India’s largest tax reorganization is now a truth. An inclusive double Goods and Services Tax (GST) has changed the complicated multiple and indirect tax arrangement from 1 July 2017.
The idea of GST had come into view for the first time in 1999. On August 8 2016, the Constitutional Amendment Bill for rolling out GST was approved by the assembly, followed by approval of the bill by more than fifteen states and ratification of the bill in September.
In short time, all the states exclusive of Jammu and Kashmir, applied their State GST rules. Union territories with government, that means Delhi and Puducherry, have taken on SGST Act and the other 5 Union territories without government have taken on UTGST Act.
The second part of enrolment procedure for migrating current taxpayers to the future tax rule via GST general portal has by now started from 1 June 2017. GST Network, an IT base of GST, has also brought out the test run of its doorway. GSTN has issued offline service for GSTR-1.
GST filing process for the initial two months of GST execution is unperturbed. Tax would be allocated for the initial two months depend on an easy return Form GSTR – 3B including a précis of outer and inner supplies. This form is needed to be put forward before 20th of the following month.
Also, filing of this GST tax can be made a lot simpler if you use bookkeeping software to file your tax returns.