[X] Close
[X] Close



Before we should under stand Taxable Event under GST. We should know What is GST?
‘G’ – Goods
‘S’ – Services
‘T’ – Tax
“Goods and Service Tax (GST) is a comprehensive tax levy on supply of goods and service at Central and State level under which no distinction is made between ‘manufacture, production, sale’ of goods and services for levying of tax. It will mostly substitute all indirect taxes levied on goods and services by the Central and State governments in India.
GST is a tax on goods and services under which every person is liable to pay tax on his output/supply and is entitled to get input tax credit (ITC) on the tax paid on its inputs(therefore a tax on value addition only) and ultimately the final consumer shall bear the tax”

1.   What is Taxable Event.?
(a) Taxable:- Liable to be taxedsubject to tax.
(b)Event: - A thing that happens or takes place, especially one of importance.
                                                              (Source :- Oxford Dictionary)
Taxable event: - A taxable event is any event or occurrence that results in a tax liability. Normally taxable event means occurrence creates or attracts the liability to be fixed.
Tax can be imposed only on taxable event.
2.  Taxable event under GST.
Tax will be levied when supply of Goods and/or servicesTime of supply of goods and/or services is more important under GST.
Hence the word “supply” is more important. Consideration is not mandatory for supply.
3.  Meaning of Supply.
(a)   Supply :- A stock or amount of something supplied or available for use.
(b) Sale :- The exchange of a commodity for money; the    action of selling something.
                                                             (Source: - Oxford Dictionary)        section 4(1) of the Indian sales of goods act.
Sales means.
     “A contract of sales means such contract by which the seller     transfers the title or ownership of the goods to the buyer or makes an agreement to transfer it against a fixed price.”
Section 3 of GST Act, 2016 Meaning and Scope of supply
1)   Supply includes
(a) all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business,
(b) Importation of service, whether or not for a consideration and whether or not in the course or furtherance of business, and
(c) A supply specified in Schedule I, made or agreed to be made without a consideration.
(2) Schedule II, in respect of matters mentioned therein, shall apply for determining what is, or is to be treated as a supply of goods or a supply of services.
(2A) Where a person acting as an agent who, for an agreed commission or brokerage, either supplies or receives any goods and/or services on behalf of any principal, the transaction between such principal and agent shall be deemed to be a supply.
(3) Subject to sub-section (2), the Central or a State Government may, upon recommendation of the Council, specify, by notification, the transactions that are to be treated as—
            (i) A supply of goods and not as a supply of services; or
            (ii) A supply of services and not as a supply of goods; or
            (iii) Neither a supply of goods nor a supply of services.
(4) Notwithstanding anything contained in sub-section (1), the supply of any branded service by an aggregator, as defined in section 43B, under a brand name or trade name owned by him shall be deemed to be a supply of the said service by the said aggregator.

Definition of Supply is “inclusive”. Hence any supply of goods or services would get cover, even if not specified in this section.
As per above discussion Supply does not need Consideration. Free supply of goods and service can be subject to GST. i.e. Stock transfer, branch transfer, Depot transfer is also cover under GST.
As per recently suggestion module issued by ICAI.
Ø It is suggested that the words “Except as provided otherwise,
supply includes……” be used in place of the words “Supply includes”

Ø Instead of having different class of supplies like supplies by agents, aggregator services under section 3, all the forms of deemed supplies be included in a single Schedule say Schedule.

Ø The supply of capital goods (whether to own depot or to the customer) be kept outside the purview of GST, and only the leasing/ renting/ transfer of right to use the asset be subject to tax. Movement of capital goods for provision of services like renting/leasing/ transfer of right to use be excluded from the scope of supply under the proposed GST regime.

Analysis of Section 3 of GST ACT 2016.
Section 3(1) (C)
Supply specified in schedule I, made or agreed to be made without a consideration is ‘Supply’
 As per schedule I of model of GST 2016. As follows.
1.    Permanent transfer/ disposal of business Assets :- Sale/ discard or otherwise without consideration.
2.    Temporary application of business assets to a private or non-business use :- Such as Business car, plant, building use for personal, partner, director, etc.
3.    Services put to a private or non-business use :- such as telephone, other services provided to proprietor, partner, director, etc.
4.    Assets retained after deregistration: - if taxable person de-registered, he will be liable to pay GST. But if transfer of business as a going concern, then it will not be supply. As per schedule II
5.    Supply of goods and/or services by a taxable person to another taxable or non-taxable person in the course or furtherance of business: - this will be cover like sample, gift, etc.

