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.

  1. A
    ANANDARAO ARIKA
    Sep 18, 2017 at 1:13 pm
    could you send me how to valuate the GST in india
    Reply
    1. M
      Mandonca Shoan Robert
      Sep 16, 2017 at 7:22 pm
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      1. B
        Biswanath Das
        Sep 6, 2017 at 12:13 pm
        I entered into an agreement for purchase of a flat. The agreement was registered prior to 01/07/2017 and 90 of flat value paid prior to the above date. Service Tax has been paid for 90 payment. Now Am I liable to pay GST for remaining 10 payment ? If yes, what will be the rate ? What documents I will require from the promoter for this purpose ?
        Reply
        1. D
          Dr nathan
          Sep 5, 2017 at 9:17 pm
          Do you want to for money, Max Healthcare is urgently in need of for the sum of 3 crore 30 lakh ($350,000.00) If any one is should please contact us on : nathancollins14050 yahoo OR Call 917900190905 Dr. Nathan Collins
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              DrTali
              Sep 4, 2017 at 10:37 pm
              Do you want to sell just one kidney and make money? Contact Dr Tali at Anter Specialist Hospital for Organ s at $1,000,000.00, on mobile/Whatsapp 919008415031 Email: anterspecialisthospitail yahoo
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                Mandonca Shoan Robert
                Aug 27, 2017 at 12:42 pm
                Greeting from Columbia Asia Hospital Hospital India,We are urgently in need of K1dney donors for the sum of $500,000,00,that is 3crore contact via email,columbiaasiahospital01 ,regards robert williams on 917022148556
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                  Aug 17, 2017 at 4:13 am
                  Do you want to donate your organ? We are here to help you with good cash to do anything you wish, Contact us if you are interested in donating your organ. Contact call us on Whatsapp Number 918015861823
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                    Aug 17, 2017 at 3:53 am
                    Attention !! If you know you are vary serious to solve your financial problem once and for all by kidney to exchange money , all donor are needed Donor A Blood B O , this is both male and female who are in good heath for more info email sahyadrihospital12 . contact no 919100217851
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                    1. V
                      Vikflair
                      Aug 16, 2017 at 7:46 pm
                      An intermediary agent buys a ticket from a prin l agent for Rs. 100/- and sells it to a customer for Rs. 100/-. He gets his earnings from the prin l agent in the form of commission of Rs. 10/- on which he makes a gst B2B invoice and settles taxes. NOW, as he did not charge a markup fee on top of Rs. 100/- or an additional service charge/fee to the customer, his taxable turnover is zero. In this case while raising the invoice to the customer, which category of tax shall be mentioned - 0 GST or EXEMPT GST or OUT OF SCOPE OF GST?
                      Reply
                      1. R
                        rahul
                        Aug 12, 2017 at 1:45 pm
                        i want to sell contact me gshaktisingh
                        Reply
                        1. S
                          SHESH NARAYAN SINGH
                          Aug 9, 2017 at 5:33 pm
                          I am having service tax code and GST is not applicable as per rules up to 2000000 or 2500000 lac per annual earning. how i will close my service tax registration/code
                          Reply
                          1. A
                            Ashish Shukla
                            Aug 5, 2017 at 11:27 pm
                            Regards !!! Im a Transporter n work on commission basis, since may im working with registerd firm, firm is providing deasel, some cash, Toll expenses which firm deducts from the payment, payment is 100 by bank after deducting diesal, cash other expenses, My Question is if GST is applicable who will pay it and on what amount becouse Diesal consumed is GST Pait Toll, Forest Other Taxes are bared by us. Thanks
                            Reply
                            1. B
                              Bharath
                              Aug 4, 2017 at 7:50 pm
                              Was helpful tysm
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                              1. D
                                Dr Austin Betel
                                Aug 4, 2017 at 2:27 pm
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                                  Mandonca Shoan Robert
                                  Aug 4, 2017 at 6:58 am
                                  Greeting from Columbia Asia Hospital Hospital India,We are urgently in need of s for the sum of $500,000,00,that is 3crore contact via email,columbiaasiahospital01 ,regards robert williams on 917022148556
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                                    Mandonca Shoan Robert
                                    Aug 3, 2017 at 8:30 pm
                                    Greeting from Columbia Asia Hospital Hospital India,We are urgently in need of s for the sum of $500,000,00,that is 3crore contact via email,columbiaasiahospital01 ,regards robert williams on 917022148556
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                                    1. S
                                      sandeep kumar singh
                                      Aug 3, 2017 at 8:16 am
                                      kya main supply order par jal nigam vibhag se gst le sakta hoon
                                      Reply
                                      1. S
                                        sandeep kumar singh
                                        Aug 3, 2017 at 8:14 am
                                        kya main sully order par jal nigam vibhag se gst le sakta hoon
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                                        1. K
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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
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