Evolution of GST

The idea of a Goods and Services Tax (GST) for India was first mooted sixteen years back and The Bill was passed by the Rajya Sabha on 3rd August 2016 and by the Lok Sabha on 8th August 2016. After ratification by required number of State legislatures and assent of the President, the Constitutional amendment was notified as Constitution (101st Amendment) Act 2016 on 8th September, 2016. The Constitutional amendment paved way for introduction of Goods and Services Tax in India. After the enactment of various GST laws, GST was launched with effect from 1st July 2017 by Sh.Narendra Modi, Hon'ble Prime Minister of India in the presence of Sh.Pranab Mukherjee, the then President of India in a mid-night function at the Central Hall of Parliament of India.

The GST has many confusing things for the layman so for simplifying the things below are the list of returns that helps in smooth understanding

Return Form

Particulars

GSTR-1

Details of outward supplies of taxable goods and/or services effected

GSTR-2

Details of inward supplies of taxable goods and/or services effected claiming input tax credit.

GSTR-3

Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.

GSTR-3B

Simple Monthly Provisional return

GSTR-4

Return for compounding taxable person

GSTR-5

Return for Non-Resident foreign taxable person

GSTR-6

Return for Input Service Distributor

GSTR-7

Return for authorities deducting tax at source.

GSTR-8

Details of supplies effected through e-commerce operator and the amount of tax collected

GSTR-9

Annual Return

GSTR-10

Final Return

GSTR-11

Details of inward supplies to be furnished by a person having UIN and claiming refund

GSTR 9: Introduction

Annual Return, Filed Once in a Year by All Assessee  (Including Composite Dealers excluding Casual Taxable persons, ISD Dealers, Non-Residents Taxable persons, Persons paying TDS u/s 51 of GST Act), Consolidation of all reports of different tax heads i.e. CGST, SGST and IGST.               

The Due date for the return is December 31 of the subsequent Financial year, So accordingly first GSTR-9 last date of filing is December 31 2018. 

Non- filing of same may attract penalty for INR 200 per day i.e. INR 100+100 CGST + SGST

Details Required in GSTR-9

·         GSTIN

·         Legal Name

·         Liability of Statutory Audit ?

·         Date of Statutory Audit?

·         Auditor Details

·         Expense Details

·         Income Details

·         Return Reconciliation Statement – Automatically Filled

·         Any other Dues – Auto Populated

·         Profit as per Profit and Loss account

·         DSC/EVC or Aadhaar based authentication