{"id":6853,"date":"2020-02-18T14:10:29","date_gmt":"2020-02-18T14:10:29","guid":{"rendered":"https:\/\/www.piczasso.com\/?p=6853"},"modified":"2020-02-18T14:10:50","modified_gmt":"2020-02-18T14:10:50","slug":"enjoy-freedom-with-gst","status":"publish","type":"post","link":"https:\/\/www.piczasso.com\/enjoy-freedom-with-gst\/","title":{"rendered":"Don&#8217;t Pay Multiple Tax Now: Enjoy Freedom with GST"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Indian government introduced goods And Services Tax or GST in July 2017. GST, an indirect tax in nature, brought a comprehensive and multistage tax system that is imposed on every value addition.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">GST aims to provide a unified platform to taxpayers and a single document (GSTR 9) to carry all their tax return details.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On December 2019, GST revenue collection reached Rs.1.03 lakh crore, of which CGST was Rs.19,962 crore, SGST was Rs.26,792 crore, and IGST was Rs.48,099 crore.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is the ninth time since GST&#8217;s inception in 2017 that the total revenue crossed Rs.1 lakh crore mark, representing almost 16% hike in revenue generation on a year on year basis.<\/span><\/p>\n<h2><b>History of GST<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The conception of GST was introduced in the year 2000 when a committee was created to draft a GST law. But it took 17 years from then for this law to be implemented.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On 29th March 2017, this law was passed by the Indian Parliament, and on 1st July this law came into effect.<\/span><\/p>\n<h2><b>Why GST?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">GST was implemented to remove the cascading effect of taxes on the sale of goods and services. This has impacted the cost of goods significantly, primarily due to the fact that it has removed the tax on the tax system.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the pre-GST tax system, there were several indirect taxes levied by both central and state government. States mainly collected VAT (Value Added Tax), where every state has a different set of rules and regulations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Central Government taxed interstate sales under CST (Central State Tax). This taxation system led to an overlapping of taxes.<\/span><\/p>\n<h3><b>Here is a list of taxes that were replaced or omitted by GST.<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">State VAT<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Central Sales Tax<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">CESS<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Special Additional Duty of Customs<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Purchase Tax<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Entertainment Tax<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Luxury Tax<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Entry Tax<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Taxes on Advertisements<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Taxes on Lotteries or Betting or Gambling<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Duties of Excise<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Central Excise Duty<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Additional Duties of Excise<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Additional Duties of Excise\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Apart from replacing all these taxes, GST has brought a much simpler tax system that is easy to understand. Also, it is an entirely online system starting from registration, tax return filing, refund application, to respond to notices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">All these operations can be performed after successful <\/span><span style=\"font-weight: 400\"><a href=\"https:\/\/www.bajajfinserv.in\/insights\/goods-and-service-tax-portal-login\" target=\"_blank\" rel=\"noopener\"><strong>goods and service tax login<\/strong><\/a> in the GST portal<\/span><span style=\"font-weight: 400\">. Unlike the previous systems, manufacturers or consumers don&#8217;t have to go to different portals or offices to pay their taxes, they can fill\u00a0the forms\u00a0and pay their due GST online altogether.<\/span><\/p>\n<h3><b>Taxes under GST<\/b><\/h3>\n<p><span style=\"font-weight: 400\">GST is comprised of three taxes, CGST, IGST and SGST.<\/span><\/p>\n<p><span style=\"font-weight: 400\">CGST: The Central Government collects this tax on an intra-state sale. Example, transactions that are happening within West Bengal.<\/span><\/p><div class=\"vecvz6705976086357\" ><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block; text-align:center;\"\n     data-ad-layout=\"in-article\"\n     data-ad-format=\"fluid\"\n     data-ad-client=\"ca-pub-1998875270506674\"\n     data-ad-slot=\"5700030306\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n<\/div><style type=\"text\/css\">\r\n@media screen and (min-width: 1201px) {\r\n.vecvz6705976086357 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 993px) and (max-width: 1200px) {\r\n.vecvz6705976086357 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 769px) and (max-width: 992px) {\r\n.vecvz6705976086357 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 768px) and (max-width: 768px) {\r\n.vecvz6705976086357 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (max-width: 767px) {\r\n.vecvz6705976086357 {\r\ndisplay: block;\r\n}\r\n}\r\n<\/style>\r\n\n<p><span style=\"font-weight: 400\">IGST: The Central Government also collects this tax on an inter-state sale. Example, transactions are happening between Goa and Karnataka.<\/span><\/p>\n<p><span style=\"font-weight: 400\">SGST: The State Government collects this tax on an intra-state sale. Example, transactions are happening within Punjab.<\/span><\/p>\n<h4><b>What is GSTR9?<\/b><\/h4>\n<p><span style=\"font-weight: 400\">GSTR 9\u00a0is the annual tax return, filed by every taxpayer who has registered their organisation under GST. It carries details of inward and outward supplies received or made during a year under various tax heads, like CGST, IGST and SGST.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This consist of an amalgamation of every monthly\/quarterly return (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.<\/span><\/p>\n<h4><b>Details required for GSTR9<\/b><\/h4>\n<p><span style=\"font-weight: 400\">GSTR 9\u00a0is divided into 19 sections and 6 parts and each of them require necessary details of previous returns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Largely, this form asks for disclosure of annual transactions (inward and outward) and then separating it between the cases that are subjected to tax or not. One needs to submit the following documents to fill-up the form.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Necessary details of any taxpayer<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Details of outward and inward supplies<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ITC claimed or reversed<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Taxes paid or adjusted<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Previous year\u2019s transactions<\/span><\/li>\n<\/ul>\n<p><b>Late fee and penalty<\/b><\/p>\n<p><span style=\"font-weight: 400\">A late fine of Rs.100 per day will incur on taxpayers who will fail to file their\u00a0GSTR 9\u00a0within the due date. This means a late fee of Rs.100 under SGST and Rs.100 under CGST will be applicable.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But no late fee on IGST has been implemented yet. Taxpayers must remember or keep an eye out for the due date to avoid this situation.<\/span><\/p>\n<p><b>Who should file<\/b><\/p>\n<p><span style=\"font-weight: 400\">Every taxpayer who is registered under GST has to file this return form.\u00a0GST has been one of the most significant tax reforms of India in recent times.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It was introduced to make the taxpaying process smooth and hassle-free by implementing a single-window taxpaying structure like <a href=\"https:\/\/www.bajajfinserv.in\/insights\/gstr-9-annual-return-filing\" target=\"_blank\" rel=\"noopener\"><strong>GSTR 9<\/strong><\/a>.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">GST has improved tax collection in India and boosted the Indian economy by removing different tax barriers through a uniform system.<\/span><\/p>\n<div class=\"aoxml67059760863d4\" ><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1998875270506674\"\n     crossorigin=\"anonymous\"><\/script>\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-format=\"autorelaxed\"\n     data-ad-client=\"ca-pub-1998875270506674\"\n     data-ad-slot=\"7088211392\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/div><style type=\"text\/css\">\r\n@media screen and (min-width: 1201px) {\r\n.aoxml67059760863d4 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 993px) and (max-width: 1200px) {\r\n.aoxml67059760863d4 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 769px) and (max-width: 992px) {\r\n.aoxml67059760863d4 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (min-width: 768px) and (max-width: 768px) {\r\n.aoxml67059760863d4 {\r\ndisplay: block;\r\n}\r\n}\r\n@media screen and (max-width: 767px) {\r\n.aoxml67059760863d4 {\r\ndisplay: block;\r\n}\r\n}\r\n<\/style>\r\n","protected":false},"excerpt":{"rendered":"<p>The Indian government introduced goods And Services Tax or GST in July 2017. GST, an indirect tax in nature, brought a comprehensive and multistage tax system that is imposed on every value addition.\u00a0 GST aims to provide a unified platform to taxpayers and a single document (GSTR 9) to carry all their tax return details.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":6855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[1622,1624,1625,1623],"class_list":["post-6853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-gst","tag-gst-login","tag-gst-portal","tag-gstr9"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/posts\/6853"}],"collection":[{"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/users\/132"}],"replies":[{"embeddable":true,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/comments?post=6853"}],"version-history":[{"count":1,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/posts\/6853\/revisions"}],"predecessor-version":[{"id":6856,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/posts\/6853\/revisions\/6856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/media\/6855"}],"wp:attachment":[{"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/media?parent=6853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/categories?post=6853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.piczasso.com\/wp-json\/wp\/v2\/tags?post=6853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}