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Goods and Services Tax (GST) : New GST Return System

The document discusses the Goods and Services Tax (GST) implemented in India. It provides the following key points: 1) GST is a value-added tax levied on most goods and services sold for domestic consumption in India. The tax is paid by consumers but collected and remitted to the government by businesses. 2) Introduction of GST helped reduce tax rates, remove multiple taxation, increase government revenues, and create a common national market to boost trade, commerce and exports. 3) The government introduced a new simplified GST return system with one main monthly return and two annexures for taxpayers to file, except for small taxpayers who can file quarterly.

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Subash
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134 views

Goods and Services Tax (GST) : New GST Return System

The document discusses the Goods and Services Tax (GST) implemented in India. It provides the following key points: 1) GST is a value-added tax levied on most goods and services sold for domestic consumption in India. The tax is paid by consumers but collected and remitted to the government by businesses. 2) Introduction of GST helped reduce tax rates, remove multiple taxation, increase government revenues, and create a common national market to boost trade, commerce and exports. 3) The government introduced a new simplified GST return system with one main monthly return and two annexures for taxpayers to file, except for small taxpayers who can file quarterly.

Uploaded by

Subash
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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GOODS AND SERVICES TAX(GST)

The goods and services tax (GST) is a value-added tax levied on most goods and services sold
for domestic consumption. The GST is paid by consumers, but it is remitted to the government
by the businesses selling the goods and services. In effect, GST provides revenue for the
government.

Full benefits of GST :-


Introduction of GST will help reduce tax rates, remove multiple point taxation,
and increase revenues. Basically, a uniform tax system will make India a
common market, and will boost trade, commerce, and export.

New GST Return System


In the 31st GST Council Meet, it was decided that a New Return System under GST would be
introduced for taxpayers. This return system will contain simplified return forms, for ease of filing
across taxpayers registered under GST. Under this New Return System, there will be one main
return GST RET-1 and 2 annexures GST ANX-1 and GST ANX-2. This return will need to be filed on a
monthly basis, except for small taxpayers who can opt to file the same quarterly. Small taxpayers
are taxpayers with a turnover up to Rs 5 crore in the preceding financial year.
Top 5 GST Amendments
The person involved/benefited out of fake ITC shall also be liable for a penalty of 100% of the tax involved.
Composition scheme restricted to taxpayers making the inter-state supply of service, supplies not enviable to GST and
supplies through e-commerce operator where TCS is deductible.
The date of the debit note will be standalone considered for availing input tax credit, delinked from the date of invoice.
The retrospective effect has been given for transition provisions from 01st July 2017, to nullify the decision of Gujarat
High Court in case of Siddhartha Enterprises.
Powers provided to notify the form of TDS certificate and late fee (200 per day, maximum of 5,000) for non-issuance of
TDS certificate has been waived off.

Comparisons between 2019-2020 &2020-2021’s GST


2019-2020

7500
120000 6948
3000000 6884
5592
100000
2500000 690500

80000
2000000 580000
109343 110500
612327 60000 95081 98327
1500000 514000

663343
40000
1000000 526000
20000
500000 581560
457535
110500
98327
0
28000
28945
109343
95081 7500
6884
6948
5592
0
0 28945 28000 .. ..
GST CGST IGST GST Taxes of Union
Compensation Territories 457535 526000 514000 580000
Cess
581560 663343 612327 690500
ACTUAL Budget Estimates Revised Estimates Budget Estimates 2021 GST Compensation Cess Taxes of Union Territories

Presented by:Subash Tripura,Pritam Saha and Reshmi Das

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