GST Registration & Returns

GST Registration is required for businesses exceeding the turnover threshold, providing a unique GSTIN for tax collection and compliance. It allows businesses to claim input tax credits and simplifies inter-state trade. GST Returns, filed monthly, quarterly, or annually, report income, taxes, and credits, ensuring compliance and avoiding penalties.

GST Registration for Businesses and Individuals
- Mandatory for businesses and individuals with a turnover exceeding the prescribed limit.
- Helps in collecting taxes on behalf of the government and enables businesses to claim input tax credits.
- Simplifies interstate trade and ensures compliance with GST laws by issuing a unique GSTIN.
Filing GST Returns and Responding to Notices
- GST returns must be filed regularly (monthly, quarterly, or annually) to report sales, taxes collected, and input tax credits.
- Failure to file returns on time can result in penalties and legal action.
- Businesses must respond to GST notices, clarifying discrepancies or issues raised by tax authorities.
GST Audits and Annual Compliance
- GST audits are conducted to ensure businesses are complying with tax regulations and accurately reporting their transactions.
- Annual compliance includes filing GST Annual Returns and reconciling financial records with tax filings.
- Helps in avoiding penalties and ensures that all tax liabilities are met.