What are the Types of GST Registration Andhra Pradesh?
For the filing of GST, transactions need to be classified depending on the type of customer to whom the sale is done. Following are the two different types of GST Registration Andhra Pradesh:
A. Registration Under Composition Scheme:
The Composition Scheme is for the small taxpayers in order to ease the tax compliance for them. This scheme allows eligible taxpayers to pay a percentage of their yearly revenue as a tax. Like small retailers, eateries and trading businesses. This will relieve the taxpayers/ businesses from collecting taxes from their customers directly and adds benefits as mentioned below:
- File Single Quarterly return, not multiple monthly returns. Pay Lower Tax which gives competitive advantage. GST Registration Procedure Andhra Pradesh
- Books of Accounts and Records are easy to maintain under GST norms.
- In short, this is a customer who has a business which is registered under the composition scheme of GST and has a GSTIN.
Following is the eligibility criteria to register under GST Composition Scheme :
- Must be a Registered Taxpayer
- Annual Turnover should be less than Rs 1 Crore
- Manufacturers of Goods, Dealers, service provider and Restaurants (Not Serving Alcohol) can opt for this scheme.
B. Registration As a Casual Taxable Person:
Casual Taxable Person is a person who supplies taxable goods or services occasionally like a event management company which has various events in different states needs to register as a Casual Taxable Person for that particular taxable state before supplying or offering any goods or services.
Suppose Mr. 'A' has a business of consulting and who provide services in different states, then he needs to register as a Casual Taxable Person so that his business is compliant with the tax norms of that particular state. GST Registration Procedure Andhra Pradesh