Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis.
New registration would be required as partnership firm would have new PAN.
He is liable to register if the aggregate turnover (all India) is more than 40 lacs (Rs. 20 lacs in Special Category States) or if he is engaged in inter-State supplies.
Provisional GSTIN (PID) should be converted into final GSTIN within 90 days. Yes, provisional GSTIN can be used till final GSTIN is issued. PID & final GSTIN would be same.
If the person is involved in 100% supply of goods which are not liable for GST, then no registration is required.
Not liable to tax means supplies which is not leviable to tax under the CGST/SGST/IGST Act. Please refer to definition under Section 2(78) of the CGST Act.
A supplier of service will have to register at the location from where he is supplying services
Outward supplies on which tax is paid on reverse charge basis by the recipient will be included in the aggregate turnover of the supplier.
SEZs under same PAN in a state require one registration. Please see proviso to rule 8(1) of CGST Rules.
Exemption from registration has been provided to such suppliers who are making only those supplies on which recipient is liable to discharge GST under RCM.
If services are being provided from Indore, then registration is required to be taken only in M.P and IGST to be paid on inter-state supplies.
A separate & new registration is required for ISD.
The same can be filled while filing FORM REG-26 for converting provisional ID to final registration.
This conversion may be done while filling FORM REG-26 for converting provisional ID to final registration.
GST is leviable only if aggregate turnover is more than 20 lacs. (Rs. 10 lacs in 11 special category States). For computing aggregate supplies turnover of all supplies made by you would be added.
A person dealing with 100% exempted supply is not liable to register irrespective of turnover.
There is no liability of registration if the person is dealing with 100% exempt supplies.
Yes, you would be treated as a normal taxable person.
Separate registration as tax deductor is required.
There will be only one registration per State for all activities. But you have the option to be registered as a separate business vertical.
Any person who makes make inter-state taxable supply is required to take registration. Therefore, in this case AP dealer shall take registration and pay tax.
There will be no area-based exemptions in GST.
Only if you provide any supply from Delhi you need to take registration in Delhi. Else, registration at Mumbai is sufficient (and pay IGST on supplies made from Mumbai to Delhi)
An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.
You can apply for cancellation of Provisional ID on or before 31st July 2017.
No.
You would be able to apply for new registration at the GST Portal gst.gov.in
Yes, you have to pay GST via RCM. You can avail ITC of the GST so paid if you are otherwise eligible.
No. The supplier would be liable to obtain registration in case of inter-State supplies irrespective of his turnover.
The registration in other State would come under fresh registration.
If exclusively making supplies of Nil rated supplies, registration is not compulsory. Kindly refer section 23 of CGST Act.
No, a franchisor company need not take registration in a state where only its franchisee is located.
You may directly take GST registration.
If registered, then you need to file returns. You may choose to cancel your registration since you are dealing only in exempted products.
Yes. Since, exports are zero rated, one needs to register for GST to claim refunds.
One PAN holder gets one registration in every state, but he has the option of getting different registrations for different business verticals.
Job workers making taxable supplies above the threshold aggregate turnover need to register. Composition scheme is not available to job-workers. They, however, can avail benefit of section 143 of the CGST Act.
Service providers, except restaurants/caterers, are not eligible for composition scheme.
No. The following three classes of persons, namely
- Ice cream and other edible ice, whether or not containing cocoa.
- Pan masala
- All goods, i.e. Tobacco and manufactured tobacco substitutes are not eligible for benefit of composition scheme.
Those availing composition can exit and opt for normal tax scheme anytime. They would be eligible for ITC on stocks available on the date of switchover in terms of section 18(1)(c ) of CGST Act, 2017.
You can opt for composition scheme from the beginning of the next financial year on submitting the option to avail composition scheme before beginning of the financial year. It may please be noted that composition scheme cannot be availed from the middle of a financial year.
No, taxpayer becomes ineligible for composition scheme on the day the turnover crosses Rs. 75 lakhs.
Please apply for cancellation of registration under Section 29(1) of the CGST Act, 2017 read with Rule 24(4) of CGST Rules, 2017. You will be required to calculate and pay ITC availed on goods held in stock on the date of cancellation of registration.
In your new registration application, if you have referred to your past registration no. of Central Excise or Service Tax, you will be eligible for transitional credit under Section 140 of CGST Act, 2017 read with Rule 117 of CGST Rules, 2017.
Provisional ID (PID) will be your GSTIN. You can supply goods or services or both specifying PID as your GSTIN on Invoice.
You can supply goods or services or both on bill of supply without mentioning GSTIN and/or ARN. On receipt of GSTIN, you will need to issue revised invoice mentioning GSTIN. You are required to reflect this supply in your return and also pay tax thereon.
No, if you are dealing in 100% exempted supplies you are not liable to be registered in GST. There is no requirement of registration for making inter-state purchases.
There is no such requirement under GST law.
SGST of one State cannot be utilized for discharging of output tax liability of another State.
SGST Credit can be used for payment of IGST liability under the same GSTIN only.
The CGST and SGST Credit for a State can be utilized for payment of their respective CGST/SGST liabilities within that State for the same GSTIN only.
Tax will be collected in the State from which the supply is made. The supplier will collect IGST and the recipient will take IGST credit.
Detailed rules for reversal of ITC when the supplier is providing exempted and non-exempted supplies have been provided in ITC Rules.
