Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale & consumption of goods and services throughout India.
- GST is value added tax on goods and services which is collected at each stage of supply chain with applicable setoff in respect of tax paid at previous stages.
- It is destination based consumption tax i.e. on final consumption.
- India has adopted concurrent dual GST model.
- All Indirect taxes except basic customs duty, export duty and few state taxes will be covered in GST
- A GST Registration criterion is Rs. 10 Lakh for special category states and Rs. 20 Lakh for Rest of India.
- Entities with turnover less than 50 Lakhs can opt for composition tax in lieu of GST
- There are three components of GST
- SGST- SGST stands for State GST. It is applicable on supplies within the state and will be shared with State government
- CGST- CGST stands for Central GST. It is applicable on supplies within the state and will be shared with Central government.
- IGST- IGST stands for Integrated GST. It is applicable on inter-state and import transaction and will be shared with Centre and State governments.
- There are 4 slabs in GST rate structure
- 5 %
- 12 %
- 18 %
- 28 % + Cess.
- In GST regime, return filing is 4 Step process
|Return ||For ||Due Date |
||Detail of Sales / Services provided
||10th Of next month|
||Detail of Purchases / Services received
||15th Of next month|
||Detailsof modification in purchases made by receiver to supplier, will be communicated to supplier
||17th Of next month|
||Monthlyreturn on the basis of finalization of details of outward supplies and inward supplies along with payment of tax(contains detail of both sales and purchases made and also the tax liability)
||20th Of next month|
||Quarterlyreturn 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)
||18th of month next to quarter.|
||Return for Non-Residenttaxable person (These are the taxable person who undertakes a transaction occasionally in India and do not have permanent entity /Fixed place of business in India)
||Lastday of registration|
||ISD Return (Input service distributeris a taxable person who receive credit on behalf of its branches)
||13thof the next month|
||Return fortaxable persons deducting tax at source(This return is to be filed by the person who are required to deduct TDS as prescribed)
||10th of the next month|
||Detailsof supplies effected through e-commerce operator and the amount of tax collected as required (This return is to be filed by the person who are required to collect TCS on supplies made through E-commerce operator)
||With in 10 days after the end of the month in which collection is made|
||By 31st December of next financial year|
||Final Return (This return is to be file on the cancellationof GST registration ) in case of cancellation of GST registration
||With in 3 months of cancellation order|