Sale on Approval Basis under GST
GST significantly transformed the indirect tax system in India, absorbing multiple state and central indirect taxes and eliminating the cascading effect of taxes on consumers. It helped business owners and…
GST significantly transformed the indirect tax system in India, absorbing multiple state and central indirect taxes and eliminating the cascading effect of taxes on consumers. It helped business owners and…
GST has streamlined the indirect tax system in India by replacing multiple state and central indirect taxes with a uniform tax structure across the country. By fostering greater coordination and…
In this technology-savvy realm, today, compliance with GST rules is hassle-free. But the taxpayer must take steps to ensure that all the information needed to file the returns is ready…
GST is a destination-based consumption tax that is applicable on the supply of goods and services. By subsuming multiple state and central taxes, it has eliminated the cascading effects of…
The introduction of GST eliminated multiple state-level and central-level taxes regulating the indirect tax system in India. It not only helped in removing state-level barriers, broadening the tax base, and…
All normal and casual registered taxpayers making outward supplies of goods and services with a yearly revenue exceeding the specified threshold limit must register for GST. The registered individuals or…
GST is a comprehensive indirect tax system that has brought uniformity and efficiency to the tax system in India. The GST process fundamentally comprises uploading invoice level details in the…
The introduction of GST is a significant step in indirect tax reform in India. The elimination of the cascading effect of taxes has made our products competitive in the domestic…
The introduction of GST is a major step in the transformation of the indirect tax system in India. It mitigated the cascading effects of taxes and lessened the tax burden…
GST has been considered the most significant tax reform in India in recent times. The common tax levied across the entire country brought uniformity and transparency to the indirect tax…
GST is aimed at transparency, effective compliance, uniformity in the tax regime across the country, and checking tax evasion. The structure of GST is built mainly on self-assessment and self-compliance…
There may be various reasons for which businesses opt to cancel their GST registration. It may be because of the closure of business, turnover dropping below the threshold limit, or…
The objective of introducing GST was to make compliance digital and simpler for businesses. It is mandatory for every business registered under GST to comply with the guidelines specified under…
GST transformed India’s indirect tax system by subserving various central and state taxes into a common tax levied across the entire country and fulfilling the long-cherished vision of ‘one nation, one tax of the government. It eliminated the cascading effect of taxes, created a common market with the abolition of state barriers, reduced compliance costs, controlled tax evasion, and brought uniformity in taxation, resulting in unprecedented growth in the economy of our country.
Constant improvements were made to the GST system to increase efficiency and bring transparency to the indirect tax system through many amendments and revisions. Filing the periodic returns as specified under law is an important part of the compliance process in GST. It is mandatory for businesses that opt out of the GST system to file a final return in Form GSTR-10.
It is the final return that taxpayers who have opted for the cancellation of their GST registration must file. It must be filed within three months from the date of cancellation or the date of the order of cancellation, whichever is later. The final return is a declaration of the closing stock and the liabilities and credits associated with it. Non-filing of the return can result in penalties and other consequences. All the periodic returns, like GSTR-3B and GSTR-1, are required to be filed up to the date of cancellation before filing Form GSTR-10. Both online and offline facilities are provided by GSTN on the common portal for filing the return.
Also Read: Introduction to GSTR-10 (Final Return)
GSTR-10 is a crucial document for taxpayers who are required to cancel or surrender their GST registration. It is also called a final return and for the tax authorities, it…
GST was implemented in India with the aim of simplifying compliance. Also, creating an efficient tax system in the country. Over the years, many changes have been made and stricter…
GST has brought many benefits, both to taxpayers and to the government in India. It has been instrumental in the economic progress of the country. The popularity of this uniform…
GST brought uniformity and efficiency to the indirect tax system and was instrumental in improving the economy of India to a great extent. As part of the compliance process, taxpayers…
GST has brought many benefits, like the elimination of the cascading effect of taxes, a wider customer base, the removal of inter-state barriers, etc., for businesses, but there may be…
All businesses registered under GST are required to file regular returns and follow compliance procedures as specified under the law. But sometimes situations may arise that require the cancellation or…
GST has brought uniformity to the indirect tax system in India. Self-assessment and self-compliance form the foundation of the GST system. In this trust-based taxation regime, the taxpayer is required…
The Goods and Services Tax has been continuously evolving since its implementation. The improved revenue and the growth in registered members are proof of the success of the GST regime.…
The Goods and Services Tax (GST) has significantly reformed the indirect tax system in India. It aims to adopt information technology to simplify compliance and reduce the need for interaction…
The aim of implementing GST was to simplify compliance and streamline the indirect tax system in the country. GSTR-9 annual return filing is an important aspect of GST compliance in…
GST was introduced to streamline the indirect tax system in the country. In this system, all entities involved in the buying and selling of goods and services with aggregate turnover…
GST created a uniform, efficient, and transparent indirect tax system in India and helped to realize the vision of ‘one nation, one tax,’ for the country. As per GST laws,…
The goods and services tax aimed to simplify and standardize the indirect taxes in India into a single cohesive unit by subsuming multiple state and central taxes. It benefited suppliers,…
GST was introduced in India, aiming to streamline the indirect tax system in the country. It aimed to eliminate the burden of the multiplicity of taxes on consumers, simplify compliance,…
The goods and services tax transformed the indirect tax system in India by replacing multiple taxes like VAT, excise duty, service tax, etc. with a single indirect tax. GST is…
The goods and services tax was introduced in India to unify various taxes into one single tax and bring integrity and transparency to the indirect tax system in the country.…
Technological advancements, improved connectivity, and internet access across the country have helped develop the e-commerce industry in India. The increased demand for online goods and services has provided greater opportunities…
E-commerce has transformed the retail marketplace into a digital market, which is convenient and beneficial for sellers, e-commerce operators, consumers, and tax authorities. Along with this, the government has taken…
Tax collected at source, or TCS, is an important component of the indirect tax system in India. It is intended to ensure that the transactions done through the e-commerce portal are accounted for and taxes are collected at the point of transaction. So that the government could ensure compliance and check tax evasion.
As per GST law, Section 52, CGST, 2017, any person who owns, operates, or manages a digital or electronic facility or platform for electronic commerce is called an e-commerce operator. Example: Amazon, Flipkart, Paytm, etc. These e-commerce companies are required to comply with the GST TCS provisions. GST registration is mandatory for e-commerce operators, irrespective of their aggregate turnover.
TCS is applicable to the net value of the goods or services supplied through the e-commerce portal. The e-commerce operator must remit the TCS collected to the government and file the return GSTR-8 by the 10th of the following month. After the return is filed and processed, credit is provided to the supplier in the electronic cash ledger. Here we discuss in detail the TCS credit in GSTR-8 and TCS certificates.
Also Read: Understanding The Provisions Of TCS (Tax Collection At Source) Under GSTR-8
TCS compliance under GST comprises the following:
When is TCS not applicable?
TCS is not applicable in the following cases:
Read More in detail: Applicability And Registration Requirements For GSTR-8
Input tax credit (ITC) is one of the major benefits of GST that helped eliminate the cascading effect of taxes on consumers. It ensured a seamless flow of input tax…
The goods and services tax (GST) has transformed the indirect tax system in India by replacing multiple taxes with a single, unified tax. It brought transparency and efficiency to the tax regime with its own set of rules and regulations. Filing returns as specified is an important component of compliance under GST. GSTR-9 is one such return. It is an important return as it helps the government monitor the compliance of taxpayers. For taxpayers, it helps in maintaining accurate records of their GST transactions and also ensures compliance. Here we discuss the filing frequency and due dates for GSTR-9.
GSTR-9 is an annual return that has to be filed by all taxpayers registered under the goods and services tax regime in India. It is a summarized return that contains consolidated details of all the returns filed under GST by a tax payer during a financial year.
All taxpayers registered under GST are required to file GSTR-9. But the following persons are exempt from filing this return:
Rule 80 of the CGST Rules specifies that every registered taxpayer is liable to file the GSTR-9 annual return on or before the 31st of December of the next financial year. Non-filing and late filing of the return can result in late fees, interest, and other penalties.
As per Section 47(2) of the CGST Act, 2017, any registered person who fails to furnish the annual returns within the due date is liable to pay a late fee of Rs. 200/- (CGST-Rs. 100/- and SGST-Rs. 100/-) per day. There is no late fee for IGST. Therefore, it is crucial for taxpayers to file their returns by the due date to avoid penalties and ensure compliance.
Taxpayers must ensure timely submission of GSTR-1, GSTR-3B, or GSTR-4 returns as per the classification of the taxpayer. It is also important for the taxpayer to clear any outstanding dues; otherwise, the taxpayer will not be able to file the GSTR-9.
The return is divided into six parts, containing altogether 19 tables with consolidated information about the inward and outward supplies, the applicable GST rate, the tax applicable, and the amount paid on the supplies.
