by Startup Expert | Jan 29, 2025 | Ownership Basis
1. Avoiding Penalties and Late Fees No Late Filing Penalty: Filing GST returns on time helps you avoid late fees of: ₹20 per day (₹10 for CGST and ₹10 for SGST) for NIL returns. ₹50 per day for regular returns. No Interest: Prevents interest charges (18% per annum) on...
by Startup Expert | Jan 29, 2025 | Ownership Basis
Step 1: Determine Eligibility for GST Registration Mandatory Registration: Businesses with an annual turnover exceeding ₹40 lakh (₹20 lakh for special category states or service providers). Interstate supply of goods/services. E-commerce operators or sellers. Reverse...
by Startup Expert | Jan 29, 2025 | Ownership Basis
Step 1: Understand Your GST Filing Requirements Determine Return Type: Identify which GST returns you need to file based on your business type and GST registration (e.g., GSTR-1, GSTR-3B, GSTR-9). Frequency: Monthly (Regular taxpayers). Quarterly (Small taxpayers...
by Startup Expert | Jan 29, 2025 | Ownership Basis
1. Legal Requirement GST filing is mandated under the GST Act, 2017 for businesses exceeding specific turnover thresholds or meeting other criteria. Non-compliance can lead to penalties, interest, and legal consequences, such as cancellation of GST registration. 2....
