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E-tailers (a retailer selling goods via electronic transactions on the Internet), are unsure about the impact of the New GST tax collection system especially the TCS, on their business and thus have urged the Government to give some time for getting slowly into the process without hampering their profitability.
In a notification released on 19 September 2018, the Commissioner of State Tax, Gujarat State, in consultation with Chief Commissioner of Central Tax, Ahmedabad,
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
The GTSR-9A is an annual return form that has to be mandatorily filed by composition scheme taxpayers under GST. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given Financial Year.
As evident from the current amendment in GST and its implementation, also the simplification made in GST credit input return, it seems as if the Government and the Tax department are working in collaboration to sort out all the discrepancies and fallouts of the process in order to make the system apparent and transparent.
The new GST return filing system, along with modified GST norms, is expected to go live by the next year. Experts are sharing their reviews and explanations of the new GST norms and policies and how they can benefit the dealers and consumers.
The GST Council, along with the government, has accepted a new set of GST return forms with the aim to remove the ongoing issues and simplify the overall return process. The new forms would be implemented from 2019.
There is already a tense environment in the business world due to the GST and in this strategy, the fund flow as well as to ease business operation norms, the Tamil Nadu micro and small-scale units have requested modifications and relaxations in the current GST norms.
The Authority for Advance Rulings (AAR) has recently notified that GST cannot be levied on payments sent by a foreign company to its liaison offices in the country for reimbursement of various expenses.
