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Due Dates: GSTR 3B, GSTR 1, (GSTR 9, and GSTR 9C) and GSTR 4 Respectively as Follows: 20 March, 11 March , 31 March and 18 Apr 2020 (Read a Guide)
With the official release of GST tax system in India on 31st July, the complaints about fraud in GST implementation have already started flowing. Since most of the common people are still not completely aware of the exact GST rates applicable on various goods and services, they are being cheated by the shopkeepers who may have been charging GST at wrong rates. These types of actions where more than applicable or wrong GST is levied from the customer are considered GST frauds.
The new GST (Goods & Services Tax) system is here. If you haven’t already get yourself acquainted to GST, you should do it now if you want to end up making mistakes when filing tax returns.
Here’s the GST checklist of the things you need to do to get yourself and your business GST-ready.
This checklist is for small businesses and individuals looking to get settled into the new tax regime. If you are a Chartered Accountant (CA) working on behalf of a taxpayer, you can read GST checklist to get yourself GST ready.
The GST Composition Scheme is merely a revision of the already existing composition Law under VAT. Goods and Services Tax (GST) has already been implemented for all individuals, small & large businesses in India.
While big organizations have enough resources and expertise to implement the new tax regime, the small companies and startups, on the other end, may struggle to understand and comply with the new provisions. Therefore, the government has introduced a composite scheme to resolve such issues.
GST is one of the biggest tax reforms for India since Independence which has been implemented from July 2017. GST is not just a tax but it will be beneficial for the whole economy and would have a far-reaching effect on businesses. Various experts have identified that the procedure and working of business units will be affected by the new GST regime. If a business has started maintaining financial records, there are several points in which the government and the GST council has to put some extra attention, starting from the line.
What is meant by Supply of Goods and Services?
The supply of Goods and Services under the GST is the taxable entity. All the indirect taxes in the old taxation structure such as Service Tax, VAT/CST, Central Excise are subsumed under GST (Goods and Service Tax). With this subsumption, the concept of sales, manufacture of goods and the services will be irrelevant. There are some indirect taxes that are included in the GST. The taxes that are not included in the GST: Basic Customs Duty, Exports Duty, Road & Passenger Tax, Toll Tax, Property Tax, Stamp Duty and Electricity Duty.