Provided that the supply of goods by a registered taxable person to a job worker in term of section 43A shall not be treated as supply of goods.

Section 3(2)
1. Transfer
(1) Any transfer of the title in goods is a supply of goods.
(2) Any transfer of goods or of right in goods or of undivided        share in goods without the transfer of title thereof, is a supply of services.
       (3) Any transfer of title in goods under an agreement which    stipulates that property in goods will pass at a future date upon payment of full consideration as agreed, is a supply of goods.
2. Land and Building
(1) Any lease, tenancy, easement, licence to occupy land is a supply of services.
(2) Any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.
3. Treatment or process
Any treatment or process which is being applied to another person’s goods is a supply of services.
4. Transfer of business assets
(1) Where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person.
(2) Where, by or under the direction of a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available of such goods is a supply of services.
(3) Where any goods, forming part of the business assets of a taxable person, are sold by any other person who has the power to do so to recover any debt owed by the taxable person, the goods shall be deemed to be supplied by the taxable person in the course or furtherance of his business.
(4) Where any person ceases to be a taxable person, any goods forming part of the assets of any business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable
Person, unless—
               (a) The business is transferred as a going concern to another      person; or
               (b) The business is carried on by a personal representative who is deemed to be a taxable person.
5. The following shall be treated as “supply of service”
(a) Renting of immovable property;
(b) construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where
Required, by the competent authority or before its first occupation, whichever is earlier? Explanation.- For the purposes of this clause-
(1) the expression "competent authority" means the Government or any authority authorized to issue completion certificate under any law for the time being in force and in case of non-requirement of such certificate from such authority, from any of the
Following, namely:–
          (i) An architect registered with the Council of Architecture constituted under the Architects Act, 1972; or
          (ii) A chartered engineer registered with the Institution of Engineers (India); or
          (iii) A licensed surveyor of the respective local body of the city or town or village or development or planning authority;
(2) The expression "construction" includes additions, alterations, replacements or remodeling of any existing civil structure;
(c) Temporary transfer or permitting the use or enjoyment of any intellectual property right;
(d) Development, design, programming, customisation, adaptation, up gradation, enhancement, implementation of information technology software;
(e) Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act;
(f) works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract;
(g) Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration; and
(h) Supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration.
6. The following shall be treated as supply of goods
(a) Supply of goods by any unincorporated association or body of persons to a member there of for cash, deferred payment or other valuable consideration.

Section 3 (2A)
Agent will not be liable for GST on value of goods and services if he neither receive nor supplies any goods or services on behalf of principal.
Principal define under section 2(77)
Means any person on whose behalf an agent carries on the business of supply or receipt of goods and/or services
Agent define under section 2(5)
“Means a person who carries on the business of supply or receipt of
goods and/or services on behalf of another, whether disclosed or not and includes a factor, broker, commission agent, arhatia, del credere agent, intermediary or an auctioneer or any other mercantile agent, by whatever name called, and whether of the same description as hereinbefore mentioned or not;”

This article has been sahred byCA Chandan kr. Jha. Ne can be reached at:

GST, GST form, GST News, GST Updates, 

Madhya Pradesh Assembly also ratify GST Bill, became the seventh state in the country to ratify bill

The Madhya Pradesh Assembly on Wednesday passed the Goods and Service GST Constitution Amendment Bill, became seventh state in the country to pass the historic tax amendment bill.

Chief Minister Shivraj Singh Chouhan said “It as a process towards economic integration of the country.” 

Chouhan highlighted various provisions of the GST Bill and claimed that with its implementation, transparency will increase and it will check corruption effectively. 

Besides, he also clarified that BJP has not taken any U-turn on the bill as charged by the Congress, and said the party wanted that states should be compensated for full five years which was accepted by the Centre. 

He also said after its implementation, investment will increase in the country which ultimately generates employment for the people and added that it will lead to economic integration of the country. 

The day-long session was called and the GST Bill was unanimously ratified by the members with a voice vote after a discussion.

Madhya Pradesh is the seventh state to ratify 122nd Constitution Amendment Bill, Mallaiya later told reporters.

You May Also Like:

Delhi Assembly ratifies GST bill

In a boost to the Centre’s plan to implement the goods and services tax from next April, Delhi Assembly on Wednesday ratified the Goods and Services Tax (GST) Bill.

"GST bill for the first time recognises Delhi as a state under the new Constitutional amendment to Art 366 - step in right direction finally," tweeted Deputy Chief Minister Manish Sisodia.

