Latest August Updates on GST With GST Annual Return Due Date

Author: Sunanda Banerjee

The GST annual return due date for GSTR-9 is coming soon. The due date for e-filing the GSTR-9 form is 31st December 2021. The name of GST (Goods and Services Tax) will come to everyone’s mind when someone describes the indirect tax. You can practically say that GST has revolutionised the indirect tax system of India.

What is GST?

GST has replaced multiple indirect taxes in India and established a uniform indirect tax in India. CBIC or Central Board of Indirect Taxes and Customs is the regulatory body that looks after the GST and takes all the decisions that are required for the indirect taxes.

GST is implemented on the final market price of goods and services. GST has different tax slab rates for different product and services categories. For example, luxury products are registered under higher GST tax slabs.

What Are The Different Kinds of GST?

There are four types of GST return that you can look at.

  • CGST or Central GST: The GST transaction is divided into two equal parts. The part of the Central is called CGST.
  • SGST or State GST: When one part of the GST is gone for the Central, the next part is dedicated to the SGST.
  • UGST or Union Territory GST: The GST part that is dedicated for the Union Territory is called the UGST.
  • IGST or Integrated GST: The IGST or Integrated GST is levied between two states, between two UTs, and one state and one UT (Union Territory).

So, overall these are the four types of GST that are levied in India till now.

What Are The Advantages of GST?

People usually avail themselves of GST for different kinds of advantages.

  • Before GST was implemented in India, India was a market of numerous indirect taxes. GST has created a uniform indirect tax system in India.
  • GST has replaced almost 17 indirect taxes in India. In the pre-GST stage, people were confused with so many indirect taxes but in the post-GST phase, the problem has been resolved.
  • With the introduction of Online GST, the indirect tax filing process has become simple. Apart from it, GST also provides facilities like GST return due date extension. So, overall GST has made the process simple for the manufactures and sellers.

So, any company, be it a public limited company after registration, is bound to get advantages after the registration process is over.

What Are The Latest August Updates on GST?

29th August 2021:

  • The extension of GSTR- 3B Form late fee Amnesty facility.
  • There is a seventh amendment in the 2017 CGST Act.

27th August 2021:

  • CBIC has showcased an advisory on GSTR 1 outward supplies.

25th August 2021:

  • CBIC has conducted webinars for taxpayers and shareholders with a focus on GST Audit.

17th August 2021:

  • The GST official portal has arranged a GSTR 9C reconciliation statement e-filing form.

12th August 2021:

  • An advisory associated with GSTR 1 form has been released by the CBIC department.

So, overall, these are the latest updates on GST for August 2021.

Conclusion

GST is a continuing process. You can get regular updates on GST from time to time. Likewise, for any updates on the GST return last date, you have to be careful with it.

This is overall, a brief description of GST, and the August month updates on it.