Question 1

What is the threshold limit for GST registration in Sikkim?

Accepted Answer

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

Question 2

What is the GST number of Sikkim?

Accepted Answer

The GST number for Sikkim is 11.

Question 3

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

Accepted Answer

After GST registration in Sikkim, 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 Sikkim?

Accepted Answer

Non-compliance with GST regulations in Sikkim 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

What is the composition scheme for GST in Sikkim?

Accepted Answer

The composition scheme is an optional scheme for small businesses with a turnover of less than ₹1.5 crore in Sikkim. Under this scheme, businesses can file quarterly returns and pay a flat tax rate of 1% to 5%, depending on the category of goods or services they supply.

Question 7

How can I file GST returns in Sikkim?

Accepted Answer

You can file GST returns in Sikkim online through the GST Registration Portal.

Question 8

What are the penalties for late filing of GST returns in Sikkim?

Accepted Answer

The penalties for late filing of GST returns in Sikkim range from ₹50 per day for delay in filing GSTR-1 to ₹ 10,000 per day for delay in filing GSTR-3B.