: Surprise visits without prior notice by officials to recover GST allowed from 1st Jan #FinanceIndia #StockMarketNEWS Surprise visits without prior notice by officials to recover GST allowed from 1st

@StockMarketNEWS Fri 24 Dec, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Surprise visits without prior notice by officials to recover GST allowed from 1st Jan #FinanceIndia #StockMarketNEWS
Surprise visits without prior notice by officials to recover GST allowed from 1st Jan New Delhi, 23 Dec (KNN) With the new GST dispensation to be effective from January 1, 2022 Government will be empowered to send officials to business premises to recover GST.

Under the GST system, there are two kinds of returns that a company is required to file monthly if its turnover is over INR 5 crore annually. These are from GSTR-1 and GSTR-3B. The former is a return that shows invoices of its sales and the latter is for declaring summary GST liabilities. While GSTR-1 is to be filed by the 11th of the following month of the transactions, GSTR-3B is to be filed by the 20th of the next month.

Those with an annual turnover of up to INR 5 crore can file quarterly returns, if they choose so.

According to a report carried by Business Standard, now if someone has reported invoices of INR 1 crore in GSTR-1 but showed taxes on only Rs 1 lakh of sales in GSTR-3B, the government will be empowered to send officials for surprise visits to his/her business premises to recover GST on INR 99 lakh of sales. In this case, the government is not required to give notice.

Stock Market News & Best Intraday tips & Stocks near support

Report