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The goods and services tax (GST) is a value-added tax charged on most goods and services sold for domestic consumption, introduced by the Constitution Act in 2016.
Recently, the Indian government has introduced some changes in the credit utilization mechanism under GST wherein the companies initially have to settle down the tax liability by availing IGST credits even before the utilization of central GST (CGST) and state GST (SGST) credits.
As per the government reports, the central government has till now collected a staggering amount of INR 4,172.44 crore as late fees for missing GST return filings by the taxpayers.
Here, we are going to provide you with the format of GST PMT-06 (payment form) and it is necessitated to generate the challan after making the payments of tax under GST.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
The GST ACT allows foreign entities like Consulates, Embassies and other UN organizations who have made their roots in India to claim the GST which they paid.
The GST was implemented with a bang of the slogan ‘One Nation, One tax’. The implementation of which was done with enthusiasm but not with proper planning which resulted in poor outcome and criticism.
It is worth noting that from starting of the GST era, many of the businessmen who had never filed even a single return of GST were exempted from paying any penalty recently made confusion and partiality views on the government by the businessman who had deposited late filing penalty earlier.
GSTR 9A is an annual composition GST form which is for all the taxpayers registered under the composition scheme of GST.
