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 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 who have not chosen the quarterly return filing option have until May 11 to file their returns.
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. “Late filing of GSTR-7 return will attract late fee and interest,” CBIC tweeted on Monday.
Additionally, e-commerce businesses who are required to collect taxes at source must complete their GSTR-8 return form for April by Tuesday. The tax office has said that failure to file this return on time will result in a late fine and interest.
Manufacturers who are required to file central excise duty tax returns for April must do so by Tuesday or suffer a late fine. Central excise duty applies to refinery goods like gasoline and diesel.
The CBIC’s online appeal 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.
Hey! My name is Sarah and I am 14 years old. My pronouns are she/her. I study in class 9th. I am a podcaster, blogger, writer, and producer. I founded a media company called TriPod Media in 2020, which currently produces two podcasts, Word Affinity, which is a podcast hosted and produced by me, and Storytime With Kabeer, which is a podcast hosted by me and narrated by my brother. I am a MUNer and have won many accolades in various committees. I am also a writer and blogger, having published my work on many platforms. I like reading classic and dystopian novels, listening to podcasts about science, and perusing books about investing and managing money. I have a website where I write about my favourite authors, books, issues that need to be talked about and other things. I strive to help other young aspiring authors to achieve their dreams and write! You can go to my website and message me to talk about collaborating with me, about a writing job or working with TriPod Media!
