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Goods and Services Tax [ GST ] Update

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Goods and Services Tax in India

GST has been considered a major economic reform in the country but it is highly opposed by the business class. A big portion of the business class is not ready to accept Goods and Services Tax with open arms and they are criticising this move of the government.

GST is all set to be implemented from 1st of July 2017 in India, and people are happy about it but more confused as they don’t have a clear idea of what Goods and Services Tax actually has to bring in the economy. But at last, the important thing is that Goods and Services Tax will replace all other taxes in India like VAT, CST, Excise Duty and others.

Goods and Services Tax consolidation

There have been rumours all around about GST that it has been postponed till September and blah blah blah!! It has not been postponed but yes, the government has given the businessmen two months’ time to get used to the new tax regime and its compliances for the smooth working of the business and the economy.

In this transition period of two months, the businessmen can get used to file the returns in GST. The Goods and Services Tax forces a business into filing three returns of the previous month on 10th, 15th and 20th day of the next month. The returns will be the sales, purchase and a combined return to be filed on 20th of the month respectively.

Goods and Services Tax Ready

For the first two months, the businessmen will file a summarised return of both the inward and outward supplies carried on by the business, but the invoice wise details would be filed as per the following schedule:

Month GSTR-3B GSTR-1 GSTR-2A from GSTR1
July 2017 20th August 1st -5th September 6th – 10th September
August 2017 20th September 16th -20th September 21st – 25th September

To provide some relaxation to the businesses, there will not be any penalty if the businessmen are late in filing their returns for July and August. But yes, this will start on a stern note from September onwards. For more updates on GST, just keep reading and you will the get the latest updates.

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