What is GST and why is it important?
GST stands for Goods and Services Tax, which is a single indirect tax levied on the supply of goods and services in India. It was introduced in 2017 as a major tax reform that replaced many indirect taxes such as excise, VAT, service tax, etc. The main objective of GST is to simplify the taxation system, eliminate the cascading effect of taxes, improve competitiveness, and boost economic growth.
GST has several benefits for the businesses, consumers, and the government. Some of the benefits are:
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Easy compliance: GST is backed by a robust IT system that enables online registration, filing, payment, and refund of taxes. It also reduces the paperwork and compliance burden for the taxpayers.
Uniformity of tax rates and structures: GST ensures that there is a common tax rate and structure across the country, which reduces the complexity and uncertainty of doing business. It also eliminates the need for multiple registrations and compliances in different states.
Removal of cascading: Cascading effect of taxes means tax on tax. Under the pre-GST regime, there were multiple taxes levied at different stages of the supply chain, which resulted in double taxation and increased the cost of goods and services. GST eliminates this problem by allowing seamless input tax credit across the value chain.
Improved competitiveness: By reducing the cost of production and enhancing efficiency, GST makes Indian goods and services more competitive in the domestic and international markets. It also attracts more foreign investment and trade.
Gain to manufacturers and exporters: GST subsumes various central and state taxes that were applicable on the manufacturing and export sectors. This reduces the tax burden and improves the profitability of these sectors. GST also provides a level playing field for domestic producers by removing the tax advantage enjoyed by imported goods.
GST is levied at four different rates depending on the type of goods and services. These are 5%, 12%, 18%, and 28%. Some essential goods and services are exempted from GST or taxed at a lower rate. Some luxury and sin goods are taxed at a higher rate with an additional cess.
GST registration is mandatory for any person or entity that is engaged in the supply of goods or services in India, subject to certain threshold limits and exceptions. The threshold limit for GST registration is Rs. 20 lakh for most states, Rs. 40 lakh for some special category states, and Rs. 10 lakh for some northeastern states. However, some categories of suppliers have to register under GST irrespective of their turnover. These include:
Inter-state suppliers
Casual taxable persons
Non-resident taxable persons
Agents or e-commerce operators
Persons liable to deduct or collect TDS/TCS
Persons supplying OIDAR services from outside India
Persons required to pay tax under reverse charge
How to download GST certificate online?
A GST certificate is a document that certifies that a person or entity is registered under GST. It contains the details such as the name, address, PAN, date of registration, validity period, etc. of the registered person. It also contains a unique 15-digit number called the Goods and Services Tax Identification Number (GSTIN).
A GST certificate is issued by the tax authorities after verifying the application and documents submitted by the applicant. It is available for download only on the official GST portal (www.gst.gov.in) and no physical certificate is issued by the GST department. A GST certificate is valid for the period of registration, unless it is cancelled or suspended by the authorities.
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To download a GST certificate online, one has to follow these steps:
Login to the GST portal (www.gst.gov.in) with the username and password.
Go to the Services tab and click on User Services.
Select View/Download Certificate from the drop-down menu.
A new page will open with the details of the GST certificate. Click on the Download icon to save the certificate in PDF format.
One can also verify the authenticity of a GST certificate by using the Search Taxpayer option on the GST portal. By entering the GSTIN or UIN of the registered person, one can view the basic details and the status of the registration.
Having a GST certificate has several benefits for the registered person. Some of them are:
It enables the person to collect GST from customers and pass on the input tax credit to them.
It allows the person to claim input tax credit on the purchases made for business purposes.
It helps the person to avoid penalties and interest for non-compliance with GST laws and rules.
It enhances the credibility and reputation of the person in the market and among customers.
How to file GST returns online?
GST returns are periodic statements that contain the details of the transactions made by a registered person in a given period. They include information such as sales, purchases, output tax, input tax, tax liability, etc. GST returns are filed online on the GST portal by using the relevant forms and annexures.
GST returns are of different types depending on the nature and category of the registered person. Some of the common types of GST returns are:
Return TypeDescriptionDue Date
GSTR-1Details of outward supplies of goods and services11th of next month
GSTR-2ADetails of inward supplies of goods and services (auto-populated)N/A
GSTR-2BDetails of input tax credit available (auto-populated)N/A
GSTR-3BSummary of outward and inward supplies and tax liability20th of next month
GSTR-4Details of supplies and tax liability by composition dealers18th of next month after quarter end
GSTR-5Details of supplies and tax liability by non-resident taxable persons20th of next month
GSTR-6Details of supplies and input tax credit by input service distributors13th of next month
GSTR-7Details of tax deducted at source by deductors10th of next month
GSTR-8Details of tax collected at source by e-commerce operators10th of next month
GSTR-9Annual return by regular taxpayers31st December of next financial year
GSTR-9AAnnual return by composition dealers31st December of next financial year
GSTR-9CAudit report and reconciliation statement by taxpayers with turnover above Rs. 5 crore31st December of next financial year or within 30 days from date of audit, whichever is earlier
To file GST returns online, one has to follow these steps:
Login to the GST portal (www.gst.gov.in) with the username and password.
