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Business

GST return for business and NIL service tax return

To change the tax structure of the country was much necessary and as an effort in the same direction, the government of India has implemented a new system of tax which is known as GST. As the system is new people are yet not much aware of the same, and hence there are end numbers of things that must be discussed about this tax system. We almost all have some knowledge about GST. As we know GST I the combined form of all indirect taxes. Which has become easier for people to understand and calculate taxes? Before some days people used to calculate the different taxes at the different level of tax rates. GST has brought the uniform system and rate in the tax system.

But the trouble is everybody doesn’t know the proper form to submit the return. Yes, it’s true but don’t you worry we have bought the solution for your trouble. So here we have found that most of the business that they don’t even know the formalities to do. It’s fair enough actually because this GST system has launched a few days back and most of the people are confused basically.

What is GST registration?

In the GST registration system businesses who have the turnover above 20 lakhs are required to register themselves as a normal taxable identity. And after that, you need to fill up  GST return forms for business. So this process is called GST registration. You need to register your business with the relevant documents.

For certain businesses, GST registration is mandatory. If these kinds of businesses carry on business without GST registration, it will be an offense under this GST act. And you can be awarded heavy penalties.

What is service tax nil return filing?

Now to understand this concept we need to go to the details. So the season for service tax return submission comes, and we can find at that time that there are many startup businesses or the businesses that are earning less than ten lakhs but registered under the service tax act. So now the question comes that whether the business should file the return or not?

Now the thing is in many cases business person does not want to file the return as they have decided to end up the business. Or the unprofitable organizations easily escape the segment. They try to avoid the procedure.

So to get the clarification about the fact that whether they need to file the service tax NIL return filing or not you can get the answer by official government service tax portal that will provide you the true view of it or you can visit some valuable sites.

How to fill a NIL service tax return?

Filing a NIL return is no difference from service tax filing. So you need to file a NIL service tax as well this is compulsory if you are already registered, dealer. It may be nil return for the prescribed period, but it’s mandatory to file the NIL return.