GST Registration

Yes, you can make a voluntary register for GST even if your turnover is below the GST threshold. This can be advantageous for claiming input tax credits, engaging in interstate commerce and enhancing your business credibility.

Failing to register for GST on time can result in late fees and interest charges. It is important to comply with registration deadlines to avoid these financial penalties and ensure adherence to tax laws.

The effective date of GST registration is the date from which you are liable to pay GST, whereas the date of registration is when you are officially registered under GST. Recognizing this distinction is crucial for determining when your GST obligations start.

The GST Annual Return is a comprehensive summary of a taxpayer’s financial activities over a fiscal year, including sales, purchases and taxes paid. It offers an overview of the taxpayer’s GST transactions.

The HSN Code or Harmonized System of Nomenclature, is an internationally standardized coding system for classifying goods. It facilitates the identification of products for tax and regulatory purposes, aiding smooth trade operations.

The full form of SAC Code is ‘Service Accounting Code.’ It is a classification system for services under GST, promoting uniform taxation and simplifying compliance for service providers.

Yes, a salaried person can apply for GST registration if they are involved in business activities outside their employment. Registration becomes mandatory if the aggregate turnover exceeds the prescribed threshold.

An E-way Bill is a document that helps move goods worth over a specified value between different states. It provides detailed information about the consignment to ensure tax compliance and facilitate the smooth transportation of goods.

If your GSTIN was canceled without filing the final return, promptly file the pending return to avoid penalties and compliance issues.