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Goods and Services Tax

The document discusses the Goods and Services Tax (GST) implemented in India. It outlines the key aspects of GST including the dual GST model, tax rates, registration limits, functions of the GSTN and council, returns filing process and due dates.

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lavanya22banala
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32 views9 pages

Goods and Services Tax

The document discusses the Goods and Services Tax (GST) implemented in India. It outlines the key aspects of GST including the dual GST model, tax rates, registration limits, functions of the GSTN and council, returns filing process and due dates.

Uploaded by

lavanya22banala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GOODS AND SERVICES

TAX
ONE NATION ONE TAX
 Goods and Services Tax (GST) has been
implemented in India w.e.f. 1st July, 2017.
 GST is a supply based tax
 Rate of duties are not differ from person to

person
 Gst is Regressive in nature.
 As per Article 246A, the power to levy GST has

been given to the Parliament as well as to


Legislature of every State.
a. CGST – enacted by Central Government of India.
b. IGST – enacted by Central Government of India.
c. SGST – enacted by respective State Governments
d. UTGST – enacted by Central Government of India
DUAL GST MODEL
 India adopted a dual GST where tax imposed
concurrently by the Central and States
 CGST- Levied by central govt on Intra-state
(with in the state)supplies of taxable goods or
services or both.
 SGST- Levied by state govt on Intra-state (with
in the state)supplies of taxable goods or services or
both.
 IGST- Levied by central govt on Inter-state
(outside the state)supplies of taxable goods or
services or both.
ADVANTAGES
 GST is a value added tax levy on sale or service
or both
 GST is a destination based consumption tax.
 GST where burden borne by final consumer
 GST eliminate cascading effect of tax.
 GST brings uniform tax structure all over india
 Goods and Services tax means a tax on supply
of goods or services , or both , except taxes on
alcoholic liquor for human consumption
Functions of the GSTN And council
 filing of registration application,
 filing of return,
 creation of challan for tax payment,
 settlement of IGST payment (like a clearing house),
 generation of business intelligence and analytics etc.
 tax rates,
 exemptions,
 threshold limits,
 dispute resolution,
 GST legislations including rules and notifications etc.
Gst Registration limits
 Registration is mandatory if aggregate turnover exceeds
threshold limit.
 SUPPLY OF GOODS
 Manipur, Mizoram, Nagaland, Tripura-10 lakhs
 Uttarakhand, Meghalaya, Sikkim, Arunachal Pradesh,
Puducherry, Telangana - 20 LAKHS
 Rest States of India - 40 LAKHS
 SUPPLY OF SERVICES
 Manipur, Mizoram, Nagaland, Tripura – 10 LAKHS
 Rest States of India – 20 LAKHS
COMPULSORY REGISTRATION
 Person making any inter-state taxable supply;
 ii. Causal taxable persons making taxable supply;
 iii. Person who are required to pay tax under
reverse charge;
 iv. Person who are required to pay tax under sec.
9(5) of CGST (i.e. Electronic Commerce Operator);
 v. Non-resident taxable person making taxable
supply
 Persons who make taxable supply of goods or
services or both on behalf of other taxable
person whether as an agent or otherwise
RETURNS UNDER GST
 EVERY REGISTERED PERSON CAN FILE RETURNS
MONTHLY OR QUATERLY
 (a) FORM GSTR-1 giving the details of outward
supplies of goods or services to be filed on or before
the tenth day of the following month.
 (b) FORM GSTR-2, giving the details of inward
supplies to be filed after tenth but before before the
fifteenth day of the following month.
 (c) FORM GSTR-3 to be filed after fifteenth day but
before the twentieth day of the following month
 (d) FORM GSTR-4 return for composition tax payer.
 (e) ) FORM GSTR-9 annual return
Gst due dates
 GSTR-3B (Jan, 2024) Feb 20th, 2024 GSTR-3B
(Jan-Mar, 2024) Apr 22nd, 24th, 2024 GSTR-1
(Jan, 2024) Feb 11th, 2024 GSTR-1 (Jan-Mar,
2024) Apr 13th, 2024 IFF (Optional) (Jan,2024)
Feb 13th, 2024 CMP-08 (Jan-Mar, 2024) Apr
18th, 2024 Others GSTR-5 (Jan, 2024) Feb 13th,
2024 GSTR-5A (Jan, 2024) Feb 20th, 2024 GSTR-
6 (Jan, 2024) Feb 13th, 2024 GSTR-7 (Jan, 2024)
Feb 10th, 2024 GSTR-8 (Jan, 2024) Feb 10th,
2024 RFD-10 18 Months after the end of quarter
for which refund is to be claimed GST Due D

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