Components of GST

There are 3 taxes applicable under GST : CGST, SGST & IGST.

  • CGST: Collected by the Central Government on an intra-state sale (Eg: Within Maharashtra)
  • SGST: Collected by the State Government on an intra-state sale (Eg: Within Maharashtra)
  • IGST: Collected by the Central Government for inter-state sale (Eg: Maharashtra to Tamil Nadu)

In most cases, the tax structure under the new regime will be as follows:

Transaction New Regime Old Regime
Sale within the State CGST + SGST VAT + Central Excise/Service tax Revenue will be shared equally between the Centre and the State
Sale to another State IGST Central Sales Tax + Excise/Service Tax There will only be one type of tax (central) in case of inter-state sales. The Center will then share the IGST revenue based on the destination of goods.


GST Returns

Prescribed Returns under the GST act along with their due dates are as follows:

S.No Return Form Particulars Person Responsible Due Date
1. GSTR-1 Details of outward supplies of taxable goods or services or both effected Registered Person 10th of Next Month
2. GSTR-2 Details of inward supplies of taxable goods or services or both claiming input tax credit Registered Person After the 10th but before 15th of Next Month
3 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 Registered Person 20th of Next Month
4 GSTR-4 Quarterly Return for compounding taxable persons Taxable Person opting for Composition Levy 18th from end of the Quarter
5 GSTR-5 Return for Non-Resident foreign taxable persons Non Resident Tax Payer 20th from end of the month or within 7 days after the last day of validity of registration whichever is earlier
6 GSTR-6 Input Service Distributor return Input Service Distributor 13th of Next Month
7 GSTR-7 Return for authorities deducting tax at source Tax Deductor 10th of Next Month
8 GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (52) E-Commerce Operator 10th of Next Month
9 GSTR-9 Annual Return Registered Person 31st December of Next Financial Year
10 GSTR-9A Simplified Annual return by Compounding taxable persons registered under section 10 Taxable Person whose registration has been surrendered and cancelled 31st December of Next Financial Year
Note: Reference to GST council meetings, there have been happening various revisions and amendments in GST procedures including timelines for filing of the Returns.

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