client or securing funding to scale your startup.
Tax Relief for Small Businesses: The Composition Scheme
If your business is still in its infancy and has an annual turnover of less than ₹1.5 crore*, you can benefit from a special provision under GST known as the Composition Scheme. This scheme allows small businesses to pay a lower, fixed rate of GST on their sales instead of the regular rates. You can also file quarterly returns instead of monthly ones, making the compliance process a lot more manageable for early-stage companies.
The Composition Scheme is designed to help small businesses by reducing their tax burden and simplifying the filing process. If your startup qualifies, opting into this scheme can save you time and money, both of which are crucial when you’re trying to get your business off the ground. Keep in mind that while the scheme offers reduced taxes, businesses under this scheme cannot claim Input Tax Credit. So, it’s important to weigh the pros and cons based on your business needs.
* Turnover limit is subject to conditions and change by the GST Authorities.
Legal Compliance: Avoiding Penalties and Headaches
Let’s be real – nobody wants to deal with legal hassles, especially when you’re trying to get your startup off the ground. But skipping GST Registration when you’re required to get it can lead to hefty penalties and unwanted scrutiny from tax authorities.
Once your turnover crosses the Rs.40 lakh threshold for goods suppliers, for those providing services the registration threshold is Rs.20 lakh GST Registration becomes mandatory (The turn over limit is as of Oct 2024 this may vary according to new guidelines present that time). If you continue operating without it, you’re inviting penalties that can go up to 10% of the tax amount, with a minimum of ₹10,000. In more serious cases, it could even lead to prosecution. Not exactly the kind of attention you want as a budding entrepreneur, right?
Registering for GST from the get-go ensures that you stay on the right side of the law. It’s one less thing to worry about, and it keeps your business operations smooth and stress-free. Plus, being compliant from the start means you won’t have to deal with complicated paperwork or retroactive filings later on, which can be a real headache.
Selling on E-Commerce Marketplaces:
Compulsory for E-Commerce Sellers: Popular e-commerce platforms like Amazon, Flipkart, and others often mandate that sellers must have a GST registration. Without it, sellers may not be allowed to list their products or services on these platforms.
Facilitates Seamless Operations: E-commerce operators are required to collect tax at source (TCS) at 1% under GST law. Registered sellers are required to file the appropriate returns to claim credit for this TCS. This ensures that the tax credit is not lost and reduces the cost burden on sellers.
GST is a Boon for New Businesses
In the fast-paced world of startups, GST Registration offers multiple benefits that can give you a competitive edge. From simplifying the tax structure and saving you money through Input Tax Credit to making interstate trade easier and boosting your credibility, GST is designed to help businesses like yours thrive. Whether you’re a small business just starting out or you have plans to scale rapidly, the advantages of GST are hard to ignore.
So, don’t wait until your turnover crosses the threshold – consider registering for GST early on to take full advantage of the benefits. It’s a smart move that can set your startup on a path to long-term success and keep you focused on what really matters: building your business
Composition Scheme: Eligibility and Benefits for Small Businesses
If you’re a small business owner looking for a simplified way to handle GST Registration, the Composition Scheme might be exactly what you need. Designed to make life easier for small businesses, the scheme offers lower tax rates and reduces the compliance burden, giving you more time to focus on growing your business rather than worrying about complex GST filings. But before you dive in, it’s important to understand who qualifies and what the real benefits are.
In this section, we’ll break down the eligibility criteria for the Composition Scheme and walk you through the advantages it offers. It’s all about keeping things simple and manageable, especially for businesses just starting out.
Eligibility for the Composition Scheme: Who Can Join?
First things first, let’s talk eligibility. The Composition Scheme is specifically designed for small businesses with a turnover of up to ₹1.5 crore in most states. If your business is based in a northeastern state or one of the special category states, the turnover threshold is a bit lower—₹75 lakh. So, if your annual turnover falls within this range, you can opt for this scheme and enjoy its perks.
