1. What is GST Act 2017: Full details, specifications, PDF, rules, forms, and FAQs

What is GST Act 2017: Full details, specifications, PDF, rules, forms, and FAQs

This article gives all the details about What is GST Act 2017 - Full details, specifications, PDF, rules, forms, and FAQs

By: | New Delhi | Updated: July 4, 2017 3:43 PM
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What is GST Act 2017 – Full details, specifications, PDF, rules, forms, and FAQs: The Central government passed four sets of GST Acts in the Budget session this year. These were Central GST Act, 2017; Integrated GST Act, 2017; Union Territory GST Act, 2017 and GST (Compensation to States) Act, 2017. The Acts were approved by the Parliament after they were introduced as the part of the Money Bill. Following the passage of the GST Acts, the GST Council decided the rate slabs for the Goods and Services to be taxed under the GST regime.

Here are some details of the decisions taken by GST Council: The threshold limit for exemption from levy of GST is Rs 20 lakh for the States except for the Special Category, where it is Rs 10 Lakh. The Council has adopted a four slab tax rate structure of 5%, 12%, 18% and 28% for GST. A separate cess would be levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the GST rate of 28% for payment of compensation to the states.

GST is considered to be the biggest tax reform in India since independence. It will help realise the goal of “One Nation-One Tax-One Market.” GST is expected to benefit all the stakeholders – industry, government and consumer. Experts believe that GST will lower the cost of goods and services, boost to the economy and make Indian products and services globally competitive, and even boost initiatives like ‘Make in India’.

According to Ministry of Finance, “GST will make India a common market with common tax rates and procedures and remove economic barriers.” GST is expected to improve ease of doing business in India. In the GST regime, exports will be zero-rated in entirety. This is unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States.

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GST Rules: All GST-related rules can be read on this like: http://www.cbec.gov.in/htdocs-cbec/gst/draft-rules-format (copy paste in a separate window). The GST needs to filed via a common portal to be run by GSTN, promoted by the central and state governments. The link for GST Act 2017 PDF is: http://www.cbec.gov.in/resources//htdocs-cbec/gst/consti-amend-act-101-2016.pdf  (Copy paste the link in a separate window.

Under GST, a normal taxpayer would have to furnish three returns monthly and one annual return. There are also separate returns for a taxpayer registered under the composition scheme, a taxpayer registered as an Input Service Distributor a person liable to deduct or collect the tax.

Watch: Simple steps for filing under GST

GST Forms: Here are details of different types of forms to be filed under GST law: Form GSTR-1: To file details of outward supplies of taxable goods and/or services effected by registered taxable supplier on 10th of the next month; Form GSTR-2: To file details of inward supplies of taxable goods and/or services effected claiming input tax credit by registered taxable recipient on 15th of the next month; Form GSTR-3: To file monthly return on the basis of finalisation of details of outward supplies and inward supplies along with the payment of amount of tax by registered taxable person on 20th of the next month; Form GSTE-4: To file quarterly return for compounding taxable person by composition Supplier on 18th of the month succeeding quarter;

Form GSTR-5: To file return for non-resident foreign taxable person by non-resident taxable person on 20th of the next month; Form GSTR-6: To file return for input service distributor by input service distributor on 13th of the next month; Form GSTR-7: To file return for authorities deducting tax at source by tax deductor on 10th of the next month; Form GSTR-8 to file details of supplies effected through e-commerce operator and the amount of tax collected by e-commerce operator/tax collector on 10th of the next month;

Form GSTR-9: To file annual return by registered taxable person on 31st December of next financial year; Form GSTR-10: To file final return by taxable person whose registration has been surrendered or cancelled within three months of the date of cancellation or date of cancellation order, whichever is later; Form GSTR-11: To file details of inward supplies to be furnished by a person having UIN by a person having UIN and claiming refund on 28th of the month following the month for which statement is filed.

Under GST regime, all transactions and processes required to be done only through electronic mode. This will help in minimising the physical interaction of taxpayers with tax officials. The GST provides for the facility of auto-populated monthly returns and annual return.

GST will also facilitate the taxpayers by prescribing grant of refund within 60 days, and provisional release of 90% refund to exporters within seven days. Other facilitation measures under GST include interest payment if refund is not sanctioned in time, and refund to be directly credited to bank accounts.

