Goods and Service Tax – GST – By: – Manoj Agarwal – 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 at mygov.in that alternatively, it should also be allowed for c
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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), inward supplies (GSTR-2) and Monthly return (GSTR-3) would be10th, 15t
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