The scheme is ideal for businesses like small retailers, manufacturers, and restaurants that operate locally and don’t need to deal with complicated GST filings every month. However, not all businesses can enroll. If you’re involved in making inter-state sales, supplying goods through an e-commerce platform, or engaged in services other than restaurants, you’re not eligible for the Composition Scheme. It’s also worth noting that businesses that deal with exempted goods or services can’t opt for this scheme either.
Before you sign up, check if your business qualifies and whether it makes sense for your operations. The last thing you want is to enroll and later realize you’re not eligible!
Simplified Tax Rates: Lower Your Tax Burden
One of the biggest advantages of the Composition Scheme is the lower tax rates. Instead of paying the standard GST rates, you pay tax at a reduced rate on your turnover. For manufacturers and traders, the rate is 1%, while restaurant service providers pay 5%. This reduced rate can significantly lower your tax burden, especially when compared to the higher GST rates applicable to regular taxpayers.
But there’s a trade-off. Under the Composition Scheme, you cannot collect GST from your customers or issue tax invoices. This means you pay the GST out of pocket based on your turnover. For businesses that deal primarily with consumers (B2C), this arrangement works well because consumers usually don’t care about claiming Input Tax Credit (ITC). But if you’re planning to sell to other businesses (B2B), this could be a disadvantage since they won’t be able to claim ITC on purchases from you.
Simplified Compliance: Less Paperwork, More Focus on Growth
One of the main reasons small businesses opt for the Composition Scheme is the simplified compliance. Under regular GST rules, you’d be required to file multiple returns every month, keep detailed records, and reconcile invoices—tasks that can eat up a lot of your time and resources. With the Composition Scheme, the compliance burden is much lighter.
You only need to file quarterly returns instead of monthly ones, which means less paperwork and fewer deadlines to stress over. This simplicity allows you to spend more time focusing on running and growing your business instead of worrying about tax compliance. You also don’t need to worry about issuing tax invoices. Instead, you provide a bill of supply to your customers, which is much simpler and easier to manage.
For small businesses, particularly those without a dedicated accounting team, this reduction in compliance can be a game-changer. You’ll be able to manage your GST obligations without needing to hire a tax expert or invest in expensive accounting software.
Who Should Opt for Composition Scheme?
Now that you know the basics, let’s talk about who should consider opting for the Composition Scheme. If your business has a local customer base and doesn’t deal with other businesses that require tax invoices, this scheme could be a great fit for you. It’s especially beneficial for small retailers, manufacturers, and service providers like restaurants who want to keep things simple.
However, if your business is looking to grow beyond the local market, the scheme might not be the best option. For example, if you plan to expand across state borders or sell on e-commerce platforms, you won’t be eligible for the Composition Scheme. Similarly, if you’re working with other GST registered businesses, they may prefer to work with regular taxpayers who can issue tax invoices and allow them to claim Input Tax Credit.
The Trade-Off: Lower Tax, But No Input Tax Credit
While the Composition Scheme offers lower tax rates and easier compliance, it comes with one significant downside—you can’t claim Input Tax Credit (ITC) on your business expenses. ITC allows regular GST taxpayers to reduce their tax liability by offsetting the GST paid on their purchases against the GST collected on sales. Without ITC, you’ll need to bear the full cost of GST on any goods or services you buy for your business.
For many small businesses, this trade-off is worth it because the overall tax savings and simplified compliance outweigh the loss of ITC. But if your business has significant GST paid expenses or works closely with other GST registered businesses, you might want to reconsider whether the Composition Scheme is the right choice.
Simplifying GST for Small Businesses
The Composition Scheme is a great option for small businesses looking to simplify their GST Registration and compliance. With lower tax rates, less paperwork, and fewer deadlines, it’s designed to make life easier for businesses with limited resources. However, the scheme comes with trade-offs, such as the inability to collect GST from customers or claim Input Tax Credit.
Before you decide, weigh the pros and cons carefully based on your business model and future growth plans. If you’re looking to keep things simple and stay focused on what you do best, the Composition Scheme could be the perfect fit for your business!