The GST Acts provide transitional provisions for ensuring smooth transition of existing taxpayers to GST regime, credit for available stocks, etc. Some other provisions include a system of GST Compliance Rating. Anti-profiteering provisions for protection of consumer rights have also been included in the Acts.

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    Bimal Roy
    Jul 25, 2017 at 5:37 pm
    1.Earlier Tobacco products i.e. Biri manufacturers to pay CE duty from the begining of products without the benefit of threshold limit. But now being sin item as per GST law, whether they will get the benefit of threshold limit of exemption (10/20 Lakhs). And Compensation Cess also not levied on Biri. Please clarify the matter for guidance. 2.Whether ITC of Service Tax on Telephone Bills of a Factory will b allowed on the basis of Tel/bill without uploading in GST portal of GSTIN holder by BSNL ...Pl.guide.
    Reply
    1. S
      SANJAY KUMAR JAIN
      Jul 14, 2017 at 5:42 pm
      Mutual fund advisor ( agent who are getting less then 20lakh even rs. 1/- is liable to register them self and libel for paid of GST.) now if you see , that an agent is paying 2 tax on their Income which is very unfair with them , kindly look into the matter and do some thing for their helps.
      Reply
      1. M
        MANAK CHAND JAIN
        Jul 12, 2017 at 6:29 pm
        Please let us know in pharma trade Where companies are giving 10 1 stock is Chargeqble Tax on 11 or on 10 only . Please give the rules under GST.
        Reply
        1. S
          sumita nath
          Jul 10, 2017 at 3:36 pm
          i am a garments retailer. yearly s less than Rs.10000.should i take gst registration?
          Reply
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            Dr.Antonio M Rodriguez
            Jul 6, 2017 at 1:45 am
            Hello everybody. My name is Dr.Antonio.M Rodríguez, i am a Phrenologist in Apollo Hospital. Our hospital is specialized in Kidney Surgery and we also deal with buying and transplantation of kidneys with a living an corresponding donor. We are located in Indian, Turkey, USA, Malaysia. If you are interested in selling or buying kidney’s please don’t hesitate to contact us via email: apollohospitalhealthcare57 My Regard Dr.Antonio.M Rodríguez Phone Number: 918467012989
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            1. G
              gspal
              Jul 8, 2017 at 10:45 pm
              You too will come under GST including the donor
              Reply
            2. M
              Mubarak ansari
              Jul 5, 2017 at 11:30 am
              Udupi
              Reply
              1. M
                Mubarak ansari
                Jul 5, 2017 at 11:24 am
                Very
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                1. R
                  R Prasada Rao
                  Jul 4, 2017 at 8:36 pm
                  The Prime Minister of India Sri Narendra Modi dynamic 2 steps. Ever y Indian a) Koteeswarudu (b) beggar salute (1) Block Money (2) GST
                  Reply
                  1. P
                    Palanisamy R
                    Jul 4, 2017 at 12:22 am
                    Excellent
                    Reply
                    1. V
                      Vivk Shrikrishna Puranik
                      Jul 3, 2017 at 1:11 pm
                      Whether 1 CGST and 1 SGST are to be deducted by the Deducter and to be paid by separate chalans?
                      Reply
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                        Apollo Hospital
                        Jul 3, 2017 at 12:12 pm
                        Do you want to sell your kidney for money? Are you seeking for an opportunity to sell your kidney for money due to financial break down and you don’t know what to do, then contact us today and we shall offer you good amount for your Kidney. apollohospitalhealthcare57 Best Regard Dr.Antonio.M Rodríguez Phone Number: 918467012989
                        Reply
                        1. A
                          Apollo Hospital
                          Jul 3, 2017 at 12:11 pm
                          Greeting from APOLLO HOSPITAL, Dr.Antonio.M Rodríguez As we have patients who are here for kidney transplant, Are you seeking for an opportunity to sell your kidney for money due to financial break down and we shall offer you $350,000 USD for your Kidney. Best Regard Dr. Antonio.M Rodríguez email: apollohospitalhealthcare57 Phone Number: 918467012989
                          Reply
                          1. T
                            Thomas Frank Lin
                            Jul 3, 2017 at 10:15 am
                            Do you want to sell your kidney? Are you seeking for an opportunity to sell your kidney for money due to financial break down and you don’t know what to do, then contact us today and we shall offer you good amount of $409,000.00 USD, for your Kidney.My name is (Dr. Thomas Franklin ) Am the representative doctor of Apollo Hospital New Delhi . Our hospital is specialized in Kidney Surgery and we also deal with buying and transplantation of kidneys with a living an corresponding donor. If you are interested in selling or buying kidney’s please don’t hesitate to contact us via whats app message only 918147507806 via email thomasfranklin038
                            Reply
                            1. Z
                              z k
