GST (Goods and Service Tax) is new indirect tax which will be levied on supply and services provided in India, which comes into force from 1st July 2017. The main purpose to implement GST in India is to remove multiplicity of taxes and cascading of taxes. After implementation of GST below mentioned taxes will be subsumed.
- Excise Duty
- CVD (Countervailing Duty in lieu of Excise)
- SAD (Special Additional Duty of Custom)
- Service Tax
- VAT (Value Added Tax)
- CST (Central Sales Tax)
Please note BCD (Basic Custom Duty) and Export Duty will not subsumed be after G.S.T.
(1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees: Provided that where such person makes taxable supplies of goods or services or both from any of the special category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees.
(2) Every person who, on the day immediately preceding the appointed day, is registered or holds a licence under an existing law, shall be liable to be registered under this Act with effect from the appointed day.
Levy and Collection of Taxes
G.S.T will be levy on all taxable supply of Goods and services as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for consideration by a person in the course of furtherance of Business.
1.5 In 2000, the fortnightly payment of duty system was introduced for all commodities, an extension of the monthly payment of duty system introduced the previous year for Small Scale Industries.
All assesses are required to file Monthly Return except composition dealer.Please find below all return forms along with due dates
GSTR 1 Outward supplies made by taxpayer (other than compounding taxpayer and ISD) 10th of the next month.
GSTR 2 Inward supplies received by a taxpayer (other than a compounding taxpayer and ISD)15th of the next month.
GSTR 3 Monthly return (other than compounding taxpayer and ISD) 20th of the next month.
GSTR 4 Quarterly return for compounding taxpayer 18th of month following the qtr.
GSTR 5 Periodic return by Non-Resident Foreign Taxpayer Last day of registration.
GSTR 6 Return for Input Service Distributor (ISD) 15th of the next month.
GSTR 7 Return for Tax Deducted at Source (TDS) 10th of the next month
GSTR 8 Annual Return By 31st December