For more information of GST invoicing click here: https://tmwala.com/gst-invoicing/
For more information of GST E-invoicing click here: https://tmwala.com/gst-e-invoicing/
How to Register Quickly as a Startup: Fast-Tracking Your GST Registration
Starting a new business is exciting, but let’s be honest – dealing with paperwork can be overwhelming, especially when it comes to GST Registration. Luckily, registering your startup for GST doesn’t have to be a drawn-out process. With a few smart moves and a little planning, you can fast-track your registration and get back to building your business. So, if you’re eager to avoid delays and simplify things, this guide is for you. Let’s explore some tips and tricks to help you breeze through GST Registration without any unnecessary stress.
Register Online: Simplifying the Process
Good news! You don’t have to visit any government offices or stand in long queues to get your GST Registration done. You can complete the entire process online from the comfort of your home or office. The official GST portal (www.gst.gov.in) is where you’ll need to
head for registering. The online process is straightforward, user-friendly, and designed to help you complete the registration quickly.
Inception
To begin, create an account on the GST portal and generate a Temporary Reference Number (TRN).
- Go to www.gst.gov.in >> Register>> New Registration
Fill in the details in the simple form. You will receive two OTPs, one on your mail and the other on your mobile phone, enter both and Voila! You have taken the first step towards your GST Registration. You will be granted a Temporary Reference Number (TRN) which will be sent to you on your mail. Use this TRN for further processes.
https://reg.gst.gov.in/registration
This TRN will help you save your progress in case you need to pause midway through the application. Once you’ve logged in, fill in the required details – business information, promoter details, authorized signatory, principal place of business, and more.
Here’s a tip to speed up the process: double-check your information before submitting. Small errors like incorrect business names, typos in PAN numbers, or incomplete address details can lead to delays or rejection of your application. So, make sure every detail is accurate and matches the information on your supporting documents. A little extra caution upfront will save you from having to reapply later.
- Now Go to www.gst.gov.in >> Register>> Temporary Reference Number (TRN).
Login in to the portal by entering the TRN you received on your mail, enter the captcha. You will receive one OTP on your Mail ID & Mobile Number, enter either one of them and move forward.
https://reg.gst.gov.in/registration
- Once you are logged in, click on the Pencil Icon, under the Action Tab
- You will be redirected to an extensive form, under the following tabs. Take your time and fill every single one of them truthfully and based upon the facts, registrations and details readily available with you.
- After you fill the form, you will be asked to sign the form. There are two options, either you can choose the easy one i.e. AADHAAR Authentication wherein an OTP is sent to the Authorized Signatory’s AADHAAR Linked Mobile Number and then the form is submitted or you can sign the form with DSC for which you have to follow the following guide
https://tutorial.gst.gov.in/userguide/loginanddsc/Register___Update_DSC.htm - After you sign the form, a Success page will appear.
- Thereafter, anywhere within 24-48 Hours normally, you will receive a link for AADHAAR Authentication on your mail. You have to click on it and it will be redirected to a page where you have to enter the AADHAAR of the Authorized Signatory and enter the OTP. Once successful, you have successfully filed your GST Registration Application.
- Acknowledgment of Application: Once you submit the application for GST registration (Form GST REG-01) on the GST portal, you will receive an Acknowledgment Reference Number (ARN). This ARN can be used to track the status of your application on the GST portal.
In case of any queries, please feel free to consult our experts at TMWala either through our Website TMWala.com or our mail help@tmwala.com or through WhatsApp @ +91-7225090650.
Track Your Application Status: Stay on Top of the Process
Once you’ve submitted your application, don’t just sit back and wait for things to happen. To ensure a quick registration, it’s essential to track the status of your GST Registration online. The GST portal allows you to keep an eye on your application and check if any action is required from your end. You can use the ARN (Application Reference Number) provided after submission to track your application.
Sometimes, authorities may ask for additional documents or clarifications. If that happens, respond quickly to avoid any delays. The faster you respond, the sooner your application will be processed. Delays in response can slow things down, so always keep an eye on your email and the GST portal for updates.
