GST Return Filing
GST has been implemented in India from 1st July, 2017. Under the new GST regime, nearly 1 crorebusineses in India have obtained GST registration. All entities having GST registration are required to file GST returns, as per the GST return due date schedule mentioned below. GST return filing is mandatory for all entities having GST registration, irrespective of business activity or sales or profitability during the return filing period. Hence, even a dormant business that obtained GST registration must file GST return.GST registration holder are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. The due dates for the GST return due in July, August and September are different from the normal schedule to help the taxpayers and GSTN network ensure a smooth GST rollout.
Goods and Service Tax (GST)
India introduces One Nation One Tax "Goods and Service Tax (GST)" effecting from 1st July 2017. Introduction of GST is a significant step in the reform of indirect taxation in India. Amalgamating several Central and State taxes into a single tax would mitigate cascading or double taxation, facilitating a common national market. The simplicity of the tax should lead to easier administration and enforcement. From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, free movement of goods from one state to another without stopping at state borders for hours for payment of state tax or entry tax and reduction in paperwork to a large extent.
GST Replaces below indirect taxes :
- ➤ Central Excise duty
- ➤ Service Tax
- ➤ State VAT
- ➤ Central Sales Tax
- ➤ Entry Tax (all forms)
- ➤ Luxury Tax
- ➤ Central Excise duty
- ➤ Entertainment and Amusement Tax (except when levied by the local bodies)
- ➤ Purchase Tax
- ➤ State Surcharges and Cesses so far as they relate to supply of goods and services
- ➤ Taxes on lotteries, betting and gambling