Each and every registered taxable individual shall receive, in specified manner and nature, an electronic return of inward and outward suppliers of products and/or services, Input tax credit accessible, Tax payable, Tax payment and other information as may be specified within 20 days after the end of that month.
A return furnished by the registered taxable person without payment of full tax due as per the return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person
Dual GST Structure – CGST, SGST & IGST
India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. All forms of government have different duties to carry out in compliance with the separation of powers set down in the Constitution under which they need to collect money. The dual GST would also be compatible with the constitutional norm of fiscal federalism.
Center will collect and administer CGST & IGST while SGST GST Return will be collected and administered by the respective states.
GST Return : Type of Return, Due Date, and Forms
|Type of Transaction||Tax to be levied|
|Intra-State Transactions||1. CGST (Central Goods and Services Tax)
2. SGST (State Goods and Services Tax )
|Inter-State Transactions||IGST (Integrated Goods and Services Tax)|
This will be a dual GST with the Central and the States receiving taxes on a single tax base at the same time. The GST to be imposed by the Center for Intra-State Provision of Products and/or Services would be named the Central GST (CGST) which would be named the State GST (SGST) to be imposed by the Governments. Integrated GST (IGST) should also be obtained and distributed by the Centre.