If your application is approved, you’ll receive your GSTIN (Goods and Services Tax Identification Number) within a few days. Congratulations – you’re now GST-registered! But if there’s an issue with your application, don’t worry. You’ll get notified about what went wrong, and you can make the necessary corrections and reapply without too much hassle.
Register for GST Quickly and Get Back to Business
Getting your GST Registration done as quickly as possible is essential for any startup. Whether you’re selling products, offering services, or planning to scale across different states, being GST compliant keeps you on the right side of the law and opens up doors to business growth.
By gathering all your documents in advance, ensuring you fill out the online application accurately, considering TMWala’s help if needed, and tracking your status closely, you can speed through the registration process and get your GSTIN without unnecessary delays. The less time you spend on registration, the more time you can spend building your business and taking it to the next level. So, get organized, get registered, and get back to growing your startup!
Learn more about GST Registration- https://tmwala.com/gst-registration/
Following documents may be required for GST Registration
| CATEGORIES OF PERSON | DOCUMENT REQUIRED FOR FILING GST |
| Sole proprietor / Individual | PAN card of the owner Aadhar card of the owner Photograph of the owner (in JPEG format, maximum size – 100 KB) Bank account details Address proof |
| Partnership firm | PAN card of all partners (including managing partner and authorized signatory) Copy of partnership deed Photograph of all partners and authorized signatories (in JPEG format, maximum size – 100 KB) Address proof of partners (Passport, driving license, Voters identity card, Adhar card etc.) Adhar card of authorized signatory Proof of appointment of authorized signatory In the case of LLP, registration certificate / Board resolution of LLP Bank account details Address proof of principal place of business |
| Hindu Undivided Family (HUF) | PAN card of HUF PAN card and Adhar card of Karta Photograph of the owner (in JPEG format, maximum size – 100 KB) Bank account details Address proof of principal place of business |
| Company (Public/ Private/ Indian/ foreign) | PAN card of Company Certificate of incorporation given by Ministry of Corporate Affairs Memorandum of Association / Articles of Association PAN card and Aadhar card of authorized signatory. The authorized signatory must be an Indian even in case of foreign companies/branch registration PAN card and address proof of all directors of the Company Photograph of all directors and authorized signatory (in JPEG format, maximum size – 100 KB) Board resolution appointing authorized signatory / Any other proof of appointment of authorized signatory (in JPEG format / PDF format, maximum size – 100 KB) Bank account details Address proof of principal place of business |
| Limited Liability Partnership (LLP) | PAN card of all the partners Photographs of all the partners (JPEG format, up to 100 kb size) Partnership deed copy (showing names of all partners) Address proof of all the partners (e.g., Voter’s ID, Aadhaar card, etc.) Address proof of office (i.e., principal place of business) (e.g., property tax receipts, lease/rental agreement copy, utility bill etc.) Authorized signatory – Proof of appointment, Aadhaar card, Pan card Bank account details (e.g., canceled cheque, bank statements, etc.) For LLPs – Registration certificate, Board resolution of LLP For LLPs – Digital Signature Certificate |
| Private Limited Company | PAN Card of the company Certificate of Incorporation (issued by the Ministry of Corporate Affairs) PAN Cards of all directors Aadhar Card of the authorized signatory Photograph of all directors Proof of business address Bank account details Board resolution for the appointment of the authorized signatory Digital Signature Certificate (DSC) of the authorized signatory |
| Public Limited Company | PAN Card of the company Certificate of Incorporation (issued by the Ministry of Corporate Affairs) PAN Cards of all directors Aadhar Card of the authorized signatory Photograph of all directors Proof of business address Bank account details Board resolution for the appointment of the authorized signatory Digital Signature Certificate (DSC) of the authorized signatory |
| One Person Company (OPC) | PAN Card of the OPC Certificate of Incorporation (issued by the Ministry of Corporate Affairs) PAN Card and Aadhar Card of the director Photograph of the director Proof of business address Bank account details Digital Signature Certificate (DSC) of the authorized signatory |
