Filing of Returns under GST






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How does GST Work? Explained in 10 Points

Destination-Based Tax: GST is a destination-based tax as against the earlier principle of origin-based taxation. The new tax regime follows a multi-stage collection mechanism wherein tax is collected at every stage and the credit of tax paid (input tax credit) at the previous stage is available as a set-off at the next stage of transaction. This helps to eliminate ‘tax on tax’ or the cascading impact of tax. GST benefits the industry through better cash flows and better working capital management. From consumer point of view, GST helps to bring down overall tax. Input Tax Credit: The biggest game changer in GST is input tax credit, where credits of input taxes paid at each stage of production or service delivery can be availed in the succeeding stages of value addition. This means that the end consumer will thus only bear the GST charged by the last point in supply chain, with set-off benefits at all the earlier stages. For example, a manufacturer's total tax on output co...
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GST : Transitional Provisions (Section 140 of CGST Act)

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CENVAT Credit that can be carried forward and allowed as Input Tax Credit [Section 140(1)] This transition provision enables a taxable person to carry forward unutilized input credit under the CENVAT Credit Rules, 2004 . The following table illustrates how a registered person other than one opting for composition scheme can carry forward the CENVAT Credit as Input Tax Credit. Particulars CGST & SGST Credit to be carried forward CENVAT Credit Relevant law CENVAT Credit Rules, 2004 Laws to be subsumed and the relevant credit Central Excise Service Tax Input Tax Credit to be carried forward •        Central Excise paid on Inputs/Capital goods •        Countervailing duty paid on Inputs/Capital goods •     Special Additional Duty paid on Inputs/Capital goods in case of manufacturers •        ...
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Impact of GST on Hoteliers

Registrations 1. Liable to register a. only if aggregate turnover of a person is >20 Lakhs in a financial year (>10 lakhs in North-eastern states, Uttarakhand, Sikkim) b. This threshold doesn’t apply to interstate supply i.e. in case supply is made to different states, even for Rs 1 of sales, registration has to be taken. c. Existing companies having VAT, service tax registration need to migrate to GST 2. Not Liable to Register a. Doing Pure catering services to an educational institution 3. Composition Scheme: Small restaurants with an aggregate turnover of above Rs. 20 Lakhs but less than Rs. 75 Lakhs, may opt for Composition scheme and pay tax at 5% of Inter-State/Union territory turnover. Conditions for opting Composition scheme are as follows: a. Registered person is not engaged in the supply of services other than restaurant service (Example: If registered person is providing accommodation services or renting of banquet halls along with restaurant se...
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