- Cascading tax effect (meaning tax on tax) will no longer exist
- Input Tax Credit will be easier to avail
- Returns and compliances will be consolidated
- Increased efficiency in Logistics
- Subsumes variety of Indirect Taxes
- Higher threshold for Registration
- Composition scheme for smaller businesses
- Online simpler procedure
- Regulating the unorganised sector
The taxpayers whose aggregate turnover during preceding financial year exceeded Rs. 1.5 Cr or the new registrants who estimate their turnover to exceed Rs. 1.5 Cr during current financial year, have to file return on monthly basis . Filing of GSTR-1 for the tax period of August, 2017 and onwards is likely to commence soon. In the meantime, such taxpayers can upload the invoices for August, September, October 2017 to avoid last minute rush. The taxpayers whose aggregate turnover during the preceding financial year remained upto Rs. 1.5 Cr or the new registrants who estimate their turnover to remain upto Rs. 1.5 Cr during current financial year, but who intends to file return on monthly basis, can also upload the invoices for the month of August, 2017. All other taxpayers liable to file GSTR-1 shall upload the invoices and file GSTR-1 for the quarter ending September, 2017 after the option to file the same is available on the portal . The taxpayers eligible to file return on
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