As per proviso to rule 80 of the Central Goods and Service Tax Rules, 2017, read with section 44 (1) of the Central Goods and Service Tax Act, 2017, the person paying tax under section 10 i.e. composition taxpayer need to furnish an annual return in FORM GSTR-9A. The composition taxpayer needs to furnish the […]
On 1st July, 2017 India had seen biggest tax reform in the form of Goods and Service Tax (GST). Introduction of Goods and Service Tax has subsumed various taxes, resulting into simplification of the taxation process in India. Current article provides a synopsis of various returns to be filed by different categories of the taxable person under GST, along with due dates and details to be furnished in such returns, NIL return under GST, late fee for non-filing / late filing of GST return, proposed Sahaj and Sugam return.
GSTR – 1 return basically contains the sales transactions i.e. outward supplies of taxable goods or services. GSTR – 1 return can be filed monthly and quarterly based on the turnover of the taxpayer. If the turnover of the taxpayer is less than INR 1.5 Crore, GSTR – 1 return has to be filed quarterly and if the turnover is more than INR 1.5 Crore, GSTR – 1 return has to be filed monthly.
When it comes to return filing one question always hinders into the minds of the taxpayer that in case of no transactions, is it mandatory to file the NIL GST return?
Present article highlights the basic provisions of the late fee as contained under section 47 of the Central Goods and Service Tax Act, 2017 and the current position thereon.
Current article would help to figure out the different types of forms for return filing under GST, the purpose of return, the person who is liable to file the specific return and its due dates. Further current article also provided a list of due dates extended, affecting different GST returns.
Sahaj and Sugam returns are already popular amongst the income tax assessee. Goods and Service Tax council has also come up with the similar returns in order to simplify the return filing process under GST.
As reported by us that Income Tax Department needs to further strengthen the security of Income Tax e-filing accounts, in our post titled “Income Tax e-filing website hacking : Need of the Hour department has introduced a new option to Change Password for online e-filing account. Under this option Assessee can change the password in case he forgets the same by taking the following steps
Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with his business or profession. The other sub-clauses which deal with what property is not included in the definition of capital asset are not relevant. Under section 2(47), a transfer in relation to a capital asset is defined as including the sale, exchange or relinquishment of the asset or the astonishment of any right therein or the compulsory acquisition thereof under any law.
Goods and Service Tax (GST) in simple terms can be said to be an indirect tax, levied in India, on the supply of goods or services or both. Goods and Service Tax has been made applicable in India from 1st July, 2017 and the same has replaced various cascading taxes levied by the Central and State Government in India.
