Forms under Goods and Services Tax (GST): Karan Arun Lahamge

Goods and Services Tax (GST) is a comprehensive tax system that was implemented in India on 1st July 2017. The GST has replaced various indirect taxes such as Central Excise, Service Tax, VAT, and others. GST is a single tax system that is applicable to the entire value chain, from manufacturing to distribution to consumption. Under GST, there are several forms that businesses need to comply with. In this blog, we will discuss the various forms under GST and their significance.

1. GST REG-01: Application for GST Registration :

GST REG-01 is the application form for registering for GST. Any person who is liable to pay GST must register under GST by filling this form. It is a one-time form that needs to be filled by businesses who want to register for GST.

2. GST RET-1: Monthly GST Return :

GST RET-1 is a monthly return form that needs to be filed by registered taxpayers. This form contains details of sales and purchases made during the month, and the tax liability needs to be calculated and paid accordingly.

3. GST PMT-06: Challan for Payment of GST :

GST PMT-06 is a challan for payment of GST. This form is used to make payment of GST liability. The payment can be made through online mode or by visiting the bank and submitting the challan.

4. GST ANX-1: Details of Outward Supplies and Inward Supplies :

GST ANX-1 is a form that needs to be filed by the registered taxpayers who have a turnover of more than Rs. 5 crores in the previous financial year. This form contains the details of all outward supplies made during the month.

5. GST ANX-2: Details of Inward Supplies :

GST ANX-2 is a form that contains the details of all inward supplies received during the month. This form needs to be filed by registered taxpayers who have a turnover of more than Rs. 5 crores in the previous financial year.

6. GST CMP-02: Application for Opting for Composition Scheme

GST CMP-02 is a form that needs to be filed by registered taxpayers who want to opt for the Composition Scheme. Under this scheme, taxpayers can pay a fixed percentage of tax on their turnover instead of paying tax at the regular rate.

7. GST ITC-01: Declaration for Claiming Input Tax Credit

GST ITC-01 is a form that needs to be filed by a registered taxpayer who wants to claim input tax credit. The input tax credit can be claimed on the tax paid on the inward supplies.

In conclusion, the forms under GST play a crucial role in complying with the GST law. Filing these forms on time and accurately can help businesses avoid penalties and stay compliant with the law. Understanding the various forms and their significance can help businesses streamline their compliance process and improve their overall efficiency.