India GST returns to include 8 forms

Sat 31st Oct 2015

Draft guidelines for the introduction of the proposed Indian Goods & Services Tax include up to 8 different forms as part of the returns process.

The current guidelines are being completed by the Joint Committee of GST Business Processes. Its recommendations so far include separate forms for Central and state GST, as well as the combined GST.

The Committee has also provided for non-resident tax payers to file returns.

The VAT returns will be on a monthly basis, and will include forms for each different type of B2B transaction. Reporting dates will be the 10, 15 or 20 of the month following the reporting period end.

There is a separate review process for the group designing registration and tax remittance procedures.

India GST implementation date

The best expectation for the implementation of Indian GST is now October 2016 – the earlier April 2016 deadline appears to have slipped. GST will replace the antiquated service tax, VAT, CENVAT, Octroi and excise tax.