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GST Current - ZipBooks Toggle navigation Sign In Home About Us GST Overview Executive Summary Current Taxation System & GST Model GST Impact and Readiness with ERP Highlights Features Accounts Inventory Purchase Sales CRM Pricing Partnership Overview Locate Our Partners Career Contact Current Taxation System & GST Model At present, the taxes levied by part-way and state are different. The part-way levies custom duties, excise duty, inside sales tax and service tax. Whereas, the state levies VAT, luxury tax, electricity duty, entertainment tax, entry tax, and octroi. GST Model GST structure is expected to have two components: One levied by the Centre -InsideGST (CGST), and the other levied by the State - State GST (SGST). Both components would be workable on all taxable transactions of goods and services. The Centre and the States would have simultaneous jurisdiction for all tax-payers in the value chain. The CGST and the SGST would be levied simultaneously on every transaction of goods and services, except for the services and goods which are vastitude the purview of GST. Exemptions: Custom Duty, Excise duty on Tobacco products, Specific cess, Taxes on liquor, Electricity cess, Property Tax, Toll Tax, and Stamp Duty are exempted as of now from the purview of GST but subjected to changes introduced by the government. GST Tax Rates: A four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would moreover vamp an spare cess is introduced. Essential items like supplies and vital necessities will be taxed at zero percent. (Tax rates subject to latest Annexure by the government). The returns will be filed in the prescribed format misogynist on the government online portal. In the table below, we have provided details of all the returns which are required to be filed under the GST Law. Return Form What to file? By Whom? By When? GSTR - 1 Details of outward supplies of taxable goods and/or services effected Registered Taxable Supplier 10th of the next month GSTR - 2 Details of inward supplies of taxable goods and/or services effected ultimatum input tax credit. Registered Taxable Recipient 15th of the next month GSTR - 3 Monthly return on the understructure of finalization of details of outward supplies and inward supplies withal with the payment of value of tax. Registered Taxable Person 20th of the next month GSTR - 4 Quarterly return for compounding taxable person. Composition Supplier 18th of the month succeeding quarter GSTR - 5 Return for Non-Resident foreign taxable person Non-Resident Taxable Person 20th of the next month GSTR - 6 Return for Input Service Distributor Input Service Distributor 13th of the next month GSTR - 7 Return for authorities deducting tax at source. Tax Deductor 10th of the next month GSTR - 8 Details of supplies effected through e-commerce operator and the value of tax collected. E-commerce Operator/Tax Collector 10th of the next month GSTR – 9 Annual Return Registered Taxable Person 31st December of next financial year GSTR - 10 Final Return Taxable person whose registration has been surrendered or cancelled. Within three months of the stage of receipt or stage of receipt order, whichever is later. GSTR - 11 Details of inward supplies to be furnished by a person having UIN Person having UIN and ultimatum refund 28th of the month pursuit the month for which statement is filed All these returns are required to be filed digitally online through a worldwide portal to be provided by GSTN, non-government, private limited visitor promoted by the inside and state governments with the specific mandate to build the IT infrastructure and the services required for implementing Goods and Services Tax (GST). Taxes to be subsumedPursuitare the taxes, proposed to be subsumed under the dual component structure GST: CGST Will Subsume:InsideExcise Duty,SpareExcise Duties, Excise Duty levied under the Medicinal and Toiletries Preparation Act, Service Tax,SpareCustoms Duty wontedly known as Countervailing Duty (CVD), SpecialSpareDuty of Customs, Surcharges and Cesses. SGST Will Subsume: VAT,InsideSales Tax (CST), Entertainment tax (unless it is levied by the local bodies), Luxury tax, State Cesses and Surcharges, Entry tax not in lieu of Octroi, Purchase Tax. The GST would replace the pursuit taxes Accounts Inventory Purchase Sales CRM Try it Free for 30 Days Buy Now Quick Contact info@zipbooks.in sales@zipbooks.in Phone: +91 79 40037105 Like and Connect with Us Privacy Policy Terms of Service Cloud Based Accounting Software Web Based Accounting Software 2015 ZipBooks All Rights Reserved. All other product names / logos and / or visitor names used herein may be protected as trademarks of their respective owners.