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Due to lack of knowledge and unawareness of GST among customers and buyers; shopkeepers and businesses are taking advantage of it and issuing the irrelevant and unauthentic bills.
The government had collected INR 95,000 crore under GST regime for July month and as the Union Minister mentioned in the statement the compliance is 64% of the total 8 million taxpayers.
An educative seminar on recently implemented Goods and Services Tax (GST) Regime has been organized by MIDC Industries Association (MIA) for the members of the association.
The definition of job-work already exists in Central Excise and the job-worker plays a major part in Indian economy due to involvement in the processing of input or unfinished goods.
GSTR-11 is filed by UIN (Unique Identification Number) holders for purchases they made during the month. Unique Identification Number is a special category under GST which is issued for specialized agencies of United nations organisation.
The GSTR-8 return form is filed by e-commerce companies each month. E-commerce companies are registered under GST regime compulsorily and obtain the registration under tax collection source(TCS).
The GSTR-7 is the GST return form for filing the returns for the tax deducted at source. The form is to be filed by 10th of the next month for a particular tax period, by all the eligible taxpayers who deduct tax at source.
According to the tax official, it is expected that the GST Council may reduce the taxes on items of common consumption if the government will earn good collection from the new tax regime over the coming few months.
GSTR – 6 Return form for all the input service distributors whom have registered under the Goods and Services Tax (GST). Every Input Service Distributor (ISD) will require to furnish the details of invoices in GSTR- 6 form at GSTN portal.
