GST – Good and Service Tax
The GST is a Value added Tax proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level to be levied from the year 2017 onwards. It will replace all indirect taxes levied on goods and services by the Indian Central and state governments. It is aimed at being comprehensive for most goods and services.
As per the proposed GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states and Rs.20 lakhs for the rest of India. All entities having GST registration would be required to file GST returns. GST return filing would be mandatory for all GST registered entities. GST registration holder who do not opt for the composite scheme would have to file 3 returns per month and one compounded annual return, as per the below table.
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
Tax deducted or collected at source shall be deposited to the credit of the Central Government by following modes:
It is mandatory for individuals, NRIs, partnership firms, LLPs, Companies, Trust to file income tax returns each year. Individuals are required to file income tax return, if their income (before availing Chapter VI benefits) exceeds the minimum exemption limit.
Income tax return form must be e-filed. The documents on the basis of which Income tax returns are prepared are not required to be uploaded with the return. Hence, all relevant documents pertaining to the income tax filing like proof of investment, TDS certificates, pay slip, rent receipt, etc. must be kept by the taxpayer and should be presented if requested by tax authorities during assessment, inquiry, etc.
The following forms are required to be filed by various assessees: