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GST Alert! Discrepancies in GST may Cost Registration
The Central Board of Indirect Taxes and Customs (CBIC) notified the Standard Operating Procedure (SOP) for the implementation of suspension of registrations in case of discrepancies, indicating a breach of GST laws.
The Central Board of Indirect Taxes and Customs (CBIC) notified the Standard Operating Procedure (SOP) for the implementation of suspension of registrations in case of discrepancies, indicating a breach of GST laws.
In India, the introduction of the Goods and Services Tax (GST) has had a huge effect on the way startups work.
Any company whose turnover in a financial year exceeds Rs 40 lakh is required to register under GST. For service providers, this cap is Rs 20 lakh.
Since many indirect taxes have been taken under its umbrella by GST. Startups can set aside the tax paid on purchases from the tax paid under GST on their sales.
Goods and services tax (GST) registration of your business could be suspended automatically if there is a difference between the revenue returns submitted by your company and those filed by the suppliers.
According to the SOP, the company of specified taxpayers will be suspended and system-generated notification of suspension and notice of revocation of registration containing grounds for suspension will be sent to those taxpayers at their registered e-mail address.
" Till the time functionality for FORM REG-31 is made available on portal, such notice/intimation shall be made available to the taxpayer on their dashboard on the common portal in FORM GST REG-17. The taxpayers will be able to view the notice in the "View/Notice and Order" tab post login", the CBIC release said.
For four straight months, the accumulation of taxes on goods and services reached the 1-trillion threshold, hitting an all-time high of around 1.2 trillion in January.
The SOP further specified that taxpayers whose registrations are suspended will be required, within 30 days of receipt of such notice, to send a reply to the qualified tax officer, stating the discrepancies and the reasons why their registration should not have been cancelled.
More than 2,500 cases have been reported against 8,000 individuals since mid-November as part of the government's campaign against fraudulent invoicing rackets. Also, 258 people arrested during the drive included eight chartered accountants.
GoodReturns.in
