Implementation of GST is the significant taxation reform in India which emerged with a mission of “One Nation One Tax” in the year 2017.
GST has simplified the tax return filing process by integrating the sellers’ and buyers’ information about goods & services. GST council along with finance ministry came up with a mechanism of GSTN (goods and services tax network) where all the details about invoices, buying, selling, date, location are duly reported by the taxpayers.
This serves a smooth platform to taxpayers registered under GST to get interlinked and easily avail and file the GST return form, claim ITC and so on, all in accordance to the taxpayers’ category they fall under.
GOI & Infosys Working Together on GSTN Portal
Government has recently revealed that it is going to improve the overall working and performance of the GSTN portal which will be given job work for a permanent base. The amendments and all the changes will be included and received in the GSTN portal until April 2020. This has done with the raised queries on the GSTN portal and its performance.
What is GST Returns?
Goods and services tax is an indirect tax applicable from July 1st, 2017 across India. Under the GST returns, the taxpayers running their firms and business across India, whether it is interstate or intrastate, they are liable to file for GST return as prescribed by the GST council and indirect tax department. GST return is the filing of taxes through GSTR forms according to the slabs and eligibility criteria.
Who Should File GST Returns?
GST returns must be filed by every business units whose turnover exceeds 20 or 40 lakh (Optional) annually. Taxpayers are also supposed to go through various eligibility criteria for different slabs.