A business in most cases will be required to furnish 3 returns monthly and 1 annual return. That means any business will require to file 37 returns in a financial year. However there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS)
Also, there will be a very thin list of items in the highest tax slab of 28% Finance Minister Arun Jaitley on Thursday hinted at merging 12 and 18 per cent tax rates under GST once revenue collections pick up and said the top 28 per cent slab would be for a "very thin" list of luxury and sin goods. The Goods and Services Tax (GST), rolled out on July 1, currently has four tax slabs of 5, 12 18 and 28 per cent. There is also a zero per cent tax on certain essential daily use commodities. Speaking at the HT Leadership Summit, Jaitley said the new indirect tax regime started with multiple rates in order to keep the tax incidence around the same level that existed pre-GST. Stating that the country would eventually move to a two-tier GST, he said that how fast it could be done would depend on the revenue position of the government. "We have thinned down the 28 per cent bracket, we can thin down more and it can be at some stage c...
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