GST FAQs

2017 marked a milestone in the history of Indian Taxation with the Government deciding to unify taxes to get rid of numerous indirect taxes that were being levied, this gave birth to the Goods and Service Taxes, popularly known as the GST. With each year of implementation, the industries have learnt numerous lessons. With different kinds of opportunities arising for startups these days, it is always a good idea to have a quick check on what we need to know about GST. Chennai Accounts – GST Registration Consultants in Chennai, presents a list of Frequently Asked Questions, based on our own experience with filing GST and our research on the topic. In this section, we intend to provide information about GST that relates to a business entity and also information a consumer paying GST needs to know.

Q: I have just started an online business of readymade clothes. Is there a format for invoices under GST?

Ans : Yes. There is a format (Rule 46) with the following 16 mandatory items to be mentioned in the invoice.

1. Name, address and GSTIN of the supplier
2. A tax invoice number- a unique one for each invoice
3. Date
4. If the buyer is registered, then name, address and GSTIN
5. Name and address of recipient along with name State-code. Also mention if the recipient is unregistered and the value of less than Rs. 50,000/-
6. HSN Code (Harmonised System of Nomenclature)
7. Detail of the item billed (Item name, quantity, weight, total value)
8. Description of the good
9. Quantity of the good and units 
10. Total value of the supply of goods and/ or services (in numbers and words)
11. Taxable values and discounts if any
12. Total amount and the amount of CGST, SGST, UTGST, IGST (all that applies)
13. In case GST is payable on reverse charge basis
14. Place of supply with name, date, and name of State in case of inter-state delivery
15. Address of delivery if it is different from the address of supply
16. Signature of the Authorised Signatory of the supplier

Q: How frequently should I file the GST returns?

Ans : There are different forms of GST returns and each one is specific to a particular condition or situation. There are GST returns to be filed monthly, quarterly, annually and once.  A regular tax payer needs to furnish details monthly and one annually.

Q: What documents would I need to get a GST number?

Ans : Basic documents required for GST registration are the following PAN Card, Aadhar Card, Photograph, Proof of address and Bank account details

Additional documents will be required for Partnerships and LLPs (Partnership deed, address of the Principal partner, proof of Signatory), Hindu Undivided Families, Companies (Company incorporation certificate, Memorandum. Articles of Association, Signatory appointment proof), society or club (copy of club or society registration certificate, authorisation letter from authorised signatory).

Q: As a start up, what benefits do I get under GST?

Ans : GST provides a higher registration threshold, therefore small businesses with a business turnover of upto Rs. 20 lakhs do not have to register under GST. 

• Tax credits available on their purchases.
• Do inter-state selling with no restrictions.
• Will get legal recognition as a supplier of Goods & Services.

Q: If I have businesses across states do I need to register with each state like the VAT system?

Ans : Yes. The GST has two components, the Central Goods and Services Tax (CGST) and the State Goods and Services Tax (SGST). Different states require different registration numbers because the SGST has to be paid to that particular State. If a business unit has business transactions of goods and services in Tamil Nadu, Kerala, Karnataka and Telangana, they have to register with all the states where their business transactions are done and obtain different GSTN numbers. Though there may be multiple GSTN numbers, they will all be under the same registered PAN number.

Q: Is it mandatory for all businesses to register under GST?

Ans : No. Any business with a turnover exceeding twenty lakhs will have to register under the GST.

Q: If my business improves in a couple of years and I do not fall under the bracket of exemption, do I need to re-register my business?

Ans : Even though it is not required by law, any small business with a revenue of less than the threshold limit can voluntarily register for GST and get the benefit of getting registered under GST. This may help the business later when it caters to a larger clientele.

Q: Can I file GST returns on my own or do I need to take help from a professional?

Ans : GST returns have to be filed online. You can do this on your own. However, there are experts who can do the filing on your behalf making your job easy. Chennai Accounts – GST registration Consultants has been providing this service since 2017 and are pioneers in the field of filing GST returns.

Q: Is there any special software available to file GST monthly returns?

Ans : Almost all the leading Accounting & Billing softwares like Tally Prime, Zoho Books will have the provision to generate GST returns from the software itself.  If you want to purchase the Latest Tally Prime software, contact Sakthi Business Services – Authorised Tally Partner in chennai.