Filings of GST Returns

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..... Filings of GST Returns - Goods and Services Tax - GST Dated:- 11-8-2018 - News - The Goods and Services Tax Council has simplified the return filing process for small businesses. The G ST Council, in its 28 th meeting held on 21 st July, 2018 in New Delhi, in principle approved the new return formats and associated changes in law for small businesses. Taxpayers who have a turnover upto ͅ .....

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..... 7; 5 crores in the previous financial year shall have facility to file quarterly return with monthly payment of taxes on self-declaration basis. For such taxpayers, simplified returns have been designed called Sahaj and Sugam. Those taxpayers who have no purchases, no output tax liability and no input tax credit to avail in any quarter of the financial year shall file one NIL return for the entire .....

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..... quarter. NIL return filers shall have the facility to file return by sending SMS. The Goods and Services Tax Network (GSTN) will focus on development of new return filing system, improving the user interface and business intelligence and analytics. It is working to improve the Offline Tool for returns under GST and is focusing on improving the user interface constantly. The user interf .....

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..... ace of FORM GSTR-3B has been made simpler and user friendly. Taxpayers have been given the facility to file NIL return by simply pressing one button. Further, GSTN is working on business intelligence and analytics such as predictive analysis, statistical scoring, 360 degree view of taxpayers etc. Comparison of data in FORM GSTR-1 and FORM GSTR-3B is being done by GSTN for tax liability an .....

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..... alysis. Reports based on such analysis are being shared with tax authorities for taking necessary action. This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a Written reply to a question in Lok Sabha. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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