SMEs are suffering due to complex GST returns
The GST returns are designed so complex that a normal small businessmen and traders feel the heat of filing the returns. Some of the complexities are highlighted below:
1.Under Income Tax Act, a business men upto a turnover of Rs. 2.00 Crores, is allowed to have a Presumptive taxation to declare 8% of profits without maintaining books of accounts, But with this GST, he has to maintain all those books even though his turnover is less than Rs.2.00 crores.
2. Even a composition dealer registered under GST law has to pay taxes on account of reverse charge Just because he is registered dealer under GST.
3.All details relating to all monthly expenses except salaries are to be reported in the GSTR-2 return in classified manner with full details invoice wise, of vendors who provided the material or service along with his GSTN no. etc details
4. Even though the expenses are from unregistered dealer, he has to provide total such expenses in the return
5.He has to provide all details such as quantitative as well as HSN code wise and also how many number of vouchers, invoices, D.Cs, Receipt vouchers etc, etc.
6. He has to follow up with the his vendors for filing correct & timely returns or else he will be deprived off the input credit.
Government should think and simplify the GST returns at least for businessmen below Rs. 2.00 crores turnover or else most of the small businesses will become prey to GST officials for all sorts of technical lapses. more
1.Under Income Tax Act, a business men upto a turnover of Rs. 2.00 Crores, is allowed to have a Presumptive taxation to declare 8% of profits without maintaining books of accounts, But with this GST, he has to maintain all those books even though his turnover is less than Rs.2.00 crores.
2. Even a composition dealer registered under GST law has to pay taxes on account of reverse charge Just because he is registered dealer under GST.
3.All details relating to all monthly expenses except salaries are to be reported in the GSTR-2 return in classified manner with full details invoice wise, of vendors who provided the material or service along with his GSTN no. etc details
4. Even though the expenses are from unregistered dealer, he has to provide total such expenses in the return
5.He has to provide all details such as quantitative as well as HSN code wise and also how many number of vouchers, invoices, D.Cs, Receipt vouchers etc, etc.
6. He has to follow up with the his vendors for filing correct & timely returns or else he will be deprived off the input credit.
Government should think and simplify the GST returns at least for businessmen below Rs. 2.00 crores turnover or else most of the small businesses will become prey to GST officials for all sorts of technical lapses. more
Viewed by 2234
View all 20 comments Below 20 comments
