GST Non Compliance
GST Non Compliance, refers to the failure of a registered taxpayer to fulfil the requirements and obligations as prescribed by the Goods and Services Tax (GST) laws and regulations.
Non-registration:
Failing to register for GST when required by law, either due to not meeting the threshold for registration or intentionally avoiding registration. GST Non Compliance.
Late or non-filing of returns:
Not filing GST returns within the specified due dates or failing to file returns altogether.
Inaccurate or incomplete filing:
Submitting GST returns with errors, inaccuracies, or incomplete information, such as incorrect tax calculations or missing details.
Non-payment or late payment of GST:
Failing to pay the GST liability within the prescribed due dates or making delayed payments.
Non-maintenance of records:
Not maintaining the necessary books, records, and documents as required by GST laws, or not retaining them for the specified period.
Non-compliance with invoice requirements:
Issuing incorrect or incomplete invoices that do not meet the specific requirements of a GST compliant invoice.
Non-compliance with input tax credit (ITC) provisions:
Claiming ineligible or excessive ITC, not maintaining proper records of ITC, or not reconciling ITC with GST returns.
Non-compliance with compliance notices:
Ignoring or not responding to compliance notices, inquiries, or audits initiated by the tax authorities.
Failure to comply with GST regulations can lead to penalties, fines, or legal repercussions, including penalties, interest charges, fines, suspension or cancellation of GST registration, disqualification of input tax credits, and other legal repercussions. It is important for businesses to ensure that they understand and adhere to the GST compliance requirements to avoid any negative consequences.
To visit https://www.gst.gov.in/
