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Simplified GST Returns is expected to simplify indirect taxation for the taxpayers, and provide a boost to the economy in India.
The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,
A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter.
Under the Simplified Returns regime, a taxpayers may notice the below-given 5 key changes in the return filing system
The pure agent makes a payment to a third party, on behalf of the recipient, for procuring a supply when the contract for the supply of services procured is between the third party and the recipient.
Although the due date to file the annual return forms has been extended to August 31, 2019, the confusion among the taxpayers is yet to be settled.
The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.
The new return system is expected to be introduced, mandatorily, onto the current GST Returns system of India in the month of October, 2019.
The GST Council meeting held today under the chairmanship of newly elected Union Finance Minister Mrs. N Sitharaman was long awaited by the tax community.
The GST Council is scheduled to meet for 35th time under GST regime on 21th June, postponed from the original date of June 20.
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate .
