Posts in: September, 2017

Penalty for Non-Filing of GSTR 3B

What is GSTR 3B – For the first two months of GST implementation, Every GST registered person have to file form GSTR 3B within the due date for each GSTN. If you have more than one GSTN, it would be required to file separate GSTR3B  for each GSTN. However this form is temporary in nature, still non-filing may attract interest @18% per annum. Even, if there is no transactions or NIL tax, still every registered person have to file GSTR3B. GSTR3B contains information about summary of outward and inward supply, its tax liability.

Last date to file GSTR 3B was 25th August 2017 – The Goods and Services Tax (GST) tax was introduced on 1st of July 2017.  The last date for payment of GST for the month

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HOW WILL IT HELP CONSUMERS?

Today consumers have no idea about the extent of taxes they pay on goods. If you get a bill after buying merchandise which gives the extent of VAT you have paid, it is an understatement of the actual tax you have paid. Remember, well before merchandise reached the retail outlet, the central government has collected excise duty. The extent of excise duty is not mentioned in the bill.

Therefore, today it is reasonable to assume we pay well over 20% tax for most merchandise we buy.

In GST, consumers should benefit in two ways.

First, all taxes will be collected at the point of consumption. It means that if a shirt is taxed at 18%, it will include both central government’s taxes and state government’s taxes. Transparency in taxation should deter governments from

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HOW IS INDIA’S TAX SYSTEM STRUCTURED TODAY

The constitution divides taxation powers between centre and states. Both levels of government have some exclusive areas where they can levy tax. Income tax, which includes tax on company profits, is the exclusive domain of central government. These taxes are referred to as direct taxes. Indirect taxes are taxes levied on manufacture of goods, provision of services and consumption. In India, generally speaking, indirect taxes levied on manufacture of goods or provision of services are the exclusive domain of central government. Taxes on consumption are the exclusive domain of state governments.

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