As part of an online effort to encourage compliance. The Central Board of Indirect Taxes and Customs (CBIC) has urged businesses to file various tax return forms. Which are due in the coming days on time.
The CBIC wants businesses to complete the GSTR-1 form, which covers sales made in April and is due on Wednesday. Given that tax credits are passed on to consumers of goods and services based on supplies made by sellers that must be reported in GSTR-1, this form is an integral aspect of the GST reporting framework. According to the CBIC, failure to file this return on time will result in a late fee. Businesses that have not chosen a quarterly return filing facility have until May 11 to file their returns.
National Govt indirect Tax Authority asked firms to deduct tax at source
The national government’s indirect tax authority also asked firms that are obligated to deduct tax at source (TDS) under the GST system to submit their GSTR-7 returns on time for April. The deadline for these is May 10th. In a tweet on Monday, CBIC stated, “Late submission of GSTR-7 report will attract late charge and interest.”
E-commerce players who are required to collect taxes at source must also file their April GSTR-8 return form by Tuesday. The tax office stated that late filing of this return will result in a late fine and interest.
Manufacturers who are required to file central excise duty tax returns for the month of April. Which they must do so by Tuesday or suffer a late fine. Central excise duty is imposed on refinery products such as gasoline and diesel.
The CBIC’s online petition aims to promote voluntary compliance. Central and state governments have taken a number of initiatives to enhance return filing compliance, which improves tax collections. Close surveillance of economic transactions has increased GST revenue collecting in recent months. The tax authority compares data submitted by the buyer and seller to allow tax credits. Hence return forms are crucial in GST compliance enforcement.