GST Returns - Types of Forms and Due Dates
Change is only Constant' because Change in one thing that ends up impacting the other. Goods
and Services Tax, popularly known as GST, is a reform for our economy's indirect tax plan.
On 8th August 2016, GST Bill (Which was long pending) was passed in Lok Sabha. It was
possible after a very long journey flooded with challenges, Confrontations. As last, the GST Bill
has entered the phase of implementation, which will come into effect from July 1, 2017. GST
would make changes in the tax structure between the Center and the State.
GST is like Value Added Tax (VAT) that will eradicate the cascade effect/double taxation from the
price of goods and services down the value chain. It would without a doubt influence the
occurrence, structure and figuring of the aberrant charges, which will prompt an exhaustive
restoration of the present duty framework in India.
Here are the list of GST Returns :
Sl. No.
|
Return Form
|
Particulars
| ||
1
|
GSTR-1
|
Details of Outward Supplies
of Taxable Goods or Services or Both affected | ||
2
|
GSTR-2
|
Details of Inward Supplies of
Taxable Goods or Services or Both claiming Input Tax Credit | ||
3
|
GSTR-3
|
Monthly Return on the Basis of
Finalization of Details of Outward Supplies and Inward Supplies along with the payment of amount of Tax | ||
4
|
GSTR-4
|
Quarterly Return for Compounding
Taxable Persons | ||
5
|
Sl. No.
|
Return Form
|
Particulars
| |
6
|
1
|
GSTR-1
|
Details of Outward Supplies of
Taxable Goods or Services or Both affected | |
7
|
2
|
GSTR-2
|
Details of Inward Supplies of Taxable Goods
or Services or Both claiming Input Tax Credit | |
8
|
3
|
GSTR-3
|
Monthly Return on the Basis of Finalization of
Details of Outward Supplies and Inward Supplies along with the payment of amount of Tax | |
9
|
4
|
GSTR-4
|
Quarterly Return for Compounding Taxable Persons
| |
10
|
5
|
GSTR-5
|
Return for Non-Resident Foreign Taxable Persons
| |
6
|
GSTR-6
|
Input Service Distributor Return
| ||
7
|
GSTR-7
|
Return for Authorities Deducting Tax At Source
| ||
8
|
GSTR-8
|
Details of Supplies effected through e-Commerce
Operator and the amount of tax collected as required under sub-Section (52) | ||
9
|
GSTR-9
|
Annual Return
| ||
10
|
GSTR-9A
|
Simplified Annual Return by Compounding Taxable
persons registered under Section 10 |
Due Dates of GST Return:
Sl. No.
|
Return Form
|
Due Dates
|
1
|
GSTR-1
|
10th of Next Month
|
2
|
GSTR-2
|
After the 10th But before 15th of Next Month
|
3
|
GSTR-3
|
20th of Next Month
|
4
|
GSTR-4
|
18th from end of the Quarter
|
5
|
GSTR-5
|
20th from end of the month or within 7 days after the
last day of validity of registration whichever is earlier. |
6
|
GSTR-6
|
13th of Next Month
|
7
|
GSTR-7
|
10th of Next Month
|
8
|
GSTR-8
|
10th of Next Month
|
9
|
GSTR-9
|
31st December of Next Financial Year
|
10
|
GSTR-9A
|
31st December of Next Financial Year
|
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Service Tax Paid Paid on Insurance Premium
U/s.80C
Many inquiry emerge about "would we be able to take profit of paying
administration impose paid on Insurance Premium! . If we check insurance
premium receipts properly we get that the we pay three cost heads; Net Premium
+ Service Tax + E. Cess. On this basis final gross premium is calculated
Now question is "can we take claim under section 80C of service tax paid along
with insurance premium?"
The current tax rules states that "any amount paid to keep in force a life
insurance policy qualifies for a tax deduction under section 80C." It is a
common perception that Premium Paid all Life Insurance Policies are qualifies for
deduction under section 80C of Income Tax Act, 1961.
As per Section 80C(2) of the Income Tax Act, 1961 any amount paid to an insurer
Section 80C(2) also clarifies that in order to claim the deduction from gross total
income for a particular year the gross amount of premium must be paid or
deposited in that particular financial year itself.
But when you ask insurance provider to provide Total Insurance Premium Paid
Statement then they will provide you only statement of net premium paid.
Tax experts interpret this to mean that the entire premium inclusive
Service Tax and Cess, qualifies for a tax deduction.
Ideally, you need to mention the entire premium or gross premium for the purpose
of availing a tax deduction under section 80C.
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