GST Regime To Have 8 Forms For Filing Tax Returns

By Super
Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    New Delhi, Oct 22 (PTI) The proposed GST regime is likely to provide for monthly filing of returns for business to business dealings through a set of eight forms for different categories of transactions.

    The Joint Committee on Business Process for GST in relation to GST Return has suggested filing of a periodic e-return for Central GST, State GST and Integrated GST.

    As per the proposal, the returns can be filed on a specific date of a month, like on 10th of next month for outward supplies, 15th for inward supplies and 20th in case of monthly returns.

     

    The Committee suggested that in the GST regime there should be eight forms for filing of returns by tax payers.

    GST Regime To Have 8 Forms For Filing Tax Returns

    There will also be provision for filing of GST returns by non-resident tax payers in form GSTR-5. Non-resident tax payers could include taxi aggregators like Uber.

    The report also said there will be a defaulters list of those who will be failing to file returns periodically and such details would be forwarded to GST authorities for necessary action.

    The Joint Committee also suggested that the GST law should provide for automatic imposition of late fees for non-filers and late filers of returns. In case the return is filed without full payment of taxes, the report said they should be rendered invalid.

    There will, however, no provision for revision of GST returns. The Finance Ministry had earlier put up three reports of the Empowered Committee, pertaining to registration, payment process and refunds in the GST regime in the public domain for stakeholder comments.

    The proposed GST envisages taxation of the same taxable event - supply of goods and services, simultaneously by both the Centre and the states. GST seeks to subsume many indirect taxes at the Central and state levels.

    Although the government had planned to roll out the GST - touted as the most comprehensive indirect tax reform since the independence - from April 1, it seems difficult as the Constitution Amendment Bill is stuck in the Rajya Sabha where the ruling NDA does not have a majority.

     

    The government, however, is going ahead with the preparatory work necessary for smooth implementation of the GST, which will subsume various levies like excise, service tax, sales tax, octroi, etc, and will ensure a single indirect tax regime for the entire country.

    PTI

    Read more about: gst tax returns
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more