| Trust/ Society/ Club/ NGO | PAN Card of the trust/society/club/NGO Registration Certificate of the trust/society/NGO PAN Cards of trustees/members Aadhar Card of the authorized trustee/member Photograph of the authorized person Proof of business address Bank account details Authorization letter for authorized signatory |
| Casual Taxable Person | PAN Card of the person Aadhar Card of the authorized signatory Proof of business address (if applicable) Bank account detail |
| Foreign Non-Resident Taxpayer | Passport copy of the authorized signatory Tax identification number (if issued by the country of origin) Proof of business address in India Bank account details in India Digital Signature Certificate (DSC) |
| Government Departments/Local Authorities | PAN Card of the department (if applicable) Proof of business address Authorization letter of the authorized signatory Bank account details Government-issued certificate or letter |
Download GST Authorization & Sample Board Resolution
Download GST Authorization & Sample Board Resolution
Common Pitfalls Startups Face: Challenges to Avoid in GST Compliance
As a startup, you’re likely juggling a million things at once—product development, marketing, customer service, funding, and of course, GST Registration and compliance. But in the midst of all this, it’s easy to make mistakes that could slow you down or cost you money. The GST system is designed to simplify taxation, but it can still be tricky for new businesses if you’re not careful. In this post, we’ll go over some of the common pitfalls startups face when dealing with GST and how you can avoid them.
Delaying GST Registration: Procrastination Can Cost You
One of the most common mistakes startups make is waiting too long to complete their GST Registration. Many entrepreneurs assume they don’t need to register right away, especially if their turnover is below ₹40 lakh (The turn over limit is as of oct 2024 this may vary according to new guidelines present that time). While it’s true that registration is mandatory only when your business crosses a specific turnover threshold, waiting can actually hold you back in ways you might not expect.
For one, you won’t be able to claim the Input Tax Credit (ITC) if you’re not registered. ITC allows you to offset the GST you pay on your business purchases, which can significantly reduce your tax liability. Additionally, without a GST number, you might face challenges when dealing with other GST registered businesses, who may hesitate to engage with non-registered entities. So, even if you think you can wait, registering early can give your startup a smoother and more professional start.
Incorrect Filing of Returns: A Recipe for Penalties
Filing your GST returns incorrectly or missing deadlines is another common pitfall for startups. The GST system is designed to make things easy, but it also comes with specific deadlines that you must meet—whether it’s the monthly GSTR-1, GSTR-3B, or the annual GSTR-9. Many startups overlook these deadlines or file incomplete returns, which can lead to penalties.
If you miss filing on time, late fees start to add up quickly, and in some cases, you may even face interest on any unpaid tax. To avoid this, set up reminders or automate your filings with accounting software that supports GST compliance. Double-check all your figures before submitting returns to avoid mismatches, as errors can result in notices from the tax department and a lot of wasted time correcting them later.
Not Claiming Input Tax Credit Properly: Leaving Money on the Table
As a startup, every rupee counts, and one of the best perks of GST Registration is the ability to claim Input Tax Credit (ITC) on your business purchases. However, many new businesses either don’t know how to claim ITC properly or they forget to do it altogether, which is like leaving money on the table.
For instance, if you’ve purchased office equipment, raw materials, or even services like marketing from a GST registered vendor, you’re entitled to claim the GST you paid on those expenses as credit. The problem arises when startups fail to keep proper records or receipts, making it difficult to claim the credit later. To avoid this pitfall, keep thorough and organized records of all your GST paid purchases. Make sure that your suppliers are also filing their GST returns accurately, as any discrepancies could prevent you from claiming your rightful credit.
Incorrectly Classifying Goods or Services: Beware of Different Tax Rates
One more issue that startups often face is incorrectly classifying their goods or services under the wrong GST tax rates. Different goods and services are subject to varying tax rates, ranging from 0% to 28%, depending on their category. Misidentifying your offerings could lead to underpayment or over payment of GST, both of which can create complications down the line.
