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Sales tax registration is compulsory for the underneath persons engaged in making taxable supplies:
The Retailer who would be categorized in any of the following condition would be known as Tier-1 Retailer in terms of Section 2(43A) of the Sales Tax Act, 1990.
The documents required for sales tax registration are as follows;
Moreover, some additional documents are required for Sales registration of Company and AOP
Every person registered for Sales Tax must follow these rules and obligations imposed by Tax Authorities and make compliances accordingly,
A registered person is required to issue tax invoice at the time of selling goods and rendering of services. The Invoices should include the following particulars:
Sales tax returns are normally required to be submitted on monthly basis and there are mainly three dates that need to be kept in consideration while filing sales tax returns.
The registered person would be liable to pay a penalty of ten thousand rupees. However, the penalty of two hundred rupees would be paid if the person has filed the return within ten days of the due date.
Such registered person would be liable to pay a penalty of ten thousand or five percent of the amount of tax involved (whichever is higher). If the amount of tax is paid within ten days from the due date, the registered person would be liable to pay a penalty of five hundred rupees for each day of default
Typically, following documents are required for the filing of sales tax return.
Yes, a tax return must be filed for each reporting period even though no taxable activity is performed in that tax period is due. The registered person would be required to file “Nil” return for such tax period
In case of sales return, the registered person is liable to issue credit note and declare the same in relevant annexure of respective sales tax return portal.
Where a business fails to furnish a return within the due date then such would be required to pay the penalty as determined by the law and the further non compliance could result in to the suspension and blacklisting of the business.
Apna filer is a joint initiative of team of leading tax professionals and technology enthusiasts. The initiative aims to simplify tax return filing process for individuals; especially salaried class, and promote the culture of documentation. It aims to enhance the number of tax filers in the interest of enhancing tax base of the country, at the same time, reduce huge cost to ordinary citizens who have to suffer cost of being non-filers.