WHY SCARED OF GST?

HEY!! ARE YOU SCARED OF GST? YOU JUST NEED NOT WORRY.

Two Days ago I was just talking with my uncle. We were discussing about GST. While having such discussion on the matter, he was looking little bit tensed. He told me that GST will increase the compliance burden and that’s why he was feeling burdened and little bit scared. At that time, the question striked in my mind that why people are scared for GST and to tell them to remove such fear from their mind.This Blog is for a layman who thinks that implementation of GST will put them in trouble, if you are one of those guys then read below and find out that you need not worry of GST.

Registration: You can register yourself easily through GSTN Portal. Registration under Goods And Service Tax is fairly easy process. It is Mandatory for every business with turnover of more than 20 Lac to get registered under GST. For Northeastern States threshold limit is 10 Lac. Businesses having turnover upto this threshold limits have the option to get registration under GST.

Registration under GST will increase the credibility of the business as under this new regime GST rating is provided by the department according to the compliance aspects of the assessee. This rating boost up the business by complying properly with the law.

Composition Scheme: Small traders/manufacturers supplying goods directly to the consumers (B2C) within the state with turnover, upto Rs. 75 Lac can avail Composition Scheme, by paying 1% or 2% of turnover and just relax.

Return Filling: Under GST Act, an assessee have to file three monthly returns and one annual return. There are separate returns for a taxpayer registered under composition scheme, resident taxpayer, non-resident taxpayer, input service distributor, service provider, person liable to collect/deduct tax and E-commerce operator.

Reduced Interaction with Department: All Interaction is through the common GSTN- Portal, so the assessee need not interact physically with the tax department.

Government Initiative: Considering the concerns on the preparedness of Trade and Industry, the GST Council has decided to relax the Rules for filing of returns for July and August 2017. The Returns for July and August 2017 would be filed on self assessment by 20th of the following month in Form GSTR 3B, which is a summary of Inward and Outward Supplies and the applicable tax is to be paid.

There are certain procedural aspects that are to be followed. An assessee is required to enter invoices containing all details regarding the transactions. Taxpayers have to ensure the credibility regarding timely payment of taxes and filling of return under the GST structure. GST will increase the cost of compliances. Such enhanced compliance requirements would increase the burden on a taxpayer. Because of these procedural aspects, people are getting scared with the implementation of GST.

But there is no need to worry. The Taxpayer should not be scared of GST. Government has provided GST Manuals and you can learn the compliance by yourself and if needed you can take help of your near & dear ones. Simplified and automated procedure for various processes such as registration, return fillings, tax payments, refunds etc. is provided by the government through GSTN Portal.

Besides this people are scared due to this change in taxation system. Every new regime creates a little bit of disturbance in the normal routine for the people for few days. As we all know that the Demonetization when announced created disturbance in the normal routine. But with the passage of time, everything will come in flow. So be calm. Do not put yourself under pressure. You just need to relax and calmly understand the concept of GST.

Hope my this blog will help you in eliminating your tension and fear of GST.