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Updates found with 'requirement'

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Updates found with 'requirement'

GSTIN display on sign boards must for businesses!!!!!!!Government makes it mandatory for traders and businesses to display GSTIN on their business sign boards and the registration certificate on their premisesAlso, composition dealers will have to mention that they are availing the composite scheme and are not entitled to collect taxes from people. “Every taxable person is required to display his Goods and Services Taxpayer Identification Number (GSTIN) on name board or sign board of business and is also required to display his registration certificate in business premises so that a citizen can easily find out whether a person is registered or not, ” a tax official said.The composition dealer is required to mention in the business premises along with registration certificate that he is not entitled to collect tax from taxpayers. “That is the legal requirement. So that the citizen can find out whether the person from whom he is buying is entitled to collect tax from him or not, ” the official added.The GSTIN is a 15-digit number which taxpayers get after registering with the GST Network portal. Initially, a business is given a provisional ID on logging into the portal and within 3 months the business has to complete the registration process by giving details of business. This provisional ID is then converted to GSTIN.Revenue secretary Hasmukh Adhia said that if a business entity does not generate certificate of registration within 90 days then the provisional ID will stand cancelled. The GST, which subsumes service tax, excise and VAT, has been implemented from 1 July.
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GSTR-3B may be extended till June, simplified return forms to be discussed.....The 26th GST Council meet is slated on March 10.Simplified sales return GSTR-3B was introduced in July, the month of GST roll out, to help businesses to file returns easily in the initial months of GST roll out. This was to be followed with filing of final returns -- GSTR - 1, 2 and 3.With businesses complaining of difficulty in invoice matching while filing final returns as well as complications in GSTN systems, the GST Council in November last year extended GSTR-3B filing requirement till end of March, 2018, and did away with filing of purchase return GSTR-2 and final return 3."GSTR-3B filing system has stabilised and businesses are comfortable. So, businesses can continue to pay taxes by filing 3B till the time new return filing system is put in place, " the official added.The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month.The GST Council had in January entrusted Bihar Deputy Chief Minister Sushil Kumar Modi led GoM to work out a simplified return filing process so that businesses can fill up only a single form to file returns under GST.The group of ministers met last month to work out a simplified return form, but the meeting remained inconclusive.In the GoM meet, the Centre and state officials presented their model for return simplification, while Nandan Nilekani also made his presentation. The idea is GST return form should be simplified, it should ideally be one return every month, Modi had said.About 8 crore GST returns have been filed so far on GST Network portal since implementation of GST on July 1.In absence of anti-evasion measures and invoice matching, the GST collections have declined since July.As per official data available, in January 57.78 lakh GSTR-3B returns were filed, which fetched Rs 86, 318 crore revenue to the exchequer.For December 56.30 lakh GSTR-3B were filed which fetched Rs 86, 703 crore revenue to the exchequer, while in November 53.06 lakh returns were filed with total revenue of Rs 80, 808 crore.Collections topped Rs 95, 000 crore in the initial month of July.
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