GST is an indirect tax and new GST registration has become mandatory for businesses with an annual turnover of INR. 40 Lakh and above. The GSTIN registration process is relatively simple and after registration there are several compliances to be done.
A taxpayer registered under the Good and Services Tax has to file number of GST returns based on the type of taxpayer. Usually, a regular taxpayer has to file two returns per month and one annual return for each GST registration.
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorized expert.
Any reply to the GST notices can be submitted online on the GST portal. In case the taxpayer receiving the GST notices does not reply within the stipulated time limit, he/she shall be liable for penalties and further proceedings as each case demands under the GST law.