Unmasking the Shadows: Cracking Down on Fake GST Registration Nationwide
Objective of the GST Campaign:
As the title clearly states, the main goal of the ongoing GST campaign is to raise awareness among the people of the nation about the law and encourage compliance among businesses and individuals. The programme aims to educate people about GST compliance procedures to encourage transparency in their businesses. It even focuses on evolving an effective tax ecosystem by teaching stakeholders the technicalities of GST and giving them the required tools and resources.
The following are important considerations:
Name Board should contain GSTIN mentioned on it. (At Principal Place of Business and at every Additional Place of Business)
Display the Certificate of Registration in a prominent location at the principal place of business and at every additional place of business.
GST Registration Documents such as the latest electricity bill, property tax receipt, rent agreement, Aadhaar and PAN card, etc. shall be kept at the principal place of business.
According to Section 35 of the CGST Act 2017 ("Maintaining Accounts and Other Records"), the following information must be documented at the principal place of business:
production or manufacture of goods;
inward and outward supply of goods or services, or both;
stock of goods;
input tax credit availed;
output tax payable and paid.
Penalty Provision: Any person who contravenes the above provisions of the Act or the Rules, shall be liable to pay a penalty of up to Rs. 50,000/-.
Benefits of the GST Campaign:
Increased compliance:
The program fosters high compliance rates among businesses and taxpayers by raising awareness of and streamlining GST procedures. Increased compliance strengthens the entire tax system, increases revenue for the government, and decreases tax evasion.
Business ease:
Businesses can more effectively navigate the GST landscape, lessen administrative responsibilities, and concentrate on their core operations, promoting a favourable business environment.
Improved transparency:
The primary goal of the campaign is to create a transparent tax system. The programme increases transparency in tax compliance and administration, reduces the potential for tax disputes, By teaching. Businesses about their tax responsibilities and rights.
Knowledge empowerment:
Businesses and professionals are given the knowledge and skills necessary to successfully manage the complexity of GST through the campaign’s training and capacity building programmes. They are better equipped to make wise choices, follow the rules, and take full advantage of tax benefits.
FOLLOW THE COMPLIANCES OTHERWISE, COMPLIANCES WILL FOLLOW YOU
Thanks for Reading!
CA DINESH KUMAR REDDY