No revised returns will be acceptable under GST [ Current Affairs ]
About GST: GST stands for Goods and Service Tax Bill. It is also officially known as The Constitution (One Hundred and Twenty - Second Amendment) Bill, 2014. It offers a national Value added Tax to be implemented in India from April 2016.
- Goods and Services Tax would be a complete indirect tax on manufacture, sale and ingesting of goods and services all over India to replace taxes charged by the Central and State governments.
About Value Added Tax:
- A value - added tax is also called as general sales tax (GST) is a form of ingesting tax.
- It is a tax on the purchase price from the viewpoint of the buyer.
- It is a tax only on the value added to a product, material or service from an accounting point of view, by this phase of its manufacture or distribution from that of the seller.
About no revised return under GST:
- The future Goods and Service Tax appliance will not permit any revision of GST returns, which may create some defies for taxpayers.
- Presently, both service tax and value added tax laws permit amendment of the tax returns that have been filed.
- Taxpayers can file a new return for correction of any mistakes that have been made in a prior return submitted by them.
- A return cannot be revised means that the taxpayers would need to have a really strong tool to record correctly the details of statements, income, idea demands and other data in the original return itself.
- Taxpayers will have to toughen their agreement and reporting processes and controls.
- Published on: October 23, 2015