It is now compulsory to get in-person verification to complete the GST registration procedure. In-person verification helps in preventing any fraud because of fake GST invoices. Keep reading on if you want to know more about GST registration and in-person verification.
Learn More About GST Registration
It is compulsory to have GST registration for taxpayers who have a yearly business income exceeding 40 lakh. However, for people living in North East hill, a yearly income of 10 lakh is the bar for GST registration. Hence, GST registration is essential for almost all businesses. If you do not file for a GST or do not get a GST registration, you will be imposed with a penalty.
People Who Are Eligible For GST Registration
Refer to the below-give list of people who are eligible for GST registration.
- A person who has yet not filed for GST.
- Business owners with more than 40 lakh yearly income.
- If you are non-resident taxable, the GST registration process is mandatory for you.
- E-commerce business owners
- People living out of the country who transfer information online in India.
Bases Of GST Return Filing
GST Return filing associates 4 bases are mentioned in the list below.
- Filing GST Returns monthly
- Filing GST returns yearly
- Purchase/input related GST filing
- Supply/output related GST filing
After you get your company registered as a private limited, you will have to file GST Return. It will be compulsory for you to file one in that event.
Why Is Verification Necessary For GST Registration?
GST authorities have made verification a necessity because they want to avoid any invoice frauds linked with tax credits. Way more than a hundred people have been arrested so far because of the same reason by the director-general of GST intelligence. People create these fake invoices to divert their company capital and evade GST returns.
Is It Compulsory To Get Your Aadhar Authenticated For GST Registration?
Either Aadhar card authentication or in-person verification is compulsory for GST registration. If you want to avoid in-person verification then you will have to get your Aadhar card linked with your PAN card to complete the GST registration process. In case, the process does not get completed, then in-person verification will be the only option for you.
Is There Any Penalty When You Miss A GST Filing?
Yes, you will be imposed with a penalty if you didn’t fill your GST return on time. You will be asked to pay a late feed with an 18 percent interest rate added to your GST return amount as a penalty. The late fee is Rs. 20 on a per-day basis. The maximum amount of the penalty can go up to 5000.
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