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This is Blog 3 in the series on Goods and Services Tax (GST), you can check out the Understanding the Basics of GST and the Registration Process for Goods and Services Tax.

Please read further updates on the Goods and Service Tax as per the 10th Council meet on GST.

  • GST roll-out deferred to July 1, 2017
  • Centre and State reaches on Consensus over Dual Control.
  • Persons having Turnover of more than Rs.1.5 crores would be assessed in ratio of 50:50 between Centre and State.
  • 90% of all other assessee having turnover Rs.1.5 crores or less will be assessed by State and remaining 10% by Centre.
  • States will have taxation powers up to 12 nautical miles in offshore areas.
  • 10th GST council meeting is being held on 18th February 2017 to finalize the law before implementation. Anti-profiteering clause in the draft Goods and Services Tax law to ensure that the benefit of lower taxes gets shared with consumers is likely to be finalized post this meeting of GST Council.

Few important points related to Registration:

  • All existing taxpayers will be transitioned to GST. Liquor dealers registered under VAT are not required to migrate.
  • There is no deemed enrollment under GST. All the taxpayers are expected to visit the GST Common Portal and enroll themselves at the GST Common Portal.
  • Existing taxpayers are not required to enroll separately with Central and State authorities under GST.
  • Persons supplying taxable and exempted goods or services shall obtain registration when annual aggregate turnover is in excess of specified limit.
  • A person who is engaged in stock transfer of goods to another unit in another state shall be required to obtain registration since that is also considered as taxable supply.
  • There is no fee or charge levied for the enrollment of a taxpayer under GST.
  • There will be no paper based enrollment. All migration will take place online.
  • If a tax payer has multiple businesses in one state – tax payer may register one business entity first. For the remaining business within the State please get in touch with the respective Jurisdictional Authority.
  • Existing ISD registrations are required to file fresh application in the GST Common Portal for the State in which you desire to seek registration. Also, tax payer needs to inform its Central Jurisdictional Authority.

Returns and payment prototype under GSTN:

After launch of GST Portal ( on 8th Nov’2016, GSTN has created proto-type for various return forms payment challan etc.

  • RETURNS: There will be 12 returns, namely, –

(a)  GSTR 1 – Outward Supplies made by taxpayer

(b)  GSTR 2 – Inward Supplies received by taxpayer

(c)   GSTR 3 – Monthly Return

(d)  GSTR 4 – Quarterly return for Compounding Taxpayer

(e)  GSTR 5 – Periodic Return by Non Resident Tax Payer

(f)   GSTR 6 – Return for Input Service Distributor

(g)  GSTR 7 – Return for Tax Deducted at Source

(h)  GSTR 8 – Annual return

(i)    GSTR 9 – E-Commerce Entities

(j)   GSTR 10 – Government Entities

(j)   GSTR 11 – Annual return by Compounding Taxpayer

(k)  GSTR 12 – Final Returns

  • Payment prototype

There will be a payment section under GST services where in challans can be created through fields given for CGST/IGST.

Read these related blogs also:

Understanding GST Law | Understanding GST and Key Points for Registration in GST