With an immense filled up hall at Diwan-e-aam, The Taj Mahal Hotel, Mansingh Road, New Delhi, the Revenue Secretary of India Hasmukh Adhia, commenced the most happening event after the implementation of GST.
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With an immense filled up hall at Diwan-e-aam, The Taj Mahal Hotel, Mansingh Road, New Delhi, the Revenue Secretary of India Hasmukh Adhia, commenced the most happening event after the implementation of GST.
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.
GST has changed the ways the system used to go as after the implementation of GST, some bad and good changes can be seen in the Indian economy.
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.
The central government, under the guidance of the Goods and Services Tax (GST) Council, has exempted the late-filing penalty for all registered taxpayers who were not being able to file GST-3B return by the due date.