Proposed GST Report on Returns under GST on public domain
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- 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.
- 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 different 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 separate 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 Rs. 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).
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