GST Returns and Compliances

There are various GST compliances that are required to be followed under the new GST law. Following is the list of returns to be filed in detail:

Type of Return Description Responsibility of Filing on whom? Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services effected Registered Taxable Supplier 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Registered Taxable Recipient 15th of the next month
GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Registered Taxable Person 20th of the next month
GSTR-4 Quarterly return for compounding taxable person. Composition Supplier 18th of the month succeeding quarter
GSTR-5 Return for Non-Resident foreign taxable person Non-Resident Taxable Person 20th of the next month
GSTR-6 Return for Input Service Distributor Input Service Distributor 13th of the next month
GSTR-7 Return for authorities deducting tax at source. Tax Deductor 10th of the next month
GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected E-commerce Operator/Tax Collector 10th of the next month
GSTR-9 Annual Return Registered Taxable Person 31st December of next financial year
GSTR-10 Final Return Taxable person whose registration has been surrendered or cancelled. Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 Details of inward supplies to be furnished by a person having UIN Person having UIN and claiming refund 28th of the month following the month for which statement is filed
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GST Returns and Compliances

All these returns are required to be filed digitally online through a common portal to be provided by GSTN.

GST: The Goods and Service Tax

The Nation is all geared up for the implementation of one of the biggest indirect tax reforms in India. Are you? All you need to know about GST (Goods & services tax) which is set to rule from 1st July 2017.

As the name itself suggests, Goods and Services Tax will be levied on “Supply” of goods and services. It is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace the existing modes of taxation levied by the central and state governments.

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GST: The Goods and Service Tax

Categories for levy and collection of GST: –

CGST- To be levied and collected by the Central Government.

SGST- To be levied and collected by the State Government.

IGST- To be levied on inter-State supply (including stock transfers) of goods or services. This would be collected by the Centre. Import of goods would be treated as inter-State supplies and would be subject to IGST in addition to the applicable custom duties.

UTGST – Union territories without legislature would levy Union Territory.

Applicability:

Every business carrying out a taxable supply of goods or services will be required to register as a normal taxable person under the GST regime. GST will apply when turnover of the business exceeds Rs 20 lakhs (Limit is Rs 10 lakhs for the North Eastern States). That means that taxpayers with an annual turnover of Rs. 20 lakhs ( Rs. 10 for NE states) would be exempt from GST and need not require to get themselves registered. However, they can opt for voluntary registration.

Goods & services come under the purview of GST:

GST would apply to all goods and services except Alcohol for human consumption. Tobacco and tobacco products would also be subject to GST to levy Central Excise duty.

Benefits to businesses:

Ease of starting business: Any new business needs to have a VAT registration from sales tax department. A business operating in many States has to face a lot of issues regarding the different procedures and fees in each state. GST will bring about a uniformity in process and centralised registration that will make starting business and expanding in different States much simpler.

Higher exemptions to new businesses: Under GST regime the upper limit for registration has been increased, composition scheme has been bought in and further rates of tax have also been comparatively reduced. This will bring respite from tax burdens to newly established businesses.

Simple taxation: There is no need to adhere to different regulations at different States any more. GST will simplify the process by integrating all taxes, making the process of paying tax simpler.

Respite for businesses in both sales and services: GST does not distinguish between sales and services, hence no need to calculate tax separately on goods and services. This will make the process much more time and cost effective.

Reduction in cost of commodities: Due to elimination of small border tax and checkpost issues, etc., Interstate movement will become cheaper and less time consuming. GST can reduce logistics costs of companies producing non-bulk goods (comprising all goods besides the primary bulk commodities transported by railways – coal, iron ore, cement, steel, food grains, fertilizers) by as much as 20 percent.

Also read about GST Returns and Compliances