The annual GST return will be a detailed collation of sales and purchases made during a year by a company under the three different types of taxes—central GST, state GST and integrated GST. Photo: MintNew Delhi: The annual return forms for goods and services tax (GST) may ask taxpayers to explain any discrepancies between their income tax and GST returns as the government seeks to tighten rules to deter companies from evading taxes. However, initially to deter taxpayers from evading GST by understating their turnover, the annual GST return form will seek details of taxpayers’ income tax return filings to see if they are understating sales turnover. “So the taxpayer will file the income tax return by 30 September and then the GST annual return by 31 December,” the official added. The annual GST return will be a detailed collation of sales and purchases made during a year by a company under the three different types of taxes—central GST, state GST and integrated GST.

Source: Mint May 07, 2018 18:00 UTC