Goods and Services Tax (GST) is a consumption-based tax that is imposed on the supply of goods and services in India. GST registration is mandatory for businesses that have a turnover of more than 20 Lakhs (10 Lakhs for North-Eastern states including Manipur) and for businesses that are required to register under the reverse charge mechanism. Learn more about GST registration in Manipur.
Eligibility for GST registration in Manipur:
-Businesses that have a turnover of more than 10 Lakhs are required to register for GST in Manipur. -Businesses that are required to register under the reverse charge mechanism are also required to register for GST. -Businesses that are engaged in inter-state supply of goods and services are also required to register for GST.
Documents required for GST registration in Manipur:
-PAN card of the business -Aadhaar card of the proprietor/partners/directors -Proof of business address -Bank account details -Details of partners/directors/proprietor -Details of business activities -Details of HSN codes (if applicable)
Procedure for GST registration in Manipur:
Step 1: Apply for GST registration on the GST portal (www.gst.gov.in) -Fill in the details of the business and upload the required documents -A Temporary Reference Number (TRN) will be generated on successful submission of the application
Step 2: Verify the TRN -Verify the TRN using the OTP sent to the registered mobile number -An ARN (Application Reference Number) will be generated on successful verification
Step 3: Wait for the GST registration certificate -The GST registration certificate will be issued by the tax department after verification of the documents
Penalties for non-compliance:
-Late fees and penalties will be imposed for delayed registration or non-compliance with GST laws in Manipur. -Interest will be charged on the unpaid tax from the date it was due till the date of payment -A penalty of 10% of the tax due or Rs. 10,000, whichever is higher, will be imposed for non-compliance -In case of fraudulent evasion of tax, a penalty of 100% to 300% of the tax due may be imposed
Conclusion:
GST registration is mandatory for businesses that have a turnover of more than 20 Lakhs in India, but for the North-Eastern states including Manipur, it’s 10 Lakhs. Businesses that are required to register under the reverse charge mechanism are also required to register for GST. The process of GST registration in Manipur includes applying for GST registration on the GST portal, verifying the TRN and waiting for the GST registration certificate. Businesses that fail to comply with GST laws in Manipur may be subject to late fees, penalties, and interest. It is important to stay informed about the rules and regulations regarding GST registration and compliance in Manipur and to register for GST in a timely manner to avoid penalties and fines.
