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As GST has completed more than two months; some partial online surveys have been conducted to know, an overall impact of GST on consumers.
In some fruitful decisions taken by GST council to promote the tax scheme well in the society for its upbringing, there are some faults which have been captured to put a question mark on it.
PM Narendra Modi, while addressing at the 2-day event of ‘Rajswa Gyan Sangam’ focused on GST issues and encouraged the system to provide a strong IT system who can free the taxmen from hurdles they are facing now in uploading the details.
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.
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 newly elected President of India, Ram Nath Kovind, has recently in an official announcement ordered to increase the GST compensation cess rate on luxury vehicles, large cars and sports utility cars from 15% to 25% under the GST regime.