Like invoice, credit/debit notes on behalf of unregistered person will be given by registered person only. Further, GSTR2 provides for reporting of same by the recipient.
Input tax credit for rent-a-cab service is not available under GST.
The tax slabs and rates are different in old and new tax regimes. Various deductions and exemptions are allowed in Old tax regime. The new regime offers lower rates of taxes but permits limited deductions and exemptions.
The option to choose between two regimes may vary from person to person. It is advisable to do a comparative evaluation and analysis under both regimes and then choose as per requirement.
Yes, the employee has to intimate the employer regarding his intended tax regime during the year. If the employee does not make an intimation, it shall be presumed that the employee continues to be in the default tax regime and has not exercised the option to opt out of the new tax regime. Thus, the employer shall deduct tax in accordance with the rates provided under section 115BAC.
However, the intimation made to the employer would not amount to exercising the option in sub- section (6) of section 115BAC for opting out of the new tax regime. The employee shall be required to do so separately before the due date specified under section 139(1) for filing of return of income.
Under the old tax regime, House Rent Allowance (HRA) is exempted under section 10(13A) for salaried individuals. However, this exemption is not available in the new tax regime.
Yes, Standard deduction of Rs.50,000 or the amount of salary, whichever is lower, is available for both old and new tax regimes from AY 2024-25 onwards.
In new tax regime, Chapter-VIA deductions cannot be claimed, except deduction u/s 80CCD(2)/80CCH/80JJAA as per the provision of Section 115BAC of the Income Tax Act, 1961. In case, taxpayer wants to claim any deductions (as applicable), then taxpayer needs to choose the old tax regime by selecting “Yes” option in ITR 1 / ITR 2 (or) “Yes, within due date” option in ITR 3 / ITR 4 / ITR 5 in the field provided for “opting out option” under Schedule ‘Personal Information’ or ‘Part- A General’ in the respective ITR. in ITR 1 / ITR 2 Or in ITR 3 and ITR 4
In the new tax regime, “Interest on borrowed capital for Self-occupied property” is not allowed as a deduction from Income from House property as per the provision of Section 115BAC of the Act, 1961. In case, the Taxpayer wants to claim deduction of interest on borrowed capital for SOP, then taxpayer must choose ‘Old Tax. Regime’ by selecting “Yes” in ITR 1 / ITR 2 or “Yes, within due date” option in ITR 3 / ITR 4 / ITR 5 in the field provided for “opting out option” in the ITR Form.
In the old tax regime, the basic exemption limit for senior citizens is Rs. 3,00,000/- and for super senior citizens, it is Rs. 5,00,000/-. In the new tax regime, no income tax is payable upto the total income of Rs. 7 lakh.
In the old tax regime in case of a resident individual, whose total income does not exceed Rs. 5,00,000/- there is rebate of 100 percent of income tax subject to a maximum of Rs. 12,500/.
In the new tax regime, w.e.f 01-04-2024, in case of a resident Individual, the rebate will be applicable on total income chargeable to tax under subsection (1A) of section 115BAC as under:
(a) where such total income does not exceed seven hundred thousand rupees, a deduction from the amount of income-tax (as computed before allowing for the deductions under Chapter VIII) on his total income with which he is chargeable for any assessment year, of an amount equal to one hundred per cent of such income-tax or an amount of twenty-five thousand rupees, whichever is less;
(b) where such total income exceeds seven hundred thousand rupees and the income-tax payable on such total income exceeds the amount by which the total income is in excess of seven hundred thousand rupees, a deduction from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income, of an amount equal to the amount by which the income-tax payable on such total income is in excess of the amount by which the total income exceeds seven hundred thousand rupees.
Form 10-IEA is a declaration made by the return filers for choosing the ‘Opting Out of New Tax Regime’. An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income must submit Form 10-IEA if they wish to pay income tax as per the old tax regime. On the other hand, taxpayers who do not have income from business or profession can simply tick the “Opting out of new regime” in the ITR form without the need to file Form 10-IEA. Simply put, only those who file ITR-3, ITR-4 or ITR-5 have to submit Form 10-IEA if they have business income (other than coop societies). Individuals and HUFs filing their returns in Forms ITR-1 or 2 are not required to submit Form 10-IEA.
An Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person with business or professional income will not be eligible to choose between the two regimes every year. Once they opt out of new tax regime, they have only one chance for switching to new regime. Once they switch back to the new regime, they won’t be able to choose old regime anytime in future. An individual with non-business income can switch between the new and old tax regimes every year. Within the same year, again it is emphasized that the choice of old tax regime can be made only before the due date of filing the return u/s 139(1) of I T Act
Please note that new tax regime is default regime for AY 2024-25. Any actions in any previous years with respect to choice of regimes will not be applicable from AY 2024-25. You are required to submit Form 10-IEA again in case you want to opt for the old regime.
Once Form 10IEA is filed for AY 2024-25, then it cannot be revoked / withdrawn in same AY. If you wish to re-enter into new tax regime then you can file Form 10IEA for withdrawal option in the next assessment year. Again it is emphasised that that the choice of old tax regime can be made only before the due date of filing the return u/s 139(1) of IT Act.
Form 10-IEA is applicable to AOP’s (other than Co-operative society) or BOI or AJP, who are filing return of Income in ITR-5 for AY 2024-25.
Form 10-IEA is applicable to AOP’s (other than Co-operative society) or BOI or AJP, who are filing return of Income in ITR-5 for AY 2024-25.