Under Goods and Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration. For certain businesses, registration under GST is mandatory.
GST returns essentially stands for filing of all GST. Every individual who is covered under the GST Act must produce their income to the Tax Department of India. This is known as return and it includes details of every sale and purchase.
The concept of refund under GST is related to any amount returned by the government, in which if a taxpayer pays more tax, then the government returns his excess amount.
The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. In case of death of registered person, the legal heirs can apply for cancellation.
Form GSTR-9 is an annual return to be filed once for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details of purchases, sales, input tax credit or refund claimed or demand created etc. in this return
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person.
The law provides that either side (department or party) if aggrieved by any order passed by the State Bench or Area Bench of the Tribunal may file an appeal to the High Court and the High Court may admit such appeal if it is satisfied that the case involves a substantial question of law.