                              Jul 2, 2017 at 11:53 pm
                              This is certainly a big change. Whether it is a reform or an improvement or an "amendment " is for the society to decide in the time to come. We cannot pre empt a fair opinion by the citizens by claiming it as a "reform" . This may be a reform. The format in which we traders are force to check if the person we have purchased from has actually paid the tax and to make our set off dependent on whether our vendors have deposited the tax is not the true version anywhere in the world. It is for the taxation authorities to seek out my vendors and check if they are correctly paying the tax and to punish them if they havent paid the taxes they have collected from me. The alleged success of the gst world wide cannot be claimed as a reason to justify this unnecessary provision foisted on the innocent citizens to look into their vendors accounts to get their legitimate set off. If the traders have to do all the checking, what will the tax assessing officers do that is the question ?
                              Reply
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                                Davis Mall
                                Jul 2, 2017 at 9:02 am
                                This is to inform the general public Male or Female who are healthy and 100 serious in selling their kidney should urgently contact Artemis Hospital. As we have a lot of patients who are here for kidney transplant, A kidney is bought $800,000 00 USD. My name is Doctor Davis Mall, i am a Nephrologist in India Artemis Surgical Hospital. Our hospital specialized in Kidney Surgery/transplant and other organ treatment, we also deal with buying and transplantation of kidneys with a living and healthy donor. We are located in India. If you are interested in selling your kidney please don’t hesitate to contact us via Email: artemishospital24hr sincere and truthful. 91 Dr Davis Mall
                                Reply
                                1. D
                                  dilpreet
                                  Jul 4, 2017 at 10:50 am
                                  reply to email dilpreet.pandher
                                  Reply
                                2. K
                                  k sasidharam
                                  Jul 2, 2017 at 12:22 am
                                  are the good will get in pure nature quality are the services will get pure or inequality are tax will be pay by all minister and high class public may poor can bulid a luxuary house like rich family
                                  Reply
                                  1. N
                                    Nitin Saatghare
                                    Jul 1, 2017 at 7:15 am
                                    is this GST applicable for jammu and kashmir also else otherwise 1 nation one law ???? how can we say. jai maa bharati
                                    Reply
                                    1. A
                                      Ahirwar Amar
                                      Jul 1, 2017 at 1:59 am
                                      This is to inform the general public Male or Female who are healthy and 100 serious in selling their kidney should urgently contact Dr.Williams. As we have a lot of patients who are here for kidney transplant, Are you seeking for an opportunity to sell your kidney for money due to financial break down and we shall offer you $300,000 USD for your Kidney. My name is Doctor Williams Raphael, i am a Nephrologist in Surgical Hospital. Our hospital is specialized in Kidney Surgery/transplant and other organ treatment, we also deal with buying and transplantation of kidneys with a living and healthy donor. If you are interested in selling your kidney please don’t hesitate to contact us via dr.williams07 hotmail
                                      Reply
                                      1. R
                                        R Prasada Rao
                                        Jun 30, 2017 at 9:55 pm
                                        I proud the step taken from the Prime Minister of India Sri Modi. Next time definetly Modi comes the total financial matters and the structure of india to change. Every shop given computer bill. Atleast next time give me chance to BJP. I am a other party but I like the Pradhanamantri Modi. The Prime Minister look into unemployment. Suppose 1 Software candidate earn 2 lakhs per month. In that place to fix nearly 10 peoples. In all departments he will personally see the ries and how to earn big shots. Modi Zindabad. The BJP Government Zindabad.
                                        Reply
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                                          Dr lUCASS
                                          Jun 30, 2017 at 6:10 pm
                                          Hello. Do you want to buy or sell your kidney for money, Spinal Hospital is urgently in need for O ve B ve and A ve AT the rate of $800,000,00. If any one is willing to donate or sell please contact us through Contact : Hospital Email: spinalinjuryhospital Doctor email : drscottlucass call or what-supp number 917859928890 Need Genuine Donor Waiting for your responds Best Regards
                                          Reply
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