Some Important Aspect for GST, Important GST Aspect for 2018-19
Some Important Aspect for GST: GST is basically an indirect tax that brings most of the taxes imposed on various goods and services at the point of manufacture, sale and consumption of goods and services under one umbrella at the National level.While in PreGST Era, taxes were levied separately on Goods and Services.
Goods and Service Tax (GST) replaced all indirect taxes levied on goods and services by the Government, both Central and States. GST is one of the biggest Tax Reforms in India since its independence
Some Important Aspect for GST for 2018
- GST annual return can be filed up to 31st December by all.
- Assessee over certain turnover limit are also subject to audit report and reconciliation.
- Any left over transaction of output tax, ITC , ITC reversal etc , logically can be done till annual retrun
However the following points are very important and it leads to assume September Month as very important. Nevertheless to mention here that September Month Return can be filled up to 20th of October. Hence we may assume the said date can be up to October 20. However, books of account entry for any adjustments must be for September Month as last month.
Now the reasons is
- Any amount paid as taxes under GST law, if paid up to the return of the month September, the credit in this respect can be taken by the recipient. Not after that.
- Each year is separate year and inter government account would be adjusted keeping September as cut off. Beyond that the taxes can be paid as liability but the benefit if such taxes can not be pass on to the recipient.
- Tax Audit under Income Tax due date is 30th September, GST being taxes , would be allowed on actual basis. Section 43B of income tax may please be referred. Hence it is advised to estimate all taxes before completion of tax audit or 30sept. Cases where income tax audit is not applicable, even the date have been gone on 31st August.
- Form 2A may be referred as a statement of tax credit which may not weren‟t any confirmation of taxes paid under law so as to enable as ITC
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