GST:-

  • GST stands for Goods & Services Tax which came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government.
  • The GST replaced existing multiple taxes levied by the central and state governments.
  • Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services.
  • The tax rates, rules and regulations are governed by the GST Council.
  • It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
  • Goods and services are divided into five different tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
  • There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.

Registration:-

  • Every person should get Registered whose Turnover exceeds the specified limit prescribed by Government/GST Council.
  • If your Turnover exceeds from threshold limit in a financial year then person is required to obtain GST registration, but in some cases where GST registration is required irrespective of threshold limit is are under:
  1. Person who is supplying interstate;
  2. Casual taxable persons;
  3. Persons liable to pay tax under the Reverse Charge Mechanism (RCM);
  4. Non-resident taxable persons;
  5. A Persons who is required to deduct TDS under GST;
  6. A Persons who is required collect TCS under GST;
  7. Input Service Distributor (ISD);
  8. Persons making supplies on behalf of other whether acting as an Agent or Principal;
  9. E-commerce Operator;
  10. Suppliers who supplies goods through E-commerce operator;
  11. Online Information Database Access and Retrieval (OIDAR) services providers providing service from outside India to a non-registered person in India.
  • From 1st April 2019 for Normal Taxpayers Government/ GST Council has prescribed the threshold limit for Supplier of Goods is Rs. 40 lakh (Rs. 20 lakh For Special Category States) and for Supplier of Services is Rs. 20 lakh (Rs. 10 lakh For Special Category States).
  • For Composition Dealer Government/ GST Council has prescribed the threshold limit Supplier of Goods is Rs.1.5 crores (Rs. 75 lakh For Special Category States) from 1st April 2019, and for Supplier of Services or where Supplier supply Services along with Goods the threshold limit is Rs. 50 lakh for supply of Services out of normal threshold limit.

Rates:-

For HSN/ SAC code wise Tax Rates, Please follow below link;

https://cbic-gst.gov.in/gst-goods-services-rates.html

Returns:-

Now a days in GST various types of Returns are prescribed, which as are under:

S. N. Description Return/Form Due Date
1 Details of outward supplies along with Input Tax Credit is declared  and payment of tax by taxpayer GSTR-3B On or before 20th of the succeeding month*
2 Details of outward supplies GSTR-1 For Monthly:

On or before 11th of the succeeding month*

For Quarterly:

On or before last date of the month succeeding quarter*
3 Once in a year filed by the Composition Dealer for the whole year GSTR-4 On or before 30th of April, following a financial year*
4 By the Composition Dealer CMP-08 On or before 18th of the month succeeding quarter*
5 By the Non-Resident taxable person GSTR-5 On or before 20th of the succeeding month*
6 For Non-Resident OIDAR Service Providers GSTR-5A On or before 20th of the succeeding month*
7 By Input Service Distributor GSTR-6 On or before 13th of the succeeding month*
8 Filed by the e-commerce operators who are required to collect TCS GSTR-7 On or before 10th of the succeeding month*
9 Filed by the persons who is required to deduct TDS GSTR-8 On or before 10th of the succeeding month*
10 Annual Return for a Normal Taxpayer GSTR-9 On or before 31st December of next financial year*
11 Annual Return for a Composition Dealer GSTR-9A On or before 31st December of next financial year*
12 GST Audit/Reconciliation Statement GSTR-9C On or before 31st December of next financial year*

*Subject to Notifications/ Orders by CBIC