GST Returns

GST Returns:

The GST (Goods and Services Tax) regime introduces the following changes:

·         The GST regime requires all businesses to mandatorily file monthly returns along with the requisite quarterly or annual returns. Even businesses which now file returns quarterly or half-yearly (such as returns for service tax etc.) now need to file returns every month.

·         There will now be ‘3 compliance events every month’ compared to 1 event today. This means, businesses will now need to comply with the requirements of filing Form GSTR-1, Form GSTR-2 and Form GSTR-3 (as mentioned below) as against filing 1 return today.

·         The first compliance event (filing Form GSTR-1) has a due date of 10th of the subsequent month as against the deadline of 20th in the current VAT regime.

·         Composition scheme will no longer be a favorable option since returns need to be filed quarterly and the details in those returns need to be filed relating to purchases, though sales would be lump sum like earlier. Another big deterrent in the scheme would be non availability of input credit to the chain below which would increase the selling price for the composite dealers. This would mean that businesses would reduce their purchases from these dealers.

Regular Dealer: Monthly filing

·         Form GSTR-1: Upload all sale invoices (By 10th)

·         Form GSTR-2A: Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier (on 11th)

·         Form GSTR-2: Addition (Claims) or modification in Form GSTR-2A should be submitted in Form GSTR-2 (on 15th)

·         Form GSTR-1A: Details of outward supplies as added, corrected or deleted by the recipient  in Form GSTR-2 will be made available to supplier ( On 20th)

·         Form GSTR-3: Submit the auto-populated GSTR-3 by 20th

·         Form GSTR-9: Annual Return – furnish the details of ITC availed and GST paid which includes local, interstate and import/exports. (31st Dec of next fiscal )

Composition Dealer: Quarterly filing

·         Form GSTR-4A: Details of inward supplies made available to the recipient registered under composition scheme on the basis of Form GSTR-1 furnished by the supplier (Quarterly )

·         Form GSTR-4: Furnish all outward supply of goods and services. This includes auto-populated details from Form GSTR-4A, tax payable and payment of tax (submit by 18th after quarter-end)

·         Form GSTR-9A: Furnish the consolidated details of quarterly returns filed along with tax payment details (31st Dec of next fiscal).

Payments:

·         Mandatory e-payment for amount > Rs 10,000

·         Online: NEFT/RTGS/IMPS

·         Offline: Cash/Cheque/DD/NEFT/RTGS etc.

·         Challan is auto-populated, and can be downloaded

GST in Tally

GST Rates

                          GST RATES 

                                 Exempted from GST

Goods

·         Poultry Products – Fresh Meat, Fish, Chicken, Eggs

·         Dairy Products – Milk, Curd, Butter Milk, Jaggery (Gur), Lassi, unpacked Paneer

·         Fresh Fruits & Vegetables

·         Food Items – Natural Honey, Flour (Atta & Maida), Pulses, Basmati Rice, Gram Flour (Besan), Bread, Vegetable Oil, Religious Sweets (Prasad), Common Salt

·         Cosmetics & Accessories – Bindi, Vermillion (Sindoor), Bangles

·         Stationery – Stamps, Judicial Papers, Printed Books, Newspapers

·         Handloom Products

·         Contraceptives

Services

·         Hotel Services priced at less than INR 1000

·         Education (exemption continued from before)

·         Healthcare (exemption continued from before)

                                          GST at 5%

Goods

·         Dairy Products – Skimmed Milk Powder, Milk food for babies, Condensed milk, Packaged Paneer, Cream

·         Frozen Vegetables

·         Food Items – Sugar, Spices, Edible Oil, Pizza Bread, Rusk, Sweets, Fish Fillets, Tapioca (sabu daana)

·         Beverages – Coffee, Tea, Juices

·         Fuel – Kerosene, LPG, Coal

·         Common Utilities – Broom

·         Medical Goods – Medicines, Stents

·         Newsprint

·         Lifeboats

Services

·         Railway Travel

·         Economy Class Air Travel 

·         Cab Aggregators (e.g. Uber & Ola)

                                GST at 12%

Goods

·         Dairy Products – Butter, Cheese, Ghee

·         Packaged Dry Fruits

·         Food Items – Snacks (Namkeen & Bhujia), Packaged Chicken, Sausages

·         Beverages – Fruit Juices, Packed Coconut Water

·         Personal Hygiene – Tooth Powder

·         Stationery – Colouring Books, Picture Books

·         Common Utilities – Sewing Machine, Umbrella

·         Ayurvedic Medicine

·         Incense Sticks (Agarbatti)

·         Mobile Phones

Services

·         Non-AC Hotels & Restaurants

·         Business Class Air Travel

·         Work Contracts

                                      GST at 18%

Goods

·         Dairy Products – Ice Cream

·         Preserved Vegetables

·         Food Items – Flavoured refined sugar, Pasta, Corn Flakes, Pastries, Cakes, Jams, Sauces, Soups, Instant Food Mixes, Processed Foods

·         Beverages – Mineral Water

·         Personal Hygiene – Tissues, Toilet Paper, Hair Oil, Soap Bars, Toothpaste

·         Stationery – Note Books, Envelopes, Fountain Pens

·         Electronic Equipment – Printed Circuits, Speakers, Monitors

·         Camera

·         Iron & Steel Products

Services

·         AC Hotels & Restaurants that serve liquor

·         Telecom Services

·         IT Services

·         Financial Services

                                             GST at 28%

Goods

·         Food Items – Chocolates, Chewing Gum, Custard Powder

·         Beverages – Aerated Water

·         Personal Hygiene – Deodorants, Shaving Cream, After Shave, Hair Shampoo, Dye, Sunscreen, Perfume, Face Creams, Detergents

·         White Goods – Vacuum Cleaner, Shavers, Hair Clippers, Washing Machines, Dish Washers, Water Heaters & other Home Appliances

·         Automobiles & Motor Vehicles*

·         Housing Materials – Paint, Wallpaper, Ceramic Tiles, Cement

·         Weighing Machines, Vending Machines, ATM

·         Fireworks

·         Luxury / Demerit Goods* – Pan Masala, Tobacco, Aerated Drinks & Motor Vehicles

Services

·         Rooms and Restaurants in 5-star hotels

·         Race course betting

Cinema etc.