Summary of Model GST law
The model GST law has been released on 14th June 2016. It outlays the basic structure of the CGST act; SGST acts to be based on the structure laid out. The draft of the IGST act has been also released as a part of the Model GST law.
Components of GST?
There are 3 taxes applicable under GST: CGST, SGST & IGST.
CGST: Collected by the Central Government on an intra-state sale (Eg: Within the same State)
SGST: Collected by the State Government on an intra-state sale (Eg: Within the same State )
IGST: Collected by the Central Government for inter-state sale (Eg: one state to another state)
Return Forms Under GST:-
GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It consists the details of outward supplies. The due dates for GSTR-1 are based on your turnover.
GSTR-1A allows a registered taxpayer to update the details of sales for GSTR-1 which was filed earlier.
This information comes from the buyer’s of GSTR-2 when he modifies any data. You as a seller may either accept or reject the changes. Changes accepted/rejected by you will be automatically reflected in the GSTR-1.
Every registered taxable person is required to give details of Inward Supply. The entries in GSTR 2 shall be mentioned by the consumer from 12th to 15th of the succeeding month.
GSTR 2A is not for filing purposes. It is used for an intimation to the counter-party which can be viewed and downloaded for future purposes.
GSTR-3 is a monthly return we file after GSTR-1 and GSTR-2. Where GSTR-1 contains the information of the outward sales, GSTR-2 contains the information of inward sales or supplies, GSTR-3 is simply a return based on the information of GSTR-1 and GSTR-2.
The GSTR 3B is a simple tax return form introduced by the CBEC for the month of July and August. The forms – GSTR-1, GSTR-2, and GSTR-3 – for the months of July and August are to be filed in the month of September. It is just that you have a separate/ your own GSTR 3B file for each Goods and Service Tax Identification Number (GSTIN).
GSTR-4 is filed by a Composition Dealer on the quarterly bases. A dealer opting for the composition scheme is required to furnish only 1 return which is GSTR-4.
Non-Resident foreign taxpayers are the suppliers who don’t have a business establishment in India and but they making supplies in the country for a short period of time is liable to pay tax under GST. Such person is required to furnish details of all taxable supplies in GSTR-5
GSTR 6 is a monthly return that has to be filed by an Input Service Distributor. It consists details of ITC received by a distribution of ITC and input Service Distributor.
GSTR – 7 has to be filed by the deductor every month using the services of GSP or directly on GSTN servers.
- The GSTR-08 return form will be filed by e-commerce companies each month. E-commerce companies are registered under GST regime and it obtains the registration under TCS.
- In this return, the total annual returns information will be matched by the department with the monthly /quarterly return.
GSTR 9 is an annual return to be filed once in a year by the registered taxpayers under GST. It consists of details regarding the supplies made and received during the year under different tax heads i.e. CGST, SGST, and IGST. This Form consolidates the information furnished in the monthly/quarterly returns during the year.
GSTR -10 is a final return under GST Act 2016 for taxable persons whose registration has been surrendered or canceled. This Form must be filed within 3 months of cancellation of the GST registration.
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number(UIN) in order to get the refund under GST for the goods and services purchased by them in India. GSTR 11 has to be equipped by 28th of the next month following.