Who is eligible to file Return under GST law?
Every registered person will have to file returns under GST. They have to file returns either monthly or quarterly basis and can be opt for composition scheme.
Whether description of each object will have to be uploaded in the invoice?
No. In fact, description is not required to be uploaded. Only HSN code in respect of supply of items and service accounting code in respect of supply of services will have to be uploaded.
What are the penalties of no longer filling return within the prescribed date?
A registered supplier who submit return beyond the due date is accountable to pay charges as a late fee of Rs 100/- for each day of delay, concern to maximum Rs 5000/. For failure to furnish annual returns by due date, late fee of Rs 100/- for every day for the duration of which such failure continues concern to maximum of an amount calculated at a quarter percentage ie; 0.25% of his state turnover, will be leviedp>
I am exporter of services, and then is it compulsory to take GST Number?
Yes. It is compulsory to register under GST even all outward supplies are export services or zero rated. Only registered supplier will be eligible to claim refunds .
By getting GST Registration, Prices will shoot up?
Though the GST rates seem high, it is solely due to the fact the entire tax is now seen to the costumer. Earlier most of the taxes like central and state excise, additional excise, purchase tax, etc. did not reflect on the invoice. If one adds up all the taxes, it would have been high in most of the items.