Interest Rates under GST

As per Notification No. 13/2017 Dated 28/06/2017 by Central Board of Excise and Customs Interest Rates under Central Goods and Service Tax Act , 2017

1. Delay payment of Tax - 18%

2.Contravention of Input Tax Credit of the recipient in his return - 24%

3. Contravention output tax liability of the supplier in his return - 24%

4. Interest payable on Refund in respect of Appeal - 6%

5. Interest Payable on delay payment of refund - 6%

6. Delay payment of  Interest on refund Order passed by Appellate Authority or Appellate Tribunal or court - 9%

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Composition Scheme under GST

GST Composition Scheme is an option available to a registered taxpayer whose aggregate turnover in the preceding financial year did not exceed Rs. 1.5 Crore (Rs.75 lakh in respect of the following Special Category States namely:- Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh) may opt to pay, in lieu tax at the normal rates, tax at such rate as prescribed under composition levy.

Rate of GST under Composition
Traders  will have to pay 1% tax.
Manufacturers will have to pay 1% tax.
Restaurant businesses will have to pay 5% tax.


Persons not eligible to opt for Compositiom Scheme:-
a) a casual Taxable Person or Non - Resident Taxable Person.
b) Suppliers whose turnover exceeds priscribed limit.
c) Supplier who has Purchased any Goods or Services from Unregistered Supplier unless he had paid GST on such Goods or Servive under RCM.
d) Supplier of Service Other than Restaurant Service.
e) Person supplying Goods which are not Taxable under GST.
f) Person Making any Inter - State Outward Supply of Goods.
g) Suppliers making any Supply of Goods through electronic Commerce Operator who is required to Collect Tax at Source u/s 52.
h) a manufacturer of Ice Cream and other edible ice whether or not containing Cocca, Pan Masala and Tobacco and Manufayured Tobacco Substitutes.

Note:- There is no restriction on Procurring Goods from Inter - State Suppliers by Person opting for Composition Scheme.

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Types of GST Returns and their Due Dates

GSTR-1
Details of outward supplies of taxable goods and/or services effected.
Filed by Registered Taxable Supplier.
10th of the next month.

GSTR-2
Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
Filed by Registered Taxable Recipient.
15th of the next month.

GSTR-3
Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
Filed by Registered Taxable Person.
20th of the next month.

GSTR-4
Quarterly return for compounding taxable person.
Filed by Composition Supplier.
18th of the month succeeding quarter.

GSTR-5
Return for Non-Resident foreign taxable person
Filed by Non-Resident Taxable Person.
20th of the next month.

GSTR-6
Return for Input Service Distributor
Filed by Input Service Distributor.
13th of the next month.

GSTR-7
Return for authorities deducting tax at source.
Filed by Tax Deductor.
10th of the next month.

GSTR-8
Details of supplies effected through e-commerce operator and the amount of tax collected.
Filed by E-commerce Operator/Tax Collector.
10th of the next month.

GSTR-9
Annual Return
Filed by Registered Taxable Person.
31st December of next financial year.

GSTR-10
Final Return.
Filed 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.

GSTR-11
Details of inward supplies to be furnished by a person having UIN
Filed by Person having UIN and claiming refund
28th of the month following the month for which statement is filed.

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