The government on Wednesday came out with a simplified version of GSTR-3B, making it more user-friendly amidst indications that it may possible be used even beyond March 31.
According to a note prepared by PwC, GSTN has made the following key changes in the process of filing GSTR 3 B:
Tax payment – Earlier, a taxpayer was required to Submit the return to ascertain the tax liability amount. Post submission, no changes were allowed. Now, the tax liability to be paid in cash/ credit will be shown before submitting the return. Click to read more
The government may change the goods and services tax (GST) returns filing periodicity from monthly to quarterly to make it simpler for all businesses to file their taxes.
The requirement of filing three GST returns in a month is also likely to be brought down to one, government sources said.
The committee working on the simplification of GST returns is likely to give its report by this month-end, and the GST Council may take up the issue in its meeting in March. Click to read more
In a move to make filing of returns taxpayer friendly and error-free, the Goods and Service Tax Network (GSTN), the firm that processes tax returns in the indirect tax regime, has simplified the monthly return of sales summary that businesses and traders have to file.
GSTN said in a statement on Wednesday that filing of GSTR-3 has been made more convenient and easy.
One area of improvement is the utilization of tax rebates and making the remaining payment in cash, which was an area where a few taxpayers were frequently erring, the statement said, quoting GSTN chief executive Prakash Kumar. Click to read more
The GST Network on Thursday said it has simplified filing of sales return form 3B whereby businesses will now be able to see input tax credit balance on the return forms.
“One area where a few taxpayers were making errors frequently was utilisation of input tax credit (ITC) and computation of balance payment in cash. By improving the user interface and redesigning the process, filing of GSTR-3B has been made considerably convenient,” GSTN CEO Prakash Kumar said. Click to read more
As many as 55 lakh GST returns have been filed for the month of January so far, said GSTN Chairman Ajay Bhushan Pandey on Wednesday.
GST collections were showing a sign of decline since its inception in July 2017. However, GST receipts showed a revival in December 2017.
As per official data available, in December 56.30 lakh GSTR-3B were filed which fetched Rs 86,703 crore revenue to the exchequer, while in November 53.06 lakh returns were filed with total revenue of Rs 80,808 crore. Click to read more
Ahead of the GST Council meeting on 10 March, a ministerial panel under Bihar deputy chief minister Sushil Modi will meet in New Delhi on Saturday to firm up the simplified ‘single-stage’ return filing process.
In the run up to the meeting, key members of the return simplification committee Nandan Nilekani and Central Board of Excise and Customs (CBEC) excise commissioner Manish Kumar Sinha, along with Goods and Service Tax Network (GSTN) chairman Ajay Bhushan Pandey, met finance secretary Hasmukh Adhia on Wednesday. Click to read more
In a first such case after the GST came into being, a top Telugu film producer is in the dock for allegedly evading tax to the tune of ₹7 crore after duly collecting the same from his clients and customers.
The producer, a big name in the Telugu film industry, who had recently produced three blockbusters, landed himself in trouble after the investigation wing of the Hyderabad GST Commissionerate (Central Tax) detected the evasion.
The producer had already appeared before the officials concerned, admitted to evasion and had instantly paid ₹2 crore and sought another 10 days time to repay the balance amount. Click to read more
Several universities have recently introduced GST to their curriculum for students pursuing graduation. In their latest book, “Fundamentals of GST”, simplified analysis for the students have been provided by authors FCA Vineet Gupta along with Dr NK Gupta.
Despite the complications faced by the common man in implementation of GST in their concerned organizations as well as gaining an understanding of the new taxation system put in place, an attempt has been made by authors to provide an insight to the taxation system introduced by the Government effective from 1st July, 2017. Click to read more
Most of us aspire to own a house and to achieve that goal we strive hard through our savings and investments. We face several hurdles and come across many official formalities to accomplish our dream.
In accomplishing this dream, we need to understand many things and one such aspect is related to the recent introduction of Goods and Service Tax (GST), which has created a lot of confusion in regards to tax rate.
When GST was launched, it subsumed many taxes and came up with a uniformed tax regime for the country. Click to read more