Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by central and state government. GST regime has came to effect from 1st July, 2017.
Which previous taxes are subsumed under GST?
GST replaced the following indirect taxes :
Central Taxes:
a. Central Excise Duty
b. Duties of Excise ( Medicinal and Toilet preparations )
c. Additional Duties of Excise ( Goods of special importance )
d. Additional Duties of Excise ( Textiles and Textiles products )
e. Additional duties of customs ( CVD )
f. Special additional duty of customs ( SAD )
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of Goods and Services.
State Taxes :
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax ( All forms )
e. Entertainment and Amusement Tax ( Except when levied by local bodies )
f. Taxes on Advertisements
g. Purchase Tax
h. Taxes on Lotteries, Betting and Gambling
i. State Surcharges and Cesses as they relate to supply of Goods and Services
Who are liable to register under GST ?
Any business whose aggregate turnover in a financial year exceeds Rs. 40Lakhs ( Rs. 10 lakhs for North Eastern and hill states including Sikkim ) should be register as under GST.
Types of GST ?
a. CGST ( Central Goods and Service Tax )
b. SGST ( State Goods and Service Tax )
c. IGST ( Integrated Goods and Service Tax )
Rates of GST
There are four rates such as 5%, 12% , 18% & 28% under GST. Also some items are exempted from GST. Gold and rough diamonds are not falling under this slab. There will be 3% tax on gold and 0.25% tax on rough diamonds.
Click here to see complete official rate chart of GST on Goods
Click here to see complete official rate chart of GST on Services.
Returns in GST
Click here to see the returns in GST
Types of returns to be filed by normal tax payers
Normal taxpayers have to file 3 returns / months and 1 return / year.
3 monthly returns are,
GSTR 1 : Monthly statement of outward supplies of Goods and Services. To be filed within 10th of the next month
GSTR 2 : Monthly supplies of inward supplies of Goods and Services. To be filed within 15th of the next month.
GSTR 3 : Monthly return for a normal taxpayer. To be filed within 20th of the next month.
1 annual return is
GSTR 9 : Annual return. To be filed within 31st December of the next financial year.
So, (3x12)+1 = 37 returns have to be file in a financial year.
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