New GST Return System

New GST Return System The New GST Return Filling System will come into effect from 01.01.2019. The purpose and objective of introducing this new GST Return Filling system is to minimize the problems and issues being faced by Small Business owners in terms of GST Return filling This new GST Return system has got many new features and changes which has been introduced to make it more taxpayer friendly Let us now understand the basic features of this new GST Return system in a simple way The Small Tax payers have been defined in this new GST Return system. The Organizations who are having a turn over of less than Rs. 5 Cr. has been identified as Small tax payers The Small tax payers are required to file their GST…
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Invoicing in New GST Return System

Invoicing in New GST Return System The core component or basis of GST return filling is invoicing from the day one. The calculation of GST on either side (Liability or Input) is based on raised invoices only.  In the proposed new return filling system, to be introduced from 01.01.2019, the importance of maintaining proper  Invoices has been envisaged and at the same time several dimensional changes in the system of invoicing has been introduced which tax payers must know for ensuring smooth filling of GST Return Let us now understand, the changes introduced in Invoicing system of GST in simple words   Invoice Uploading In the new GST Return System, Invoices can be uploaded by the suppliers at any point of time. In the present system of Return Filling, the invoice…
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How to make Tax payment in new GST Return system

How to make GST payment in new GST Return system Introduction GST System is changing from April 2020. The changes are taking place all across including Return filling and Tax payment. In this article, we have tried to explain the process of payment of GST in new GST Return system. Present System In Present Scenario, Monthly GST Return (GSTR 3B) is required to be filed by 20th. of every month for the previous month and tax payment is done at that time only based on GST amount declared in the return Return Filling in New GST System In New GST Return System, for small taxpayer, there will be no monthly Return Filling system. The Return filling will now be quarterly Tax Payment in New GST system In New GST Return…
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