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GST Services refers to adhering to the rules, regulations, and procedures set by the Goods and Services Tax (GST) framework in India. GST is a comprehensive indirect tax that is levied on the supply of goods and services, and businesses must ensure they meet all the requirements to avoid penalties and legal issues.
Businesses whose turnover exceeds the threshold limit specified by the government are required to register for GST. Once registered, businesses receive a GSTIN (GST Identification Number) and are legally allowed to collect GST on behalf of the government.
The process of submitting tax returns under GST regulations. Businesses file returns detailing their sales, purchases, input tax credit, and tax liabilities. Regular filing ensures compliance and timely payment of taxes.
GST registration is mandatory for businesses whose turnover exceeds the prescribed threshold. Upon registration, businesses receive a unique GSTIN (GST Identification Number) and can collect GST from customers and claim input tax credits.
The Letter of Undertaking (LUT) is a form that allows exporters to ship goods without paying GST upfront. It is a declaration that the exporter will fulfill all the tax obligations, making the export transaction zero-rated.
A GST Audit examines a company’s compliance with the Goods and Services Tax (GST) laws. It involves verifying the accuracy of GST returns, input tax credits, and overall GST payments to ensure the business adheres to GST regulations.
GST cancellation refers to the process of deregistering a business from GST when it is no longer required to be registered. This could happen due to reasons like a decrease in turnover or business closure.
A GST notice is a communication from the tax authorities requesting information or clarification on discrepancies in filed returns or tax payments. The notice may also be issued for audits or investigations.
The Letter of Undertaking (LUT) is a form that allows exporters to ship goods without paying GST upfront. It is a declaration that the exporter will fulfill all the tax obligations, making the export transaction zero-rated.
GSTR-10 is a final return filed by businesses that cancel their GST registration. It includes details of any stock on hand at the time of cancellation, and any GST due must be paid before cancellation.
