State Taxes dept. issues GST rules for compliance, awareness

Dimapur, Aug. 29 (EMN): The office of the commissioner of state taxes has informed that a Goods and Service Tax (GST) stakeholders awareness and compliance campaign is being held to ensure smooth and effective implementation of GST in the state.

An update stated that subject and compliance requirement under the Nagaland Goods and Services Tax (NGST) Act and rules have been issued for awareness and strict compliance. With regard to registration, the compliance requirement states that dealers whose aggregate turnover of taxable supply exceeds INR 20 lakh in a financial year should register their business under section 21 of the NGST Act, 2017, while there is compulsory registration in certain cases under section 24 of the NGST Act. Penalty for non-compliance would be INR 10,000 or an amount equivalent to the tax evaded or the tax not deducted or short deducted, whichever is higher, under Section 122 (1) (xi).

Every registered person should display the certificate of registration and GSTIN in a prominent location at the principal place of business and every additional place(s) of business as required under Rule 18 of NGST Rules, 2017, it said. Penalty for non-compliance would be INR 25,000 under Section 125 of the Act.

Meanwhile, a registered person should maintain and issue proper invoices such as tax/retail invoice/bill of supply/receipt voucher/ refund voucher/payment voucher etc and credit note and debit note as required under Section 31 and 34 of the NGST Act.  Moreover, every registered person should keep and maintain a true and correct account and should retain them until the expiry of 72 months as required under section 35 and 36 of the Act.

The penalty levied for non-compliance of both the subjects would be INR 10,000 or an amount equivalent to the tax evaded etc, whichever is higher, under Section122(1)9xvi0 or INR 25,000 under section 125 of the Act.