Go to the Services tab and click on Returns.
Select the relevant return type and period from the drop-down menu.
Fill in the required details and upload the necessary documents.
Preview and verify the return and click on Submit.
Pay the tax liability, if any, by using the Payment option.
File the return by using the File option and selecting the mode of signature (DSC or EVC).
Acknowledge the successful filing of the return and download the acknowledgement receipt.
While filing GST returns online, one should be careful to avoid some common errors and mistakes. Some of them are:
Not filing the returns within the due date, which may attract late fees and interest.
Not reconciling the data in GSTR-1, GSTR-2A, GSTR-2B, and GSTR-3B, which may lead to mismatch of input tax credit and tax liability.
Not reporting the correct turnover, tax rate, and invoice details, which may result in underpayment or overpayment of taxes.
Not claiming the eligible input tax credit or claiming excess input tax credit, which may invite scrutiny and penalties.
Not rectifying the errors or omissions in the previous returns, which may affect the accuracy and completeness of the returns.
How to claim GST refund online?
GST refund is a process of claiming back the excess tax paid or input tax credit accumulated by a registered person under certain circumstances. Some of the situations where GST refund can be claimed are:
Export of goods or services with or without payment of IGST
Inverted duty structure, where the tax rate on inputs is higher than the tax rate on outputs
Excess balance in electronic cash ledger
Cancellation or surrender of GST registration
Finalization of provisional assessment
Refund of tax paid by specialized agencies such as UNO, embassies, etc.
To claim GST refund online, one has to follow these steps:
Login to the GST portal (www.gst.gov.in) with the username and password.
Go to the Services tab and click on Refunds.
Select Application for Refund from the drop-down menu.
Select the relevant reason for claiming refund from the list of options.
Fill in the required details and upload the necessary documents such as invoices, bank account details, declaration, etc.
Preview and verify the application and click on Submit.
Acknowledge the successful submission of the application and download the acknowledgement receipt with a unique reference number (ARN).
The status of GST refund can be tracked online by using the Track Application Status option under Refunds. The timeline for GST refund is 15 days from the date of filing the application, subject to verification and approval by the tax authorities. If the refund is not granted within 60 days, interest will be paid to the applicant at the rate of 6% per annum.
Conclusion
GST is a comprehensive and simplified tax system that has brought many benefits to the Indian economy and society. It has also made the tax compliance easier and faster for the taxpayers by providing online facilities for registration, filing, payment, and refund of taxes. However, GST also requires proper understanding and adherence to the rules and regulations by the taxpayers to avoid any errors or penalties. Therefore, it is advisable to consult a professional or use a reliable software for GST-related matters.
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FAQs
Here are some frequently asked questions and answers related to GST:
What is the difference between CGST, SGST, IGST, and UTGST?
CGST stands for Central Goods and Services Tax, which is levied by the central government on intra-state supplies of goods and services. SGST stands for State Goods and Services Tax, which is levied by the state government on intra-state supplies of goods and services. IGST stands for Integrated Goods and Services Tax, which is levied by the central government on inter-state supplies of goods and services. UTGST stands for Union Territory Goods and Services Tax, which is levied by the union territory government on intra-union territory supplies of goods and services.
How to calculate GST?
GST can be calculated by applying the applicable tax rate on the taxable value of the supply. The taxable value is the amount that the supplier charges from the recipient for the supply of goods or services, excluding any taxes, duties, fees, discounts, etc. The tax rate depends on the type and category of the goods or services supplied.
Who is a composition dealer under GST?
A composition dealer is a person who opts for a simplified scheme of taxation under GST, where he pays tax at a lower rate on his turnover instead of paying tax on each supply. A composition dealer cannot collect GST from his customers or claim input tax credit on his purchases. A composition dealer can opt for this scheme if his annual turnover does not exceed Rs. 1.5 crore (Rs. 75 lakh for some special category states).
What is reverse charge mechanism under GST?
Reverse charge mechanism (RCM) is a provision under GST where the recipient of the supply has to pay tax instead of the supplier. RCM applies in some cases such as supply from an unregistered person to a registered person, supply of certain notified goods or services, supply by an e-commerce operator to a customer, etc.
What are the penalties for non-compliance with GST?
Non-compliance with GST can attract various penalties such as late fees, interest, fine, imprisonment, etc. depending on the nature and severity of the offence. Some of the common offences and penalties are:
Late filing of GST returns: Rs. 200 per day (Rs. 100 for CGST and Rs. 100 for SGST/UTGST) subject to a maximum of Rs. 5,000 per return.
Late payment of GST: 18% per annum interest on the unpaid amount from the due date till the date of payment.
Evasion or suppression of tax: 100% penalty of the tax amount involved or Rs. 10,000 whichever is higher.
Fraud or wilful misstatement: 100% penalty of the tax amount involved or Rs. 10,000 whichever is higher along with imprisonment up to 5 years.
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