"Delhi Assembly passes the resolution to ratify 122nd Constitution amendment bill passed by both Houses of Parliament for creation of GST," he said in another tweet. Earlier in the day, the Madhya Pradesh Assembly also passed the Goods and Services Tax (GST) Amendment Bill.

Madhya Pradesh Chief Minister Shivraj Singh Chauhan also tweeted, “Happy to share that Madhya Pradesh assembly has unanimously passed the Constitution Amendment Bill for GST. Extend deep gratitude to all the parties for their support. GST will reshape the country’s future with robust economic transformation. Country’s future is bright with greater financial stability.”

You May Also Like:

GST, GST News, GST Updates, GST Return, 

Mutual funds – The proven investment formula

Are you planning for your child’s wedding or deciding on your new house? Do the thought of funds daunt you? Mutual funds could be your answer. Being the brain-child of Wall Street, mutual funds offer hassle free investment opportunities that can cater to different risk profiles.

Understanding the nuances of investing in mutual funds requires hard work and the returns take on a learning curve. With meticulous planning, the rewards from mutual funds will far outweigh the required efforts. To know more about mutual funds and its different flavors, do read the following section on how these can be suited for individual investment requirements.

Are mutual fund investments the one stop shop?

Imagine you are unwell and need medical advice. Which doctor would you resort to? Medical science these days has numerous specialties and for the best advice you need to visit the doctor who has specialized in the area where you need consultation / advice. This increases your chance of recovery.  The story is no different in mutual funds. There are varieties of schemes and each of it has a different blend of risk, safety and returns. Based on individual requirements and goals, investing in mutual funds through professional guidance can yield good returns.

Based on investment needs and risk appetite, mutual funds come in the following flavours:

Risk savvy investors:

Investors who are risk tolerant and expect higher returns can resort to equity mutual funds. These investments are preferred by younger generations who are aggressive and have long term goals.

Due to volatile nature of the equity market these mutual funds carry a very high rate of risk. The high risk is compensated by way of high returns to the investor.

The fruits of investments in equity mutual funds taste even sweeter since dividends declared by these funds are tax-free in the hands of the investor.  Being tax payer friendly, equity mutual funds attract risk tolerant individuals as an efficient long term investment formula since capital gains are not taxed.

Based on the market capitalization, investment in equity fund are of 3 types:

Large cap funds
Mid cap funds
Small cap funds

Another variation is the index funds where the funds mirror the returns of a specific index.

If you are looking at funding your ward’s higher education after his/her graduation, or planning for their wedding in another 7 years, or have other goals which exceed the 5 year time frame, Equity mutual funds come in handy.

In addition to these, if you are looking for tax savings, then you may consider mutual fund ELSS (Equity-Linked Savings Scheme) schemes. It has a lock in period of 3 years and it entails the investor to benefit up to Rs. 1 lack under section 80C of the Income Tax Act, in a financial year.

Risk averse investors -

If you are an investor drawing close to the retirement finish line or who prefers to play safe with money, mutual funds have an answer for you too. Debt oriented schemes as an investment strategy helps you to park your money. Debt funds carry a lower earning potential but are rated high on safety when compared to equity funds.

Do debt funds and FD look the same? Well, they are not. FD’s carry a lock in period and can make the tax implications higher. The tax efficiency of debt mutual funds makes the investment scale tilt in its favor, since the tax levied on capital gains by debt funds on capital gains is lower than that of FDs.

Based on time horizon, the debt oriented mutual funds can be:

Liquid funds and ultra-short funds – which are ideal to meet very short term goals
Accrual based Income Funds –Assures regular fixed income generally preferred during retirement
Fixed maturity plans (FMP) - It is a close-ended fund which is the mutual fund industry’s version of a fixed deposit. These plans invest in debt instruments issued by corporates whose maturity matches with the maturity of the FMP.

Risk neutral investors –

Are you balanced and risk neutral? The best resort is hybrid funds. Choosing between debt and equity is arduous and might not pass test of time with respect to returns and goal achievement. These funds invest in a combination of both equity and debt based on investor’s age and market conditions.

Based on strategy and objectives, hybrid funds come in 3 flavours:

Monthly Income plans – allocates funds in the ratio of 80 and 20 between debt and equity
Asset allocation funds - Balanced funds that combine more than one asset class into a single portfolio and help diversify the investments.

