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Gst update

GST UPDATE: The first return of GST is here and is due for filing is 20th of August, 2017. Most of the registered persons still haven’t filed the Return GSTR-3B. Here are some points you need to remember for filing the first GST Return GSTR-3B. 1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily. 2) GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the GST Regime are required to file GSTR-3B. Composition dealers are required to file quarterly returns therefore dealers who have opted for composition scheme are not required to file GSTR-3B. 3) GSTR-3B is not the final return for the month of July’2017 this is only a provisional return. GSTR-1, GSTR-2, GSTR-3 for July’2017 are still required to be filed. 4) GSTR-3B cannot be revised. Any revision in the figure
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SEBI UPDATE

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Gst update

GST Council (20th) meeting Update 1. Total Registration- 86 lacs 2. E way bills given in-principle approval a. Limit of 50000 not changed b. Eway bill not to be issued for exempted goods c. Eway bill not to be issued of goods are travelling within 10 km radius 3. Jobwork of all kinds of textiles will be taxed at 5%. Earlier some types of jobwork were taxed at 18% 4. Rates on tractor parts brought down to 18% 5. Government given work contracts like roads bridges canals will now be taxed at 12% with credits. Earlier this was 18%. 6. Anti profiteering mechanism will get kick started by appointing state wise committees
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additional fees for annual filing

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gst in simple form

What is the GST bill ? The Goods and Services Tax(GST) is a value added tax that will replace all the indirect taxes levied on goods and services by the government,both central and states,once it is implemented. The basic idea of this bill is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful. ​ ​ Pros of GST bill : GST is a transparent tax and also reduce number of indirect taxes.With GST implemented a business premises can show the tax applied in the sales invoice. GST will not be a cost to registered retailers therefore there will be no hidden taxes andand the cost of doing business will be lower. Benefit people as prices will come downwhich in turn will help companies as consumption will increase. There is no doubt that in production and distribution of goods, services are increasingly used or consumed and vice versa. Separate taxes for goods and services, which is the present taxation system, requires division
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frequently asked questions about gst india

For better understanding of GST. 100 Freqeuntly Asked Question GST 1. Does aggregate turnover include value of inward supplies received on which RCM is payable? Ans. Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis. 2. What if the dealer migrated with wrong PAN as the status of firm was changed from proprietorship to partnership? Ans. New registration would be required as partnership firm would have new PAN. 3. A taxable person's business is in many states. All supplies are below 10 Lakhs. He makes an Inter State supply from one state. Is he liable for registration? Ans. He is liable to register if the aggregate turnover (all India) is more than 20 lacs or if he is engaged in inter-State supplies. 4. Can we use provisional GSTIN or do we get new GSTIN? Can we start using provisional GSTIN till new one is issued? Ans. Provisional GSTIN (PID) should be converted into
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DOCUMENT IN GST INDIA

Every document needed under GST in excel : . 1.Payment Voucher -  Payment Voucher.xlsx . 2.Export Invoice -  Export Invoice.xlsx . 3.Debit Note -  Debit Note.xlsx . 4. Tax Invoice( Inter - State) -  Tax Invoice - Inter State.xlsx . 5. Tax Invoice (Intra - Sales) -  Tax Invoice - Intra State.xlsx . 6. Revised Invoice -  Revised Invoice.xlsx . 7. Refund Voucher -  Refund Voucher.xlsx . 8. Bill of Supply -  Bill of Supply.xlsx . 9. Credit Note -  Credit Note.xlsx . 10. Receipt Voucher -  Receipt Voucher.xlsx 3 views  ·  Posted Jul 2
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