If you underpay, you might face fines and penalties, and if you overpay, you’re tying up funds that could be used elsewhere in your business. It’s crucial to ensure that your products or services are classified correctly from the start. You can consult with a tax professional or use GST classification tools available online to determine the appropriate tax rates for your offerings. It might take a little extra time, but it will save you a lot of trouble in the long run.
Ignoring Updates in GST Law: Stay Informed, Stay Compliant
The GST system is still evolving, and rules and regulations are regularly updated. Many startups make the mistake of not keeping up with these changes, which can lead to non-compliance without them even realizing it. Whether it’s changes in return filing dates, amendments in tax rates, or new compliance rules, staying updated with GST regulations is essential for running a compliant business.
One way to avoid this pitfall is to subscribe to newsletters from the GST portal, follow updates from government sources, or work with a professional who keeps an eye on these changes for you. Staying informed ensures you don’t accidentally break the rules and helps you make the most of any new benefits or schemes that could apply to your startup.
Learn more: https://tmwala.com/blog/
Types of GST Returns and related details
There are approximately 22 types of GST forms available. Among these, 11 forms are currently active, 8 are view-only, and 3 have been suspended. The specific forms a taxpayer must file depend on their registration type and business activities.
| GST Returns | Description | Frequency | Due Date |
|---|---|---|---|
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected. | Monthly | 11th of the next month. |
| Quarterly for those under QRMP scheme | 13th day of the month after the quarter | ||
| IFF (Optional by taxpayers under the QRMP scheme) | Details of B2B supplies of taxable goods and/or services affected. | Monthly (for the first two months of the quarter) | 13th of the next month. |
| GSTR-2(Suspended) | Monthly return form used to give the details of inward supply or purchases | 15th of next month of the tax period | |
| GSTR-3B | Summary return of outward supplies and input tax credit claimed, along with payment of tax by the taxpayer. | Monthly | 20th of the next month. |
| Quarterly (For taxpayers under the QRMP scheme) | 22nd or 24th of the month succeeding the quarter | ||
| GSTR-9 | Annual return by a regular taxpayer. Learn more : https://tmwala.com/gst-annual-return/ | Annually | 31st December of the next financial year. |
| GSTR-9C | GST audit form for taxpayers with turnover exceeding Rs. 2 crores annually. | Annually | 31st December of the year subsequent |
| Businesses registered under the Composition Scheme | |||
| GSTR-4 | It is for Composition Scheme taxpayers. It applies to businesses with goods turnover up to Rs. 1.5 crores and service providers up to Rs. 50 lakhs, allowing them to pay tax at a predetermined rate. | Annually | 30th April of the next financial year |
| GSTR-9A | GSTR-4 replaces quarterly submissions; taxpayers now file CMP-08 challans quarterly by the 18th. | ||
| CMP-08 | Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act. | Quarterly | 18th of the month succeeding the quarter. |
| Other types of business owners and dealers | |||
| GSTR-5 | Mandated for non-resident foreign taxpayers conducting business in India, records their outbound and inbound transactions, adjustments, tax liabilities, and payments, submitted accordingly. | Monthly | For registrations less than 1 month, due within 7 days of expiry. For longer, due on the 20th or within 7 days of expiry. |
| GSTR-5A | It is a monthly summary for OIDAR service providers, due by the 20th. | Monthly | 20th of next month. |
| GSTR-6 | Input Service Distributors are required to file GSTR-6, detailing the ITC received and allocated, with comprehensive documentation on credit distribution. | Monthly | 13th of the following month of the tax period |
| GSTR-7 | Entities required to deduct TDS under GST must file GSTR-7, detailing deducted TDS, amounts due and paid, and any refunds. | Monthly | 10th of the next month |
| GSTR-8 | This form is mandatory for GST-registered e-commerce operators who collect tax at source. It documents all supplies made via the platform along with the corresponding TCS details. | Monthly | 10th of the following month. |
