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GST (Goods and Services Tax) is India’s biggest tax reform. A complete dual GST was launched in India from 1 July 2017. Current scenario of world economy depicts that quite 140 nations, worldwide use GST system. Like Canada, India adopted dual GST (CGST and SGST) system.
GST chiefly removes the cascading effect on the sale of products and services. Elimination of cascading effect directly impacts the value of products. Since the tax on tax is eliminated during this regime, it ultimately results in a decrease in the cost of products and services that benefits the top users or citizens.
Mr Narendra Modi, Honorable Prime Minister keenly emphasizes on digitalization of all major procedures or documentations since BJP government gained the facility in central in 2014. GST is one among the foremost ambitious and visionary decision by the govt of India.
The complete process of GST is digitalized and technologically driven. GST portal has been launched to simplify the entire process, gain maximum accuracy and memorable speed. Using this portal, one can complete all the steps like registration, return filing, application for refund and response to note very easily.
In the GST Regime, businesses whose turnover exceeds Rs. 20 lakhs (for NE and hilly states its Rs 10 lakhs) got to register themselves as a traditional taxable person. This process of registration is named GST registration.
For certain businesses, registration under GST is mandatory. If the organization is found to ignore this and continues trade without being registered under GST, they will be charged an important petty as it’s considered an offence.
Return filing under GST depends upon the character of your business and therefore the sort of registration you’ve got opted for.
If you’re normal taxpayer under GST, you’re susceptible to file total thirty-seven returns in one fiscal year. Three returns during a single month and one annual return.
Practically only 12 monthly returns & 1 annual returns got to be filed in GST.
The penalty for not registering under GST
A penalty of 10% of the total amount due or merest of Rs.10,000 is levied on an offender who fails to pay tax or do brief payments under GST norms. Penalties can reach 100% of the tax amount because the perpetrator has deliberately circumvented paying the tax.