Investment is not just about money, it is a planned money making exercise. Understanding the risk and reward factors of the funds are the key to successful investing. While mutual funds are not an overnight get rich phenomenon, with channelized efforts and professional guidance you’d soon find that the path of mutual funds is easy to tread through.

The author is Ramalingam K, an MBA (Finance) and Certified Financial Planner. He is the Director and Chief Financial Planner of Holistic Investment Planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He can be reached at ramalingam@holisticinvestment.in

Gujarat becomes sixth state to ratify GST Bill

Crediting Prime Minister Narendra Modi for winning the trust of all political parties, the Gujarat Assembly Tuesday ratified the Goods and Service Tax (GST) Constitution Amendment Bill in the absence of the Opposition party Congress and became the sixth state to do so after Assam, Bihar, Jharkhand, Himachal Pradesh and Chhattisgarh.

It has become the sixth State to pass the Bill, which requires ratification from at least 15 state legislatures before the President notifies the GST Council.
The Gujarat Government had convened a special two-day monsoon session of the State Assembly on Monday and Tuesday to ratify the GST Bill.
"What UPA government could not do in the 10 years, Modi government did it in less than 2.5 years," said Deputy Chief Minister Nitin Patel
Deputy Chief Minister Nitin Patel stated that with the amended GST Bill, Gujarat will have the authority to collect taxes on transactions other than purchase or sale within the State. This will also authorise the State to collect taxes on various kinds of supplies.
“Earlier, Centre had the sovereign right to levy and collect tax on services. With this amendment, this right will be passed on to the States. The share of services in the country’s GDP is 50 per cent and the same is ever increasing. This will provide the States to collect taxes from this vast sector,’’ Patel said while introducing the Bill in the House.
However, earlier in the day, Speaker Ramanbhai Vora had suspended 44 MLAs of the Opposition Congress before the introduction of the GST Bill in the House for causing ruckus over Dalit atrocities issue in the State.

GST, GST Updates, GST News, GST form, Gujarat ratify GST Bill

Chhattisgarh also ratifies GST Bill, becomes fifth state to do so

The Chhattisgarh state assembly unanimously ratified the Goods and Service Tax (GST) Bill during its special one day session on Monday after a six hour forty five minutes-long discussion.

Chhattisgarh became the fifth State to ratify the Constitution One Hundred and Twenty-Second Amendment Bill (GST).

Before Chhattisgarh, Himachal, Assam, Jharkhand and Bihar became the first four states to pass the bill. Aam Aadmi Party government only last week said it will place the GST Bill for ratification before the Delhi Assembly during its 4-day session beginning August 22 if it receives official communication about the Bill from the Centre.

Meanwhile, the state assembly of Gujarat convened special sessions to ratify the Bill that was passed by Parliament earlier this month.

Calling the unanimous ratification of the bill as a “moment of proud” for Chhattisgarh Assembly, Chief Minister Raman Singh said, “I would like to thank the leader of opposition in the assembly, all the MLAs of the Congress, the BSP and independent MLA and our MLAs and ministers, who participated in this fruitful six hour forty five minutes long discussion and made some excellent suggestions.”

“Sixteen various types of taxes have been made into one simple taxation system. This will strengthen our economy and service sector,” the chief minister added.

The Bill was tabled in the House by the Minister for Commercial Taxes Amar Agrawal. Mr. Singh also thanked the Prime Minister Narendra Modi and union finance minister Arun Jaitly for “displaying strong will by bringing everyone on the same stage for the GST."

Senior Congress leader and the leader of opposition in the State Assembly T.S.Singh Deo, however, expressed apprehensions over distribution in the GST council.

“The GST council has been proposed to be constituted in such a way that without the center’s approval, the states will not be able to push their issues and demands,” said Mr. Deo.

You may also like:

Chhattisgarh also ratifies GST Bill, becomes fifth state to do so, gst, gst updates, gst news,

How to get better investment returns than your friends or others?

Whenever we wish to buy any shares or like to invest our money, we have a tendency to take help from people we know. This is quite normal and is also advisable to consult and ask people around you before you make any   investment. After all, you will be spending your hard earned money for your better future.

But, there is one mistake which we all do; we follow the footsteps of others and don’t analyze things on our own. When it is said to consult others, it is not meant to follow how they have invested their money. You have to understand that every individual has different needs and thus invest money accordingly. There is a possibility that the person you consulted has different needs from you and thus his/her way of investment is not going to serve your purpose.

What’s your reason to invest?

