The service providers charge the customers a particular tax rate at the time of rendering various types of services. Later on, the providers have to pay this tax amount to the government and it is generally payable twice a year. The amount of tax to be paid depends on the nature of the services provided. The concerned entity who provides the services can be a sole proprietor, individual, a Hindu Undivided Family or a company. Basically the service providers have to file tax returns in case they have provided services worth 10 Lakhs during the previous financial year.
Avoiding legal complications
It is advisable to file returns even the value of services provided does not reach the stipulated amount to avoid any type of litigation and any action. So today, any registered service provider must file the returns irrespective of the value of services provided. Generally penalty is payable if such returns are not filed, but if the service provider can show sufficient cause for not filing the returns, then the penalty amount may be waived. The mode of filing such returns is not different from the normal procedures.
Providing the supporting documents
In relation to service tax nil return filing, you must keep in mind it is carried out so that you do not face any legal complication later on. You will find there is a specific form for filing such returns and the tax consultants always recommend for filing such returns. Such a return is in fact a document which shows that the service provider falls below the taxable amount, though legally it is not mandatory. It is always safe for the service provider to file such returns. Today, it has to be submitted online and the supporting documents which have to be submitted include bank account details and financial statements. You can use a copy of such return to get various advantages later in terms getting a visa and such returns should be filed by the service providers for protection purpose in relation to income tax departments
Return filing assistance
Since the introduction of Goods and Services tax since July2017, it has been observed that lots of new requirements are to be fulfilled. In relation to gst return forms for business, it must be kept in mind in case of any mistake in calculating the amount penalty can be imposed. Toady you get such packages where it is possible to make the calculations without any error being made. Proper monitoring is possible in terms of generating invoices for the interstate supply of goods and services. Every business enterprise has to be registered on the respective portals and provide details about sales, tax collection and purchase, while filing the respective returns. Those returns which do not reveal the taxable amount to be paid, then it will be treated as invalid.
The online submission facility
Presently it has been made mandatory to submit various returns online and in the process, it has become quite convenient for the service providers to submit flawless and transparent tax returns. In case of the beginner whose income has not touched the stipulated figure for tax liability has to file returns for the record purpose of the tax department. This type of return is also filed for claiming any refund.