Structured Biiz

Goods and Service Tax (‘GST’)

Prior to the implementation of the GST, the indirect tax structure was governed as under:

Taxable Event

Governing Law

Levy By


Sale of Goods


Value Added Tax (‘VAT’) laws of respective state


Respective state


Provision of Services


Service Tax – Part of Finance Act


Central Government


Manufacture of goods


Central Excise Duty


Central Government

Considering that the levy was different for different taxable event by the different Government, the Government of India, in order to achieve an objective of  ‘One Nation, One Tax’ implemented the Goods and Service Tax (‘GST’) with effect from 1 July 2017.

 

The taxable event under the GST law is the ‘supply’ of goods or services.

Taxes subsumed

Following taxes have been subsumed (i.e. included in the GST rate) on account of the implementation of GST:

Goods kept outside the GST ambit

Registration

* Special category states includes the state of Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

GST laws require the taxpayers to perform robust compliances. A high-level compliance calendar summarizing the compliances required to be performed by a taxpayer all through the year has been attached as a part of the cover email.

Certain Important GST Returns

GSTR-3B


Return of liability to be filed – Monthly


Monthly Return – Every person registered under GST shall be responsible for filing a Monthly return by 20th of the following month. For e.g., the due date for filing the return of August shall be 20 September.

GSTR-1


Details of outward sales to be filed – Monthly / Quarterly


Quarterly Return – If the turnover during the previous year does not exceed INR 1,50,00,000 then GSTR-1 has to be filed quarterly. The due date of filing a quarterly return is last day of the month following the quarter. For e.g., the due date for quarter ending April- June will be 31 July.

Monthly Return – If the turnover during the previous year exceeds INR 1,50,00,000 then GSTR-1 has to be filed monthly. The due date for filing the monthly return is 11th day of the month following the month for which the return is required to be filed. For e.g., the due date for the month of April will be 11 May.

GSTR-6


Return for input service distributor – Monthly


Monthly Return is required to be filed before 13th of the succeeding month.

GSTR 9 / GSTR-9C


Annually


GST Audit is required to be done, if gross receipts is INR 2 crores or more.

Yearly return is required to be filed on or before the 31st day of December following the end of Financial Year.

What is HSN Code?

Monthly GST Filing Services

Other Services Offered

Advisory Services

Compliance Services