In order to invest at a right place, you need to understand few things first. You should be aware about your motive to invest. Generally, we all aim to secure our future by investing into shares and mutual funds. Mutual funds are more secure than shares but also are little slower when it comes to return on investment. If you are investing in shares, then you have to assess your risk factors and should know how much risk you can take during bad times.

Without taking your risk factors into consideration, investing in funds may lead you to various problems. For sure no one is looking for any sort of trouble. Always remember, every individual has different financial requirement and risk factors differ from person to person. So, if your friend is investing in a particular share, then just don’t follow him. Wait, assess your financial status and risk, and then invest on it.

Is it a Long term or short term Investment?

You should keep in mind the investing period. Some look for a short term investment and some go for long term. This differs according to the requirement of an individual. So, may be the person you consulted had a requirement for the short term and thus his/her technique is not going to meet your long term requirement. Thus, you need to understand your time horizon and invest accordingly.

When you need cash for emergency…

The liquidity requirement of every individual is different. Liquidity implies how soon we can get the money. The requirement and need of it differ and thus we can’t just follow the footsteps of others. Imagine that are investing with a motive to get return sooner but you invested in a plan that would take a couple of years more than your requirement. In such condition, you will be helpless and it would seem worthless to have invested in such a plan. Thus, it required that you do a proper research and study of any plans before investing. After all, you would not expect to get yourself into any sort of trouble.

What is your Tax bracket?

The next point is the tax implications. This certainly is different and you are not paying equal tax as your friend or colleague. So, why do you want to invest the same amount in the same investment plan as them? This isn’t wise at all. So, make sure that you have done all the necessary tax implication before you invest in any plan. And it is always wise to choose the one which will suit your pocket and need.

Create a Customized Investment plan

And at last, we all want to invest in plans to get a good return. So, if you see that the plan is not giving you a good return then why to invest in that plan? Just to make others happy by following their footsteps is not going to serve your motive of investment. You need to make sure that the plan in which you invest is beneficial to you. You need to get a good return by investing in that plan. Just because others are getting return, doesn’t mean that you will be able to meet your requirement. As we have seen that everyone’s requirement differs and thus you should get return as per your requirement.

There is no harm in taking advice and asking your colleagues or friends about investment. But, when you are going to invest your money, it is always advised to do a proper research and understand your need. Without doing this, you may end up in investing money in a plan which will be completely different than what you need. After all, this our money

The author is Ramalingam K, an MBA (Finance) and Certified Financial Planner. He is the Director and Chief Financial Planner of Holistic Investment Planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He can be reached at ramalingam@holisticinvestment.in

GST Online Return Form GSTR-1 to GSTR-8

GST Online Return Form Details

As the GST Bill is likely to come into action by the next year, Modi government is taking necessary steps to make sure that the GST regime works fine. 

The Government is likely to introduce eight return forms namely GSTR-1 to GSTR-8 that will be required to file the GST Tax returns in India. These forms will be collectively used to take the assesses details and offer multiple options to file online return.

As per Section 2 “return” means any return prescribed or otherwise required to be furnished by or under this Act or rules made thereunder.

Department has issued some draft form for return purpose. These are as below:

Outward supplies by Tax payers: 

  • This is a sales register of goods and services, here we can enter the details data of of sales . If a persons sells his goods and services to a register person within the state in that case he is liable to charge CGST and SGST on the transaction. At the same point of time if the person sells his goods and services to other state he is liable for IGST charge on him.
  • Here of each transaction it is important to classify the goods or services with his SAC or HSN code because these codes will identify the nature of the transaction. 

  1. HSN code (4 digits) for goods and accounting code for services will be mandatory initially for all taxpayers with turnover in the preceding financial year above INR 5 crores.
  2. HSN codes (8 digits) and accounting codes for services will be mandatory in case of exports and imports.

  • All inter-state B2C supplies – invoice level details to be uploaded for invoices whose value is more than INR 2,50,000. For invoices below this value, state-wise summary of supply statement shall be filed.

