Phone : 8586981071|Email id : info@nsc.ind.in
Goods and Services Tax (GST)is a consumption tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but it is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous 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. In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
The tax 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.
The tax rates, rules and regulations are governed by the GST Council which consists of the finance ministers of the central government and all the states.
| Return | Description | Who can File | Standard Date for Filing |
|---|---|---|---|
| GSTR-1 | Statement of Outward supplies of Goods or Services | Normal Registered Person | 10th of the next month |
| GSTR-2 | Statement of Inward supplies of Goods or services | Normal Registered Person | 20th of the next month |
| GSTR-3B | Simple Monthly Return for the period Jul 2017 to March 2018 | Normal Registered Person | 20th of the next month |
| GSTR-4 | Quarterly Return | Taxable Person opting for Composition Levy | 18th of the month succeeding the quarter |
| GSTR-5 | Monthly return for a non-resident taxpayer | Non-resident taxpayer | 20th of the month succeeding tax period & within 7 days after expiry of registration |
| GSTR-5A | Monthly return for a person supplying OIDAR services from a place outside India to a non-taxable online recipient | Supplier of OIDAR Services | 20th of the next month |
| GSTR-6 | Monthly return for an Input Service Distributor (ISD) | Input Service Distributor | 13th of the next month |
| GSTR-7 | Monthly return for authorities deducting tax at source | Tax Deductor | 10th of the next month |
| GSTR-8 | Monthly statement for E-Commerce Operator depicting supplies effecting through it. | E-Commerce Operator | 10th of the next month |
| GSTR-9 | Annual Return | Registered Person other than an ISD, TDS/TCS Taxpayer, casual taxable person and Non-resident taxpayer. | 31st December of next Financial Year |
| GSTR-9A | Simplified Annual Return under Composition Scheme | Taxable Person opting for Composition Levy | 31st December of next Financial Year |
| GSTR-10 | Final Return | Taxable person whose registration has been surrendered or cancelled | Within three months of the date of cancellation or date of order of cancellation, whichever is later |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN | Taxable Person opting for Composition Levy | 31st December of next Financial Year |
*Registered persons having aggregate turnover of up to 1.5 Crore rupees in the preceding financial year or the current financial year shall furnish GSTR-1on a quarterly basis. Other Registered persons having aggregate turnover of more than 1.5 Crore rupees shall furnish these returns on a monthly basis. Filing of GSTR-2 and GSTR-3 has been postponed till a further announcement in this regard is made.
The mechanism of filing of revised returns for any correction of errors/ omissions has been done away with. The rectification of errors/omissions is allowed in the return for subsequent month(s). However, no rectification is allowed after furnishing of the return for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.
An interest of 18 percent is levied on the late payment of taxes under the GST regime. The interest would be levied for the days for which tax was not paid after the due date.
In case a taxpayer does not file his/her return within the due dates, he/she shall have to pay a late fee of Rs. 200/- i.e. Rs.100/- for CGST and Rs.100/- for SGST per day (up to a maximum of Rs. 5,000/-) from the due date to the date when the returns are actually filed.
Note: In case of GSTR-3B,
For the months July to September, 2017, the late fee payable for failure to furnish the return has been waived completely.
From the month of October 2017 onwards, the GST Council has recommended that the amount of late fee payable by a taxpayer whose tax liability for that month is ‘NIL’ is Rs. 20/- per day (Rs. 10/- per day each under CGST & SGST Acts). However, if the tax liability for that month is not ‘NIL’, the amount of late fee is Rs 50/- per day (Rs. 25/- per day each under CGST & SGST Acts)
GST procedures might be complicated to follow when day to day business activities is affecting and our resolution is retainership.
At NIDHI SHARMA AND COMPANY , we always try to erase the complexities arising out from newly implemented and frequently amended GST laws through our professional approach which will help the organisations to cope up with the current demands. Our extended services include structuring of business transactions with amending GST laws, ensuring timely filing of GST returns, comply with GST Audits, assistance in refunds claims, consultancy, and liaison with GST departments
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