Goods and Services Tax (GST) registration can be amended or updated as and when there is a change in the business details of the taxpayer, such as change in the business name, address, constitution etc. The process for GST registration amendment or update varies depending on the nature of the change and the jurisdiction where the taxpayer is registered. It is important for businesses to keep their GST registration details up-to-date, as failure to do so may attract penalties and other consequences under the GST laws.
The GST Registration Amendment/Updation include changes to:
1) Business details (e.g., name, address, email, phone number)
2) Bank account details
3) Authorized signatory
4) Principal place of business
5) Nature of business activity
6) Addition or deletion of an additional place of business
Taxable supplies: Composition taxpayers are only allowed to make taxable supplies and are not allowed to make exempt supplies or supplies attracting reverse charge.
GST rate: Composition taxpayers are required to pay GST at a rate of 1% (5% for restaurants & 6 % on Specified Services) on their taxable supplies.
Return filing: Composition taxpayers are required to file simplified quarterly returns in Form GSTR-4, instead of the normal monthly returns.
Input Tax Credit: Composition taxpayers are not eligible to claim Input Tax Credit on inputs and input services used in making taxable supplies.
Change in Eligibility: In case a composition taxpayer crosses the aggregate turnover threshold, he must file a declaration in Form GST CMP-02 and opt out of the composition scheme. He must then obtain a normal GST registration and pay GST at the applicable rate.