Inward Supplies: 

  • This is a comprehensive purchase register. Here we can enter the data of both purchase of service and goods.
  • In GSTR-2 the data of the goods purchase from register dealer including debit/credit note will automatically populated as the respective dealers upload there sales register on due date. Due to this we can match our purchases against the sales register and the impact of this in current scenario where tax credit mismatch is hard to match and a time taking process, in GST there we will check our data as per seller return so mismatch issue resolve will solve easily
  • As well as here we will amend our purchase bill too as we received in earlier periods
  • Here a separate details information will be required for input service distributors
  • Separate table for submitting details in relation to ITC received on an invoice on which partial credit has been availed earlier.
  • Separate table for ISD credit and TDS credit received by taxpayer.
  • Due date of filling the return is 15th of the next month. But we can upload our data on daily, fortnight, weekly too. Soon the last date of return filing the workload should be lesser than before

Monthly Return Form: 

  • It would capture the aggregate level outward and inward supply information which will be auto populated through GSTR-1 and GSTR-2.
  • Information about ITC ledger, cash ledger and liability ledger would be updated in real time on an activity in connection with these ledgers by the taxpayer.
  • Details of payment of tax under various tax heads of CGST, SGST, IGST and Additional tax separately would be populated from the debit entry in credit/cash ledger. GST law may have provision for maintaining 4 head-wise account for CGST, SGST, IGST and Additional tax and at associated minor heads for interest, penalty, fee etc.
  • Taxpayer will have the option of claiming refund of excess payment through the return for which appropriate field will be provided in the return form.
  • Details of ITC balance (CGST, SGST and IGST) at the end of the tax period will be auto-populated in the ITC ledger irrespective of mode of filing return.
  • The return would have a field to enable the taxpayer to claim the refund or to carry forward the ITC balance (CGST, SGST and IGST). GST law may provide that the refund will be processed quarterly.
  • It will be auto-populated through GSTR- 1 (of suppliers), own GSTR-2, ISD return, TDS return of deductor, own ITC ledger, own cash ledger and own tax liability ledger.
  • Now the time taking process of return filling is over now. In GST return maximum data of this return is auto populated from purchase and sales registers. Only adjustment entries and challan information will enter after these entries
  • Here cash ledger (tax deposit in cash and TDS/ TCS) will made separately for CGST , SGST and IGST

Quarterly return for compounding dealers: 

  • This return is a quarterly return filled by the compounding dealer (as per draft GST law the assesses whose turnover is less than Rs. 50 lacs and there is no interstate transaction ) is liable to file return with in 18 days from end of such quarter
  • In this return, data will be automatically populated after filing of GSTR-1

Return file by the Non-Resident:

  • This will be a monthly return filed by the non –resident within 18th day after end of the month and within the 7 days after expiry of registration
  • In this return HSN/SAC code should be mention because these are classify the transaction as a sales and purchase of goods and services

Return for Input Service Distributor: 
  • Every Input Service Distributor shall, for every calendar month or part thereof,furnish a return, electronically, in such form and in such manner as may be prescribed,within thirteen days after the end of such month.
  • In this return form input service distribution ledger will be maintained. In this ledger credit of CGST, SGST, IGST  will maintain separately of each tax amount

TDS Return: GSTR-7

  • Tax deductor will be liable to file this TDS return within the 10 days after end of the month
  • This return form is almost similar to TDS return of income tax (26Q/24Q etc) as in this return deductee information and transaction information is mention with the related challan in which the TDS amount is paid to department

 Annual Return: GSTR-8

  • This return form will be filed electronically on or before 31st day of December following the end of such financial year
  • In this return the total annual returns information will be matched by the department with the monthly /quarterly return filled by the assesse     
  • In this return auditors information will submitted
  • In this return all the transaction will bifurcated within goods and services. This bifurcation should be match with the HSN/SAC code given by the assessee in his monthly/ quarterly return

First Return : Section 27A

(1) Every registered taxable person paying tax under the provisions of section 7 shall furnish the first return containing the details of:

(a) outward supplies under section 25 from the date on which he became liable to registration till the end of the month in which the registration has been granted;

(b) inward supplies under section 26 from the effective date of registration till the end of the month in which the registration has been granted:

Provided that a registered taxable person paying tax under the provisions of section 8 shall furnish the first return for the period starting from the date on which he becomes a registered taxable person till the end of the quarter in which the registration has been granted.

(2) Provisions of section 25, 26 and 27, other than the provision pertaining to tax period, shall apply mutatis mutandis to the said person furnishing return under sub section (1).

GST Online Return Form, GST Return, GST form, GST, GST Form

Search This Blog


Subscribe via email

Enter your email address:

Delivered by FeedBurner

Recommend us on Google!

Featured post

Minimum amount up to which TDS is not deducted / TDS Rate Chart / ( TDS Threshold limit) for F.Y 2016-17

Minimum amount up to which TDS is not deducted /  FAQs on Tax Deducted at Source/  Tax Deducted at Source (TDS) Rate Chart/Slab for Financ...