![\"Goods](\"https:\/\/www.aakashinfo.com\/blog\/wp-content\/uploads\/2021\/07\/gst-1024x576.jpeg\")
<\/a><\/p>\nGoods and Services Tax (GST)<\/h2>\n
Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale & consumption of goods and services throughout India.<\/p>\n
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- \u00a0<\/i> GST is a value-added tax on goods and services which is collected at each stage of the supply chain with applicable setoff in respect of tax paid at previous stages.<\/li>\n
- \u00a0<\/i>It is a destination-based consumption tax i.e. on final consumption.<\/li>\n
- \u00a0<\/i>India has adopted the concurrent dual GST model.<\/li>\n
- \u00a0<\/i>All Indirect taxes except basic customs duty, export duty, and few state taxes will be covered in GST<\/li>\n
- \u00a0<\/i>A GST Registration criterion is Rs. 10 Lakh for special category states and Rs. 20 Lakh for the Rest of India.<\/li>\n
- \u00a0<\/i>Entities with turnover less than 50 Lakhs can opt for composition tax in lieu of GST<\/li>\n
- \u00a0<\/i>There are three components of GST\n
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- SGST- SGST stands for State GST. It is applicable on supplies within the state and will be shared with the State government<\/li>\n
- CGST- CGST stands for Central GST. It is applicable to supplies within the state and will be shared with the Central government.<\/li>\n
- IGST- IGST stands for Integrated GST. It is applicable to inter-state and import transactions and will be shared with Centre and State governments.<\/li>\n<\/ul>\n<\/li>\n
- \u00a0<\/i> There are 4 slabs in the GST rate structure\n
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- 5 %<\/li>\n
- 12 %<\/li>\n
- 18 %<\/li>\n
- 28 % + Cess.<\/li>\n<\/ul>\n<\/li>\n
- \u00a0<\/i>In the GST regime, return filing is 4 Step process<\/li>\n<\/ul>\n
GST Return Due Date<\/h3>\n
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\n Return<\/th>\n For<\/th>\n Due Date<\/th>\n<\/tr>\n \n GSTR-1<\/td>\n Detail of Sales \/ Services provided<\/td>\n 10th Of next month<\/td>\n<\/tr>\n \n GSTR-2<\/td>\n Detail of Purchases \/ Services received<\/td>\n 15th Of next month<\/td>\n<\/tr>\n \n GSTR-1A<\/td>\n Details of modification in purchases<\/strong> made by receiver to supplier will be communicated to the supplier<\/td>\n 17th Of next month<\/td>\n<\/tr>\n \n GSTR-3<\/td>\n Monthly return<\/strong> on the basis of finalization of details of outward supplies and inward supplies along with payment of tax(contains the detail of both sales and purchases made and also the tax liability)<\/td>\n 20th Of next month<\/td>\n<\/tr>\n \n GSTR-4<\/td>\n Quarterly return for composition dealers (composition dealers are taxpayers whose turnover does not exceed 50,00,000 in preceding F.Y. and opt for paying lump-sum tax)<\/td>\n 18th of the month next to a quarter.<\/td>\n<\/tr>\n \n GSTR-5<\/td>\n Return for\u00a0Non-Resident taxable person<\/strong> (These are the taxable person who undertakes a transaction occasionally in India and does not have a permanent entity \/Fixed place of business in India)<\/td>\n Last day of registration<\/td>\n<\/tr>\n \n GSTR-6<\/td>\n ISD Return<\/strong> (Input service distributor is a taxable person who receives credit on behalf of its branches)<\/td>\n 13th of the next month<\/td>\n<\/tr>\n \n GSTR-7<\/td>\n Return for taxable persons deducting tax at source(This return is to be filed by the person who is required to deduct TDS<\/strong>\u00a0as prescribed)<\/td>\n 10th of the next month<\/td>\n<\/tr>\n \n GSTR-8<\/td>\n Details of supplies effected through e-commerce<\/strong> operator and the amount of tax collected as required (This return is to be filed by the person who is required to collect TCS on supplies made through E-commerce operator)<\/td>\n Within 10 days after the end of the month in which collection is made<\/td>\n<\/tr>\n \n GSTR-9<\/td>\n Annual Return<\/td>\n By 31st December of next financial year<\/td>\n<\/tr>\n \n GSTR-10<\/td>\n Final Return<\/strong> (This return is to be a file on the cancellation of GST registration ) in case of cancellation of GST registration<\/td>\n Within 3 months of the cancellation order<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n
- \u00a0<\/i>It is a destination-based consumption tax i.e. on final consumption.<\/li>\n