Importance of Submitting the NIL Service Tax in Time

Importance of Submitting the NIL Service Tax in Time

One of the needs of a business is to submit its tax returns in time. You need it as per the law and if they want compliance then they must follow a few other directives as well. Here is a look at them.

Who should file the tax return?

Every business that has a service tax registration must file the NIL Service Tax Returns. This includes those businesses that do not charge a service ta. Those who are doing business with turnover less than 10 lakh INR must also make the service tax nil return filing before the prescribed date.  This is as per the government official portal viewpoint.

From the point of view of the tribunals and Case Laws, any person liable to pay service tax must do so once in every six months. They do it in the Form ST-3. The dates for their payment are like this:

?    Last date for the April to September period → October 25.
?    Last date for the October to March period → April 25.

Accounting is the backbone of every business. The business that has a sound accounting team will be able to respond better to the market pressures. Many businesses are turning to accounting software to handle their bookkeeping worries.

Use of accounting software

The software helps the business entities deal with multiple point inventories and stock taking while on the move. This is because it helps the business owner connect to the various points of the business through the cloud using only a mobile phone. Due to this flexibility, there is great fluidity in the dealings and the owner is able to cover a wider customer base.

Other than this, the software also helps them to integrate the GST billing in their business. This keeps the business moving faster as all the GST calculation remains done by the software. There is no need for a separate input from the side of the business entity. All the needed GST return forms for business are present as customizable sheets that the owner can change as he sees fit.

Important dates for GST returns

To file the GST returns, the businesses with an annual turnover of over 1.5 Crore INR can opt to pay their tax quarterly. The period and due dates for this are as follows:

?    October - December → February 15
?    January - March → April 30
?    April - June → July 31
?    July - September → January 10

If the business has more than 1.5 crore INR turnover, the dates are like this:

?    December → February 10
?    January → March 10
?    February → April 10
?    March → May 10
?    April → May 31
?    May → June 10
?    June → July 10
?    July - November → January 10

In the GST return the registered dealer has to include these details:

?    Purchase
?    Sales
?    Input credit on tax
?    Output GST

They have not yet decided the GSTR-2 and the GSTR-3 filing dates for the period July 2017 to March 2018. Under the GST scheme, any business has to file a total of 37 returns in a year. This includes three returns every month and one yearly return.