What is RETURNS in terms of Goods and Service Tax?

RETURNS under Goods and Service Tax Act


What is RETURNS in terms of Goods and Service Tax(The information given here is valid only after introduction of GST likely to be in 2016 and also subjected to changes by GST law drafting committee and other concerned authorities)


A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. A taxable person has a legal obligation:


(i) To declare his tax liability for a given period in the return;


(ii) Furnish details about the taxes paid in accordance with that return; and


(iii) File correct and complete return within stipulated time frame.


How do GST tax returns work?


GST is a self-assessed destination based taxation system. The submission and processing of return is an important link between the taxpayer and tax administration as it is an important tool for:


(i) Compliance verification program of tax administration;


(ii) Providing necessary inputs for taking policy decision;


(iii) Management of audit and anti-evasion programs of tax administration;


(iv) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation.


Is separate return required for CGST,SGST,IGST and Additional Tax?


There will be common e-return for CGST, SGST, IGST and Additional Tax.


Who needs to file Return in GST regime?


Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.


UN agencies etc. will have unique GST ID and will file return for the month (in simpler form) during which they make purchases. They would not be required to file regular return. They would submit their purchase statements (without purchase invoices) as per the periodicity prescribed for claim of refund.


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Shiyas: I visited your site today , I am beginner in this field. I'm planning to take teak wood from Africa. Please advise me to clear the good from port in India. What are the procedures that I want to follow & taxes for the goods?

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