Introduction of Constitutional Amendment Bill in Parliament
- The Constitution Amendment Bill (the Bill) for an introduction of the Goods and Services Tax (GST) was presented in the Parliament. The Bill was passed by the Rajya Sabha on 3 August 2016 and by the Lok Sabha on 8 August 2016.
- As a next step, the Bill will need to be ratified by more than 50% state legislatures, before being put for the President’s assent.
- A well-designed GST Return is expected to simplify and rationalize the current indirect tax regime, eliminate tax cascading and put the Indian economy on a high growth trajectory. The current tax system suffers from significant distortions and compliance issues. Furthermore, taxation of complex transactions and situations that are emerging in the current environment has become a challenge. GST provides the right opportunity to address the current distortions and replace them with an efficient tax system.
File GST Return Online
Every person registered under GST Act has to periodically furnish the details of sales, purchases, and tax paid and collected thereon by filing the GST Return Authorities. Before filing any return payment of tax due is pre-requisite otherwise, such return will be invalid.
Steps for filing GST return:
GST return can be filed in different forms depending upon the nature of a transaction. Return Forms that are applicable for Normal Tax payers and their due dates
☞Monthly Details of inward supplies in FORM GSTR-1 by the 10th of next month.
☞Monthly Details of outward supplies in FORM GSTR-2 by the 15th of next month.
☞ Monthly Filing of Return in FORM GSTR-3 by the 20th of next month.
☞ Annual Filing of Return in FORM GSTR-8 by 31st December of next financial year.
CAclubindia
