ICICI Bank is going to facilitate the Micro, Small & Medium Enterprises by offering them a Loan facility up to One crore rupees which will be based on their GST returns.
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ICICI Bank is going to facilitate the Micro, Small & Medium Enterprises by offering them a Loan facility up to One crore rupees which will be based on their GST returns.
Following the recent Amendments in GST returns, the Government has recently passed a waiver against the Late fee charged on late filing of the GST return form (GST) RETURN-1 for the period of July 2017 to September 2018.
Madhya Pradesh state has now 4 lakh registered traders under goods and services tax regime as the senior state commercial tax official mentioned in a public event.
Almost 20 companies had their bank accounts sealed after an intensive operation done by the tax department on all those taxpayers who had not filed up their GST returns on time even after a considerable liability.
The GTSR-9A is an annual return form that has to be mandatorily filed by composition scheme taxpayers under GST. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given Financial Year.
GSTR-2A, the GST return form which was introduced by the government in order to get the tax return simplified for all the purchase inwards of a business for matching purpose with the supplier.
Finally, it is suggested that the annual GST return form will be able to help the revenue department to find out any possible tax leakage and will keep an eye on all the financial transactions of the taxpayers.
As evident from the current amendment in GST and its implementation, also the simplification made in GST credit input return, it seems as if the Government and the Tax department are working in collaboration to sort out all the discrepancies and fallouts of the process in order to make the system apparent and transparent.
The input credit returns for all businesses could now be easily claimed. The GST return process has been simplified by the central government by the introduction of GSTR-2A form.