What is GST?

Goods and Services Tax (GST) is an indirect tax which was introduced in India on 1 July 2017 and shall be applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services. Under the new GST system, nearly 1 crore businesses in India have obtained GST registration number. GST return filing is mandatory for all entities having GST registration number, irrespective of business activity or sales or profitability during the return filing period. Hence, even a quiescent business that has obtained GST registration must file GST return.

GST Return Filing

GST registration number holders are required to file GSTR-1 (details of outward supplies) on the 10th of each month, GSTR-2 (details of inward supplies) on the 15th of each month and GSTR-3 (monthly return) on the 25th of each month. Dealers registered under the GST composition scheme are required to file GSTR-4 every quarter, on 18th of the month next to the quarter. Finally, annual GST return must be filed by all GST registered entities on/before the 31st of December. Venvik Tech Solutions is an Authorised GST Suvidha Kendra Development Partner across India and we are offering end to end GST services from registration to return filing.

Why GST Return Filing with Venvik Suvidha Kendra?

Venvik Suvidha Kendra offers 360 degree Goods & Services Tax solutions by providing not only online portal for GST Return filing, but all the best possible services also.
Convenience
Affordable Fees
Digital Signature
GST Number Registration
One Stop Solutions
Customer Support
Advanced Software
Data Security
Network
Easy Access
Sample Format
Data Archival and Retrieval
Secured Access

GST Return Filing

Return Form
Particulars
Persons Required to File
GSTR - 1
Details of outward supplies of taxable goods/services.
All Registered Persons
GSTR - 2
Details of inward supplies of taxable goods/services on which input tax credit is claimed.
All Registered Persons
GSTR - 3
Return to be filed on the basis of finalization of details of GSTR 1 and GSTR 2 along with the payment of amount of tax.
All Registered Persons
GSTR - 3B
Summarized return for Jul 2017- Mar 2018
All Registered Persons
GSTR - 4
Return for person under composite scheme.
Persons registered under Composite Scheme.
Composition scheme is not applicable to:
  • A casual taxable person or a non-resident taxable person.
  • Suppliers whose aggregate turnover in the preceding financial year crossed Rs. 1.5 Crores. In case of North-Eastern States and Himachal Pradesh, the limit is Rs. 75 Lakhs.
  • Supplier who has purchased any goods or services from unregistered supplier unless he has paid GST on such goods or services on reverse charge basis
  • Supplier of services, other than restaurant service
  • Persons supplying goods which are not taxable under GST law
  • Persons making any inter-State outward supplies of goods
  • Suppliers making any supply of goods through an electronic commerce operator who is required to collect tax at source
  • A manufacturer of following goods:
    • Ice cream
    • Pan masala
    • Tobacco

Types of GST Returns

GSTR1 i.e. return of outward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR1 return is the 10th of every month. For July, September and October, the GST return due dates are different from the normal schedule.
GSTR2 i.e. return of inward supplies must be filed by all taxpayers having regular GST registration. The due date for filing GSTR 2 return is the 15th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.
GSTR3 i.e. monthly GST return must be filed by a taxpayer after filing GSTR1 and GSTR2 return. GSTR3 is due on the 20th of every month. For July, September and October, GSTR2 return due dates are different from the normal schedule.
GSTR4 return must be filed by taxpayer registered under the GST composition scheme. GSTR4 is a quarterly return that is due on the 18th of the month after the end of the quarter.
GSTR5 return must be filed by a person registered under GST as a non-resident taxable person. GSTR5 is due on the 20th of every month.
GSTR6 return must be filed by a person registered under GST as an input service distributor. GSTR6 return is due on the 13th of every month.
GSTR7 return must be filed by all those taxpayers who are required to deduct tax at source (GST TDS). Under GST, only certain government agencies are required to deduct tax at source after obtaining registration. Hence, GSTR7 is due only for those entities having GST TDS registration. GSTR7 is due on the 10th of every month.
GSTR8 return must be filed by taxpayers who are required to collect tax at source. E-commerce operators are required to collect tax at source. Hence, any person operating an e-commerce venture must register for TCS, collect tax at source and file GSTR8 return before the 10th of every month.
GSTR9 is GST annual return that must be filed by all regular taxpayers. Details submitted with GSTR9 must be audited if the entity has a turnover of more than Rs.2 crores. GSTR9 is due on or before the 31st of December.
GSTR9 return must be filed by any person whose GST registration has been cancelled or surrendered. Must be filed within 3 months of the date of cancellation order or surrender.

