What is GST?

Good and service tax is an indirect tax which came into effect from 1st July, 2017. GST is the tax levied on supply of Goods and services. The GST act says that all the entities involved in buying and selling the goods or services shall register and obtain a GSTIN. GSTIN is a unique 15 digit code allocated to the taxpayer who has a valid GST registration.

Who is required to register for GST?

• Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
• Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
• Casual taxable person / Non-Resident taxable person
• Agents of a supplier & Input service distributor
• Those paying tax under the reverse charge mechanism
• Person who supplies via e-commerce aggregator
• Every e-commerce 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

Documents required for GST registration:

• PAN and Aadhaar of the applicant
• Proof of business registration or Incorporation certificate
• Identity and address proof of directors
• Address proof of Place of business
• Bank account statement

GST Returns

GSTR 1:

Details of out ward supplies of taxable goods and/orservices affected.

The due date of filing return,

• Regular scheme - 11th of succeeding month
• Composition Scheme - 31st of succeeding month of the Quarter

GSTR 3B:

Return in which summary of outward supplies along with InputTax Credit is declared and paymentoftaxismadebytaxpayer. The due date of filing GSTR 3B is 20^th of Succeeding month.

GSTR 5:

It is the return which is to be filed by a Nonresident taxable person. The duedate for filing GSTR 5 is20^th of succeeding month.

GSTR 6:

The return filed by the Input service distributor to distribute the eligible Input Tax Credit.The due date for filing GSTR 6 is 13^th of succeeding month.

GSTR 7:

This is the return which is to be filed by Government authorities. The due date for filing GSTR 7 is 10^th of succeeding month

GSTR 8:

It is the return in which Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them are filed. The due date for filing GSTR 8 is10^th of succeeding month.

GSTR 10:

It is a return for the Taxpayer whose GST registration is cancelled and it is to be filed within three months the GST registration is cancelled or surrendered.

Annual returns:

GSTR 9:

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST whose turnover exceeds 2 crores.

• It consists of details regarding the outward and inward supplies made/received during the relevant financial year under different tax heads i.e. CGST, SGST & IGST and HSN codes.
• It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year.

The due date for filing GST 9 is 31^st December of the year following the relevant financial year.

GSTR 9C:

 GSTR 9c is a reconciliation statement required to be furnished by a taxpayer whose turnover exceeds Rs.5 crore in a financial year while filing his annual return in form GSTR-9. It should be prepared and certified by a Chartered Accountant/ Cost Accountant. It is to be noted that GSTR-9C can be filed only after filing GSTR-9.

The due date for filing GST 9c is 31^st December of the year following the relevant financial year.