Podcast
Questions and Answers
The due date for filing GSTR-4 is 15th of the next quarter.
The due date for filing GSTR-4 is 15th of the next quarter.
False
GSTR-1 is used to file details of inward supplies.
GSTR-1 is used to file details of inward supplies.
False
A refund claim can be made within 3 years from the relevant date.
A refund claim can be made within 3 years from the relevant date.
False
GST rate for luxury goods and services is 12%.
GST rate for luxury goods and services is 12%.
Signup and view all the answers
GSTR-8 is used to file Tax deduction at source (TDS) return.
GSTR-8 is used to file Tax deduction at source (TDS) return.
Signup and view all the answers
GST rate for essential goods and services is 18%.
GST rate for essential goods and services is 18%.
Signup and view all the answers
Interest is paid at 7% p.a. if refund is not granted within 60 days.
Interest is paid at 7% p.a. if refund is not granted within 60 days.
Signup and view all the answers
GSTR-5 is used to file Monthly return.
GSTR-5 is used to file Monthly return.
Signup and view all the answers
GST rate for standard goods and services is 5%.
GST rate for standard goods and services is 5%.
Signup and view all the answers
Refund shall be granted within 90 days from the date of receipt of application.
Refund shall be granted within 90 days from the date of receipt of application.
Signup and view all the answers
Study Notes
Returns And Refunds
-
Types of Returns:
- GSTR-1: Details of outward supplies
- GSTR-2: Details of inward supplies
- GSTR-3: Monthly return
- GSTR-4: Composition scheme quarterly return
- GSTR-5: Non-resident foreign taxable person return
- GSTR-6: Input service distributor return
- GSTR-7: Tax deduction at source (TDS) return
- GSTR-8: E-commerce operator return
-
Due Dates:
- GSTR-1, 2, and 3: 10th, 15th, and 20th of the next month, respectively
- GSTR-4: 18th of the next quarter
- GSTR-5: 7th of the next month
- GSTR-6: 13th of the next month
- GSTR-7: 10th of the next month
- GSTR-8: 10th of the next month
-
Refund Process:
- Claim refund within 2 years from the relevant date
- Refund shall be granted within 60 days from the date of receipt of application
- Interest @ 6% p.a. shall be paid if refund is not granted within 60 days
GST Rates
-
GST Rates:
- 0% ( Nil Rate )
- 0.25% ( Lower Rate )
- 3% ( Lower Rate )
- 5% ( Lower Rate )
- 12% ( Standard Rate )
- 18% ( Standard Rate )
- 28% ( Higher Rate )
-
GST Rates for Specific Goods and Services:
- Essential goods and services: 0% or lower rates
- Luxury goods and services: higher rates (up to 28%)
- Certain goods and services: special rates (e.g. gold and jewellery: 3%)
Registration And Filings
-
Who Needs to Register:
- Businesses with a turnover of ₹40 lakhs (₹20 lakhs for special category states)
- Inter-state suppliers
- E-commerce operators
- TDS deductors
- Input service distributors
- Non-resident foreign taxable persons
-
Registration Process:
- Online registration on GST portal
- Provisional ID and password shall be provided
- Verification of registration within 3-5 working days
-
Filing Requirements:
- Every registered person shall file a return
- Return filing is mandatory even if there are no transactions
- Late filing fee: ₹25-₹50 per day, up to a maximum of ₹5,000
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of GST returns, refunds, and registrations, including types of returns, due dates, refund process, GST rates, and registration and filing requirements. Learn about the GST portal, online registration, and filing necessities.
