Sairam, call on 9376642360
Who should file GSTR-4?
A taxpayer opting for the Composition Scheme is required to file GSTR-4.
How to revise GSTR-4?
GSTR-4 cannot be revised after filing on the GSTN Portal. Any mistake in the return can be revised in the next month’s return only. It means that, if a mistake is made in the GSTR-4 filed for the July-September quarter, the rectification for the same can be made only when filing the next quarter’s GSTR-4.
September is crucial for taxpayers under the new goods and services tax (GST) regime, as it will be the final month for taxpayers to claim credit for invoices issued in 2017-18 as well as to rectify errors in their tax return forms for the year.
GST was implemented on 1 July 2017, and with taxpayers still getting used to the new return filing system under this indirect tax regime, there have been instances of errors including incorrect or inflated claims of credit or in some cases under-reporting of tax credit claims. There are also instances of omissions in reporting of transactions. All these can be corrected in the September tax return form.
According to GST rules, if the taxpayer forgets to claim input tax credit for an invoice pertaining to FY2017-18, the time limit for availing it is the due date for the September 2018 returns. Similarly, if the taxpayer has missed reporting details of any credit or debit note issued in 2017-18 in the earlier monthly GST return forms, he can do the same only in this month’s tax returns.
Also, according to the rules, no rectification of error or omission in respect of the details furnished in the GST returns filed earlier in 2017-18 will be allowed later than the GST returns filed for September 2018 or furnishing of the relevant annual return, whichever is earlier.
Archit Gupta, founder and chief executive officer of Cleartax, said the September GST returns are significant for taxpayers and they need to make sure that the input tax credit is accurate. “Taxpayers will require advanced reconciliation algorithms so that potential notices are avoided,” he said.
Currently, taxpayers fill a GST return form 3B detailing total purchases and sales and GST return form 1 detailing outward supplies.
The GST Council is in the process of bringing out new tax return forms, which are expected to be rolled out effective 1 January 2019. These forms will give the tax authorities powers to detect tax evasion by cross-verification of claims made by suppliers and buyers through invoice matching.
Sairam Call on 9376642360 for gst
Advantages Of GST
GST will mainly remove the Cascading effect on the sale of goods and services. Removal of cascading effect will directly impact the cost of goods. Since tax on tax is eliminated in this regime, the cost of goods decreases.
GST is also mainly technologically driven. All activities like registration, return filing, application for refund and response to notice needs to be done online on the GST Portal. This will speed up the processes.
Sairam Call on 9376642360
Stupendous growth in the no. of returns e-filed by persons availing benefit of Presumptive Tax, with 1.17 crore returns having been filed upto 31st Aug,2018 compared to 14.93 lakh returns upto 31st Aug,2017 registering a massive increase of 681.69%. .
Sairam Call on 9376642360
The government has notified a new return form for goods and services tax (GST) that will have to filed for the full year.
The normal taxpayers will need to file GSTR-9return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is December 31.
GST, which subsumed multiple central and state taxes such as value-added tax, entry tax, octroi, purchase tax, excise duty, services tax, countervailing duty, was rolled out from July 1, 2017.
Sairam Call on 9376642360
GST Registration Online
Complete Online Document Submission & Application Tracking.
Filing of Application for GST Registration GST registration end to end Completely Online – No need to visit office
Sairam We are services provider of GST register, call on 9376642360 for get new GST number, new Startup can call us for arrange legal document, our fees is reasonable, for more information just type Shree Sainath Consultancy in Google search
🌟 જય સાંઈરામ! 🙏 📢 તમારું બિઝનેસ શરૂ કરવા માટે તૈયાર છો? હવે GST નંબર લેવો બન્યો છે ખુબ સરળ! 🚀 📄 નવા Government Guideline મુ...
