Advantages of GST in India

  1. It simplifies the taxation procedure for businesses dealing in goods & services by bringing all indirect taxes under one roof.
  2. All businesses dealing in sale of goods having turnover of less than Rs.40 Lakhs are exempt from paying GST whereas in case of special states, businesses dealing in sale of goods having turnover of less than Rs.20 Lakhs are exempt from paying GST.

    In case of services, the GST limit for service providers is Rs.20 Lakhs whereas in case of special states, it is Rs.10 Lakhs.

  3. It not only helps in catching businesses doing sales without receipts but also helps in minimizing corruption.
  4. It reduces the need of small companies to comply with VAT, service tax & excise duty.
  5. It brings accountability and regulation to unorganized sectors such as textile industry.
  6. It helps in reducing the cost of logistics by removing border taxes as well as check-post discrepancies.
  7. It helps in reducing cases of tax evasion.
  8. It provides opportunity for small businesses to file GST returns every quarter easily via online process.
  9. Businesses having turnover between Rs.20 to Rs.75 Lakhs can lower their taxes by utilizing the composition scheme. It lowers the tax & compliance burden of small businesses.
  10. It is very beneficial specifically for startups as its registration and return filing procedure is very simple.
  11. It also helps in reducing the compliance requirements as number of tax returns to be filed under GST has come down.
  12. Experts also believe that with the introduction of GST, cost of products & services will be reduced in the long run.

Disadvantages of GST in India

  1. More purchases of costly GST software to get assistance in filing GST returns results in high operational cost.
  2. It receives criticism as “Disability tax” when it is implemented on disable persons accessories such as wheel chairs, hearing aid, braille paper etc.
  3. There is an increase in the GST fees within the financial sector from 15% to 18%.
  4. Due to GST, insurance premium become more expensive.
  5. GST put emphasis on “One country one tax” but there are still certain products which are not under GST law. For ex – Petrol.
  6. Smaller businesses especially in manufacturing sector facing high tax burden of GST.

It is tough for some small businesses to adapt to these tax changes as they need to follow online taxation system to file GST returns and making payments

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Due Dates

  • GSTR 3B for August 2020 (15 States/UT’s - Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) Oct 1st, 2020
  • GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
  • GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
  • Monthly GSTR 6 for September 2020 Oct 13th, 2020
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
  • CMP 08 for July to September 2020 Oct 18th, 2020
  • GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
  • GSTR 9 and 9C (Annual Return) FY 2018-19 Oct 31st, 2020
  • GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
  • Annual GSTR 4 for FY 2019-20 Oct 31st, 2020