Who is eligible for GST registration?

According to the Goods and Services Tax Act, 2017, any business with a turnover of Rs. 40 lakh and above must register for GST. For north-eastern and hill states, the turnover threshold for GST registration is Rs. 10 lakh.

Similarly, How do I register for a GST number? Go to official GST portal – and under the services tab, choose Services > Registration > New Registration. On the Registration page, enter all the requested details (including your PAN number), email address and mobile number. After entering the details, click proceed.

Then, Is GST registration free of cost?

No charges are levied to complete the GST registration process. In case businesses do not complete the registration process, 10% of the amount that is due or Rs. 10,000 will be levied.

And What is the minimum amount for GST registration? A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states. Also, the definition of taxable turnover has been changed to aggregate turnover.

Can a salaried person apply for GST? A salaried employee will not be covered under GST. The service rendered by an employee to the employer will not be covered under service tax.

Can I apply for GST myself?

Step 1 – Go to GST portal. Click on Services. Then, click on the ‘Registration’ tab and thereafter, select ‘New Registration’. Key in the Email Address and Mobile Number.

Can a govt employee get GST number?

No, a Government employee cannot work or operate any proprietorship firm. You may go thru the UK Govt Code of Conducts or Rule book for the same. You can get a GST registration only when your services to the Uttarakhand Government ends.

What is the time limit for GST?

The period for applying for GST registration is within 30 days of becoming liable to obtain GST registration. The individual shall obtain GST registration when the entity crosses the threshold aggregate turnover, initiates business involved in inter-state supplies or involved in e-commerce transactions.

Is GST compulsory?

Is GST registration mandatory? Yes, you are required to obtain GST registration once your turnover exceeds the specified threshold limits.

How much does GST number cost?

Important Facts about GST Registration

There is no payable fee upon registering for GST. Every business with an annual aggregate turnover of over Rs. 20 Lakhs must register for GST.

Is GST compulsory?

GST registration is not mandatory perse, its applicability is dependent upon certain conditions. (ii) Mandatory registration irrespective of Turnover.

Can I get GST number without shop?

Even sole proprietors and partnership businesses can apply for and obtain a GSTIN. small taxpayers need to file only eight returns, including four GSTR-3B and GSTR-1 returns, saving them from having to file 16 returns. The following individuals and organisations should mandatorily have a GSTIN in India.

Can a salaried person do business in India?

The answer is absolutely Yes. A salaried person can start a private limited company or One-person company in India. However, the employment agreement of the salaried person must allow the person to start the company simultaneously. Generally, Employment contracts do not restrict to carry on a non-competing business.

Can govt employee do online business?

Answers (3) No, A government employee is not allowed to run a private business, neither is he allowed to work anywhere else as a part-time or full-time employee. This is against government rule and hence person who is found can be charged for breaking the law.

What is the maximum with GST invoice?

As per rule 46 of the Central Goods and Service Tax Rules, 2017, the length of the GST invoice number should not exceed 16 characters, which means, that the GST invoice number can be maximum up to the length of 16 digits.

Can I claim GST on mobile phone?

Yes. The mobile phones/ laptops would be covered under the definition of ‘inputs’ as they are used in the course/ furtherance of business and hence, the input tax paid on such goods will be available as input tax credit. Q 19.

What kind of tax is GST?

Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.

Can I do business without GST?

GST exemption for start-ups and small businesses

Any business with a turnover of less than Rs. 40 lakhs is recognised as a GST-exempt business. Businesses that have a lower annual aggregate turnover than Rs. 1.5 crores can avail of a composition scheme under GST.

Who has to pay GST?

2) Who is liable to pay GST? In general the supplier of goods or service is liable to pay GST. However in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.

How do I register my small business for GST?

Now, how do you go on and register yourself?

  1. Access the official GST portal
  2. Click on Services -> Registration.
  3. Under Registration, you will have two drop-down options, click on New Registration.
  4. Under that, you have to fill the required details like your mobile number, E-Mail address and Pan.

Why GST registration is required?

Registration will confer the following advantages to a taxpayer: He is legally recognized as supplier of goods or services. He is legally authorized to collect tax from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/ recipients.

Who files itr4?

The ITR-4 is filed by individuals or Hindu Undivided Families who are RNOR (resident other than not ordinarily resident) or a firm which is not a Limited Liability Partnership but is a resident and has an income not exceeding ₹50 lakhs for the year 2020-21.

Can I have both Salary and business income?

A. Yes you can file either ITR 3 or ITR 4 depending on under which head you are showing your income and show your business income along with salary income in that return of income.

Who are eligible for startup India?

Eligibility for Startup India

Is a private limited company or registered as a partnership firm or a limited liability partnership. Has an annual turnover not exceeding Rs. 100 crore for any of the financial years since incorporation/registration.

Can a government employee buy a car?

The applicant should be a regular Central/State Government employee, an employee of a Private Company, Public Sector Undertaking, or a well-respected entity. In this case, the net yearly income of the applicant should be Rs. 2.50 lakh. The maximum loan amount will be 48 times the net yearly income in this case.

Can govt employee rent his house?

NEW DELHI: The Centre on Friday told the Delhi High Court that it does not discriminate between those public servants having their own accommodation at place of duty and those who do not while allotting government residences or while permitting them to retain the same for a period of time after retirement.

Can a government employee earn from Youtube?

A central government employee can also be allowed to start Youtube channel provided, as per Central Civil Services Conduct Rules that the channel does not comment on central government policies and does not make use of any resources and information to which the employee has access by being employed there.

Can I issue invoice without GST?

Only the registered companies must file goods and service tax e-invoice on purchases and sales. Otherwise, individuals can send formal invoices to a registered person or business without registering under GST.

Is hand written bill allowed in GST?

You can have Handwritten GST number on invoice. Refer Rule 46 of CGST Rule read with Rule 48 of CGST Rule does not says that GSTIN Number should be preprinted on invoices.

How do I calculate GST?

The formula for GST calculation:

  1. Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.
  2. Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.

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