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Due to the technical glitches at GSTN Network, E-commerce firms have been facing difficulties to file the details of tax collected at source (TCS) which adversely influencing the working capital of small retailer firms.
GST Annual Returns and subsequent GST Audit Reports may spoil the record maintenance of several traders. Businesses and taxpayers registered under GST must file GST Annual Returns(GSTR-9 Return) and Audit Reports (GSTR-9C certified by a CA) on or before 31st December 2018.
Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
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.
The indirect impact of higher goods and services tax on the hotel industry i.e. 28 percent which is the highest GST slab rate making it a difficult industry to deal with other aspects of business in India.
The deadline for filing summary sales return GSTR-3B for the month of September has been extended five days i.e. till October 25, 2018 by Finance Ministry.
The Finance Ministry has officially announced that the business enterprises who have chosen the composition scheme under Good and Services Tax (GST) Regime now don’t require to provide the information of goods purchased from their vendors while filing quarterly return GSTR-4 Form.
In a bid to adhere Goods and Services Tax (GST) Regime, an extensive drive has been launched by Delhi Government on 12 October 2018 which will help to keep an eye on tax defaulters those which are evading taxes under GST. Furthermore, it would help to increase revenue for the national capital.
