Nifty99000 100%

Sensex99000 100%

Article rating: 4.1
Tags:
Article rating: No rating
Tags:
Article rating: No rating
Tags:
Article rating: No rating
Tags:
Article rating: No rating
Tags:
Article rating: No rating
Tags:
Article rating: 4.2
Tags:
Article rating: 5.0
Tags:
Article rating: 5.0
Tags:
Article rating: 5.0
Tags:
Article rating: 5.0
Tags:
Article rating: No rating
Tags:
Article rating: 4.7
Tags:
Article rating: 4.0
Tags:
Article rating: 5.0
Tags:
Article rating: 5.0
Tags:
RSS

News

GST council approves simplified return process

Author: IANS/Monday, July 23, 2018/Categories: TRACKING THE GST

GST council approves simplified return process

New Delhi - The GST Council has approved a new simplified return filing process under which all taxpayers will have to file a maximum of one monthly tax return.

Moreover, small taxpayers with a turnover less than Rs 5 crore will have the option of filing only one return every quarter in a simplified return format, although the tax will have to be paid on a monthly basis.

"Nil return filers (no purchase and no sale) shall be given facility to file return by sending SMS," the government said in a statement.

After the GST Council meeting, Finance Minister Piyush Goyal told the media that 93% of the taxpayers have a turnover of less than Rs 5 crore and these taxpayers would benefit substantially from the simplification measures proposed.

The council in its last meeting had approved the basic principles of GST return design and directed the law committee to finalize the return formats and changes in law.

The government said that after Saturday's changes, the return forms would also become simple with two main tables: one for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier.

"Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer for availing input tax credit. This process would ensure that very large part of the return is automatically filled based on the invoices uploaded by the buyer and the seller," the statement said.

Print Rate this article:
No rating

Number of views (245)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free