Goods and services tax (GST) which is considered as revolutionary measure for Indian economy in this 21st century and is become the matter of top most discussion between businessman's and people who are associated with different financial activities in our country.
As dates of GST return filling are coming closer the tension in the minds of all gst registration holders increases . A big chaos was created in the market in the name of 3-3 GST returns per month.
But is it really so much difficult to file 3 gst returns?
When we thoroughly study the gst act ,the various gst returns like Gstr1 ,Gstr2 or Gstr3 are found pretty much same like previous vat returns ,the only difference involved here was in Vat returns all the 3 returns I.e purchase return ,sales return and consolidated return are to be filled in same date under same form but in GST returns all three GST Returns namely GSTR1, GSTR2 ,GSTR3 which was created separately for purchase , sales and consolidation respectively are to be filled in different due dates .There was no as such change in requirements regarding bookkeeping for common business man. The return process was trying to simplified by bringing different things under one platform.
The GST software was designed in such a way so that when you are done with filling of GSTR1 I.e. your sales return then your GSTR2 return would be auto generated and you will only need to approve that return only and if you find any entry is missing in your purchase return(GSTR2) then you can manually enter that entry in order to avail tax credit and that entry would automatically sent to your supplier who forgets to fill it in his GSTR1 and if he agrees to that entry then your return would be tallied automatically and if he denies then you still have 1 month to make it correct.
The main aim of government regarding doing so is to increase the level of transparency involved and to abolish the double taxation problem and businessman's by putting a little extra efforts can gain much benefits in there businesses.
#GST #Returns
*Due dates extended*
*July*
GSTR-1- 10th September
GSTR-2- 25th September
GSTR-3- 30th September
*August*
GSTR-1- 5th October
GSTR-2- 10th October
GSTR-3- 15th October.
Put any of your queries in the comment box below..
Important links below....
CBEC GST
GST GOVT.
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