GST NEWS
GST regime to have 8 forms for filing tax returns
GST regime to have 8 forms for filing tax returns
Oct 23, 2015

The proposed GST (goods and services tax) 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.

According to 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.

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.

Source :  Business Standard

Top Stories
FM simplifies GST refund claim process for businesses
Easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by...
Sep 6, 2018
336 Views
September last month to fix GST filing errors, claim credit for FY18
September is crucial for taxpayers under the new goods and services tax (GST) regime, as it will be ...
Sep 10, 2018
409 Views
Govt draws up plan to boost GST revenues
Alarmed by a nearly four-fold rise in GST compensation to states for June-July, the Finance Ministry...
Sep 10, 2018
258 Views
Companies not passing benefits of GST cut to customers, govt plans to hike penalty
Have the prices of regular use commodities come down after the government and the GST council slashe...
Sep 4, 2018
214 Views
GST returns: New system unlikely before next elections
The roll-out of the new simplified return-filing system for the goods and services tax (GST), which ...
Aug 31, 2018
339 Views
Articles on GST