Powerd By SAG INFOTECH
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Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.
Under GST regime, registration is the foremost and the essential step for existing taxpayers as without registration they would not get GSTIN number which is a basic identity number of a taxpayer.
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.
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.
In the series of GSTR return form filing, we have already discussed the procedures for filing GSTR-1, GSTR-2, GSTR-3, and GSTR-4; this is GSTR-5 for the person registered under GST and is a non-resident. It requires the detailing of inward and outward supplies from the business.
The GSTR 4 form is a quarterly return form for those taxpayers who have opted GST Composition scheme in the new indirect tax regime. Under the GST composition scheme, taxpayers will be required to file one only return in every three months (quarter) rather than three returns in every month.
It is now a mandatory affair for all the business entities and companies have to maintain all financial data via online under the Goods and Services Tax (GST) Regime and there is no offline tool available for anyone under this.
GST has been implemented in India and is now making all the businesses compatible with it rapidly. Recently, a new announcement has been made by the GST Network, according to which, every small business across the country with the turnover of up to Rs 75 lakh can opt for composition scheme under Goods and Service Tax regime by July 21.
GST council and central board of excise and customs have undertaken a very good step in order to spread awareness in the context of the goods and service tax to all the business community across the nation.
