Question 1

What is the threshold limit for GST registration in Odisha?

Accepted Answer

Businesses with an annual turnover exceeding ₹20 lakh must register for GST in Odisha. However, for Eastern states and hilly regions, the threshold is ₹10 lakh.

Question 2

What is the GST number of Odisha?

Accepted Answer

The GST number of Odisha is 21.

Question 3

What are the compliance requirements post-GST registration in Odisha?

Accepted Answer

After GST registration in Odisha, businesses must regularly file returns, maintain accurate records, collect and deposit taxes, and adhere to invoicing guidelines. Compliance involves timely submission of various forms as prescribed by the GST law.

Question 4

What are the penalties for non-compliance with GST regulations in Odisha?

Accepted Answer

Non-compliance with GST regulations in Odisha can lead to penalties such as fines, interest on delayed payments, or even cancellation of registration. Penalties vary based on the nature and severity of the violation.

Question 5

Can small businesses with turnover below the threshold voluntarily register for GST?

Accepted Answer

Yes, businesses with turnover below the limit can opt for voluntary GST registration to avail of benefits like input tax credit.

Question 6

Can I opt for the composition scheme if I am a small business?

Accepted Answer

Yes, businesses with an aggregate turnover of less than ₹1 crore can opt for the composition scheme. Under this scheme, you only need to pay a flat rate of GST on your turnover.

Question 7

What is the input tax credit (ITC) mechanism?

Accepted Answer

The ITC mechanism allows you to set off the GST paid on purchases of goods and services used for business purposes against the GST payable on outputs.

Question 8

What are the penalties for not registering for GST when required?

Accepted Answer

The penalties for not registering for GST when required include a late fee and interest on the late fee.