How to file GST returns?

All registered businesses must file GST returns on a monthly or quarterly basis. The due date for filing GST returns varies depending on the type of return and the state in which the business is registered.

GST benefits for small businesses

The GST regime has several benefits for small businesses, including:

• ● Simplified tax structure: GST has subsumed multiple indirect taxes into a single tax, which has simplified the tax structure and made it easier for businesses to comply with tax regulations.


• ● Reduced tax burden: The GST rates on many goods and services are lower than the pre-GST tax rates. This has reduced the tax burden on businesses and made them more competitive.


• ● Online compliance: GST compliance is primarily online, which has made it easier and more convenient for small businesses to comply with tax regulations.

Benefits of GST Registration

• ● Elimination of Cascading Effect: GST registration allows businesses to claim input tax credit, eliminating the cascading effect of tax on tax.


• ● Input Tax Credit (ITC): Businesses can benefit from ITC on the inward supply of goods and services, promoting financial efficiency.


• ● Easy Access to Loans: GST-registered businesses find it easier to secure loans from banks and financial institutions.


• ● Reduced Compliance: Compared to previous VAT laws, GST offers simplified compliance procedures, easing the burden on businesses.


• ● Streamlined Online Returns: GST registration facilitates a straightforward online returns filing process, enhancing efficiency and reducing paperwork.

Who Needs GST Registration in Gurgaon?

In Gurgaon, businesses dealing in services, like Mr. Aman, must register for GST if their aggregate turnover exceeds ₹20 lakhs. It's crucial to stay informed about these thresholds and obligations to ensure compliance with the GST Act.

Persons Not Liable for GST Registration

Certain entities are exempt from GST registration:

• ● Tax-Exempt Persons: Individuals wholly exempt from tax are not required to register for GST.


• ● Reverse Charge Mechanism (RCM): Service providers subject to RCM due to service recipients paying taxes are not obligated to register for GST.


• ● Job Workers with Limited Turnover: Job workers with turnover up to ₹20 lakhs/₹10 lakhs (inter-state supply) are exempt, providing relief for small businesses.

Persons Compulsorily Liable for GST Registration

Certain cases mandate GST registration, irrespective of turnover limits. These include:

• ● Inter-state Suppliers: Businesses making inter-state supplies of goods.


• ● Casual Taxable Persons: Individuals engaging in taxable supply on a casual basis.


• ● Reverse Charge Mechanism (RCM) Payers: Those required to make tax payments under RCM.


• ● Non-Residents: Non-residents making taxable supplies in India.


• ● TDS Deductors: Individuals liable to deduct TDS under Section 51.


• ● E-commerce Operators: Operators required to collect tax at source under Section 52.


• ● Input Service Distributors, Agents, and More: Various entities involved in specific transactions outlined under the GST Act.

Conclusion

Navigating the complex landscape of GST registration in Gurgaon requires a comprehensive understanding of provisions, benefits, and eligibility criteria. For expert assistance, consider reaching out to professionals like Adya Financial. As a leading financial services company, Adya Financial specializes in GST compliance and advisory, ensuring a seamless process. Contact Adya Financial today at info@adyafinancial.in for expert guidance on GST registration in Gurgaon.