[ ]( # ) [ ]( # )  [ ]( http://r.sigma-institute.website/mk/cl/f/nMfcNds9Fl5h7xyOPkjIQLl0Q2ZOROilruMK1GrCRSBjx0MAxV-ybEKgfaxQGsuuhyqkfhgOrC_GV9SusvT9H_2_QVqsktHbWrMhEOfYBib_Tl2ZyKtDCuFiBIGcTHAv2Q70kpZz9WQkDH_i42UKrE8Oxhm0MJowx_8YU4tIFmLr4ykQqux3RYQyaTtPGACF0AaoP5rq6L185lQ98gWwU-7ZU81DVBOBjhsu75sXZkS8z_ZaSjP9wEGCHZj-dySyR-_s9BWC7CDdjHXhxHD-qrgKkwBmc8AGG9qJJ81zjdbAlQ3kEkyVTevgkVO-vPkPD5FGhS1aHxPWPA5C1pmJol2KnEFQ0DmO-L_zFdBNv2vMPJgizA )  [ ]( # ) COMPUTER FOR ONLINE CLASSES [ ]( # ) [ ]( http://r.sigma-institute.website/mk/cl/f/HaNZXPTkmAm551h7ROwcqQxOkUGADivHb6wRXtOj-8NxBnNKhyFHPAiCA5FLcjOjS8z_0NaxDaYqzigFP-qS0eEHPQoKgfXXeWq2mHBrxQR51ZNxGk_sybVNq5KLgOQz4rq3Sq3Ij07ewG0fjzK_UrBKPT9NLtmPObfdzVXEmI7trMmBb30HeKTPaqvLmQcAMyH4N42lDKUv4cNNB2chtOtnR-Q6tUpXSNSABdWh8_QfHNivEeQzCXr5AerazGXwAleWtQRJMgpy4H6hdev_tDOnEKnwnivqZQNSEmnIwUKYt3uzDl2UbZrc_olKFuExVvqwomECFr3Pztmgrlr-DcKRMSYDm9sUM6ZlhWJa83Jf8etyiA ) [ ]( # )  For online classes we are providing a complete set of computer with UPS in following specifications: Monitor 15"; Camera & headphone CPU: 160 GB HDD, 2 GB RAM, Core 2 duo Keyboard, mouse UPS ( Electronic voltage stabilizer ) This complete set we offer pan India for Rs. 21000/- ( All inclusive ) One extra 160 GB Hard disk will be supplied free of cost within 5 years, if present becomes in sufficient. All carry "M.I.'s" 1 year warranty.    [ ]( # ) [ ]( http://r.sigma-institute.website/mk/cl/f/GcmEJLPPfpqQeWC1cqUpIPqsw6JR6AyWeomX7WaQdgJN2osjovSa0YZ4TzQYmf9SiKWXqje4mXDEYe9bWTW-In7aP3gC35tcKquiawb6amERFgHDYNHjRZYhGixNmoJzHt7bh6mZisAdkrS30r0AtWpDiUtPAi7COtTgfEiY6i-MAlqe5-clgrDLZ4Rqi6UF_IVC0oZiFF2G0-MLfvgcYUpCA8NY2vwl0HoJ4oZNiGBpSPUjodJWZOzFdye_7wUGnoTjI3x98QaGIt2mZbGcQNDif1I-0WNQ8J74HCNQLdthrgcNuGKPqtqTrnu58FZzMXLsCE5bQsjvQTHSBhaUbXIoibCNR6d7FpJIP3QAhtT6HK9dRg ) We understand the hardships...  Hardships of the parents, hardships of teachers, hardships of every such individual who is now compelled to work from home; be it student or the the professional now computer set is must. we decided to help all such people by providing the complete set including UPS to save your machine for longer life. In comparison to laptops desktop is robust & long lasting and also cheap & best ! For getting this deal, please click the button below:  [ Button ]( http://r.sigma-institute.website/mk/cl/f/W8gGfa_PD8FODVMM0ZP3bC4xZ8P1dZqMyWyEbro7lpWygND9y8Mw783Nm7UmUw2U1VTFiYANav6s_onHza105nsml1K2w0M2gxbqVzTSJGpyhEwx_QQfS-BQOGAVkjUp8-WHNSVb43KG6_zrtxuUh-GnvlMhc6iOgSycy57thGhnNqmyCaYuGXR6zY65uFIa6ICLuOEVHpuj4ylK8b6gw-pZ5yRqFX68AmHPJZZLsF_PzzG9ZhjH_Ive0FAfTgrKQx0Y9WB1nDE9r5UMPpZZrTkkumIVf_EDzCmpFDUeIXkRSVGX6CbJ2DPt1lDj2B7vSn2yfKegX2nYkhbtN32pQNme9b4Jnr0BgOpXZrIqUvOToenimQ ) [ ]( # ) [ ]( # )  SIGMA INSTITUTE Delhi Cell: 9899075161 [ ]( http://r.sigma-institute.website/mk/cl/f/IW7IcTqdTr8Ftwl96QOcd4_fWhpOarkYXU96pW7Hje2J1WKCbjp9LR-ruoL33f8xNo8UCzm3dW5Eruoh18CP1KjrnV4FpTE4uV6IVKgvkU3YQ9P6Q-skij0ftVuJyHsfwF-10_7KamxIEzRMbXQ0I-Us5-QDnx73dAM0dHMsCBeRs5svh8czWESXs50K9yaW-ns40FiiWrq5oC_H0-bNyGMqd8TLwZE-IV7aJfWyr-JGVPs3PsssD2b-xOrg429ZX8oPkRS0q-GAg_JmA5nFJq0q0hB87trnCV1inL4YzOpU7vEC9dP-GQvNgfaHx60wNURnavrXX1NnIOKytSficroUS3itpA ) [ ]( http://r.sigma-institute.website/mk/cl/f/qL5QOGyu1wGEy0sAmBa3dcjjY8BTfxWKscfz0xEnFhoe28upqlcNguKJFh_ziJOCnSlAeIVFGEmOukfRwIxnVH5kCAHAQSUqBMDBUWqzCT5uADNint-JBvtFLhGE1KWW43u848_ND0E2h6IWWeu3nMMYuXiAZW8EunWcyPTKqgtTLXirlGXtRvZ9ZovItcn8seMia5f2O05pJQEJKsZ3r0GvKnSQ9K3Vz_Op8DTykx3cooSe5rkRNrj5Rkj5W9IanYbE4D-nqrqtvyO2qUD7VzacdH1w2YCLMn5mEBlc_pdG08MoQafZl9LKfTR8V655R44T32HC4NUysyQNQv5iZJCLag ) [ ]( http://r.sigma-institute.website/mk/cl/f/RgwOsGmONrwBfVHvt8fXxxun5bA0X2P7B5leV6YwW5t20w6ehtKv6oyoHf3F6CJeiow9obwiS1ifxuRHPYiN9KKvXlEdSGxBAEuzK9ET0AbWstdDGUE9VLbnSKDnTllLZgN0yZMGWSjJHJUHy5nxkAME5zMjoaS52tNH9VSwQ1ZEnbNMtLQga1DUsbL_R1MFUrWiZXUx5Odnf_4ddpNALYwPHxLwgVf1nbjxPLF_MKeKH-bD6bvW2xBu2OkBBsx5-Ru7M_g0atw85RZsuHyphOgZXRYH9AzptdB4CJsVud9H_GGi9v44Qo9PcKrO__6Co8y_8Ffi9E6XoNSRPor_MI4 ) [ ]( http://r.sigma-institute.website/mk/cl/f/5qR0k7Yv4zhZ7O6_oRusmrJBWDF4DSxjAMW_M8ZWMqJ0Hfl4TP_kibwp6sxY4xdwekyxBIpeQ6NI002oyataLa8XXQ8yzHS82R96Lm19cEx7X_g_KOPsYd6Y7w4pA1M6EFWtejxb8fdbjO8GwZog4vG6E-qFcUAQEEDfYbdrmFj_n9YmEFxzHg6xQU9ujl4MyL0aGNRCmvKDQ8vnK1XYjzVzZxSg3sVT2M-xOYoQlRveh8Lr9jfhYYUmsfZmD9a-gJogq6SDFiJlgPpShMQkduh5dZwX5EWxc5Bkm6j4UJtCiOTgdFLwP-PZRzCt9EDGYOOkPhqMpE6FNwBxVV5Bo5eGu3CuJRLLHuuHhNM ) [ ]( http://r.sigma-institute.website/mk/cl/f/2IYRSYr0nk85MnJA_Q0TizdBVbSwLJgkGJd0aCE1LJAmAQEUAKWKxSPy-lDycs2aAZdQGKejaM2bXgvI2oTomh0_fBC2ZmpKELlmygH3X9e9A5W2oa35QYSROtxTHiAjER7xbr-60OdlEiZj_uTsn0jM7bPITuzVp5XBgzI1lfnuMbPgU8rjdBZpEaiuOgMV7xq_w-V0tkJ6t8OI7BJgIrjuBa_ruQJME30ZqG5iEEiWFKiEUjsCoZ7P1z24xuvYvMSKjWREvk6sqrK_Bm0jB0yg0mCuPeXj44BDI5RN81OaV6ULZcPIsM48SnujieGidXwdK3Zg95_fD_wu8ofI2RM2wqLHsw ) [ ]( http://r.sigma-institute.website/mk/cl/f/_3lO3rAdm-Xws-_7LiSSfP1abKGiYokH4TNv5qf2t5L4_XGDXD9qeKw-PbF6cIo_5NtT-QrhKRx7H0wHG0EQBOgadXJw_KoG_-3Tfsr_jllEEQBtj9c8EWewXzjF1wLvrJcY51Hwn6MK78udAsf36h_sW-gbGuHYPf32GprjBbTrNxteRsyBmroS0NPkz9LMk6bq02ITr6lwfv92Bra2_Juuuub-GsS0_mD8GcM2nBQzNwAbDgb3kx8wW_GOe_pUsSAMHJnG8o_ZWK0Do-zopnNnaXZRz3XRo9rnscViX0U2N0KElBXmd_p2zR9uwv5mSI27eMxTJ-pi1wo-7VkzIF3JkVhdDony5aEsXPt7Onduwl1gmLA32VqTvrJyUTUIKF2f5P5o_tBFJf7eDI4 ) [ ]( http://r.sigma-institute.website/mk/cl/f/F6lcp_yQ2Pg7DBcJWMG5SOaw35uilYrMcb_6ItrpWLJ6yN0IDJIUJatGqk6FCTgSA3cdXCJn7juw0vuoV8mkMX7o4V6m9ACg_pTEG8oBQWhE7tWGxY3b9C4O8BUCAWtmEDyQcJnPuVrMnlJNM1UPkZI3qvzqNLPfV4NKO6lAgSNs0I0y9c4Ohr2ASblAManduFOHqKz_sw8tP97eo8XHAU-D0y624-Cq_UWUWX_WleLbX9aGkdT6CPuiYvMGBWYlgyqrMWcOW_nDRGfDvChx05VxXJUorobMOg00iMWyIA4BXl9K_1FZjSSnle4yI3EqVU8C_co1GZ2fExDfd35hYXDajEOr97NhZY-OqqVX ) [ ]( http://r.sigma-institute.website/mk/cl/f/Ag-uIBTGOGyRVY3mCDoqOd0US8_o8CB4IFaxAPjeDN20_y8sJEr3mLYqOE59uMc8p9IooUqM4o-EZTq9T-O0VAfNZvdYBiOmDQOf4UnH5A6W0g8zZwgenzIY6ObNW8EX76yVLhC1tUFDbi4h0cbBJYeUKuSVqDJauMHUw530Oo2Xj1H1KA4L1JjCc7MikNPM-zMQWFJAJUHpWGtOKDVRaphPFDVep_XVzIkEl-oWFQfxxLanzdek2Iv4gf4VL7c6cShYzRnBl9ccyupmjWOfssQTD8LlDwugPe4iYZaxJljG95vcCWMX5owCz7Z1zsjmlI4oDuzzT7EgTMFmGYgodgjDuaz9Gg4feA6x )  [ ]( # )  You received this email because you are registered with Sigma Institute  [ Unsubscribe here ]( http://r.sigma-institute.website/mk/un/1aEIePvXNPkiJhdgkIqx8tVFo0bkYbsVGoZO4D4qW1dcBUupD99kYEMUPYOr-nzjVIZang0L3ydNwTX7FeobXNwqx-Ur7Wjw-27u6UlXWka7QqX81fM_EFIJW43HgT21abzMUEl7xFfsfO9N187vebKCjiAMt7dfS9fIyEG00XTnceHSYtSu7VkYHQ-Y3ub8yisBMMbOnglaiEtiHV1ydNpTz24 )  [ ]( # )  © 2020 Sigma Institute  more
Oct 31
Under the earst while Central Excise regime, small businesses are having a threshold limit upto Rs.150.00 lakhs of turnover. Moreover, under VAT returns no quantitative data is asked and details regarding expenses vouchers, receipts no.s, D.Cs utilised and H.S.N codes etc complexity is not there. All of a sudden Government has covered all these small businesses into G.S.T and applied same Rules and Returns under GST which are applicable to large businesses. This brings lot of documentation to be maintained on timely basis and with accuracy. Which hurts the interest of small businesses very dearly. Government urgently look into this matter and bring a simplified set of Returns under G.S.T to small businesses without putting further hardships to them. more
