In order to engage with the stakeholders and invite comments from the public at large, the Ministry of Finance on October 6, 2015, placed the following Draft Business Processes of GSTon public domain for virtual feedback of the public:
Further, to the above Reports, Draft Report of the Joint Committee on Business Processes for GST 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 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).
To access the Draft Report on Returns under GST, please click on the link below:
Readers are requested to give their valuable feedback/ suggestions on the above Draft GST Reports for onward representation before the Government Authorities.
We take this opportunity to wish you and your family a very Happy Dussehra. On this Dussehra, may Goddess Durga bless you and your family with all pleasures.