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GST Benefits

We as a whole find out about GST it's a Good Service Tax. Which can proclaimed for the current year by government In which all charges are incorporated all aberrant assessments are incorporated into GST for making Tax framework progressively powerful and Tranferable.
GST forced discounted and buy of merchandise and enterprises of india. This products and administration charge was passed in the parliament on 29th walk 2017 the demonstration happened on first July 2017 GST is one roundabout duty for the whole nation. It's a multi organize charge it tends to be apply from assembling to definite deal to the customer implies from purchasing crude material, fabricating, deal to wholesalers/warehousing, deal to retailer, and last deal to purchaser on these all stages GST will connected.
There are three parts goes under GST
CGST: Collected by the Central Government on an intra-state deal (Eg: exchange occurring inside Maharashtra)
SGST: Collected by the State Government on an intra-state deal (Eg: exchange occurring inside Maharashtra)
IGST: Collected by the Central Government for between state deal (Eg: Maharashtra to Tamil Nadu)

Advantages of GST

Preferred standpoint of GST is in which we need to apply this just a single
GST charge on estimation of Product as opposed to applying more expenses by which business will
ready to guarantee input charge effectively.

Duties which connected before GST

Coming up next is the rundown of roundabout duties which connected before GST:
Preferred standpoint of GST
Focal Excise Duty
Obligations of Excise
Extra Duties of Excise
Extra Duties of Customs
Extraordinary Additional Duty of Customs
State VAT
Focal Sales Tax
Buy Tax
Extravagance Tax
Excitement Tax
Passage Tax
Expenses on commercials
Expenses on lotteries, wagering, and betting
CGST, SGST, and IGST has supplanted all the above expenses.
Thus now lets see the advantages and disadvantages of GST

Disadvantages of GST

GST have sway on independent company in India moreover. in which all solicitations from B2B(Business to Business)
exchanges are checked and analyzed according to party record If there are any discordances happens the expense can't be guaranteed.
this is the hindrance of GST on independent company of India.

One Nation|One Tax|One Market-GST

Taxes for both business are centralised charges are reduce and have to pay only required Charges that is why expenses are reduce consumption will increase which will help in improving and growing the business. -Interstate business of goods will get easier now for businesses which want to Move good or services around the country currently are need to take multiple Warehouses for reducing tax prices this is now not necessary while GST remove Entry state tax.


GSTR1 is monthly return which summarizes all sales (Outward supply).It is a monthly or quarterly returned which should be filled by every register dealer. Due date of GSTR1 is based on turnover. You should file GSTR1 whether there are no sale in the month. The business with sales of up to Rs.1.5 crore will file quarterly returns. Other tax payers which sales above 1.5 crores have to file monthly returns. Following ex. Explain due dates of monthly and quarterly returns. For quarterly as below.

Lack of Awareness about GST

Now GST will become a key in their day to day transaction in which implementation is going to be tough in business in which cash flow will occurs
-Businesses in the service sector will suffer more currently service providers have to register at central server and other hand GST will requires registration on every state such as business operates.


GSTR2 is monthly return which summarizes the details of all inword purchases of taxable goods and Services.It contain details of all purchase transaction of register dealer for a month . The GSTR2 filled by registered dealer is used by the government to check with the seller GSTR2 for buyer-seller reconciliation. Due date of GSTR2 is based on turnover. The business with turnover of up to Rs.1.5 crore will file quarterly returns. Other tax payers which turnover above 1.5 crores have to file monthly returns. There are 5 days gap between GSTR1 & GSTR2 for filling to correct any error or discrepancies. As per the act of the due date for filling GSTR2 is 15th of next month. If GSTR2 is not filled then the next return GSTR3 cannot be filled.Hence late filling of GST returns will have cascading effect leading to heavy fine. If register person not fill his GSTR2 on Due dates then he has to pay penalty for that he has to pay interest and late fees. Interest is 18% per annum. The late fee is Rs.200 per day of delay in which Rs.100 for Central GST and Rs.100 for State GST.


GSTR2A is purchase related tax return which is generated automatically by GST portal. When the agent or seller files for GSTR1 the whole information is captured by the GSTR2A. It contain the information of goods and services which are been purchase in the give month by the agent or seller in GSTR1.
What is difference between GSTR2A and GSTR2?
GSTR 2A is a auto-generated read only document in which we cannot change anything it is only for information purpose. If any correction is required then it can be done in GSTR2 only. While GSTR2 is a official return which can be filled and it have the same information as give in GSTR2A but it can be edited as required. For quarterly as below.


GSTR3 is a monthly returns in which contain details of sales, Purchase, sales during the whole month with amount of GST liability. This return is auto-generated it takes information from GSTR1 and GSTR2. As per the act the due date of GSTR3 is 20th of next month there is 5 days gap between GSTR2 & GSTR3 filling for correction of error for the turnover above 1.5 crores its monthly basis and less than turnover of 1.5 crores its quarterly return applicable. If you cannot fill GSTR3 then the GSTR 1 of the next month cannot be filled. Hence the late filling will give the heavy fine and penalty. Late fee interest is needed to pay at that time which is 18% per annum. Every register person has to file GSTR3 rather they have any transaction during whole month or not.


