Forum Replies Created
-
AuthorPosts
-
GST is cited as the single biggest economic reform since 1991.
The current structure of indirect taxes in India is very complex. There are multiple types of taxes arising at different legs of the transactions. Taxes also depend on the nature of the transaction, types of commodity, state in which goods move, etc. To add to this complexity there are another hundred conditions to be fulfilled for availing credit.
To remove this complexity, GST is introduced as a single tax to replace all existing indirect taxes. This makes India a single market instead of 29 state markets. One tax shall be applicable across the States.
The significance of this change can be understood, by the benefits it can possibly bring.- It will improve ease of doing business dramatically.
- Although short term inflation is possible, in the long term a single market will reduce costs
- Tax revenues will increase, due to increase in tax base (i.e. persons paying tax)
- Tracking transaction would be easier and black money transactions will drastically reduce
- Due to a larger single market investments in India would be more lucrative and Foreign investments in India is expected to rise.
-
This reply was modified 6 years, 2 months ago by
Megha Vishwakarma (GST Expert).
-
This reply was modified 6 years, 2 months ago by
cggstwpuser.
-
The new version GSTR4 version 2.1 uploaded in the GST Portal mentions that it is mandatory to upload the purchase list for the composition return for the 4th Quarter.
GSTR4 offline utility v2.1 specifies the instructions for uploading the purchase list as under:
4A. Inward supplies received from a registered supplier (other than supplies attracting reverse charge): Not applicable for Q2 and Q3 Return Period of FY 2017-18.
The offline tool and the purchase list format has been attached as under:
Attachments:
You must be logged in to view attached files. -
AuthorPosts