Keeping track of your Goods and Services Tax (GST) registration is crucial for any business. Failure to file GST returns on time can lead to cancellation of your registration, causing major setbacks for your company. However, the Indian government has recently announced several updates regarding GST registration and return filing that can benefit businesses.
Revoking Cancelled GST Registration
Businesses whose GST registrations were cancelled due to non-filing of returns before December 31, 2021, can now apply for revocation of the cancellation before June 30, 2023. However, they must first settle any outstanding taxes, interest, and penalties.
Deemed Withdrawal of GST Assessment Proceedings
On April 1, the Central Board of Indirect Taxes and Customs (CBIC) issued a notification stating that taxpayers who file their pending GST returns GSTR-10 and GSTR-3B will have their assessment proceedings under the GST Act deemed to have been withdrawn. This provision applies to pending assessment proceedings before February 28, 2022, for which the returns have not been filed. It is essential to note that taxpayers who have already paid their taxes or penalties will not be eligible for any refund or adjustment resulting from the deemed withdrawal of assessment proceedings.
Capped Late Fee for GSTR-10 Final Return Filing
The Finance Ministry has announced that taxpayers who fail to file their final return in Form GSTR-10 by the due date will be subject to a capped late fee of â‚ą1,000. This applies only to registered persons who opt for cancellation of their GST registration and furnish the return by June 30, 2023. As per the law, taxpayers who cancel their GST registration must file the GSTR-10 final return within three months of cancellation.
Rationalised Late Fee for GSTR-9 and GSTR-10 Forms
The Indian government has also announced rationalised late fees for delayed filing of annual returns in Form GSTR-9 and for the GSTR-10 final return. Registered businesses with an aggregate turnover of up to Rs 5 crore in the relevant financial year will be charged a late fee of Rs 50 per day for delayed filing of the GSTR-9 form, capped at 0.04% of their turnover. Businesses with an annual turnover of Rs 5 crore to Rs 20 crore will be liable to pay a late fee of Rs 100 per day, capping at 0.04% of their turnover.
Full Fee Waiver for Delayed Filing of GSTR-4 Form with Nil Tax Payable
Additionally, the CBIC has notified a full fee waiver for delayed filing of the GSTR-4 form with nil tax payable.
These updates aim to provide relief to small businesses and simplify the tax filing process. To ensure compliance with GST regulations and to seek expert advice on tax-related matters, it is always advisable to seek assistance from a qualified Chartered Accountant. By staying up-to-date with the latest updates regarding GST registration and return filing, businesses can avoid unnecessary cancellations, penalties, and setbacks.
Tax Benefits For Indian StartupsThe startup India movement plan changed into released in 2016.
A startup is a younger initiative endeavour via way of means of a handful of human beings or sometimes, even an individual.
The authorities is selling Indian startups via way of means of making Make In India a priority.Many tax blessings and exemptions were furnished via way of means of the authorities of India to the startups in India.
When a employer profits a startup popularity in India via way of means of the authorities beneathneath the StartUp India plan, it's far benefited in phrases of sure tax exemptions.
There is a sure eligibility criterion for making use of to Income tax exemption 80IAC.
The involved startup have to were included most effective after April 1st 2016 and it have to most effective be a non-public constrained or constrained legal responsibility partnership Indian startup to be eligible for this tax exemption.
GST Registration OnlineAs per GST jurisdiction, any business operations whose annual turnover exceeds Rs 40 lakhs must register as a separate taxable provision.
As per GST jurisdiction, if you're doing any business without GST registration, it's considered an offense.GST or Goods and Service Tax - One Nation One TaxBeing the biggest tax reform in India, GST levied on the goods and services which includes both the Central taxes (CST, Service Tax, Excise Duty) and State taxes (VAT, Entertainment Tax, Luxury Tax, Octroi).
This will help the buyer in touch only GST which is charged by the last dealer within the chain of trade and provide .As per GST Regime, any business operation whose annual turnover is exceeding quite Rs.40 lakh is required to register as a traditional taxable individual.
However, there's an exclusion for hill states and North East, the annual turnover is exceeding quite Rs.20 Lakh for them.To obtain GST Registration Online is mandatory for all types of businesses whose turnover comes under the above-mentioned criteria.
If a business entity carries any business activities without GST registration, it will be conceived as a punishable offense and the business and its owner will be liable to pay heavy penalties and legal issues.Who is eligible for GST Registration Online?The person who is registered under Pre-GST law such as Excise, VAT, Service Tax Businesses that hold turnover exceeding more than Rs.
20 Lakh for the North Eastern States, Himachal Pradesh, Jammu and Kashmir, and Uttarakhand.