Advantages Of GSTR Filing

Subsuming of Taxes
Boost to Make in India
Ease of doing business
Unique Platform
Transperancy in Business
WHO NEED TO APPLY FOR GST REGISTRATION?
Any business whose turnover exceeds the threshold limit of Rs. 20 lakhs (Rs 10 lakhs for North Eastern and hill states).
Every person who is registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
Anyone who drives inter-state supply of goods.
Casual taxable person.
Non-Resident taxable person.
Agents of a supplier.
Input service distributor.
E-commerce operator or aggregator.
Person who supplies via e-commerce i.e. aggregator.
Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
DOCUMENTS FOR GST REGISTRATION
For Pvt. Ltd. / Public Ltd. / OPC
Company PAN card
AMOA, AOA & Incorporation Certificate
ACompany Address Proof
LLP & Partnership Firm
Firm PAN card
LLP Agreement/ Partnership deed
Firm Address Proof
Proprietorship Firm
Proprietor’s PAN card
Shop Act / Ghumasta License
Address proof of Firm
registration

Difference Between CGST Vs. SGST Vs. IGST

Central GST (CGST)
When the supply of goods and services takes place WITHIN the State (Intra-state), that is when the Supplier and the Consumer both are in the same state, two taxes will be levied. One part is levied by the State Government and the other is by Central Government. Hence the tax levied by the central government is known as Central GST.
State GST (SGST)
State GST is the component of GST that will be collected by the state government on all items, both goods and services on intra-state trade.
Integrated GST (IGST)
When the supply of goods and services takes place BETWEEN two States (Inter-state), that is when the place of Supplier and the Consumer are in different states, Integrated GST is levied by the central government. In case of Inter State supply of Goods and Services only IGST will be applicable.
Inter-State Supply
An inter-state supply of goods or service is one where the location of supplier of goods/service and place of supply are in different states. In addition, supply of goods or service to or by an SEZ developer or SEZ unit, supply in the course of import of goods or service, supply when supplier is located in India and the place of supply is located outside India (export) and any other supply not covered under intra-state is treated as inter-state supply.
Intra-State Supply
An intra-state supply of goods or service is when the place of supply is in the same state as the location of the supplier. Intra-state supply does not include supply of goods/service to SEZ units or developers, imports or exports.

GST Composition Scheme

Small Scale Industries are the backbone of the Indian economy as there are approximately 55 million SMEs operating in India. The rollout of GST would have extensive impact on over ten million SME businesses operating in India and would require compliance under the GST regime. However, many small businesses would not have the expertise or the capability to comply with many of the GST regulations, unlike medium and large sized businesses. The objective of composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers.

The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs. 50 lakhs in case of few States). Moreover, it is optional and the eligible person opting to pay tax under this scheme can pay tax at a prescribed percentage of his turnover every quarter, instead of paying tax at normal rate.
Composition dealers will pay nominal tax rates based on the type of business:
Sr. No.
Category of Registered person
Rate of Tax
1
Manufacturers, other than manufacturers of such goods as may be notified by the Government (Ice cream, Pan Masala, Tobacco products etc.)
2%
(1% CGST)
(1% SGST)
2
Restaurant Services
5%
(2.5% CGST)
(2.5% SGST)
3
Traders or any other supplier eligible for composition levy
1%
(0.5% CGST)
(0.5% SGST)
Composition scheme is not applicable to:
  • A casual taxable person or a non-resident taxable person;
  • Suppliers whose aggregate turnover in the preceding financial year crossed Rs. 75 lakhs
  • Supplier who has purchased any goods or services from unregistered supplier unless he has paid GST on such goods or services on reverse charge basis
  • Supplier of services, other than restaurant service
  • Persons supplying goods which are not taxable under GST law
  • Persons making any inter-State outward supplies of goods
  • Suppliers making any supply of goods through an electronic commerce operator who is required to collect tax at source
  • A manufacturer of following goods
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