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Excited about starting your business with seamless Goods and Service Tax (GST) return filing? Don’t hesitate! Contact the Apki Return Team today for expert guidance in managing GST regulations and ensuring a smooth start to your business.
GST Returns in India are categorized mainly into three types: Regular Returns, Composition Returns and Annual Returns. Here’s a brief overview of each:
A GST Notice is an official communication issued by tax authorities to a taxpayer for various reasons. It could be for the non-compliance of tax laws, discrepancies in tax returns, or for the purpose of seeking additional information or clarification. The notice requires the taxpayer to respond within a specified period, failing which may result in penalties or further legal action. The response to a GST notice must be accurate and timely to avoid any complications.
GST Cancellation refers to the annulment of GST registration. This can occur either suo moto by the tax authorities due to non-compliance, such as not filing returns regularly, or can be initiated by the taxpayer. For instance, if a business ceases to operate or its annual turnover falls below the threshold limit, the taxpayer might choose to cancel the GST registration. The cancellation implies that the taxpayer is no longer liable to pay GST or claim input tax credit.
Revocation is the process of reversing the cancellation of GST registration. If the GST registration is cancelled by the tax authorities and the taxpayer believes it to be unjust or due to a misunderstanding, they can file for revocation of this cancellation. This application for revocation must be filed within a stipulated time frame, usually within 30 days from the date of cancellation order. The taxpayer is required to provide sufficient reasons and evidence to support their case for revocation.
The type of GST return you need to file depends on your turnover and business type. There are three main types of GST returns:
You need to file GST returns online every month or quarter, depending on your turnover.
Non-compliance with GST can lead to penalties and interest charges.
You can find more information about GST on the website of the Goods and Services Tax Council or by contacting the tax authorities.
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