Category: Taxation

GST Returns Filing Process and Forms

GST_Returns

GST Returns Filing Process For Regular Taxpayers

(3 Monthly Returns and 1Annual Return)

Form Type Due Date/ Frequency Details to be furnished Category of Taxpayer
GSTR-1 10th of the next month Outward supplies made by taxpayers for all goods/services Regular taxpayer
GSTR- 1A 15th of the next month Details of outward supplies as added, corrected or deleted by the recipient and made available to supplier Regular taxpayer
GSTR-2 On 15th of next Month Details of the inward supplies received by a taxpayer claiming input tax credit Regular taxpayer
GSTR-2A 15th of next month Details of inward supplies made available to the recipient on the basis of FORM GSTR-1 furnished by the supplier. Addition (Claims) or modification in Form GSTR-2A will be submitted in Form GSTR-2 Regular taxpayer
GSTR-3 20th of the next month Monthly return on the basis of finalization of details of outward supplies and inward supplies which is auto-populated along with the payment of amount of tax Regular taxpayer
GSTR-9 Annually- 31st Dec of next financial year Furnish the details of ITC availed and GST paid which includes local, interstate and import/exports Regular taxpayer

GST Returns Filing Process For Composite Taxpayers

(Quarterly Return for Compounding Taxpayers)

Form Type Due Date/ Frequency Details to be furnished Category of Taxpayer
Form GSTR-4 18th of the month next to quarter Furnish all outward supply of goods and services Composite taxpayer
GSTR-4A Quarterly Details of inward supplies made available to the recipient registered under composition scheme on the basis of Form GSTR-1 furnished by the supplier Composite taxpayer
GSTR-9A Annually- 31st Dec of next financial year Furnish the consolidated details of quarterly returns filed along with tax payment details. Composite taxpayer
GSTR-9B Annually- 31st Dec of next financial year Reconciliation Statement – audited annual accounts and a reconciliation statement, duly certified. Composite taxpayer

 

(TDS) Tax Deducted at Source : Process

TDS process

Tax deducted at Source:

TDS means Tax Deducted at Source. The concept of TDS was introduced in the Income Tax Act, 1961, with the objective of deducting the tax on an income, at the source of income. It is one of the methods of collecting Income Tax, which ensures regular flow of revenue to the Government.

Steps in TDS Process:

  1. Deductee (Seller) provides Services and Bill to the Deductor (Buyer).
  2. Deductor makes the payment after deducting TDS.
  3. Deductor remits the TDS amount into Bank (Treasury).
  4. Bank (Treasury) remit the amount to the Government Account.
  5. Deductor Files TDS return on 26Q and 24Q.
  6. Deductor Issues Form 16A to Deductee for the TDS amount deducted.
  7. NSDL uploads the e-TDS information to Income Tax Department.
  8. Deductee files Income Tax return.If no income tax liability, TDS is refunded and if there is tax liability TDS is reduced from income tax liability and balance is paid.

Taxes Subsumed Under GST

GST_Taxes Subsumed

Taxes at the Center and State level are being subsumed into GST:

At the Central level, the following taxes are being subsumed:

  1. Central Excise Duty,
  2. Additional Excise Duty,
  3. Service Tax,
  4. Additional Customs Duty commonly known as Countervailing Duty, and
  5. Special Additional Duty of Customs.

 

At the State level, the following taxes are being subsumed:

  1. Subsuming of State Value Added Tax/Sales Tax,
  2. Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
  3. Octroi and Entry tax,
  4. Purchase Tax,
  5. Luxury tax, and
  6. Taxes on lottery, betting and gambling.

Proposed Tax Rates In GST :

Four tax rates namely 5%, 12%, 18%&28%.

Some goods and services would be exempt

Separate tax rate for precious metals

Cess over the peak rate of 28% on specified luxury and sin goods.