GST
GST (Goods & Service Tax)
“GST is a cure for ills of existing Indirect Tax”
Goods and Services Tax is an indirect tax levied in India on the supply of goods and services. GST is levied at every step in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer.
Goods and Service tax means a tax on supply of goods or services, or both, except taxes on the supply of alcoholic liquor for human consumption (Article 366(12A) of Constitution of India). GST is a value-added tax levy sale or services or both. GST is a destination based consumption tax. GST offers a comprehensive and continuous chain of tax credit. GST where the burden is borne by the final consumer. GST eliminate cascading of tax. GST brings a uniform tax structure all over India.
There are some Advantages in GST:-
- One Nation One Tax.
- Removal of bundled indirect taxes such as VAT, CST, Service Tax, CAD, SAD, and Excise.
- Removal of cascading effect of taxes i.e. removes the tax on tax.
- Increased ease of doing business.
- Lower cost of production, increase in demand will lead to an increase in supply. Hence, this will ultimately lead to rising in the production of goods. Resultant boost to make in India initiative.
- It will boost export and manufacturing activity, generate more employment and thus increase GDP with gainful employment leading to substantive economic growth.
Dual GST Model
SGST ,CGST and IGST
| SGST
|
State GST |
| Collected by the state Govt. | |
| CGST | Central GST |
| Collected by Central Govt. | |
| IGST | Integrated GST |
| Collected by the central Govt. or interstate supply of Goods and Services. |
As per the CGST Act subject to changes by CBIC Notifications
| Return Form | Particulars | Frequency | Due Date |
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Monthly | 11th* of the next month with effect from October 2018
*Previously, the due date was 10th |
| GSTR-2
Suspended |
Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. | Monthly | 15th of the next month
|
| GSTR-3
Suspended |
Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax. | Monthly | 20th of the next month
|
| GSTR-3B | Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by taxpayer | Monthly | 20th of the next month |
| GSTR-4 | Return for a taxpayer registered under the composition levy | Quarterly | 18th of the month succeeding quarter |
| GSTR-5 | Return for a Non-Resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Return for an Input Service Distributor | Monthly | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-9 | Annual Return for a Normal Taxpayer | Annually | 31st December of next financial year* |
| GSTR-9A | Annual Return a taxpayer registered under the composition levy anytime during the year | Annually | 31st December of next financial year* |
| GSTR-10 | Final Return | Once, when GST Registration is canceled or surrendered | 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 and claiming a refund | Monthly | 28th of the month following the month for which statement is filed |