Sep 08
I beg to differ with observations made in the post on GST. I don't understand why people want be secretive about their business. Last 70 years there was no transparency and any attempt to bring transparency is being questioned? I am also part of SME and I never had any problem in facing transparent systems. more
Sep 07
Yes All these complex laws including I Tax, ESI/PF/Labor/ Customs etc are eating away all the time of entrepreneurs . When will they find to do their work/Business ? Most small businesses can not hire so many staff to do all this !!! Where is 'ease of doing business' ? more
Sep 08
If you have very little work like consultancy you can be doing only this transparent work.If you have to do business like marketing your product to get orders,going to the market for buying material,Getting the required labour and supervising them for quality work and then getting the Finished job approved by your customer and then running for payment of the works done it is very difficult for SMEs as most of these are managed by only one person.Hope you and your masters in Govt sitting in pretty AC offices and having no work understand the Burden of the SMEs as there may not be much taxes to be plundered from these SMEs. more
Sep 07
Sir, I am inclined to agree with the comments, though I have not fully grasped the gravity. However it appears to be true that small and medium size traders and manufacturers have lot of difficulties. As concrete problems have been stated by Shri R. Dutt and perhaps some others also, it is desirable that the matter is taken up with the Govt. to apprise them of the difficulties to which they have to find a solution acceptable to both. RYK> On Wed, 06 Sep 2017 12:56:30 +0530 "RAGHONADH DUTT P" wrote > more
Sep 07
Rs.2.00 crores turnover secures minimum 5% profit i.e., 10 lakhs/year . The issues 1, 2, 3, 4, 5, and , the 6 are the synchronized synapses of Solutions those were suggested in this circle during 2015 & 16 on == IMPROVING PRODUCTION == REDUCTION IN MEANS OF BLACK MONEY GENERATIVES == CONCEALED TAX & DUTIES == CONTROL OF TAX EVASION == CORRUPTION IN INSPECTOR Raj == CORRUPTION AT CHECK-POSTS == SALES TAX AND DUTIES IN STATES == TRANSPORTATION & CHECK-POSTS == SINGLE WAY-BILL/MULTIPLE INVOICES == etc., etc., . All these particularly included the issue of quantitative analysis , analysis of P & L and Balance sheet and also the comprehensive audit as was till decades back reducing the opted practice of random check . Comparison of quantitative analysis of previous years , and , between the Statutory and , I.T. along with a detailed certification of the accuracy of accounts leaving off technically allowable percentage of process losses / manufacturing loss etc., that would control single waybill for records and multi invoices set for realizing encashments through simple cheques being honoured by the Banks at nexus also in-detail consistent in the Suggestions and solutions arrived . The Businessmen with Turnovers of even a crore per year shall maintain these statistical records which were grossly neglected after 90s . Even now , it is necessary to be conversant with prompt , comprehensive and methodical approach in Business . more
Sep 06
