Types of GST registration?

 GST mei firm ko two type se register kiya ja sakta hai. 1- Composition Firm 2- Regular Firm Composition Firm-: Turnover limit-  Agar kisi f...

 GST mei firm ko two type se register kiya ja sakta hai.

1- Composition Firm

2- Regular Firm

Composition Firm-:

Turnover limit- Agar kisi firm ki turnover limit 1.5CR se kam hai toh unhe Composition mei registered karvaya ja sakta hai.

Optional Registration- Agar firm ki 1 year ki sale 1.5CR se kam hai to Propriteor chahe toh Regular me bhi registration karva sakta hai.

GST Return- Composition firm ko quaterly return ( 3 months mei Ek baar) lagana padta hai jise CMP08 Return bhi kehte hai.

Applicable of Taxes-  Composition firm mei purchase par lagne wali GST ki Input nahi li ja sakti or na sales par GST lagaya ja sakta hai, Yani purchase mei jo Tax humne Government ko pay kardiya voh hum customer se bhi wapas nhi le sakte.

Tax liability- Composition firm har 3 months mei jitna sale akrti hai usko return ke sath sale ka 1% pay karna padta hai, Example- 3 month mei 250000 Rs. ki sale hui toh 250000 Rs. ka 1% yani 2500 Rs. Government ko pay karna padta hai.

Example of entry- Composition firm mei purchase ya sales ki entry krne par SGST & CGST ya IGST nahi lagaya ja sakta, Direct tax included item ki value dalkar Entry krdi jati hai.

Name of invoice- Composition firm mei jo bill banta hai usko Bill of Supply kehte hai.

Advantage - Composition firm mei book keeping karna easy hai, or 3 month mei keval 1 he return lagana padta hai.

Disadvantage- Agar koi customer regular firm mei registered hai or compostion firm wale se input ,mangne ke liye with tax invoice mangle to nahi diya jaskta.

Regular Firm-:

Turnover limit- Agar  kisi ki turnover 1.5CR se jyada hai toh woh regular firm mei register karwate hai or ye anivarya hai. Regular ke liye koi optional registration nahi hai.

GST Return- Regular firm ko har month 1 GST return lagana padta hai jisko GSTR3B Return bhi kehte hai.

Applicable of taxes- Regular firm ko Input GST or Output GST ka pura record rakhna padta hai , yani har month ki kitti purchase or uspar kitta tax pay kiya and us par kitta tac collect kiya. Regular firm me GSTR3B Return ke according agar tax payable banta hai to tax pay karna warna nahi karna hai

Tax Liability- Regular firm me GSTR3B Return ke according agar tax payable banta hai to tax pay karna warna nahi karna hai, Example -Month mei 1000 ki purchase ki jisme 500 Rs. tax purchase ke sath he pay kardiya,

 Or usi mahine 1200 ki sale  ki or 700 Rs tax Customer se collect kiya , yaha humari Tax liability banti hai toh baki ka balance 700-500=200 rs tax toh sarkar ko pay krna hai or yahi maanlo ki sale 800 rs he hui or customer ne 300 Rs he tax pay kiya toh Government ke pass abhi bhi 200 rs jama rhege , Toh yaha tax pay krne ke jarurt nahi.

Examples of entry- Regualr firm mei Tally mei sales ya purchase ki entry karne par itemki taxable value alag likhi jati hai, Or us par lahgne wala tax CGST & SGST ya IGST lagaya jata hai.

Name of Invoice- Regular firm mei jo bill banta hai use Tax Invoice kaha jata hai

Advantage- Regular firm mei purchase par Input liya ja skta hai or sale par dusri firm ko output diya jaskta hai.

Disadvantage- Har month Return lagana padta hai, or usme bhi tax mismatch ka pura dhyan rakhna padta hai, books keeping mei bhi savdhani badatni padti hai.