Good & Service GST (India) - What is GST? - What is GST Form?

 

Good & Service GST (India) - What is GST? - What is GST Form? 

 What is GST in India?

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country

 Whatare GST Rates?

There is a 4-tier GST structure for all the goods and services. The GST is calculated based on this structure. The 4 tax structures are 5%, 12%, 18%, and 28%. There are also some goods and services that are exempt from paying any GST. There is a separate GST rate of 3% on precious metals like gold and silver.

 

GSTR –  Return for Outward Supplies

GSTR-1   is a monthly return of outward supplies undertaken by a normal registered taxpayer under GST. In other words, this monthly return showcases the sales transactions of a business in a particular month.

GSTR – 2  Return for Inward Supplies

 

GSTR-2 is a monthly return of inward supply of goods and services as agreed by the recipient of the goods and services. In other words, GSTR-2 contains details with regards to the purchases made by the recipient in a particular month. The information contained in GSTR-2 is auto-populated with the details contained.

GSTR – 3B: Summary of Inward and Outward Supplies

 

GSTR 3B is a simplified monthly summary return of inward and outward supplies. It is a self declaration showcasing the summary of GST liabilities of the taxpayer for the tax period in question. Moreover, it helps the taxpayer to discharge the tax liabilities in a timely manner.

GSTR-3B is a form that cannot be revised. Furthermore, this form does not require the compliance of comparing invoices between supplier and purchaser. That means both the suppliers and the recipients file the GSTR-3B form separately. Therefore, such a facility does not cause delays in filing of returns which would consequently attract late fees and interest.

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