GST Consultants

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage.

  1. 1.      GST Registration:
    It is compulsory to be registered under GST if the existing tax payer is liable to be registered under the Schedule III of the Act within 30 days from the date he becomes liable to registration.
  2. 2.      Place of registration: The place of registration should be from where the goods or services are supplied. This helps with virtual marketplaces, mainly e-commerce. For each state the taxable person will have to take separate registration even though the taxable person supplying the goods/services or both from more than one state as single entity.
  • One can apply for registration voluntarily if not liable to be registered under the Schedule III of the Act.
  • In case of multiple business verticals in a state there is an option to obtain separate registration for each business vertical.
  • PAN card is mandatory.
  • Non-resident taxable person may be granted registration on the basis of any other document as may be prescribed.
  • Where a person liable to be registered under this Act fails to obtain registration, the proper officer may, proceed to register such person in a manner as may be prescribed.
  • Any specialized agency of the United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act 1947, Consulate or Embassy of foreign countries and any other person or class of persons as may be notified by the Board/Commissioner shall obtain Unique Identity Number for the purposes notified including refund of taxes on the notified supplies of goods and/or services received by them.
  • The registration or the Unique Identity Number shall be granted or rejected after due verification in the manner and within the period as may be prescribed.

 

  1. 3.      Returns:

 

 The following returns must be filed by all the suppliers:-

 

 

S.No.

Form No.

Purpose

Due Date

1

GSTR-1

Outward supplies made by supplier(other than compounding tax payer and ISD)

10th of next month

2

GSTR-2

Inward supplies received by a tax payer(other than compounding tax payer and ISD)

15th of next month

3

GSTR-3

Monthly return (other than compounding tax payer and ISD)

20th of next month

4

GSTR-4

Quarterly return for compounding Tax payer

18th of next month

5

GSTR-5

Periodic return by non –resident foreign tax payer

Last day of registration

6

GSTR-6

Return for ISD

13th of next month

7

GSTR-7

Return for TDS

10th of next month

8

GSTR-8

Annual Return

31st December of next Financial yea

 

  1. 4.      Point of taxation for supply of services shall be:-
  • If the invoice is issued within the prescribed period: - The date of issue of invoice or the date of receipt of payment, whichever is earlier
  • If the invoice is not issued within the prescribed period:- The date of completion of the provision of services or the date of receipt of payment whichever is earlier.
  • The date on which the recipient shows the receipt of the services in his books of account, in case where the above provisions do not apply.

 

  1. 5.    Point of taxation for supply of goods at the earliest of the following dates:
  • Date on which the goods are removed for supply to the recipient (in the case of movable goods).or
  • Date on which the goods are made available to the recipient (in the case of immovable goods).
  • Date of issuing invoice by supplier.
  • Date of receipt of payment by supplier.
  • Date on which recipient shows the receipt of the goods in his books of account.

 

8. Utilization of credit: Every registered taxable person shall be entitled to take credit of admissible input tax. The input tax credit is credited to the electronic credit ledger.

In the case of excess of credit in any of the three taxes in question, it can be utilized as under:-

Input tax

Output tax

CGST

1st Preference: CGST
2nd preference: IGST

SGST

1st Preference: SGST
2nd preference: IGST

IGST

1st Preference: IGST
2nd preference: CGST
3rd Preference : SGST

 


                                                                                                                                                                                                                                                           

E-2, UG Floor, Arya Samaj Road, Uttam Nagar, New Delhi-110059. Mob: +91-9811034762