GST is an indirect tax which has replaced many indirect taxes in India such as VAT, Services tax and Excise duty etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
In other words, Goods is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.
There are three components under GST system: CGST, SGST & IGST.
- CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction happening within Maharashtra)
- SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction happening within Maharashtra)
- IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Maharashtra to Tamil Nadu)
- In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
- For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply
GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax).
Types of GST Returns:
| Sr. No | Return | Particulars |
| 1. | GSTR-1 | Details of outward supplies of taxable goods or services or both effected |
| 2. | GSTR-2 | Details of inward supplies of taxable goods or services or both claiming input tax credit |
| 3 | GSTR-3B | Details of outward supplies along with input tax credit is declared and payment of tax is affected by the taxpayer |
| 4 | CMP-08 | Statement of taxpayer registered under the Composition Scheme |
| 5 | GSTR-4 | Annual Return for Composition taxable persons |
| 6 | GSTR-5 | Return for Non-Resident foreign taxable persons |
| 7 | GSTR-6 | Input Service Distributor return |
| 8 | GSTR-7 | Return for authorities deducting tax at source |
| 9 | GSTR-8 | Details of supplies through e-commerce operator and the amount of tax collected as required under sub-section (52) |
| 10 | GSTR-9 | Annual Return for a Normal Taxpayer |
| 11 | GSTR-9C | Reconciliation Statement. |
| 12 | GSTR-10 | Final return to be filed by a taxpayer whose GST registration is cancelled |
| 13 | GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund |
3 Comments
Riva Collins
December 25, 2018 - 3:33 pmIt’s no secret that the digital industry is booming. From exciting startups to need ghor global and brands, companies are reaching out.
Obila Doe
December 25, 2018 - 3:42 pmIt’s no secret that the digital industry is booming. From exciting startups to need ghorglobal and brands, companies are reaching out.
Arnold Rio
December 25, 2018 - 3:44 pmIt’s no secret that the digital industry is booming. From exciting startups to need ghorglobal and brands, companies are reaching out.