What is GST?
GST mean Goods and Services Tax is an indirect form of tax that has replaced other form of indirect taxes like VAT,
Service tax, duties of Excise, sales tax etc. GST made indirect taxation much simpler and easier, by removing cascading effects of taxes.GST is governed under the Goods and Service Tax Act, which was passed in the Parliament on 29th March 2017 and act come into effect on 1st July 2017.
Table of Contents
Who Are Applicable
When a business turnover crosses INR 20 lakh then it is compulsory to register his/her business under GST.
Consequences of non-filing or late filing of return under GST:
Late filing will lead to the payment of a late fee which will be INR 100 per day for CGST & SGST respectively,
means the fine will be 200 per day. In case of NIL return late filing fees gone be charged 25 rupees CGST & 25 Rupees SGST and IGST 50 rupees only. And the Hire amount gone be charge by department to the consumer for rupees 5000/- Per month.
Additional penalties are as follows:
| Tax amount involved | 100-200 lakhs | 200-500 lakhs | Above 500 lakhs |
| Jail term | Upto 1 year | Upto 3 years | Upto 5 year |
| Fine | In all three cases | ||
| Inspection under GST | If the joint commissioner of SGST/CGST may have reason to believe that in order to evade tax a person has done fraud then joint commissioner can authorize any officer to inspect the places of business of the suspected evader. |
Service Details:
| Service Name | Service details | Status |
| GSTR 1 | I have a monthly Statement of Outward Supplies to be furnished by all normal and casual registered taxpayers making outward supplies of goods and services or both and contains details of outward supplies of goods and services. |
Working |
| GSTR 2 | Is a statement in which a regular dealer needs to capture all the inward supplies made during the month. Broadly, all the inward supplies from registered businesses, including the supplies on which tax needs to be paid on reverse charge are required to be captured at the invoice level to file. |
Suspended |
| GSTR 3 | Is a monthly return with the summarized details of sales, purchases, and sales during the month along with the amount of GST liability | Suspended |
| GSTR 4 | Is a return under GST that needs to be filed once every 3 months by registered taxpayers who have signed up for the composition scheme (those who opt for this scheme are known as compounding vendors). They would be required to pay taxes at a fixed rate without any input tax credit facilities. |
Working |
| GSTR 5 | Every registered non-resident taxable person is required to furnish a return in GSTR-5 in GST Portal. | If applicable |
| GSTR 6 | Is a monthly return that has to be filed by an Input Service Distributor. It contains details of ITC received by an Input Service Distributor and distribution of ITC. There are a total of 11 sections in this return |
Working |
| GSTR 7 | is the return that has to be filed by the tax deductor about tax deducted at source. The deductor is required to file the return and has to provide the detail of the amount of TDS in his return. When the deductor pays the amount of TDS, it shall get reflected in the credit ledger of the deductee |
Working |
| GSTR 8 | An E-commerce operator is any person who owns or manages the digital or electronic facility or platform for electronic commerce such as Amazon, Flipkart, etc. The e-commerce operator provides a platform whereby the sellers can reach out to a large number of customers by getting registered online on their platform |
Working |
| GSTR 9 | is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads |
Working |
| GSTR 10 | Is a return to be filed by taxpayers whose GST Registration has either been surrendered by the taxpayer or has been cancelled by authorities. The return is also called as Final Return, which is different from Annual Return. |
Working |
| GSTR 11 | Is the return form to be furnished by the persons who have been issued a Unique Identity Number (UIN), in order to obtain refunds under GST, for all the goods and services purchased by them in India. |
Working |
Professional Fee Chart:
Charged Monthly
| Base amt | 1,500.00 |
| Tax amt | 270.00 |
| Total Amt. | 1,770.00 |
Charged Annually
| Base amt | 16,200.00 |
| Tax amt | 2,916.00 |
| Total amt. | 19,116.00 |
| Benefit % if subscribed annually | 10% |
| Benefit amt if subscribed annually | 1,911.60 |
| Terms & condition | Data should be provided by yourself only |
| Data requirement : | Sales, purchase, Credit note, Debit note, etc |
Don’t worry
Corpseed will help you take you out of all these non-compliance and make your business compliances up to date.
Just connect with us and we will help you to file all the GST returns on time.
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This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.
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