The major features of the proposed returns filing procedures under GST are as follows:
- Common return would serve the purpose of both Centre and State Government.
- There are eight forms provided for in the GST business processes for filing for returns. Most of the average tax payers would be using only four forms for filing their returns. These are return for supplies, return for purchases, monthly returns and annual return.
- Small taxpayers: Small taxpayers who have opted composition scheme shall have to file return on quarterly basis.
- Filing of returns shall be completely online. All taxes can also be paid online.
The major features of the proposed payments procedures under GST are as follows:
Electronic payment process- no generation of paper at any stage.
Single point interface for challan generation- GSTN
Ease of payment – payment can be made through online banking, Credit Card/Debit Card, NEFT/RTGS and through cheque/cash at the bank
Common challan form with auto-population features.
Use of single challan and single payment instrument.
Common set of authorized banks.
Common Accounting Codes
