Goods and Services Tax
Goods and Services Tax, the most sensational news that made headlines for months. The 1st of July 2017 was the day, an idea of One Nation, One Market, One Tax was implemented. Many welcomed the decision, but a lot more criticized it. Well, we will not go into the depth of the matter but yes, its Goods and Services Tax that had made the taxation system easier in India. It transformed India into a unified market of 1.3 billion citizens dismantling all the inter-state barriers concerning trade subsuming central, state and local taxes into a unified GST.
One has to file the GST returns monthly that too within the due date. Failing to do so, will result in a penalty while filing the GST, which makes it necessary to remember and file it within the deadline. We must have a sound knowledge of GST if we are supposed to do so.
What is Good and Services Tax?
GST is the most comprehensive and multistage destination-based tax. It is collected from the point of consumption and not the origin, unlike the previous taxes.In Contrast, on the other hand, it is imposed at every step in the production, which makes it multistage taxation but it is refunded to all parties in various stages of production other than the final consumer. The GST has replaced all the multiple existing taxes levied earlier by the central and state government.
The Goods and Services tax has been divided into five different slabs of 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks and electricity are not taxed under GST and instead imposed separately by the state governments. The Goods and Services Tax has made it easier to track all the records of transactions in the market unifying it in a single taxation system maintaining transparency for all.
Advantages of Goods and Services Tax
The biggest advantage of Goods and Services Tax is the single taxation system which makes it different from all other taxes levied earlier. It has been noticed that GST has witnessed a growth of 6% during festive seasons and is expected to grow more, which will directly impact India’s growth in revenue.
The GST has eliminated the cascading effect of tax with a higher threshold for registration. The composition scheme for all small and medium businesses has made it easy to deal with taxation. The online procedure of filing returns has simplified the process. The number of compliances is lesser, improving the efficiency of logistics. The unorganized sectors are adequately regulated under GST.
What is GST Return?
A Return means filing a written document containing details of income which a taxpayer is expected to register with the tax administrative authorities without fail within deadlines. These returns are scrutinized and are used to calculate the tax liabilities. Under GST, a registered dealer has to file GST returns including Purchases, Sales, Output GST (On sales) and Input tax credit (GST paid on purchases).
Rules of filing GST Returns
There are different types of GST Returns that need to be filed with proper guidance within the deadline. Any regular business has to submit two monthly returns and one annual return which amounts to 26 returns in the year. There are separate returns required to be filed by special cases such as composition dealers.
Different ways to get notified by GST
Filing of GST Returns is mandatory for every registered dealer. It has become extremely important to file it within the due date. If failed, there are strict penalties levied except July, August and September as the Government of India has withdrawn penalties since 2017. Well, the penalties are charged daily. The more the delay in filing, the charges double daily. Hence, it has turned into the most important in the To-Do-List of the companies.
In this busy schedule, it becomes difficult to track every circular and amendment made to the GST law. Thus, it becomes necessary to subscribe or follow at least one service provider, the one who can provide you with the best information. It saves lots of time when we prefer easily accessible online services.
To avoid these penalties, you must follow GST notifications. But how to get these notifications on time is the question that appears in mind. So, here we are with the solutions to your problem. India is moving towards digitalization and so are the systems. We’ll here provide you with the sources that are easy to access and are handy as and when needed.
There are several websites and mobile applications that have been developed especially for GST details and notifications. GST being a niche concept, it has become important to understand for every individual running its own business. It is something where one cannot afford to make mistakes. There were many misconceptions as well about GST earlier. Online applications and online forums have been introduced as platforms, to prevent such misguidance these websites,
Goods and Services Tax Council
Goods and Services Tax has also used this digital platform to notify their consumers. The Goods and Services Tax has its website through which you can keep a tab for filing GST Returns. The website has its own notification section where dates and details are mentioned in both Hindi as well as English. You can subscribe to those notifications and can use the services at its best. Websites are the first-hand source for correct information. You can even update yourself with upcoming reforms in the Goods & Services Tax.
Central Board of Indirect Taxes & Customs
Another way to get notified regarding GST filing is the website of the Central Board of Indirect Taxes & Customs. You can check the website regularly and keep updates regarding the same. It will provide all the details related to taxes including GST. Regularly checking websites will ease your work and things will be more sorted.
CBIC is the Central Board website, a body who exercises Central Board duties and implements it in states ruled by Central. Although state governments also share the notifications on their respective websites later. This website will keep you updated with the ups and downs of the Central tax.
This is an addition to the above website list just to keep you updated regarding GST circulars and amendments. The websites are the first-hand direct source to get correct and error-free updates. You can rest assured that your organization is abiding by the rules. The government keeps a tab on the organization which does not upload their GST as per the deadline.
Tax Management India
The Tax Management India website deals with all taxation. It is the website that provides you the revised notice regarding all GST notification. It sends a daily notification to its subscribers covering topics like GST, Excise, Service Tax, Companies Act, etc. The discussion forums are the most useful platform where people from the same background interact and discuss with each other. You can participate and subscribe to it for free.
Clear Tax on its website provides you with the detailed articles on GST preventing all misconceptions on it. It is the platform where one can get all the articles written by experts on GST. Experts provide their best solutions to your problem. It will help you run your business with ease.
Tax India Online
The Tax India Online is the repository of GST and Income Tax, Customs, Excise, Service tax, FEMA, DGST, SEZ etc. providing video coverage of discussion on GST inviting market players from various industries. The articles on this website are insightful. They provide knowledge from good and primary sources on which you can rely on.
Online Mobile Applications
There are several GST mobile applications which regularly notifies the important dates. Each and every minute details from filing dates of every month to circulars and amendments were done in the taxation and GST are updated frequently. The applications such as CBEC’s application, Clear Tax, GST with PwC and many more are designed to manage your work appropriately. The applications that top the list are listed below:
Karvy GST is one of the most trusted mobile applications in India. This application is offered by the Karvy Group that provides various financial services. They are the market players in the financial industry. Their experience in the financial industry has helped them to develop this prolific application for the ease of everyone. It was rated as the most GST Suvidha Providers (GSPs). Karvy Data Management was from the first 30 GSP approved firms by the government.
Deloitte Data GST Connect
The Deloitte India GST Connect Mobile App provides you with the insights of the GST. The information is regularly notified through this app. This app is from the Deloitte India’s tax specialists that will always stay connected with you providing access to a wealth of information on GST. The app regularly publishes the newsletters and publications on GST covering the latest developments in it.
Tally for GST
Tally, a well-known accountancy software which was used massively earlier. Tally is the top software provider in India for accountancy. This application is user-friendly as it is well designed. The app is ad-free and easy to navigate as the options and menus are displayed and written properly. The quality of the content is highly impressive. A basic understanding of English is needed to read and understand the article. The information is written in a layman’s language which is feasible for all.
This application will provide you with comprehensive detail about GST. It will help you out with your filing returns on time. GST notifications are regularly sent on your phone as and when a new article or blog is updated. You can check HSN codes, draft acts, forms and final rates etc. on this app.
GST Bill Hindi
This application targets people who speak Hindi and cannot read, write or understand English. There are a large number of people speaking Hindi in India and to make them know what the GST is, the company has chosen Hindi to be their language of communication. The application provides the necessary information about GST as what will get cheaper and what will get costlier. It will inform you about the impact of GST on your business.
Since these digitized platforms have streamlined the Goods and Services Tax and have made things accessible to all we recommend you to subscribe to these websites and install those applications ensuring that you do not miss on your GST notifications again. Be updated and Stay Updated!