GST Service

ABOUT GST REGISTRATION


ABOUT GST MODIFICATION


WHY SHOULD YOU FILE GST RETURNS ON TIME?


  • Avoid Penalty – Failing to file GST Returns on time will attract a penalty of INR 200 per day and maximum up to INR 5000 of each return.
  • Avoid Registration Cancellation – To be worst if you don’t file GST Returns on time your certificate might get cancelled.
  • Better Relationship with your prospects – Filing GST Returns on time will let your customers claim input credit smoothly hence maintain a healthy relationship with good prospects.
  • Better Compliance Rating – Government of India has proposed to start the compliance rating system under which scorecard of every GST registrant shall be maintained. As a matter of fact, timely GST return filing is one of the key factors to compute such rating.
  • Ease of availing loan – Evidently, timely and accurate GST Return filing helps a taxpayer a lot while applying for loans from a bank or financial institutions. The Banks ascertain a taxpayer's credibility on the basis of his GST Returns.
  • E-Waybill generation – In order to compel the businesses for regular compliance and GST return filing, the finance ministry has now restricted E-Way bill generation for transportation of goods, in case the trader has not filed GST returns for 2 successive months.
  • WHEN DO WE OPT FOR GST CANCELLATION?


    There are certain circumstances that may compel a taxpayer to opt for a surrender of GST registration. Given below are some of the cases where a tax assessee may opt for GST cancellation procedure:
  • An accidental GST registration, that can cause unnecessary GST liability.
  • If the turnover of an individual is below ₹20 lakhs, and he has registered under GST, he can opt for GST cancellation.
  • Dissolution or amalgamation of business, GST cancellation procedure is a must to avoid getting tax notices from the government.
  • Suppose government raises the threshold for GST registration, and you get out from its cover, you can opt for GST cancellation India.
  • In case of a take-over bid, surrender of GST registration is a must or the GST tax liability will continue to arise under the previous owner’s name.