Part I | Basic details: This part comprises the basic details of the taxpayer, like the financial year, GSTIN, legal name, and trade name. |
Part II |
Details of outward and inward supplies: This part consists of details of advances and inward and outward supplies made during the financial year on which tax is payable in Table 4. Table 5 consists of details of advances and inward and outward supplies made during the financial year on which tax is not payable. |
Part III | Details of ITC for the financial year |
Table 6 consists of details of ITC availed during the financial year. | |
Table 7 consists of details of ITC reversed and ineligible ITC for the financial year. | |
Table 8: Other ITC-related information | |
Part IV | Details of tax paid as declared in returns filed during the financial year: Table 9 consists of details of tax paid as declared in the returns filed during the financial year. |
Part V
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Particulars of the transactions related to the previous financial year that have been amended during April to September of the next financial year or up to the date of filing the annual return, that is, December 31st, whichever is earlier Table 10 consists of supplies, tax declared through amendments, plus the net of debit notes. Table 11 consists of supplies, tax reduced through amendments, less the net of credit notes. Table 12 consists of the reversal of ITC availed during the previous financial year. Table 13 consists of ITC availed for the previous financial year. Table 14: Differential tax paid on account of the declaration in table 10 and Table 14 consists of differential tax paid on account of the declarations in tables 10 and 11 above. |
Part VI |
Other Information: This part consists of the following tables: Table 15 consists of particulars of demands and refunds. Table 16 consists of information on supplies received from composition taxpayers, deemed supplies under Section 143, and goods sent on an approval basis. Table 17 consists of an HSN-wise summary of outward supplies. Table 18 consists of a HSN-wise summary of inward supplies.
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At the end of the return, the taxpayer has the option to pay any additional liability declared in this form. This can be done through Form DRC-03. The taxpayer has to select the annual return in the drop-down provided in Form DRC-03.
The taxpayer has to follow these steps to file GSTRS-9 online in the GST portal:
Step 1:Navigate to the GST portal at https://www.gst.gov.in/ and login with valid credentials.
Step 2: Go to Service>Returns>Annual Returns
Step 3: Select the relevant financial year and click on prepare online
Step 4: Answer the question of whether to file a NIL return. For a regular return, data from GSTR-1 and GSTR-3B is auto-populated in the GSTR-9 form. Click ‘Next’
Step 5: Then the ‘Annual returns for normal taxpayers’ page is displayed.
Step 6: Fill in the required details in each section. The summary of the details in excel or pdf format can be viewed by clicking the ‘Preview’ option.
Step 7: Proceed to ‘Compute liabilities’ and the ‘late fee payable and paid’ will appear. Along with it, the available cash balance will be shown in the ‘Electronic Cash Ledger’.
If the cash balance is less than the tax liability, the details will be shown in the ‘cash required’ section.
Step 8: Click on the ‘create challan’ button. The challan will be auto-populated.
Step 9: After selecting the payment method, click on ‘generate challan’.
Step 10: Click on ‘preview draft GSTR-9 (pdf)’ and download the form.
Step 11: After checking the declaration box and authorized signatory, click on the ‘File GSTR-9’ button.
To check the status of GSTR-9, the taxpayer has to go through the following steps:
1. Login to the GST portal
GST was introduced in India to simplify the indirect tax system in the country. It unified a plethora of state and central taxes to form a unified integrated tax that…
The introduction of GST caused a major reform in the indirect tax system in India. It benefited thousands of businesses, especially small and medium businesses. But there have been instances…
India is the fastest-growing economy in the world today and is poised to become the third-largest economy by 2027, according to economists. Exports are one of the main factors driving…
The goods and services tax (GST) revolutionized the indirect tax system in India. It subsumed multiple indirect state and central taxes and brought uniformity and integrity to the indirect tax…
The Goods and Services Tax (GST) was implemented with the motto ‘one nation, one tax’. It replaced multiple state and central taxes, brought integrity and transparency, and transformed the indirect…
As per GST law, tax is payable on the supply of goods or services or both for consideration during business, unless exempted. The rate of tax applicable for the supply…
GST was introduced to unify and simplify the complex indirect tax system in the country. It subsumed a variety of central and state taxes and reduced complex regulatory compliance, thereby…
The GST laws brought transparency and integrity to the indirect tax system in India. The government has passed various amendments and notifications from time to time to make compliance easier…
All businesses whose turnover exceeds the specified threshold limit are required to register under GST mandatorily as per GST laws implemented on July 1st, 2017 in India. Registering with GST…
Input tax credit is an essential component of GST, which eliminates the cascading effect of taxes and brings transparency and efficiency to the indirect tax system in the country. It…
The introduction of GST has brought many benefits to both consumers and the government by streamlining the indirect tax system in India. The significant reforms brought by GST are the…
The Goods and Service Tax introduced on July 1, 2017 in India has been instrumental in great economic progress, with a major transformation in the indirect tax system in the country.…
