Goods and Service Tax for Annual Compliance

Requirement To Get Registered Under GST Regime

GST Registration is mandatory for –

Any business whose turnover during a fiscal year exceeds Rs 40 lakhs (Rs 20 lakhs for North Eastern and hill states) shall be applicable only to suppliers of Goods with effect from 1st April 2019.
Any business whose turnover during a fiscal year exceeds Rs 20 lakhs (Rs 10 lakhs for North Eastern and hill states) Shall be applicable only to supplier of services.
Every person who is registered under an earlier law (i.e., Excise, VAT, Service Tax etc.) must register under GST, too
When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from the date of transfer
Anyone who drives inter-state supply of products
Casual taxable person
Non-Resident taxable person
Agents of a supplier
Those paying tax under the reverse charge mechanism
Input service distributor
E-commerce operator or aggregator
Person who supplies via e-commerce aggregator
Person supplying online information and database access or retrieval services from an area outside India to an individual in India, aside from a registered taxable person

Filing of Statement of Accounts and Solvency in Form 8-

LLP has to file it's income tax return (ITR) after the end of every financial year on or before the following due dates in Form ITR-5:

Where tax audit is not required under the Income Tax Act, 1961- 31st July
Where tax audit is required under the Income Tax Act, 1961- 30th September

GST Annual Returns And Compliances

Every Business who need to get registered under the GST regime have to file the applicable GST returns, Following are the GST returns

Returns	Meaning	Applicability/Turnover	Due Dates
GSTR-1	It consists of details of all outward supplies made by suppliers or service provider	It is to be filled by all normal taxpayers who are registered under GST Monthly: Annual Turnover > 1.5cr. Quaterly: Annual Turnover < 1.5cr	11th of Next Month 30th of Next Month
GSTR-2A	This Return is auto-populated based on data filled by suppliers in there GSTR-1.It shows all the inward supplies/ purchases of business.	Every business which is registered and have inward supplies / purchases.	No Actions to be taken
GSTR-3B	It is a Simplified return to declare Summary of all outward liabilities of a tax payer.	All Tax payers, Including those with NIL returns are required to file this GST returns	20th of the Succeeding Month
CMP-08	It is a statement –cum- challan to declare the tax payable on all outward supplies and taxpayers can pay tax on a specified rate on a declared turnover.	Taxpayers with turnover up to Rs.1.5cr opting for composition scheme have to file this return	18th of the month succeeding the quarter
GSTR-4	GSTR-4 is an Annual return for a taxpayer who is registered under composition scheme under section 10 of CGST Act.	Any business which will opt for composition scheme	30th of succeeding financial year
GSTR-5	GSTR-5 is a Monthly return having Details of all outward, inward supplies debit notes or credit notes issued during the month.	Return for a Non-Resident who carry out business transactions in India.	20th of the succeeding month
GSTR-6	GSTR-6 return contains all the details of input tax credit received and distributed by the Input Service Distributor (ISD).	Return for a Input service tax distributor need to be filled monthly.	13th of the succeeding month
GSTR-7	GSTR 7 is monthly Return and will contain details of TDS deducted, the TDS liability payable and paid and TDS refund claimed.	It is for government authorities deducting tax at source (TDS).	10th of the succeeding month
GSTR-8	GSTR-8 is a monthly return and will contain details of all supplies made through the E-commerce platform, and the TCS collected on the same	E-Commerce Operators registered under the GST who are required to collect tax at source (TCS).	10th of the succeeding month
GSTR-9	GSTR-9 is a annual return contains all the details of inward and outward supplies made by a taxpayer. It is a consolidation of all monthly an a quarterly return	GSTR-9 is applicable to all taxpayers except the persons opted for: Composition scheme Casual Taxable Persons Input Service Distributors Non-resident Taxable Persons	31st December of succeeding financial year
GSTR-9A	GSTR-9A is a annual return contains all the details of inward and outward supplies made by a taxpayer. It is a consolidation of all monthly an a quarterly return	GSTR-9A is applicable to the businesses who have opted for composition scheme	31st December of succeeding financial year
GSTR-9C	GSTR-9C is a annual return In this return registered business needs to get his books of accounts Audited by Chartered Accountants/ Cost Accountant.	It is to be filed by all taxpayers registered under GST whose turnover exceeds Rs.2 crore in a financial year.	31st December of succeeding financial year

What is PRESUMPTIVE SCHEME under GST?

It is a new scheme In which a taxpayer has been allowed to pay GST on a presumptive basis at the rate of 6% (3% CGST and 3%SGST/UTGST).
This new scheme has been introduced by the CBIC (Central Board of Indirect Taxes and Customs)
Consequently, it has been inferred that this' Presumptive Scheme' is similar to the existing composition scheme but is not a composition scheme.
This scheme can be taken by eligible registered persons on or after April 1,2019.
Only in respect of Intra-State supplies of goods or services or both the benefit under this scheme can betaken

Following are the conditions to be followed to claim beneﬁts under presumptive scheme-

The turnover in preceding Financial year does not exceed Rs 50 lakhs. Thus, the supplier who wish to opt for this scheme in the Financial Year 2019-20 should not have the turnover of more than Rs. 50 lakhs during the Financial Year 2018-19. Turnover limit of Rs. 50 lakhs shall be calculated on PAN basis
He is not eligible to pay tax under composition scheme governed by Section10 of the CGST Act
He is not engaged in the business of making any supplies on which GST is not leviable under this Act (i.e., petro products or alcoholic liquor).
He is not making any Inter-State outward supplies
He is neither a casual taxable person nor a non-resident taxable person
He is not making any supply through e- commerce operator (ECO) on which TCS applies

Rate of tax composition scheme vs presumptive scheme-

Types Of Supplies	Composition Scheme	Presumptive Scheme
Goods	1%	-
Restaurant or Catering Services (other than from serving liquor)	5%	-
Goods & Services (deemed as composite Supply)	s1%Provided turnover of services does not exceed 10% of total turnover in preceding year or Rs.5lakhs, whichever is higher	-
Goods or Services or both(deemed as mixed supplies)	-	6%