GST Return - A Glimpse
- 6 Sep 2018
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GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services. It is a destination based tax. GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation.
GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by states and Central. Businesses are required to obtain a GST Identification Number in every state they are registered.
There are around 160 countries in the world that have GST in place. GST is a destination based taxed where the tax is collected by the State where goods are consumed. GST has been implemented in India from July 1, 2017 and it has adopted the Dual GST model in which both States and Central levies tax on Goods or Services or both.
GST,a comprehensive indirect tax system.Under GST,non-compliance will not only affect user’s cash outflow in paying fines,interest,and penalties but also affect the continuity user’s business and compliance rating.
SGST – State GST, collected by the State Govt.
CGST – Central GST, collected by the Central Govt.
IGST – Integrated GST, collected by the Central Govt.
UTGST – Union territory GST, collected by union territory government
Under GST various returns needs to be furnished:-
Form GSTR-1 : Under GSTR-1 business needs todeclare the details of all the outward supplies of goods and services effected during the previous month. The due date of filing GSTR 1 is 10th of succeeding month.
Form GSTR-2 : GSTR-2 is a monthly return that summarizes the details of inward purchases of taxable goods and/or services. The due date of filing GSTR 2 is 15th of succeeding month.
Form GSTR-3 : GSTR-3 is the monthly summary of sales and purchases along with the tax liability. The due date of filing GSTR 3 is 20th of succeeding month.
Form GSTR-4 : A dealer registered under composition scheme of GST is required to furnish GSTR-4. The due date of filing GSTR 4 is 18th of succeeding quarter.
Form GSTR-5 : Every registered non-resident taxable person is required to furnish a return in GSTR-5 electronically through the GST Portal. The due date of filing GSTR 5 is 20th of succeeding month.
Form GSTR-6 : Every Input Service Distributor needs to file GSTR 6 return by 13th of the succeeding month.
Form GSTR-7 : Every registered taxable person who is required to deduct tax at source under GST shall furnish a return in FORM GSTR-7. The due date of filing GSTR 7 is 10th of succeeding month.
Form GSTR-8 : GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST. The due date of filing GSTR 8 is 10th of succeeding month.
Form GSTR-9 : GSTR-9 is an Annual Return to be filed by the persons registered under the GST. The due date of filing GSTR 9 is 31st December of succeeding Financial Year.
Form GSTR-10 : GSTR-10 is the return to be filed by the registered taxable persons who have opted for the cancellation of the GST registration. GSTR-10 needs to be filed within three months of the date of cancellation or date of cancellation order, whichever is later.
Form GSTR-11 : GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies. The due date of filing GSTR 11 is 28th of following month for which statement is filed.