Goods and Services Tax – GST – By: – Ganeshan Kalyani – Dated:- 4-3-2017 Last Replied Date:- 10-3-2017 – The introduction of Goods and Service Tax (GST) would be very significant step in the field of indirect tax reforms in India. The Finance Minister announced that GST will be implemented from 1st July 2017. The earlier proposed timeline for the implementation of GST was 1st April, 2017. The benefit of introduction of GST are many – it amalgamates a large number of indirect taxes into a single tax called GST, seamless flow of input tax credit, cost of product would come down in long run, common national market etc. On the other side challenges are also expected to arise, may be – during the phase of transition from current tax regime to the new tax regime, compliance, etc. Out of many one of the challenges would be filing of returns. The same is discussed herein below. The compliance of filing of return under GST is going to be a challenging task. Every registered taxable person, int
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
recipient by 17th day of the succeeding month in order to file a monthly return in GSTR-3 by 20th day of succeeding month. The compounding taxpayer is required to file return in GSTR-4, foreign non-resident taxpayer is required to file return in GSTR-5, input service distributor (ISD) taxpayer is required to file return in GSTR-6, tax deductor in GSTR-7 and Annual return is required to be filed in GSTR-8 by 31st December following the end of the financial year. E-commerce entities are required to file return in GSTR-9, Government entities in GSTR-10, Annual return for compounding dealer in GSTR-11 and Final return in GSTR-12. The above types of return is enumerated in the table below for easy reference: Type of return For the purpose of GSTR-1 uploading outward supplies of goods and/or services effected during a tax period GSTR-2 uploading the detail of inward supplies of taxable goods and/or services. The details would get auto populated based on the GSTR-1 filed by suppliers. GSTR-3
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ies are filing return under centralized service tax registration format in which two half yearly returns in Form ST-3 are filed by them. Now, under GST they will have to file 1,708 numbers of returns if they have branches in 28 states across India. The Association of Indian Revenue Services (IRS) officers of Customs and Central Excise has expressed that the multiple returns for service providers will increase compliance cost. Service providers in the banking, insurance, logistics, IT & ITES and aviation sectors are operating under a single centralized registration of service tax at present. That means, at present, they have to file 3 Service Tax returns in one year. In GST era, they will have to file 61 returns per state, per year, after taking registration in each state in which they have presence. So, a major Bank like SBI, which has branches in all 35 states and Union Territories, will end up filing over 2,000 returns annually. This does not seem to be in the spirit of ease of d
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
n approved Tax Return Preparer to furnish their return and such other tasks as may be required in connection with filing of return. However, the responsibility of correctness of any particulars furnished in the return by the Tax Return Preparer shall continue to rest with the registered taxable person on whose behalf such return and details are filed. Additionally, taxpayer can also avail facility of third party service provider called GST Suvidha Provider or GSP which are envisaged to provide innovative and convenient methods to taxpayers and other stakeholders in interacting with the GST Systems from registration of entity to uploading of invoice details to filing of returns. The Good and Service Tax Network has recently finalized 34 companies as the GST Suvidha Providers (GSPs), which will offer support and services to help tax payers and businesses in compliance. Though the facility of the Tax Return Preparer and GST Suvidha Provider would be available in GST the responsibility of
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =