A Novel Tax Regime for Tax Payers

Those business operators who have taken the licenses from various authorities and run the business understands the importance of GST which is a simple version of old taxation system of the country. Knowing the demand from the business segment of the society, recently the government has implemented it. GST—the goods and also service tax has to be levied on the supply in relation to products or for services inside India. Within GST are included many indirect taxes which are charged by the state or the central government for example purchase tax, service tax, value added tax, central excise duty, local body tax, entry tax, luxury tax, etc.

The goods and services tax provides advantages to the government, to the industrial sector, and also to the citizens of the country. The cost of goods, as well as services, may come down by the imposition of the new taxation system, and the economy is expected to get a boost. Moreover, it is hoped that Indian services, as well as products, will become globally competitive.

The Periodicity of filing return

It will depend upon the kind of registration as well as deals which have been specified in various periods. The monthly return should be submitted by regular, nonresidents – foreign, casual taxpayers, ISD, and compounding taxpayers are needed to submit quarterly returns.

If the file is not submitted in time

If it happens that the file will not be submitted in time that is within the given date, in that case, the defaulter or taxpayer shall incur a penalty for delay in fees Rs 100 per day which may be 5000 also. So taxpayers should clear tax return to escape such penalties.

 Different return forms are to be submitted for IGST, CGST, SGST

There is no need to submit separate forms for return, but a common will do for the three.

GSTR1

In this form will be included the below-given details:

  • Here fundamental details are to be given such as GSTIN together with the name and also mention period you are filing the return for etc.
  • Information about the issuance of invoices in relation to former month and details of taxes therein
  • Information regarding advances got against a certain supply that is needed to be undertaken in future
  • Details concerning revision with respect to sales made outward relating to former periods of tax and you can submit GST return online

GSTR2

In this form is included information regarding purchases made by the taxpayer. This GSTR2 shall be prefilled in relation to the taxpayer with the information given in GSTR1 already furnished through his supplier. You are needed to validate the information already furnished and undertake corrections if needed.

All information on purchases will be auto-populated through the department.

Invoices by means of which you have benefited partial credit previously will be submitted by means of a different table.

GSTR3 return

This form is blend of GSTR1 and GSTR2. Given to GSTR2, you have to file GSTR3 in favor fo taxpayer depending on the information given in GSTR1 and GSTR3.

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