What is GST?

Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. Goods and services tax (GST) will subsume various indirect taxes including central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. Other levies which are currently applicable on inter-state transportation of goods are also likely to be done away with in GST regime.

What happens if I do not file GST?

If you are required to be registered under GST and do not file by the due date, you will be charged a penalty with a late fee of Rs 100 per day upto a maximum of Rs. 5000. All taxes due have to be paid before filing the return.

Moreover, you will not be able to take the credit of the GST charged by us on the invoices. Hence adding to your cost.

Who is exempt from paying GST?

You are exempt from paying GST if,

  1. you are supplying goods and/or services below Rs 20 Lakh of value in the country and are not selling outside your state.
  2. you are supplying goods and/or services below Rs.10 Lakh of value in the state of Jammu & Kashmir (J&k), Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.
  3. You have got yourself registered under composition Levy.
What is an SAC or HSN code?

HSN stands for System of Nomenclature, it is an internationally adopted commodity description and coding system developed by World Customs Organization.

SAC stands for Service Accounting codes. SAC is used to classify services unlike goods which follow HSN code.

What is input tax credit?

Input Tax Credit is the money a company can claim as a return on the taxes it paid while purchasing a product or service.

One can file them as returns on the GST Network (GSTN) to get back the money one has paid while making a purchase from a wholesaler, retailer or from an online platform.

How to get registered under GST?

GST registration for new users has already started on GST portal from 25th June 2017.

Will there will be change in invoicing under GST?

Yes, Invoicing will change in GST. Below details are mandatory required to be mentioned in the invoice:

  1. Name of the Supplier
  2. GSTIN
  3. Specific Invoice Number format
  4. Name & address of recipient
  5. Address of Delivery
  6. HSN Code for goods or accounting code for services *
  7. Description and quantity of the goods / services.
  8. Value of the goods or services
  9. Taxable value of goods and services
  10. Rate & amount of tax
  11. Date of issue of Invoice
  12. Place of supply along with name of state
  13. Whether the tax is payable on reverse charge basis
  14. Signature or Digital Signature

What are the provisions for filing the GST Return?

A normal taxpayer will be required to furnish three returns monthly and one annual return. However, the government has provided relaxation for the filing GST return for the first Two months.

Extended dates are as below:

Return For Month of July For Month of August
GSTR-1 05-Sep 20-Sep
GSTR-2 10-Sep 25-Sep
GSTR-3 15-Sep 30-Sep
GSTR-3B 20-Aug 20-Sep

From the month of October return will be filed as per normal due dates.

Are there any GST helpline numbers?

GST Customer Care Toll Free Helpline Number- 1800 103 9271 (You will get 24×7 support i.e. you can dial this Number anytime and from anywhere across all over India.)

Twitter: @AskGST_GoI,