Ahmedabad: In a first-of-its-kind drive, the state GST department is using Udyam MSME data to identify firms that could be liable for GST registration. Businesses whose MSME records point to turnover above the registration threshold are being issued notices to submit extensive financial documents, including income tax returns, invoices, bank statements and turnover details.
Notices may also be sent to already registered taxpayers if Udyam turnover or investment figures appear significantly higher than the turnover reported in GSTR-1 and GSTR-3B for the same year. The notices have triggered anxiety among small firms that claim their actual turnover is below the applicable limit or that they deal mainly in exempt or non-taxable activities. The notices seek multiple documents, including income tax returns, balance sheets, sales and turnover statements, Udyam registration certificate, sales and purchase invoices, bank statements and a breakup of taxable, exempt and non-taxable turnover. You Can Also Check: Gold Rate in Ahmedabad | Silver Rate in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Ahmedabad AQI | Weather in Ahmedabad | Petrol Price in Ahmedabad | Diesel Price in Ahmedabad | CNG Price in Ahmedabad | LPG Price in Ahmedabad