Type Of Return Details Frequency Due Date
GSTR-1 Details of outward supplies Monthly 11th of the next month GSTR-3B summary of outward supplies and Input Tax Credit are required to be submitted. This arrangement is for the purpose of arriving liability and payment of tax thereof. Monthly 20th of the next month CMP-08 Return for a taxpayer registered under the composition levy Quarterly 18th of the month succeeding quarter GSTR-5 Return for a Non-Resident foreign
Monthly 20th of the next month GSTR-6 Return for an Input Service Distributor Monthly 13th of the next month GSTR-7 Return for authorities deducting tax at source. Monthly 10th of the next month GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected Monthly 10th of the next month GSTR-9 Annual Return for a Normal Taxpayer Annually 31st December of next financial year GSTR-9A Annual Return a taxpayer registered under the composition levy anytime during the year Annually 31st December of next financial year GSTR-10 Final Return Once, when GST Registration is cancelled or surrendered 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 and claiming a refund Monthly 28th of the month following the month for which statement is filed
Cascading effect refers to tax on tax, it occurs when a god is taxed on every stage of its production, until it is sold to the final consumer. But this GST removes this cascading effect and reduces the burden of multiple taxes on the final consumer.
Exemption limit has been increased for small traders or service providers where as if you consider earlier indirect tax structure, various indirect taxes had different sales turnover limits for registrations. Like, the turnover limits for registration in GST are higher but it exempts the small traders and service providers from paying GST.
Small business also gets the benefit of composition scheme which is introduced under GST. Small business owners registered under the composition scheme are required to pay a fixed percentage of tax on their turnover.
Due to GST, there is reduction in number of tax compliances related to tax returns. Earlier the business registered for various indirect taxes had to bear for multiple compliances.
Registrations and filing returns under GST can be easily done through online process. So there is no problem for a business owner that he had to get himself register separately for various indirect taxes.
Earlier the small and medium enterprises had to pay excise duty when the turnover exceeded Rs. 1.5 crore every financial year but under GST, businesses whose turnover exceeds Rs 40 lakhs are liable to pay GST.
The GST framework mandates that companies are required to register in all states they operate in.
Petrol and petroleum products are not included under the GST slabs till now. States levy their taxes for this sector.
There is need for providing adequate training to the government officers for practical usage and implementation of such system as the GST system is based on information technology.
The registration process is same as mentioned in the registration section.
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