gstguy

FAQ’S

Frequently Asked Questions (FAQs)

1. What is GST and why is it important?

GST (Goods and Services Tax) is a unified indirect tax system that replaced multiple taxes in India. It ensures transparency, simplifies taxation, and helps businesses avoid cascading taxes. If your business turnover crosses the threshold limit, GST registration is mandatory.

You must register for GST if:

  • Your annual turnover exceeds ₹40 lakhs (₹20 lakhs for service providers).
  • You sell online via platforms like Amazon, Flipkart, or your own e-commerce site.
  • You provide interstate supply of goods or services.
  • You are required to pay GST under the Reverse Charge Mechanism.
  • You are an input service distributor (ISD), agent, or aggregator.
  • Legal recognition as a supplier of goods/services.
  • Ability to collect GST from customers.
  • Access to Input Tax Credit (ITC) for purchases.
  • Wider market reach (especially online businesses).
  • Compliance with government regulations to avoid penalties.
GST returns are monthly/quarterly statements showing your sales, purchases, and tax paid/collected. Common returns include:
  • GSTR-1 – Details of outward supplies (sales)
  • GSTR-3B – Monthly summary return
  • GSTR-9 – Annual return.
Filing frequency depends on your business type and turnover.
Failing to file GST returns can result in:
  • Late fees and penalties
  • Interest on outstanding tax
  • Blocking of e-way bill generation,
  • Legal action in case of continued default

Yes, you can claim ITC on GST paid for business-related purchases, provided:

  • You have a valid tax invoice.
  • The supplier has filed GST returns.
  • The goods/services are used for business purposes.
GSTGuy provides:
  • Hassle-free registration and filing services
  • Timely reminders for return filing
  • Expert guidance on compliance and audits
  • Tailored solutions for startups, SMEs, and enterprises
With GSTGuy, you stay compliant while focusing on growing your business.
Scroll to Top
WhatsApp Chat