GST is basically a goods and services act. It is the type of Indirect taxes. GST passed in the Indian parliament on 29th march 2017. But it came into effect from 1 July 2017. It is generally levied on every value addition.
The GST draft was set up in 2000. But to pass it in the parliament and make it a law it took 17 years.
BENEFITS OF GST:
Cascading effect which is mainly prevalent in goods and services with the enactment of GST. Also cost of the goods decreases.
GST is basically technologically driven scheme. All the process like registration, return filing, application for refund and response to notice needs to be done online on the GST portal.
WHO BECOMES TAX PAYER UNDER GST?
GST is applicable to all those who have a small business or enterprise and needs to be registered under GST.
- Any business with having turnover in a financial year exceeding Rs 20
- Any Input service
- Agents of a
- Inter -state supply of
- Non-resident taxable
RETURN FORMS :
GSTR-1 Return form has to be filed specifically by the registered taxable supplier. This form is filled by the supplier.
The form has the following details:
- Business name, period for which the return is filed, Goods and services Taxpayer Identification Number (GSTIN).
- GSTR-1 has to filedd by the 10th of the following
It needs to be filled by a registered taxable recipient with details of the supplies of goods and services.
It contains the following information:
- Details of the corresponding taxes
- Advances received for the supply in
- Outward Sales Invoices from the previous tax
- GSTR-2 needs to be filed by 15th of the following
GST 3 return form is the one which is to filled by the registered taxpayer with the details that are automatically populated by GSTR-1 and GSTR-2 Return Forms. The taxpayer has to verify and make further verifications if any . GSTR-3 has to filed by 20th of the following month.
GSTR-4 has to be filled by those who have opted for the composition scheme. GSTR -4 has to filed by 18th of the following Month.
- GST return form 5 needs to filled by all registered non-residen
- GSTR-5 Contains the Name and address of the taxpayer, GSTIN , and period of
- Outward supplies and Inward supplies
- Import of Services,
- GSTR-5 has to be filed by 20th of te following
- It has to filed by an Input service
- Address of the taxpayer, GSTIN.
- Input credit
- Credit or debit notes
- GSTR-6 has to be filed by 13th of the following
It has to be filed by all registered taxpayers who required to deduct tax at source under the GST regime. GSTR-7 has to be filed by 10th of the following month.
GSTR-8 has to be filed by all e-Commerce operators who are required to collect taxes at source under the GST rule. GSTR-8 contains :
- Name and address of the taxpayer alongwith GSTIN, and period of
- Tax collected at source
- TDS liability that is auto-populated.
- GSTR-8 deadline is by 10th of the following
It is filed by normal taxpayers with all income and expenditure details of the year. It has to be filed by 31st December of the following financial year.
GSTR-10 is for those who opts for cancellation of GST registration.
GSTR-11 is for the ones who claims a refund of the taxess paid on inward source.