GST registrations getting cancelled
Now the non-filing of Goods and Services Tax (GST) returns is leading to attachment of bank accounts or cancellation of registration and many are worried.
According to the GST law, it is mandatory for a registered person to file returns either monthly (normal supplier) or on a quarterly basis (Supplier opting for composition scheme).
It says that an ISD (Input Service Distributor) will have to file monthly returns showing details of credit distributed during the particular month.
The persons required to deduct tax (TDS) and persons required to collect tax (TCS or Tax Collected at Source) also have to file monthly returns showing the amount deducted/collected and other specified details as per the law.
A non-resident taxable person also has to file returns for the period of activity.
The non-filing of GST (Goods & Services Tax) returns may lead to attachment of bank accounts and even cause the cancellation of registrations.
the finance ministry has now made it a part of the Standard Operating Procedure (SOP) in case of non-filing of GST returns.
The assessees are required to file GST returns either monthly (normal supplier) or quarterly (supplier opting for composition scheme) and if not done face consequences. more
According to the GST law, it is mandatory for a registered person to file returns either monthly (normal supplier) or on a quarterly basis (Supplier opting for composition scheme).
It says that an ISD (Input Service Distributor) will have to file monthly returns showing details of credit distributed during the particular month.
The persons required to deduct tax (TDS) and persons required to collect tax (TCS or Tax Collected at Source) also have to file monthly returns showing the amount deducted/collected and other specified details as per the law.
A non-resident taxable person also has to file returns for the period of activity.
The non-filing of GST (Goods & Services Tax) returns may lead to attachment of bank accounts and even cause the cancellation of registrations.
the finance ministry has now made it a part of the Standard Operating Procedure (SOP) in case of non-filing of GST returns.
The assessees are required to file GST returns either monthly (normal supplier) or quarterly (supplier opting for composition scheme) and if not done face consequences. more
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The cancellation of registration should not be for missing one return - it should be 3 returns and should also take into consideration the filling pattern of the assesse. There should be no interface with the Department for restoration, unless serious default, and the same should be restored once pendency is cleared more
Jan 20
As PAN cards are linked to Bank Accounts, why not link GST Accounts to their Bank accounts. more
Jan 20
I agree that in case of non-filers of returns the action is appropriate but there is rampant mis-use of this power as registration is also being cancelled for reasons other than non-filing of returns which is not only inappropriate but also without authority of law specially by state authorities. I have dealt with such cases and find that department find it hard when the legality is challenged in case other than non-filer. I understand in such cases Govt. should come forward and taker action against the concerned authorities who are misusing this power. more
Jan 19
There has been rampant misuse by some defaulters, either file nill returns or surrender registeration. Good ploy by the government. more
Jan 19
