GST
Under the Goods and Services Tax regime, it is required for all persons to obtain registration of GST, involved in supply of goods and/or services. The Council of GST has prescribed a threshold limit from 10-40 lakhs (depend on the location and type of supply) turnover for registration under the Goods and Services Tax. On reaching the threshold limit, it is important to apply for the registration within 30 days. The term Aggregate Turnover for GST means all the supplies made by a person on his own or behalf of the principal. However, those who fail to get it done, have no right to collect GST from the customers or claim input tax credit (ITC) on inward supply. Further, there are penalty and prosecution provisions also in the SGT Act if registration not done by the required person.
GST Returns
GST returns consist of two types of return – periodic and annual returns. Periodic returns can be referred to as the monthly or quarterly returns for reporting transactions carried out during the month or quarter. On the other hand, annual return can be referred to as the reporting the summary of periodic returns, which are filed in a financial year. Annual return assumes special significance as it is the last return of the year. Usually, all the taxpayers are needed to file the Annual return with some exceptions.
GST registration is done online, which is quite cumbersome and complex in itself. The whole procedure seems a little complicated, unmanageable and tiresome at times. Well, not to worry! Here, at JOMSH Consultancy, we recommend it to be done by professionals only. Not only we offer free GST planning and consultation, but also we ensure that our clients, including start-ups, understand the GST compliance. We use top-notch cloud based accounting software that makes it seamless to manage accounts and keep a track of finance while conducting your day to day business activity with ease.
Format of the Return
Various forms have been prescribed, as per the GST rules, for the purpose of return. This depends totally on the taxpayers’ categories, which are as follows;
| Return Form | Particulars | Frequency | Due Date |
| GSTR-1 | Details of outward supplies of taxable goods and/or services affected | Monthly or Quarterly | 11th* of the next month with effect from October 2018 *Previously, the due date was 10th |
| GSTR-2 Suspended | Details of inward supplies of taxable goods and/or services affected claiming the input tax credit. | Monthly | 15th of the next month |
| GSTR-3 Suspended | Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of tax. | Monthly | 20th of the next month |
| GSTR-3B | Simple Return in which summary of outward supplies along with Input Tax Credit is declared and payment of tax is affected by taxpayer | Monthly | 20th – 24th* of the next month *depends on the Turnover and States |
| GSTR-4 | Return for a taxpayer registered under the composition levy | Quarterly | 18th of the month succeeding quarter |
| GSTR-5 | Return for a Non-Resident foreign taxable person | Monthly | 20th of the next month |
| GSTR-6 | Return for an Input Service Distributor | Monthly | 13th of the next month |
| GSTR-7 | Return for authorities deducting tax at source. | Monthly | 10th of the next month |
| GSTR-8 | Details of supplies effected through e-commerce operator and the amount of tax collected | Monthly | 10th of the next month |
| GSTR-9 | Annual Return for a Normal Taxpayer, where turnover is less than 2 Crore | Annually | 31st December of next financial year |
| GSTR-9A | Annual Return for a taxpayer registered under the composition levy anytime during the year | Annually | 31st December of next financial year |
| GSTR-9B | Annual Return for a E-Commerce Operator | Annually | 31st December of next financial year |
| GSTR-9C | Annual Return for a Normal Taxpayer, where turnover exceeds 2 Crore | Annually | 31st December of next financial year |
| GSTR-10 | Final Return | Once, when GST Registration is canceled or surrendered | Within three months of the date of cancellation or date of cancellation order, whichever is later. |
| GSTR-11 | Details of inward supplies to be furnished by a person having UIN and claiming a refund | Monthly | 28th of the month following the month for which statement is filed |
GST Documents
Various types of invoices or supporting documents under GST
| Sales Invoice | Debit Note |
| Purchase Invoice | Advance Receipt |
| Bill of Supply | Refund Voucher |
| Credit Note | Delivery Challan |
Invoice for Supply of Goods: In Triplicate
| Original for Recipient | Duplicate for Transporter | Triplicate for Supplier |
Invoice for Supply of Services: In Duplicate
| Original for Recipient | Duplicate for Supplier |
GST E-Way Bill
EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.
Alternatively, Eway bill can also be generated or cancelled through SMS, Android App and by site-to-site integration through API.
Applicability
E-way Bill will be generated when there is a movement of goods in a vehicle/ conveyance of value more than Rs. 50,000 (either each Invoice or in aggregate of all invoices in a vehicle/conveyance)