GST Amnesty scheme likely for Nil, Non-Filers
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“Approximately there are 25 lakh ‘nil’ filer assessees while on an average 10 per cent of assessees have never filed returns so far,” a senior tax official told Businessline. These assessees do not contribute anything but add to the work of the tax system.
“A scheme for exit will bring relief to the tax payers as it will bring down their compliance cost and at the same time there will be less pressure on the GST Network,” he said. An amnesty scheme is a mechanism adopted by the Government to encourage compliance under taxation laws.
According to the law, every person registered under GST will have to file returns in some form or the other. A registered person will have to file returns either monthly (normal supplier) or quarterly basis (supplier opting for composition scheme).
An ISD (Input Service Distributor) will have to file monthly returns showing details of credit distributed during the particular month. A person required to deduct tax (TDS or Tax Deducted at Source) and persons required to collect tax (TCS or Tax Collected at Source) will also have to file monthly returns showing the amount deducted/collected and other specified details. A non-resident taxable person will also have to file returns for the period of activity undertaken. #casansaar (Source - The Hindu Business)
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