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