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BY: Zahid Shaikh
Businesses must prioritize Goods and Services Tax (GST) compliance amidst increasing scrutiny, said tax experts.
At a workshop organized by MVIRDC World Trade Center in Mumbai, experts suggested that a prompt response to summonses, validation of Document Information Number (DIN), and focusing on key areas like input tax credit and timely reporting are essential for mitigating risks and ensuring compliance with GST regulations when dealing with GST summons.
These suggestions come at a time when taxpayers across the country, including MSMEs and large corporate houses, are facing increasing instances of tax notices, summonses, queries, and investigations from both Central and State GST authorities.
Equipping Yourself for GST Compliance
Anindita Chatterjee, Partner and Deputy CEO at TCN Global and Economic Advisory Services LLP, highlighted the doubling of registered GST taxpayers to fourteen million since its implementation.
She stressed the imperative for vigilance regarding tax notices and summons, emphasizing the equivalence of summons proceedings to judicial ones. Chatterjee urged compliance to avoid legal repercussions, advising taxpayers to validate summons DIN and focus on compliance processes, especially concerning Input Tax Credit.
She said, “With proper knowledge and meticulous record-keeping, companies can effectively manage tax disputes and reduce risks associated with non-compliance.”
Call for Simpler Regulations by the Chairman of MVIRDC
Vijay Kalantri, Chairman of MVIRDC World Trade Center Mumbai, advocates for simplifying compliance and regulations to enhance the ease of doing business.
He emphasizes the need for taxpayer-friendly laws to reduce paperwork and compliance costs for Indian MSMEs.
Kalantri stresses the importance of improving tax compliance by simplifying tax rates, rules, and regulations. He asserts, “Indian MSMEs are generally tax compliant, reflecting strong growth in tax collections.”
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