GST brought about an epic transformation of the indirect tax system in India, creating a unified, transparent. The efficient tax regime benefiting businesses and uplifting the economy of our country.…
The e-way bill system was introduced in GST by the Government to check tax evasion. In this system, the supplier or transporter has to register in the e-way bill portal…
The Goods and Services Tax (GST) was introduced in India to make compliance easy and to avoid the cascading effect of taxes on the consumer. GSTR-5 compliance is important for…
The advancement in technology has made it possible for businesses to deliver services from abroad in India through the use of internet. Online Information Database Access and Retrieval services (OIDAR)…
The Goods and Services Tax Act aimed to ease the burden of taxes by integrating multiple taxes into one comprehensive tax and ease compliance. In this system GST is applicable…
The introduction of GST transformed the indirect tax system in India by integrating multiple complex taxes into a single, unified unit, making compliance and auditing easier for both taxpayers and…
The fast growth of the Indian economy and the various measures taken by the government to encourage non-residents to engage in trade and business in India have resulted in an…
A comprehensive indirect tax system was created after the implementation of GST in India, bringing coordination and efficiency to the tax system in the country. GST is applicable to the…
The fast pace of growth of the Indian economy, overtaking United Kingdom to become the fifth largest economy as per IMF projections has attracted lot of foreign businesses to transact…
GSTR 4 is an annual summary return that has to be filed by composition taxpayers, it consists of details of outward, inward supplies, import of services, and inward supplies attracting…
The Goods and Services Tax has transformed the indirect tax system in the country by combining various taxes into one tax. In this tax regime, different categories of taxpayers have…
The introduction of GST in India streamlined the indirect tax system, integrating a variety of taxes into one single unit, making compliance easier, lessening the burden of tax on the…
In GST, the concept of input service distributor was introduced to streamline the distribution of credits under a centralized system from the main office to various branches or offices of…
GST brought uniformity in the tax structure in India, eliminating the cascading effect of taxes on consumers. The introduction of the online portal enhanced compliance and transparency in the tax…
The Goods and Services Tax was introduced to integrate multiple taxes into one comprehensive GST and make compliance easy for the taxpayers. It also eliminated the cascading effect on taxes…
The introduction of GST laws brought about uniformity and transparency in the indirect taxation system in our country. The composition scheme was introduced to help small businesses with a limited…
The introduction of GST is a milestone in the history of the indirect tax system in India. GST replaced the complicated web of Central and State taxes with a unified…
The introduction of GST unified the complex Central and State taxes into one integrated indirect tax system in the country. The aim of the government was to simplify compliance, promote…
The composition scheme was introduced to bring simplicity and reduce the burden and compliance cost for small businesses. Registering for this scheme is optional where the taxpayers pay tax at…
The Goods and Services Tax Act was introduced to eliminate the cascading effect of taxes on the people. The salient feature of the act was the provision of the input…
The introduction of the composition scheme was to make calculation of tax liability and compliance easier for small, micro and medium businesses. Based on business turnover, taxpayers who have registered…
The composite scheme was introduced to make compliance simple and easy for small businesses. It is mandatory for all taxpayers registered under the composite scheme to file annual return in…
GSTR-3B is a key component return and filing GSTR-3B is mandatory for all registered businesses in India. The self-declaration summary return provides details of all inward and outward supplies and…
All registered taxpayers under the Goods and Services (GST) act in India need to file the monthly return GSTR 3B. This form is a summary of monthly transactions and helps…
GST is a consolidated value added tax levied on the manufacture, sale and consumption of goods and services across India. It subsumes different taxes that were earlier levied at state…
The introduction of Goods and Services tax has transformed the taxation system in the country. By unifying multiple indirect taxes into a single comprehensive tax, the cascading effect of taxes…
The most important aspect of GST compliance is the timely submission of GSTR-3B returns. GSTR-3B is a self-declared summary return which reflects supplies, input tax credit, purchases, tax liabilities occurred…
The introduction of GST laws in India has transformed the indirect tax system by replacing multiple taxes with a single unified tax structure. Many returns were required to be submitted…
The introduction of GST laws has streamlined the tax system, eliminated the cascading impact of tax on consumers and improved compliance. The various returns specific to the types of businesses…
The introduction of GST laws has created a uniform and transparent indirect tax structure in our country by unifying various taxes like vat, excise duty, service tax etc., benefiting both…
GSTR-3B is a self-assessed summary return that has to be filed by registered taxpayers under GST every month. It includes details of outward and inward supplies, input tax credit (ITC)…
The introduction of GST laws transformed the indirect tax system in India by unifying a plethora of state and central taxes into one consolidated unit. But many small businesses did…