what needs to be done in case we are not able to get the registration till 1st july?? How can we issue policy from such unregistered state which needs to be registered in case of insurance business??
you have to get register within 30 days from the date when you are liable to be register....but your liability will arise from the first day when you are liable to be registered.....say you are liable to be registered on 1st july, then you can get register upto 30th july but you have to pay gst on turnover from 1st july itself.....I think 30 days is more than enough time to get yourself register....you will get provisional registration number within 24 hrs of applying for it and if your documents re proper the same will be converted into your final registration..
ya thats true.. but we are in the insurance business and needs to issue policies on daily basis... suppose if we gets registrarion on 5th july, how can we issue policies from 1st july without any gst no.?? is there any solution for it??
you may charge gst by denoting existing tax no on your invoice.....when you get registration number of gst you will need to issue revised invoice for the period starting from 1st july (or the date you are required to get registered under gst) and upto the date of issue of registration number.
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