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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.
The prime minister of India, Narendra Modi commands tax officials to mandate GST registration for small businessmen with turnover less than 20 lakhs. He further added the government is working to create an atmosphere where the strength of corrupts will get down and the honest taxpayers’ confidence and trust will increase.
Three major steps were taken by the government in previous year – the Real Estate (Regulation and Development) Act, 2016, Goods and Services Tax (GST), and Demonetisation.
Merchants are completely busy in GST return filing and are facing so many problems, trying to approach CA, agents, tax consultants, and experts to resolve their issues at the earliest.
Adverse effects of GST(Goods and Services) regime can be clearly seen over handicraft industries. Census data says there is a huge downfall in handicraft industry from 1996 to 2010. The growth has slashed by approx. 53% which is a drastic price change we can see on hand-made products. Apart from this, the new tax framework also intercepting the growth of the industry.
