1. Goods and Service Tax “A great step towards development by team INDIA”
GST
Goods and Service Tax
“A great step towards development by team INDIA”

2. One important question that is haunting all of us-” WHAT IS GST?”

3. What is GST ????
In the words of our PM ,GST is “Good and Simple Tax” is a new form of taxation which would just take a little getting used to just like a new pair of spectacles”.One country ,one tax is the idea behind the introduction of GST. With the launch of GST, products will be taxed at a uniform rate all over the country. Also different taxes like Excise Duty, Customs Duty, Sales Tax ,VAT etc will be covered under GST scheme of taxation only. There will be five categories of tax rates under which all products will be grouped for the purposes of taxability. Also the credit of taxes paid at different stages will be allowed to be claimed by the person paying taxes on presentation of the requisite documents to the tax authorities at the time of filing the claims.

4. Registration under GST
GST registration is mandatory for the following persons/ entities:
Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs 10 lakhs for North Eastern and hill states).
Every person who is registered under an earlier law (i.e., Excise, VAT, Service Tax etc.)  needs to register under GST, too.
When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from the date of transfer.
Anyone who drives inter-state supply of goods
Casual taxable person
Non-Resident taxable person
Agents of a supplier
Those paying tax under the reverse charge mechanism
Input service distributor
E-commerce operator or aggregator
Person who supplies via e-commerce operator or aggregator
Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

5. Different types of GST

6. Brief insight to various types of GST:
GST-GST is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers but is remitted to Government by the businesses selling goods & services.
CGST-Central Goods and Service Tax is that component of GST the revenue of which will go directly to our Central Government. It will replace existing Service Tax, Excise Duties etc.
SGST-State Goods and Service Tax is that component of GST the revenue of which will go directly to State Government. It will replace Sales Tax, Luxury Tax, Entry Tax etc.
IGST-Integrated Goods and Service Tax is a combined form of CGST and SGST levied and collected by Central Government.

7. Returns/Statements forms under GST:
SR NO
FORM NO.
DESCRIPTION 1
R-1
Details of outward supplies of taxable goods and/or services effected 2
R-1A
Details of outward supplies as added, corrected or deleted by the recipient 3
R-2
Details of inward supplies of taxable goods and/or services claiming input tax credit 4
R-2A
Details of inward supplies made available to the recipient on the basis of FORM GSTR-1 furnished by the supplier 5
R-3
Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax

8. Forms under GST(Contd…)
SR NO.
FORM NO.
DESCRIPTION 6
R-3A
Notice to a registered taxable person who fails to furnish return under section 27 and section 31 7
R-4
Quarterly Return for compounding Taxable persons 8
R-4A
Details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier 9
R-5
Return for Non-Resident foreign taxable person 10
R-5A
Goods supplied information of online based and the access of database or retrieval services by the concerned entity from outside India done for the non-taxable entity in India 11
R-6
ISD return

9. Forms under GST(Contd…)
SR NO.
FORM NO.
DESCRIPTION 12
R-6A
Details of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 furnished by the supplier 13
R-7
Return for authorities deducting tax at source 14
R-7A
TDS Certificate 15
R-8
Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (1) of section 43C 16
R-11
Details of inward supplies to be furnished by a person having UIN 17 9A
Audit Report

11. GST RETURNS: Return Form What to file? By whom? By when? GSTR-1
Details of outward supplies of taxable goods and/or services effected
Registered Taxable Supplier
10th of the next month
GSTR-2
Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
Registered Taxable Recipient
15th of the next month

12. GST RETURNS(CONTINUED……)
Form
What to file?
By whom?
By when?
GSTR-3
Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of 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
GSTR-6
Return for Input Service Distributor
Input Service Distributor
13th of the next month.

13. GST RETURNS(CONTINUED……)
Form
What to file?
By whom?
By when?
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
GSTR-9
Annual Return
Registered Taxable Person
31st December of next financial year

14. GST RETURNS(CONTINUED……)
Form
What to file?
By whom?
By when?
GSTR-10
Final Return
Taxable person whose registration has been surrendered or cancelled.
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

15. THE END