Why GST Registration:
All existing taxpayers registered under any State or Central laws, like Value Added Tax Act, Central Excise Act and Service Tax Act will be transitioned to GST. The enrollment for GST will ensure smooth transition to the GST regime. The data available with various tax authorities is incomplete and thus fresh enrollment has been planned. Also, this will ensure latest data of taxpayers is available in the GST database without any recourse to amendment process, which is the norm to update the data under tax statutes today.
GST Returns:
GST brings with it a seamless flow of Tax credit across industries and state borders, unifying all indirect taxes under one head.
GST is viewed to be a game changing reform for the Indian economy having a mass effect on Tax (structure, computation, payment), Compliance, Credit Utilization and Reporting.
A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish various monthly returns and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).
The need of the hour is a complete overhaul of your business current Tax system and compliances. We at “Acquittance” extend to you a complete solution for all your concerns and query related to GST.