Q 5: What are the salient features of returns to be filed under GST?
Ans: The salient features of the proposed returns filing procedures under GST are as follows:
>A common return would serve the purpose for both Centre and State Government filings.
>The major returns to be filed include returns for outward supplies, return for inward supplies/ purchases, monthly returns and annual return.
>Filing of returns is proposed to be completely online. All taxes can also be paid online.Q 6: Can a seller enroll for GST without a VAT number/registration? If I do not have a VAT number, can I still enroll for GST?
Ans: Currently, this process has not been enabled. Tentatively, in the future, new sellers may have the ability to file a single application (online) for obtaining a fresh registration through the GSTN portal at www.gst.gov.in/.The registration number will be PAN based.Q 7: What are the benefits of GST?
Ans: The benefits of GST (as per the FAQs on GST, issued by the Ministry of Finance, available at http://pib.nic.in/newsite/PrintRelease.aspx?relid=148240) are:Easy compliance
: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online.Uniformity of tax rates and structures
: GST proposes to ensure that indirect tax rates and structures are common across India, thereby increasing certainty and ease of doing business.Removal of cascading
: A system of seamless tax-credits throughout the value-chain, and across boundaries of states, would ensure that there is minimal cascading of taxes.Improved competitiveness
: Reduction in transaction costs of doing business would eventually lead to an improved competitiveness for the trade and industry.Gain to manufacturers and exporters
: The subsuming of major Central and State taxes in GST, complete and comprehensive set-off of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. The uniformity in tax rates and procedures across India will also go a long way in reducing the compliance cost.
You can also read our FAQs on working with GST