There have been changes in the Summary since 1 April 2021. Within this, if the turnover of a business is up to 5 crores, then they have to enter the 4 digit HSN code and if the turnover of a company is more than 5 crores, then they have to enter the HSN code of 6. We will follow this from April 1, 2021.
- CORE BUSINESS SELECTION
Within our GST, now we have to select our core business first and only then we can complete our next step. Within this, we are given the option to select three types of the core business. Out of which we have to select only one option which is our important job. This means that even though we do all three businesses, we have to choose only one of our core businesses.
There are Three Types Of Core Businesses.
(1) Manufacturer:- Whenever a company buys raw materials to make any goods and converts them into a finished product, such a business is called a manufacturing company. In this, the company manufactures goods and gives them to the wholesaler so that whoever needs them can get them.
(2) Trader:- When goods are given to a wholesaler, the wholesaler gives them to the distributor so that everyone knows about the goods and what are the advantages of buying them. After which the retailer brings the goods to the stock market and sells them at a fair price.
Different Between Wholesaler & Retailer ?
(a) Wholesaler:- When a company manufactures any goods, they first give it to the wholesaler and the wholesaler reaches it everywhere and everyone comes to know about it.
(b) Retailer:- The retailer works to bring all goods to the stock market, which explains the usefulness of any goods and sells them at the right rate in the market.
(3) Service provider:- Such a company offers its services rather than selling and buying goods, in which they do not require any kind of raw material. Like a doctor, IT service, lawyer, this company is called a service provider company.
NOTE******(If we made a mistake in selecting the main business, we can correct it back. For this, we have to click on View Profile, then after that, there will be the option of Core Business Activity at the bottom, then we can go back to the core business activity status and select our core business.)
- For which company are e-invoices available?
For a company whose annual turnover is more than 50 crore, such a company will have to give an e-challan to its customer. Even if the turnover of the company is 50 crores in any previous financial year after the coming of GST, it will come in the e-challan and then the bill of that company has to be billed through e-invoicing. And if a company does not do so, its invoice will not be accepted and Nil Sales will be shown for that month.