Proposed GST Return – Salient features in brief
By: – Manoj Agarwal
Goods and Services Tax – GST
Dated:- 27-10-2015
Dear Tax Payers,
Greetings of the Day!!
The Joint Committee on Business Process for #GST has submitted it's Report on GST Return. The salient features for proposed #GSTReturn are as below:
1. There will be common E-Return for CGST, SGST, IGST and Additional Tax.
2. Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.
3. Final invoice-level supply information pertaining to the tax period to be reported separately for goods and services. I have suggested
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the end of the FY. This statement would provide a reconciliation of the returns with the audited financial statements of the taxpayer. Since this return captures the minutest details of income and expenditure of the taxpayer, the gross profit/loss arrived on the basis of the details submitted in this statement should tally with the gross profit/loss indicated in the Profit and Loss Account of the dealer!!!
7. A separate reconciliation statement, duly certified by a Chartered Accountant, will have to be filed by those taxpayers who are required to get their accounts audited under section 44AB of Income Tax Act 1961. Currently this limit is ₹ 1 Crore under IT Act.
8. Cut-off date for filing of details of outward supplies (GSTR-1), in
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