| GSTR-9B | It is filed by e-commerce operators mandated to deduct Tax Collection at Source (TCS) under Section 52 of the CGST Act, 2017. It applies to operators facilitating sales where sellers differ. | Annually | |
| GSTR-10 | The last return required from a taxpayer after their GST registration has been canceled. Learn about GST Cancellation:https://tmwala.com/gst-registration-cancellation/ | Once, when the GST registration is canceled or surrendered. | Date of order of cancellation, or within 3 months from the date of cancellation, whichever is later. |
| GSTR-11 | A fluctuating tax return for taxpayers with UINs, detailing purchases by foreign embassies and diplomatic missions for self-use within a specific month. | 28th of the following month in which the UIN holders receive the inward supply | |
| ITC-04 | A statement required from a principal or job-worker detailing goods sent to or received from a job-worker. | Yearly (for Annual Aggregate Turnover up to Rs. 5 crore) Bi-annually (for Annual Aggregate Turnover exceeding Rs. 5 crore) | 25th April where AATO is up to Rs.5 crore. 25th October and 25th April where AATO exceeds Rs.5 crore. |
| Auto-drafted Returns | |||
| GSTR-2A | GSTR-2A is a dynamic, read-only return for purchasers, auto-filled with suppliers’ GSTR-1 and IFF data. | ||
| GSTR-2B | Introduced in August 2020, GSTR-2B is a static, read-only return providing ITC information from the previous month’s GSTR-1 filings, aiding purchasers in ITC claims. | ||
| GSTR-4A | Quarterly tax return for composition dealers, auto-generated from supplier GSTR-1, GSTR-5, and GSTR-7 data. | ||
| Tax Notice | |||
| GSTR-3A | A tax notice issued by the tax authority to a defaulter who has not timely filed monthly GST returns. | ||
Note: The numbers are as of Oct 2024 this may vary according to new guidelines present that time.
Avoiding Common Pitfalls in GST Compliance
Navigating the world of GST Registration and compliance as a startup can feel a little overwhelming at first, but with the right knowledge and tools, you can avoid the most common pitfalls. Whether it’s registering early, staying on top of deadlines, claiming your Input Tax Credit, or keeping up with legal updates, a proactive approach will save you a lot of headaches.
By steering clear of these challenges, you’ll not only stay compliant but also position your startup for smoother operations and long-term growth. So, stay organized, double-check your filings, and remember – a little extra effort now can prevent major problems later!
For more information about GST Return filing: https://tmwala.com/gst-return-filing/
For more information about GST Letter of Undertaking (GST LUT) Filing: https://tmwala.com/gst-lut-filing/
Conclusion
In conclusion, GST registration is a game-changer for new businesses, offering a simplified tax structure that streamlines compliance and enhances credibility. By consolidating multiple taxes into one, GST registration reduces the financial burden on startups and helps them focus on growth. Benefits like the Input Tax Credit can significantly improve cash flow, allowing businesses to reinvest in their operations. Additionally, GST registration facilitates seamless interstate trade, making expansion easier and more efficient. For startups aiming to thrive, early GST registration is not just a smart move, but an essential step towards long-term success. Don’t wait—leverage the power of GST registration to boost your business today!
Use a TMWala: Get Help to Speed Things Up
If you’re not feeling confident about handling the GST Registration process on your own, don’t worry. TMWala experts are here who can assist you and make the process faster. From accountants to GST consultants, TMWala expert professionals have tons of experience with GST registrations and can help you avoid common pitfalls that slow things down.
Hiring TMWala means we will take care of everything – from filling out the forms to submitting your documents. We know exactly how to fast-track your application, making sure nothing is left incomplete or incorrect. While you’ll have to pay for the services, it’s often worth the cost, especially if you’re short on time or unsure about the technicalities of the process.
Another advantage of working with TMWala is that our experts stay updated on any changes in GST laws or requirements, ensuring your application is fully compliant. This is particularly helpful if you’re new to tax filings and don’t want to spend time studying the rules yourself.
