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

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New Delhi | Updated: July 4, 2017 3:43:09 PM

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

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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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