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A Brief Description
What is GST ?
The Prime Minister approved “The constitution amendment bill for Goods and Service Tax”(GST) in the Parliament Session (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) along with the ratification by 50 percent of state legislatures. Thus, the current indirect taxes levied by state and centre are all set to be replaced with proposed implementation of GSTby April 2017. This would be the biggest tax reform since independence and a boon to the economy as it will eradicate the shortcomings of the current tax structure and provide a single tax on supply of all goods and services.
- Eliminating cascading effect of taxes.
- Tax rates will be comparatively lower as the tax base will widen.
- Seamless flow of Input tax credit.
- Prices of the goods and services will fall.
- Efficient supply change management.
- Promote shit from unorganized sector to organized sector
However the transition from current tax structure to GST would bring several complex challenges that may prove disruptive initially. The compliance will be more tedious and time consuming.
But we believe with the promised advantages will be very beneficial to the country businessmen and consumers at a whole in the long run.
GST ? Know more about GST at our blog
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Frequently Asked Questions
Taxes under the control of Central Government:
- Central Excise duty
- Service Tax
- Special Additional Custom Duty (SAD)
- Additional Excise duty on Textiles and Textile Products
- Central Surcharges and Cesses so far as they relate to supply of goods and services
- Additional custom duty (CVD)
- Taxes under the control of State Government :
- State VAT
- Central Sales Tax
- Entry Tax (all forms)
- Taxes on advertisements
- Luxury Tax
- Entertainment and Amusement Tax (except when levied by the local bodies)
- Purchase Tax
- State Surcharges and Cesses so far as they relate to supply of goods and services
- Taxes on lotteries, betting and gambling
IGST is tax levied by central government on inter-state supply of goods and services. Import of goods and services will be covered under inter-state supply of goods and services hence will be subject to IGST in addition to customs duty.
But if you are supplying goods and services and not registered under any existing tax legislative then you are liable to register only if the aggregate turnover in any financial year exceeds the threshold limit.
- Exempted Goods (list will be notified by GST Council).
- Goods like liquor for personal consumption, petroleum products etc.
- Importing services for personal use as reverse charge will not be applicable.
- Casual Taxable Person
- Non Resident Person
- Business engaged in inter-state supply of goods and services.
- Those who are required to deduct TDS u/s 46 or collect TCS u/s 56
- Input Service Distributor
- Electronic commerce operator supplying goods and services directly or acting as intermediary to promote exchange (list of specific goods and services will be prescribed for this purpose).
- Person supplying data management services irrespective of whether located in India or not.
Thus above person will have to get registered even if their aggregate turnover during a financial year does not exceed the threshold limit.
|Return||Category of taxpayer||Monthly||Due Date|
|GSTR – 1||Regular taxpayer including Casual Taxpayers (Outward Supplies)||Monthly||10th of Next month|
|GSTR – 2||Regular taxpayer including Casual Taxpayers (Inward Supplies)||Monthly||15th of next month|
|GSTR – 3||Regular taxpayer including Casual Taxpayers (Summary of Outward and Inwards)||Monthly||20th of next month|
|GSTR – 4||Compounding taxpayer||Quarterly||18th of month after end of quarter|
|GSTR – 5||Non Resident Foreign taxpayer||For the period of registration||7 Days from the registration date|
|GSTR – 6||Input Service Distributor||Monthly||13th of Next month|
|GSTR – 7||Taxpayer Deducting Tax at Source||Monthly||10th of next month|
|GSTR – 8||Regular taxpayer including Casual Taxpayers (Annual Return)||Annually||31st Dec of next FY|
But for sales and services supplied to unregistered persons i.e. B2C supplies, only details for invoices for more than 2.5 lacs will be required on individual invoice basis whereas for those below 2.5 lakhs a summary of invoices or an aggregate amount of sales and tax collected is sufficient.