Proposed GST Return – Salient features in brief
By: – Manoj Agarwal
Goods and Services Tax – GST
Dated:- 27-10-2015<\/p>\n
Dear Tax Payers,
\nGreetings of the Day!!
\nThe Joint Committee on Business Process for #GST has submitted it's Report on GST Return. The salient features for proposed #GSTReturn are as below:
\n1. There will be common E-Return for CGST, SGST, IGST and Additional Tax.
\n2. 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.
\n3. Final invoice-level supply information pertaining to the tax period to be reported separately for goods and services. I have suggested <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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!!! = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Proposed GST Return – Salient features in briefBy: – Manoj AgarwalGoods and Services Tax – GSTDated:- 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 … Continue reading “Proposed GST Return – Salient features in brief”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-670","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=670"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/670\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n7. 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.
\n8. Cut-off date for filing of details of outward supplies (GSTR-1), in<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n