Provident fund is a social security system that was introduced for the purpose of encouraging savings among employees, so as to benefit them during the course of their retirement. Contributions are made by the employer and the employee on a monthly basis. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions. All employers having PF registration are responsible to file returns on a monthly basis. The filing of returns must be completed by the 25th of each month. This article deals with the filing of provident fund returns, and the various forms through which the purpose must be fulfilled Employers can now easily file PF return through the Unified Portal.
Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover
crosses Rs.40 lakhs in a year is required to obtain
GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:
* Should not be providing any services.
* The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the
States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripur and Uttarakhand.
* Should not be involved in the supply of ice cream, pan masala or tobacco.
If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20
lakhs and Rs.10 lakhs in special category states.
Under GST, the following are listed as special category states - Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand
Aggregate turnover = (Taxable supplies + Exempt Supplies + Exports + Inter-State Supplies) –
(Taxes + Value of Inward Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies).
Aggregate turnover is calculated based on the PAN. Hence, even if one person has multiple places of
business, it must be summed to arrive at the aggregate turnover.
Any person or entity irrespective of business turnover can obtain GST registration at any-time. Hence, GST registration
is obtained by many businesses in
spite of not reaching the aggregate turnover limit. Some of the main reasons for obtaining voluntary GST registration are:
* To improve the business credibility
* To satisfy the requirements of B2B customers
* To claim input tax credit benefits
Entities registered under GST have various responsibilities and compliance requirements from time to time.
Failure to comply with the GST regulations or compliance requirements can lead to penalties and revocation
of GST registration by the authorities. Some of the main responsibilities of a person registered under
GST include:
* Collecting and remitting GST amount from customers.
* Issuing proper GST invoice as per the GST rules and regulations.
* Filing GST returns whenever due based on turnover - even if there is no turnover or business activity.
* FIling annual GST return
* Maintaining all records pertaining to GST for a period of 8 years.
Ex-Legal Solutions is the leading business services platform in India, offering a variety of services like income tax filing,
GST return filing, private limited company registration, trademark filing and more. Ex-Legal Solutions can help you obtain
GST registration in India and maintain GST compliance through a proprietary GST accounting software. The average
time taken to obtain GST Certificate is about 5 - 10 working days, subject to government processing time and client document
submission. Get a free consultation on GST and GST return filing by scheduling an appointment with an Ex-Legal Solutions Advisor.
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