Manage your GST Services & Business Compliances with US
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Whatever your needs, we are here to help. LGOC has experienced professionals offering accounts, taxation, business advisory, and support services for all types of business registration services and other government compliances
Solution for all your business compliances
GST Registration & Other business registration become simplified
GST Registration | GST Return filing | TDS Filing |
|---|---|---|
Import & Export Code | Company Incorporation | Income Tax Filling |
Digital Signature | MSME Registration | FSSAI Licenses |
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Importance of Legal Compliances
Maintaining Accountability
Legal compliance ensures that individuals and organizations are held accountable for their actions. It establishes a framework for responsible behaviour and consequences for violations.
Legal Requirement
GST return filing is a legal obligation in many countries that have implemented a GST system. Non-compliance can result in penalties, fines, and legal actions.
Input Tax Credit (ITC) Claims:
Businesses can claim Input Tax Credits, which allow them to offset the GST they have paid on purchases against the GST they have collected on sales. Accurate GST return filing is necessary to claim and receive ITC.
Transparency and Accountability:
Filing GST returns promotes transparency in a business's financial transactions. It helps maintain accountability and prevents tax evasion.
Tax Assessment
GST returns provide a comprehensive record of a taxpayer's sales, purchases, and tax liabilities. Tax authorities use these returns to assess the amount of GST a business owes or is owed as a refund.
Revenue Collection
GST returns are the primary means through which governments collect tax revenue. Accurate and timely filing ensures that the government has the necessary funds for public services and infrastructure development.
GST return filing is a fundamental part of the GST system and plays a critical role in maintaining the integrity of the tax system, ensuring transparency, and facilitating the functioning of businesses within the tax framework. It also contributes to the revenue collection and policy-making efforts of the government.
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