GSTR3B is the monthly self-declaration that has to be filling by register dealer. From July 2017 till march2018. note the following point.

*You must file the separate GSTR3B for each GSTIN that you have
. *Tax liability of GSTR3B must be paid by the last date of filling FSTR3B for that month.
*GSTR3B cannot be revised


GSTR4 is a GSTR return which has been filled by the dealer. A dealer who is opting for the composition scheme is requires to furnish only one return which is GSTR4.It can be filled on quarterly basis. The due date of GSTR4 is 18th of the month after the end of quarter. If any mistake happens in filling GSTR4 then it can be revised in the next month return only. If you cannot file it in due date then late fee and penalty is Rs. 200per day. The maximum penalty which can be charge is Rs. 5000. As per the latest notification central tax late fee for GSTR4 is has been reduces to Rs. 50 per day.


Every register or non-register taxable person is required to file GSTR5 in GST portal. And also the taxpayer who is non-Resident foreign taxpayer who come in India for short term business. Who do not have a business establishment in India such a taxpayer also have to file GSTR5. Information from GSTR5 will flow into GSTR2 of buyers.GSTR5 is a monthly return which is due on every 20th of next Sep 2017 will be due on 20th Oct 2017.Ig GSTR5 is not filled then the next month return cannot be filled. If it can be delay then late fees and heavy penalty have to pay which is 18% per annum. Late fee is 200 Rs. Per day.


GSTR6 is the returns which can be filled in monthly basis.GSTR6 contain details of the documents which are issue for distribution of input tax credit. The due date of GSTR6 as per the GST Act is 13th of the next can be filled by every input service distributers. There is no provision of revise GSTR6 means if any mistake is done while filling GSTR6 then it can be corrected while filling GSTR6 of the following month.


GSTR6A is automatically generated when we file the GSTR1 from the basic of the details which we are provided in GSTR1 GSTR6A will be generated.GSTR6A is in read only format means we cannot change the data of GSTR6A if any changes are need to be done then it can be done while filling GSTR6.


GSTR7 is the monthly return this return is filled by the person who is required to deduct TDS (Tax deducted at source).GSTR7 contain following information.

Details of TDS deducted
TDS liability payable and paid
TDS refund claimed if any etc.

According to GST Act following people need to deduct TDS.

Department of central and state government.
Local authority
Government agencies etc.
The due date of GSTR7 is on the 10th of the following month. E.g. if you are filling GSTR 7 for September then due date is 10th October. If GSTR7 is not filled on time then late penalty will occur RS. 100 under CGST and Rs. 100 under SGST the total of Rs. 200 per day. The maximum will be 5000.


GSTR8 is the monthly return which can be filled by the e-commerce operators. Who are register under the can be filled by operators who are required to deduct TCS (Tax collected at source).It contain the details of the supplies effected through e-commerce platform and the amount of TCS collected on such supplies.GSTR8 is file the e-commerce operators means who own or manage the a digital or electronic facility or platform for electronic commerce such as amazon company etc. they are need to file GSTR8. The due date of GSTR8 is 10th of following month. For instance the due date of GSTR8 for October is 10th of November. If GSTR8 is not file on due dates then you have to give the late penalty. Which is RS. 10 under CGST and Rs. 100 under SGST he total of Rs. 200/- per day. The maximum will be 5000.


GSTR9 is the annual return it can be filled by the person who are register under the is fill once in the year. All the taxable persons under the GST must file the GSTR9.following are the person who dont need to file the GSTR9.

Casual taxable person.
Input service distributers
Non-resident taxable person
Person paying TDS under the section of 51 GST Act.GSTR9 should be fill by the regular taxpayer who are filling GSTR1, GSTR2, GSTR3. GSTR9 should be file before the 31th December late fees of filling GSTR9 is Rs. 100 per day.


GSTR10 is to be filled by the register taxable person who has opted to the cancellation of the GST registration. Means a taxable person whose GST registration is cancelled or surrendered has to file return in the form of GST10 it is also called as a final return. The due date of GSTR10 is within the 3 month from the date of cancellation order. E.g. If the date of cancelation order is 1st July then the GSTR10 must be file by 30th September. The regular person register under GST are not required to file GSTR10 only the person whose GST registration is cancelled or surrendered has to file it. If the GSTR10 is not file on due date the notice will be sent to such a register person. After that the 15 days time is given to that person for filling GSTR10 with detail document which are required. If the person still fails to file the GSTR10 then the tax officer will pass the order for the cancellation with the amount of tax payable along with the interest or penalty.


GSTR11 return is to be file by the person who has UIN (Unique identity number)in order to get refund under GST for the goods and the service purchase by him in India. Following are the department which can apply for the UIN.

A special agency of the UNO (United Nations Organization)
A multilateral financial institution which are notified under the united nation
Consulate or embassy of foreign countries
Any other person who has notified by the commissioner.
The need of issuing UIN is that any amount of tax collected from the bodies or person holding UIN is refunded back to them but in order to claim the refund of GST paid by them. Then they need to file GSTR11. GSTR11 is due on the 28th of the following month e.g. GSTR11 of month Jun is on 28th of July.

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