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Mandatory Bank Account Details Submission Under GST

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Mandatory furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Act, 2017. Let's Understand What Is Rule 10A Under CGST Act, 2017. The objective of Rule 10A is to prevent fraudulent activities such as the creation of fake GST registrations and the generation of bogus invoices. By verifying the bank account details of new GST registrants, the government can ensure that only genuine businesses are registered under the GST regime. So all the registered taxpayers are required to furnish their bank account details within the prescribed period of time. Mandatory Bank Account Details Submission as Per Law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish  their bank Account  Details within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. Taxpayers are therefore advised to promptly furnish the...
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What Is TDS

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TDS stands for Tax Deducted at Source. It is a system of collecting tax on income at the source of payment. The payer of the income, known as the deductor, is required to deduct tax at a specified rate and deposit it with the government. The recipient of the income, known as the deductee, is entitled to claim a deduction for the TDS paid in their income tax return. There are a wide range of incomes that are subject to TDS, including salaries, interest, rent, commission, professional fees, and payments for goods and services. The rates of TDS vary depending on the type of income and the taxpayer's income slab. TDS is an important mechanism for the government to collect tax revenue and prevent tax evasion. It also helps taxpayers to manage their tax liability throughout the year. Here are some of the benefits of TDS: It helps to ensure that taxes are paid on time. It helps to prevent tax evasion. It helps taxpayers to manage their tax liability throughout the year. It provides a refu...
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