Unified Platform for GST
Compliance & Reporting

Tentatively GST is planned to be implemented from 1st July 2017, however there are chances of it getting delayed by a month or two. Irrespective of this delay, one thing is sure that GST will get implemented in Financial Year 2017-18 as the constitutional amendment empower the central and state government to collect indirect taxes only till September 16, 2017 thus GST will get implemented before this date on Pan India level. So, it’s time for you to get yourself prepared for the new tax regime.

GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism. The GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

According to the model GST law, refund claims under the GST regime will also be processed on merit basis, i.e on the GST compliance rating of the registered taxpayer. It is expected that certain slabs rates will be maintained for various taxpayers falling under various bandwidths of compliance rating and the refunds will be made in terms of percentage amount based on the individual rating of the taxpayer.
Lets take an example to understand this further. Let’s assume that GST rating will be done on a scale of 1-10, wherein someone rated at 1 is least compliant and a rating of 10 depicts excellent compliance. Now it has been proposed that refunds to a taxpayer will be made in percentage on the basis of these ratings. For example, someone maintaining a rating of 10 will receive 100% of the refund immediately. But another entity having a rating of 8 might get only 80% of his refund claim.

GST regulations are applicable if your annual turnover is Rs. 20 lakh or above. In case of North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura) and hilly regions i.e. Himachal Pradesh, Uttarakhand,Jammu & Kashmir and Sikkim,the threshold limit is Rs. 10 lakh.
The registration is mandatory on crossing the limit of Rs.19,00,000( for special category states it is Rs. 9,00,000).
If your turnover includes supply of only those goods/services which are exempt under GST, then registration is not required. While calculating the turnover both taxable and non-taxable goods and services are to be included

PAN is mandatory to apply for GST registration (except for non-resident who can get GST registration on the basis of other documents)

Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS). In the table below, we have provided details of all the returns which are required to be filed under the GST Law.