Some major amendments have recently been announced in the rules related to Goods and Services Tax (GST). These measures are aimed at curbing fraud in the GST system through fake bills. It has been said that the problem of fake billing is increasing very rapidly across the country. This resulted in reduction in revenue collection. To end this, the government has also made a provision to suspend GST registration in some cases without giving any show cause notice. It has been said that such strict measures will stop those committing fraud through fake bills.
In these cases, GST registration may be suspended due to notice.
It said that if there is no match between the tax details given in GSTR-1 and the data given in GSTR-3B, such steps can be taken. Additionally, if you have filed your GST return in such a way that the government suspects any irregularities, the GST registration may be suspended. Apart from this, taxpayers whose turnover is more than Rs 50 lakh will have to compulsorily deposit one percent tax. Such taxpayers cannot meet their tax liability from input tax. GST registration can be suspended in these three cases.
Some modifications have also been made in these rules
Regarding IRN, it has been said that e-challan has come into effect from October 1. Some other things have come into effect from January 1. It has also been applied to taxpayers with turnover of more than Rs 100 crore. Now any invoice without GST registration will be considered invalid. It has been that if you are generating challan on 31st March then registration will also have to be done on 31st March only.
Regarding the amendment in the rules related to input tax credit, it has been said, ‘The government has made a provision that input tax credit will be available only when it appears on our electronic portal. If the supplier does not file the return or does not show it on our portal then we will not get the benefit.
Underlining the problems of the GST system, it has been that we cannot make any amendments in the GST return Filing. If amendment is not made then amendment will have to be made in the next return. Many times that amendment is not done properly.
Taxpayers will have to fill these return forms
It was also informed that under GST every taxpayer or taxpayers will have to file two returns. According to legality, today every taxpayer has to fill two forms in the form of GSTR-1 and GSTR-3B. GSTR-1 is sales return. Details of sales will have to be given in this. Taxpayers with income less than Rs 5 crore will have to file on a quarterly basis. Filing is done on a monthly basis for taxpayers with income above Rs 5 crore. At the same time, GSTR-3B is a kind of summary return, in which accounts have to be filed every month. In these, details of purchase, sale along with tax liability and their payment will have to be filled.
Introduction to GST
It is said that Goods and Services Tax is effective from July 1, 2017. Earlier there were 17 types of indirect taxes. In place of all these taxes, the government has made a provision for one tax, which is called GST. There were many problems in the earlier tax system regarding the chain of credit. To solve these problems the government brought GST. It has been said that GST is completely technology based. Told that if a person is going to start a new business then he should consider the required limit of transactions for GST registration online. For services this limit is Rs 20 lakh while for goods it is Rs 40 lakh. Before GST registration, businessmen should get information about the transaction limits in their state.
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