Question: What Is New In GST?

Is it compulsory to file GST return?

Return filing is mandatory under GST.

Even if there is no transaction, you must file a Nil return.

You cannot file a return if you do not file previous month/quarter’s return.

Hence, late filing of GST return will have a cascading effect leading to heavy fines and penalty..

Is it mandatory to file GST return every month?

Every registered person paying GST is required to furnish an electronic return every calendar month. A “Tax Return” is a document that showcases the income of a registered taxpayer. Such a document needs to be filed with the tax authorities in order to pay tax to the government.

What is Sahaj return in GST?

GST SAHAJ is a simplified one-page GST summary return that is to be introduced from October 2019 onwards. Taxpayers with a turnover of up to Rs. 5 crores in the last financial year and who are in the B2C supplies (supplies to consumers and un-registered persons) may opt to file this return.

Which is the GST Day?

1st JulySecond anniversary of implementation of historic tax reform of Goods & Services Tax as 1st July is celebrated as the “GST DAY”.

Are GST rates revised?

GST on Loans and Advances The rate of Service Tax was 15% which has now increased to 18% for GST.

What is new GST return normal?

The main aim of the new return system is to simplify the filing process for taxpayers registered under GST. This new return will consist of one main return, which will be filed on a monthly or quarterly basis, and two main annexures: GST ANX-1 and GST ANX-2.

What is ANX 1 and ANX 2 in GST?

GST ANX-1 & ANX-2: Proper Reporting of Supplies Under GST ANX 2, details related to all the inward supplies from registered persons, supplies received from an SEZ unit/developer, and imports made by registered taxpayers will be reported.

What is new GST return Sahaj and Sugam?

Summary of Different GST Returns ITR Sahaj is ITR-1 and ITR Sugam is ITR-4, now GST will have Sahaj and Sugam forms. Regular taxpayers with a turnover of up to Rs 5 crores can now file GST returns on a quarterly basis against the earlier limit of Rs 1.5 crores, either in ‘SAHAJ’ or ‘SUGAM’.

What is current GST rate?

Currently, GST has seven rate categories – exempt, 0.25%, 3%, 5%, 12%, 18% and 28%. The officers panel is also looking at how to minimise exemptions in both goods and services and raise the revenue-neutral rate – that single rate of GST at which there is no loss of tax.

Who is founder of GST?

Atal Bihari VajpayeePrime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.

Which country started GST first?

FranceFrance was the first country to implement the GST in 1954; since then, an estimated 160 countries have adopted this tax system in some form or another.

Is GST returned monthly or quarterly?

Verifying and determining the e-Filed GST ReturnsChoose the Financial Year, Return Filing Period and Return Type from the drop-down menu.If the taxpayers files the Return Quarterly, choose Quarter from the list.If the taxpayers files the Return Monthly, choose Month from the list.

What are the new changes in GST?

Increase in GST registration limit from Rs 20 lakhs up to Rs 40 lakhs for suppliers of goods. Changes in the existing composition scheme made by increasing the turnover limit to join the scheme up to Rs 1.5 crores, tax payments to be made quarterly and returns to be filed annually starting 1st April 2019.

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

How many times GST revised?

After its launch, the GST rates have been modified multiple times, the latest being on 22 December 2018, where a panel of federal and state finance ministers decided to revise GST rates on 28 goods and 53 services.

How do I file GST on ANX 2?

5. A home screen which contains several tiles under Annexure of Supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2) will be displayed. 6. Click on the relevant option under Annexure of Inward Supplies (GST ANX-2) in order to take the necessary action.

What is Annexure A in GST refund?

Annexure-A. Format for Statement of Invoices to be submitted with application for refund in FORM GST RFD-01A.

What is Sahaj sugam in GST?

GST Sugam is a proposed simplified returns form which is to be introduced by the GST Council from October 2019 onwards. … In the 28th GST council meeting, members approved quarterly GST returns (Sahaj & Sugam) filing for small taxpayers with a turnover of up to Rs. 5 crores (as against the initial limit of Rs.

How is GST calculated?

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs.