GST chronicled its one year into existence. Get to know about the updated revisions in it.

Last Updated at: March 27, 2020
959

The implementation of GST has been largely successful but there have been a few shortcomings along the way. The GST council has held its meetings on regular intervals to make sure that all the problems are solved as soon as possible. Many issues have been prevented because of their promptness.

India’s biggest indirect tax reform which is known as Goods and Services Tax (GST) has completed more than one year of its existence. A comprehensive dual GST was announced in India from 1 July 2017.

Below you’ll find the list of essential and start up friendly services like how to apply for food license, time take for trademark registration or procedure for Udyog Aadhaar registration.

The idea of moving towards the GST was first proposed by the then Union Finance Minister in his Budget for 2006-07. The talks of steering in GST took actual shape with the introduction of Constitution (122nd Amendment) Bill, 2014. The Bill was then passed by the Parliament on 8 August 2016 followed by the approval of the Bill by more than 15 states. On 12 April 2017, the Central Government passed four GST bills:

1)   Central GST (CGST) Bill

2)   Integrated GST (IGST) Bill

3)   Union Territory GST (UTGST) Bill

4)   The GST (Compensation to States) Bill

In a short span of time, all the other states also approved their State GST (SGST) laws. Union territories with legislatures, i.e. Puducherry and Delhi, also adopted the SGST Act and the other five union territories without legislatures have approved the UTGST Act.

The GST Council, a recommendatory body which consists of representatives of Central government as well as state governments, has met on numerous occasions and taken important decisions concerning to tax rate structure, rules, exemptions, composition scheme etc. Over the period of time, the Council has suggested a decrease in the tax rates of many goods and services. It is also considering the several issues faced by trade and industry and attempting to simplify the new tax regime and ease amenability.

Make Your Business GST Ready

On the compliance front, all the registered individuals have to file monthly returns in Form GSTR-3B (containing a summary of outward and inward supplies) by the 20th of the following month. Furthermore, an invoice-wise return of external supplies needs to be submitted in Form GSTR-1 by the 10th of the succeeding month. Taxpayers with turnover up to Rs.1.5 crores can file Form GSTR-1 on a quarterly basis. The Government has suspended the necessity of filing Form GSTR-2 (containing details of inward supplies) and GSTR-3 (a consolidated statement of inward and outward supplies).

The GST Council has permitted a simplified GST return format where the taxpayers will be obligated to file only one monthly return. Input tax credit will be accessible based on invoice details of external supplies uploaded by the supplier. Taxpayers having the turnover less than Rs.5 crores will have an option to file the return on a quarterly basis.

Under GST, there is a provision for the individual in charge of a conveyance to carry electronic waybill (e-way bill) if the consignment value is more than Rs.50,000. E-way bill can be created through different modes such as web (online), SMS using Bulk Upload Tool, Android app, and API-based site-to-site integration. The e-way bill system has become operative for inter-state as well as the intra-state movement of goods.

GST has been a foremost transition in the Indian tax framework. It has evolved considerably from the time of its commencement. It is expected that Government’s pro-active procedures and industry’s active involvement, will make it a truly “Good and Simple Tax” in the times to come.

You should be aware of the fact that the goods and services tax will be charged under four different laws brought into force by the Central Government. The Central Goods and Services Tax Act, the Integrated GST Act, the Union Territories GST Act and the GST (Compensation to States) Act are the four statutes.

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GST chronicled its one year into existence. Get to know about the updated revisions in it.

959

The implementation of GST has been largely successful but there have been a few shortcomings along the way. The GST council has held its meetings on regular intervals to make sure that all the problems are solved as soon as possible. Many issues have been prevented because of their promptness.

India’s biggest indirect tax reform which is known as Goods and Services Tax (GST) has completed more than one year of its existence. A comprehensive dual GST was announced in India from 1 July 2017.

Below you’ll find the list of essential and start up friendly services like how to apply for food license, time take for trademark registration or procedure for Udyog Aadhaar registration.

The idea of moving towards the GST was first proposed by the then Union Finance Minister in his Budget for 2006-07. The talks of steering in GST took actual shape with the introduction of Constitution (122nd Amendment) Bill, 2014. The Bill was then passed by the Parliament on 8 August 2016 followed by the approval of the Bill by more than 15 states. On 12 April 2017, the Central Government passed four GST bills:

1)   Central GST (CGST) Bill

2)   Integrated GST (IGST) Bill

3)   Union Territory GST (UTGST) Bill

4)   The GST (Compensation to States) Bill

In a short span of time, all the other states also approved their State GST (SGST) laws. Union territories with legislatures, i.e. Puducherry and Delhi, also adopted the SGST Act and the other five union territories without legislatures have approved the UTGST Act.

The GST Council, a recommendatory body which consists of representatives of Central government as well as state governments, has met on numerous occasions and taken important decisions concerning to tax rate structure, rules, exemptions, composition scheme etc. Over the period of time, the Council has suggested a decrease in the tax rates of many goods and services. It is also considering the several issues faced by trade and industry and attempting to simplify the new tax regime and ease amenability.

Make Your Business GST Ready

On the compliance front, all the registered individuals have to file monthly returns in Form GSTR-3B (containing a summary of outward and inward supplies) by the 20th of the following month. Furthermore, an invoice-wise return of external supplies needs to be submitted in Form GSTR-1 by the 10th of the succeeding month. Taxpayers with turnover up to Rs.1.5 crores can file Form GSTR-1 on a quarterly basis. The Government has suspended the necessity of filing Form GSTR-2 (containing details of inward supplies) and GSTR-3 (a consolidated statement of inward and outward supplies).

The GST Council has permitted a simplified GST return format where the taxpayers will be obligated to file only one monthly return. Input tax credit will be accessible based on invoice details of external supplies uploaded by the supplier. Taxpayers having the turnover less than Rs.5 crores will have an option to file the return on a quarterly basis.

Under GST, there is a provision for the individual in charge of a conveyance to carry electronic waybill (e-way bill) if the consignment value is more than Rs.50,000. E-way bill can be created through different modes such as web (online), SMS using Bulk Upload Tool, Android app, and API-based site-to-site integration. The e-way bill system has become operative for inter-state as well as the intra-state movement of goods.

GST has been a foremost transition in the Indian tax framework. It has evolved considerably from the time of its commencement. It is expected that Government’s pro-active procedures and industry’s active involvement, will make it a truly “Good and Simple Tax” in the times to come.

You should be aware of the fact that the goods and services tax will be charged under four different laws brought into force by the Central Government. The Central Goods and Services Tax Act, the Integrated GST Act, the Union Territories GST Act and the GST (Compensation to States) Act are the four statutes.

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