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TMI BlogDraft GST Report on Returns under GST on public domainX X X X Extracts X X X X X X X X Extracts X X X X ..... Draft GST Report on Returns under GST on public domain X X X X Extracts X X X X X X X X Extracts X X X X ..... of GST on public domain for virtual feedback of the public: * Report of the Joint Committee on Business Processes for GST on Refund Process; * Report of the Joint Committee on Business Processes for GST on Registration; * Report of the Joint Committee on Business Processes for GST Payment Process. Further, to the above Reports, Draft Report of the Joint Committee on Business Processes for G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ST on GST Return has also been placed on the public domain for feedback of public. Key highlights of Draft Report on Returns under GST are summarised hereunder for easy digest: * Every registered dealer is required to file Return for the prescribed tax period. A Return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return; * Eight diffe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rent types of Returns are prescribed viz. GSTR 1 to GSTR 8; * Due dates for filing Return are specified for different categories of taxpayers (i.e. GSTR 1 to GSTR 8) which are ranging from 10th to 20th of subsequent month/ quarter; * There would be separate Returns for the outward supplies, inward supplies and a consolidated return based on these two returns. Besides that, there would be separ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Return for the Input Service Distributors, non-resident taxpayers (foreigners) and Tax Deductors; * A registered Tax Payer shall file GST Return at GST Common Portal either by himself or through his authorised representative; * HSN code (4-digit) for Goods and Accounting Codes for Services will be mandatory initially for all taxpayers with turnover in the preceding financial year above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 5 Crore;
* There would be no revision of Returns. Changes to done in subsequent Returns;
* All the Normal taxpayers would be required to submit Annual Return. A separate reconciliation statement, duly certified by a Chartered Accountant, will have to be filed by those taxpayers who are required to get their accounts audited under Section 44AB of Income Tax Act, 1961 (i.e. Tax Audit). X X X X Extracts X X X X X X X X Extracts X X X X ..... Scholarly articles for knowledge sharing by authors, experts, professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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