While creating a debtor or creditor account then a compulsory field is of Registration status in GST. Basis on this information, we are able to generate correct GST returns and show suitable options.
The options available in registration status are
Regular – This refers to the businesses who have registered under GST in Normal Scheme. Normal scheme refers to person who are registered under GST but not in composition scheme.
Composition – This refers to the businesses who have registered under GST in composition scheme.
Unregistered – This refers to businesses who have not registered under GST. Businesses located outside India or who fall under below categories should not be considered as unregistered.
Overseas – This refers to businesses who are located outside India and you have either exported goods/services to them or imported goods/services from them.
Special Economic Zone (SEZ) – Special economic zones are areas defined by the government to have some special benefits. A business located in SEZ is to be given this status.
E-commerce operator – E-commerce operator refers to websites or apps who are giving a platform for sale/purchase of good or services. For example – Flipkart, Amazon. If you are selling through their platform then you need to create an account their name and give it E-commerce status.
UIN Holder – UIN stands for Unique Identification Number. This is alloted to some specific organization like united nations (UN), embassies of other countries etc. Select this option if the purchaser has UIN instead of GSTIN.