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Compliance of filing of return under Goods and Service Tax (GST)

Goods and Services Tax - GST - By: - Ganeshan Kalyani - Dated:- 4-3-2017 Last Replied Date:- 10-3-2017 - The introduction of Goods and Service Tax (GST) would be very significant step in the field of indirect tax reforms in India. The Finance Minister announced that GST will be implemented from 1st July 2017. The earlier proposed timeline for the implementation of GST was 1st April, 2017. The benefit of introduction of GST are many - it amalgamates a large number of indirect taxes into a single .....

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rstate supplier, TDS deductor, Input Service Distributor, non-resident taxable person is liable to file their returns under GST. Before filing of a return a registered taxable person is under obligation to pay to the credit of appropriate Government the tax due as per such return not later than the date on which the registered taxable person is required to furnish such return. There are twelve types of return proposed under GST. The prototype of such return is also made available in GSTN for the .....

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recipient by 17th day of the succeeding month in order to file a monthly return in GSTR-3 by 20th day of succeeding month. The compounding taxpayer is required to file return in GSTR-4, foreign non-resident taxpayer is required to file return in GSTR-5, input service distributor (ISD) taxpayer is required to file return in GSTR-6, tax deductor in GSTR-7 and Annual return is required to be filed in GSTR-8 by 31st December following the end of the financial year. E-commerce entities are required t .....

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Monthly return on the basis of outward supplies and inward supplies GSTR-4 quarterly return for compounding taxpayer GSTR-5 Non-resident foreign taxpayer GSTR-6 Input service distributor GSTR-7 Tax deducted at source GSTR-8 Annual Return GSTR-9 E-commerce entities GSTR-10 Government entities GSTR-11 Annual return by compounding taxpayers GSTR-12 Final returns (Source: www.gst.gov.in) Assuming, a registered taxable person is required to file returns in GSTR-1, 2, 3, 6, 7, 8, then in a year total .....

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es are filing return under centralized service tax registration format in which two half yearly returns in Form ST-3 are filed by them. Now, under GST they will have to file 1,708 numbers of returns if they have branches in 28 states across India. The Association of Indian Revenue Services (IRS) officers of Customs and Central Excise has expressed that the multiple returns for service providers will increase compliance cost. Service providers in the banking, insurance, logistics, IT & ITES a .....

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ing business, as it will lead to severe rise in compliance costs, it said. (Source: http://gstindiaupdates.com). Looking in to the compliance requirement under GST the companies at present having more than one registration within a state for any reason say for the purpose of area based exemption, different business vertical etc. should seriously think upon and look for the possibility to enroll in to GSTN with one GSTIN. Lesser number of GSTIN means lesser compliance. If it is really required to .....

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approved Tax Return Preparer to furnish their return and such other tasks as may be required in connection with filing of return. However, the responsibility of correctness of any particulars furnished in the return by the Tax Return Preparer shall continue to rest with the registered taxable person on whose behalf such return and details are filed. Additionally, taxpayer can also avail facility of third party service provider called GST Suvidha Provider or GSP which are envisaged to provide in .....

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