Every person registered under the GST Act has to periodically furnish the details of sales, purchases, and tax paid (ITC) and collected thereon by filing the return with GST Authorities. Before filing any return payment of tax due is a prerequisite otherwise such return will be invalid.
Legal Suvidha Experts will guide you on the applicability and compliances under the new GST regime, GST registration would be required for all enterprises involved in the buying or selling or delivery of services exceeding Rs.10 lakhs a year in north-eastern and hill states, while the limit is Rs.20 lakhs for rest of India. All entities having GST registration would be required to file GST returns. GST return filing would be mandatory for all GST registered entities irrespective of if there was any activity/sale during the return filing period. Every Registered taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, the taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS).
Following forms applicable for normal taxpayers:
• Form GSTR-1 – Monthly details of outward supplies by the 10th of the next month.
• Form GSTR-2 – Monthly details of inward supplies by 15th of the next month (SUSPENDED).
• Form GSTR-3 – Monthly return along with payment of due tax by 20th of next month (SUSPENDED).
• Form GSTR-9 – Annual return by 31st December of the next financial year.
| SINGLE PLATFORM | With the implementation of GST in India, the indirect taxes would be streamlined and standardized. Under the GST regime, businesses would no longer have to obtain multiple VAT registration in different States or obtain a separate VAT and Service Tax registration. A single GST registration for the respective state(s) in India from where the supply of goods and/or services will be sufficient. |
| CREDIBILITY | Proper compliance of filing return on time increases your credibility among your customers about the transparency of your transactions. |
| INPUT TAX CREDIT & REFUND | The prior condition for claiming refund & ITC is that the return must be filed by the assessee. |
| ONE NATION ONE TAX | GST subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax. This would make tax collection and compliance easy for businesses across the country. |
| EASE OF DOING BUSINESS | Currently, many businesses like restaurants, computer sales, and services businesses have to comply with both VAT and Service Tax. This creates a compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. GST won’t make the distinction between goods and services which will, in turn, leads to relief to the business. |
| INCREASE TAX PAYERS VOLUME | GST will work on value addition concept and it is expected that new registration will come in existence to take to benefit of Input Tax in the Transaction chain. GST allows a seamless flow of input tax credit. |
| LOWER TAXES | Currently in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under the GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hilly states, whereas, for the rest of India, the threshold is set at Rs.20 lakhs which ultimately leads to lower tax payment. |
| Return / Form | Details | By Whom? | Due Date |
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Registered Taxable Supplier | 10th of the next month |
| GSTR-2 | Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. | Registered Taxable Recipient | 15th of the next month |
| GSTR-3 | Monthly return based on finalization of details of outward supplies and inward supplies along with the payment of the 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 | 15th 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 canceled. | 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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