GST Amnesty Scheme & Finance Ministry: What’s The Update?

Before gaining knowledge on the topic of the GST Amnesty Scheme, you should acquire the necessary information on what is GST and how to do GST registration online. So, before moving on to the procedure associated with the GST Amnesty Scheme, let's have proper knowledge of what GST is all about.

What is GST?

GST or Goods and Services Tax is an indirect tax that has replaced all the other indirect taxes like VAT, Excise Duty, Service Taxes and so on. There are several reasons existing for implementing GST in India and the following are the certain advantages associated with it.

• GST has helped to implement a single tax regime in entire India. 
• GST has created the online process of tax implementation. For the startups and a One Person Company or OPC Company after registration, will get a few real advantages with the GST.
• GST has created the Composition Scheme for small businesses whose income is between Rs. 20 lakh to Rs. 75 lakh. The GST Composition Scheme can help small businesses in reducing their taxes.

Who is Bound to File GST? 

A number of people are bound to file GST under the new tax regime as per the GST annual return due date. Have a look at the persons who are bound to file the GST.

1.  Persons who have links with the E-commerce business.
2.  Agents who are associated with the input services.
3. Businesses that have a turnover limit of more than Rs. 20 lakh.

What is GSTIN or GST Identification Number?

GSTIN is a 15 digit code that is provided to each taxpayer who is included in the GST registration process. Having a GSTIN number has a few certain benefits.

The GSTIN number benefits are:

1. Loans will be easily available with the GSTIN number.
2. The GSTIN number can help you with getting a refund.

What Are The New Rules Associated with GST?

Two new online methods had been introduced recently in the GST format. You can have knowledge about it.

E-invoicing System: With the introduction of e-invoices, chances of data entry errors have become minimal. The e-invoicing system has become necessary with the GSTR-1 filing system.

e-Way Bills: The e-way bills have made the condition much better for the manufacturers, traders, and transporters. Tax evasion-related problems are going to be reduced with the e-Way billing system. 

So, after applying for the GST number, these are the benefits available easily. 

What’s The GST Amnesty Scheme Is All About?

The GST Amnesty Scheme was announced by Finance Minister Nirmala Sitaraman. According to the scheme, relief will be provided to the taxpayers from any kind of late fees. According to the GST Amnesty Scheme, now, the taxpayers can pay the deducted fees till November 30. Earlier the date was August 31, 2021, now Finance Minister Nirmala Sitaraman has come up with a new date.

What’s The Extended Date for GSTR-1/IFF and GSTR-3B?

October 31, 2021, is the new date for filing the GSTR-1/IFF and GSTR-3B form by using the EVC (Electronic Verification Code) instead of DSC (Digital Signature Certificate).

The Finance Ministry sources have revealed that after getting requests from several departments and establishments, the Finance Ministry has considered extending the new date. 

How Can Online Legal India™ Assist You with GST?

Do you know in any financial year a GST registered organisation has to file 26 GST returns? The Online GST rules and regulations are a complex affair. You may not avail of the benefits of the GST Amnesty Scheme if you do not have proper knowledge about what is GST Amnesty Scheme all about and what’s the update on GST as of now.

So, it would be better for you to take the support from Online Legal India™ GST experts and make your work done. 

Conclusion

So, if you are liable to e-file the GST then go for the GST registration online at first. When the GST registration process will be done, you can avail all the GST-related facilities like the recently announced GST Amnesty Scheme.

For any issues and problems, you are free to take help from Online Legal India™ GST experts.