Tax officials and businesses are preparing for filing GSTs first annual return and have expressed their nervousness about the change in the current format and if it is not done then the entire year’s records have to be re-created.
Powerd By SAG INFOTECH
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Tax officials and businesses are preparing for filing GSTs first annual return and have expressed their nervousness about the change in the current format and if it is not done then the entire year’s records have to be re-created.
The J&K government promised to reimburse the full amount of CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax) to the traders from J&K but now the traders are left with the end of reimbursement.
The current financial year will witness the introduction of two more Tax compliance forms. Under GST, India’s new indirect tax regime, two new tax compliance forms will be introduced by the end of this current financial year.
TDS stands for Tax Deduction at Source. Between deductor and the tax administration, it is easy to share the responsibility of tax collection. A certain regular inflow of cash is also made to the Government.
In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
The falling GST revenue collections will be hard to contemplate for the finance minister in order to reduce down the fiscal deficit target of 3.3 percent this year.
As every Indian taxpayer knows about official GST return filing GSTN portal. The portal is used for filing GSTR forms 1-9 along with the tax payments.
In September, the collection of Goods and Services Tax (GST) came up to INR 94,442 crore, when compared to INR 93,690 crore from the previous month. The data of GST collection was released by the Ministry of Finance on Monday.
These days businessman are looting both the government and the consumers in the name of GST as there is software present in the market taking the overall liability of GST at only 10% of the original.