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PROCEDURES AND COMPLIANCES UNDER PROPOSED GST LAW IN INDIA

Goods and Services Tax - GST - By: - SKP IDT - Dated:- 25-12-2015 Last Replied Date:- 26-12-2015 - Introduction After decades of positive deliberation, India has finally accepted the idea of a common indirect tax regime- Goods and Services Tax (GST). Battered with multiplicity of Indirect taxes in the current regime, India Inc has more than welcomed the GST as it brings within its ambit the flavor of ease of doing business in India, seamless credit flow and a vision of common market across India .....

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er: Type of Return as per return report Description Due date of filing2 GSTR 1 Outward supplies made by taxpayer 10th of the succeeding month GSTR 2 Inward supplies made by taxpayer 15th of the succeeding month GSTR 3 Monthly return (inward supplies + outward supplies) 20th of the succeeding month GSTR 4 Quarterly return for compounding Taxpayer 18th of next month from end of quarter GSTR 5 Periodic Return by Non-Resident Taxpayer Last day of registration GSTR 6 Return for Input Service Distribu .....

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Tax legislation, is currently required to file half yearly return and within the GST regime, same Service Tax assessee might be required to file as many as 61 returns (5 returns per month i.e. GSTR 1, 2,3,6,7 and GSTR 8 annual return). Rectification of Errors in return Rectification of errors for any omission or incorrect particulars (other than as a result of audit, inspection or enforcement activity by the tax authorities) would be allowed in the return period in which such omission/incorrect .....

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in GST regime GST law on registration provides that a taxable person in the GST regime will be required to take State specific registration. Further, multiple registrations in a State for business verticals would also be permitted. As per Schedule III of the GST law, every person who is registered or holds a license under an earlier law (i.e. current indirect tax regime) would be liable to be registered under GST regime. For new assessee (who is not registered under current indirect tax regime) .....

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voluntarily for GST registration. However, in case of person engaged in inter-state supplies, casual taxable persons or a person liable to GST under reverse charge, irrespective of turnover, registration would be compulsory. Payments in GST regime GST law provides that the taxable person will be required to make payment of tax (i.e. CGST, SGST, IGST and Additional Tax) including interest, penalty or fee through electronic cash/credit ledger. It is worthwhile to know that cross utilisation of ele .....

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amount would be liable to be debited in following order: Interest liability related to returns of previous tax periods Tax liability related to returns of previous tax periods Tax liability of current tax periods Any other amount Tax deduction at source The Central or State government may mandate Central or State government department, Local authority, Governmental Agency, any category of entities as may be notified by the Central or a State government to deduct tax at the rate of 1% from the p .....

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days from crediting such tax at source to the appropriate government and default in furnishing of such certificate would be liable to late fee as prescribed under the Act. Every deductor would be liable to take registration within specified period as prescribed and furnish the return in the form within due date as prescribed, failing which he would be liable to pay late fee of as prescribed under the Act. Conclusion Although the compliances under multiple indirect tax levies such as Excise, VAT .....

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