Several indirect taxes are levied by both the Central and State governments under GST, which stands for Goods and Services Tax. Central Excise duty, VAT, Purchase Tax, Goods Tax, Entry Tax, Local Body Taxes, Octroi, Central Sales Tax, Luxury Tax are included in it.
A number of advantages are provided to all stakeholders, including industry, governments, and citizens. It reduces the cost of goods and services, boosts the market, and makes products and services globally competitive. With the Odisha GST number, a common national market will be created with uniform tax rates and methods, removing the economic difficulties, and paving the way for a national integrated economy.
The GST registration in Odisha is based on destination-based consumption taxes. The system has been designed to collect taxes at each stage, and the credit of taxes paid at the first stage can be used to offset taxes payable at the next stage, thus reducing cascading taxes. As a result, “tax on tax” is eliminated, and input tax credits can be cross-utilized, which helps industries make the whole supply chain tax-neutral.
Checklist requirements for GST registration in Odisha
- Every supplier doing business across India will need a GST registration.
- Every business in India, whether small or large, which makes a turnover above a certain limit, must register for GST.
- To support single tax return rules, they need to register under the GST Act.
- A valid Permanent Account Number (PAN).
- A number of a mobile phone that is valid in India.
- Addresses that are valid
- All required registration documents and data.
- Business location.
- With real details, including PAN, an approved signatory must be an Indian citizen.
- A PAN card must be held by one or more proprietors, directors, trustees, kartas, or members of the company.
- A bank and branch’s Indian Financial System Code (IFSC).
- The number of India’s bank account.
- Details of the jurisdiction.
GST Filing Process in Odisha
Outward Supplies Statement (GSTR-1):
- During the preceding month, this return indicates how much tax the supplier owed on the affected stocks.
- Each month, a statement of outward supplies must be filed by the 10th of the previous month. For example, a statement of outward supplies given in July must be filed by 10th August 2017.
Inward Supplies Statement (GSTR-2):
- Based on the inputs obtained during the previous month, ITC (Input Tax Credit) has been accrued.
- In most cases, the GSTR-1s are auto-populated from the GSTR-1s of the related suppliers of the taxpayer, except where imports and purchases made from suppliers who are not registered are concerned.
- A statement of all supplies collected during the previous month must be filed by the 15th each month. For example, a statement of all supplies collected during July 2017 must be filed by the 15th of August 2017.
- As part of the consolidated return, the following information should be included and it needs to be filed by the 20th of every month.
- The GSTR-1 auto-populates with outward supplies
- A description of inward supplies (automatically generated from GSTR-2)
- The ITC has been issued.
- The amount of tax due.
- Payment received (both cash and ITC) NOTE: All payments should be received by the 20th of each month.
Documents needed for GST registration in Odisha
In order to file for GST, you need a PAN card, proof of business registration, identification, photos and address proofs for the individuals in charge, proof of the business address, and a copy of your bank account. A canceled check, a bank statement, or an extract from your passbook can verify your bank details. The address proof can also take the form of an electricity bill, lease agreement, purchase document, or property tax statement.
Documents required for GST registration by individuals and sole proprietorships
- The PAN card of the owner
- Aadhaar card of owner
- Photo of the owner
- Address verification
- Details of your bank account
Partnership and LLP GST Registration Documents
- Deed of partnership
- The PAN cards of the partners
- The partners involved in the project are photographed
- Partners’ proof of involvement
- Authorized signatories’ Aadhaar cards
- A copy of the appointment proof of the signatory
- Registration proof for LLPs
- Details of your bank account
- Business’ principal address proof
FAQs on GST Registration in Odisha
Does everyone in Odisha need to register for GST?
A supplier must register with GST based on his/her PAN and in every state and union territory in which he/she affects the supply and meets any of the following:
- Excise, VAT, and service tax-registered individuals in the pre-GST era
- In North-Eastern states, J&K, Himachal Pradesh, and Uttarakhand, businesses with turnover above Rs. 20 lakhs are excluded.
- Persons who are casually taxable or non-residents
- Supplier’s agents and input service distributors
- The reverse charge mechanism applies to those who pay tax
- Suppliers who use e-commerce aggregators
- E-commerce aggregators are everywhere
- Providers of online information and database access or retrieval services to persons in India who are not registered, taxable persons
How long does it take to register for GST in Odisha?
- When a person becomes legally responsible for registration within thirty days after submitting the registration application, the valid date of registration shall be based on his/her liability for registration.
- An applicant who has proposed a registration application within thirty days of becoming liable to register shall use the date on which the registration approval is granted as the valid registration date.
- The active date of registration shall be the date of the order of registration in the case of a Suo Moto registration, i.e. registering willingly while within the threshold release limit for paying tax.