Viewing posts for the category GST Returns
As you may know, new and simplified GSTR forms are to be implemented from April 1, 2019, on a pilot basis. Under the reign of new return forms, a taxpayer shall be able to make edits/amendments, as per the rules given forth by the GST Council. We have compiled a list of all the amendments available to the taxpayer, which are as follows,
The recent update of GSTN portal with Simplified Returns suggests GST team’s earnestness towards simplification of tax filing. The simplified taxation forms are need of the hour, especially for small taxpayers. The 27th Council Meeting and 28th Council meeting paved the way for the reforms and now Sahaj, Sugam and Quarterly(Normal) will be on pilot basis from April 1, 2019 and will be mandated from July 2019.
GST, the biggest tax reform in the country, will undergo another major revamp w.e.f. April 1, 2019. While the 27th GST Council Meeting approved Simplified Returns, the 28th GST Council Meet laid down the rules on Return Simplification. After this, return forms: GSTR 2 and GSTR 3 were suspended due to their complex structure and GSTR 1 and GSTR 3B were retained.The transition to new simplified forms was divided in 3 phases, last being avilability of Simplified Returns on the portal, and few days back, the Simplified Returns were released on the GSTN portal. The pilot starts from April 1, 2019 which shall be made mandatory from July 1, 2019.
TDS under GST is reported with the help of Form GSTR 7. Read the rate, penalties applicability, GSTR 7A etc here.
The ISD or Input Service Distributor is responsible to distribute the ITC to its sub-branches for the services utilised by them. However, there are some rules an ISD has to follow, for distribution of the ITC. Here are 5 rules or aspects to be considered by the ISD while ITC distribution.