GST UPDATES

Hello Readers., Let us understand about different invoices or vouchers required to issued as per GST & the scenarios under which such documents are issued: 1.Payment Voucher - It is internal document & no need to issue, it forms as an evidence for actual payment made to supplier. To view sample click here:- https://goo.gl/72C9Xs 2.Export Invoice - It will be issued at the time of exporting the supplies. To view sample click here: https://goo.gl/KcbakX 3.Debit Note - It can be issued by supplier: Original tax invoice has been issued and taxable value in the invoice exceeds actual taxable value. Original tax invoice has been issued and tax charged in the invoice exceeds actual tax to be paid.To view sample click here: https://goo.gl/VQvysq 4. Tax Invoice( Inter - State) -It will issued, if supplies are made to other state. To view sample click    here: https://goo.gl/LVPBua 5. Tax Invoice (Intra - Sales) - It will issued, if supplies are made within the state.  To view s

Hello everyone, DO U KNOW that, there will be no more MRP based valuation under GST…….!!!!!!! GST valuation provisions & rules have totally wiped out that concept. Then what is to be done, how valuation is going to be done under GST Regime. Let us learn through history of implementing the MRP based valuation & reasons for removing same in upcoming GST Regime. HISTORY In 1990’s tax authorities felt that taxable value was very low as compared to RSP (Retail Sale Price, which is final price paid by the consumer) declared on packages and also there were lot issues in excise valuation relating to various business arrangements viz., contract manufacturing, job work, warehouse /depot based sales), complex distribution channels, etc     To tackle such issues, Govt. introduced a new method of valuation for payment of Central Excise duty based on the RSP after taking abatement, through an amendment in the year 1997, by inserting a new Section 4A in the

Hello everyone, The registration for GST started on 25th June. Here's a List of documents required for GST Registration for INDIVIDUAL for your reference: “ALL DOCUMENTS IN ORIGINAL” 1. Passport Size Photo 2. Active E-mail ID 3. Current Mobile Number 4. PAN card of the Individual 5. Aadhar Card of the Individual 6. ID proof of the individual:        Passport/ Voter ID card/ Driving License. 7. Address proof of Office premises: (ANY 2)        Electricity Bill/ Landline Telephone bill,        Municipal Tax (Vera Bill) copy,        Rent/Lease agreement (in case premises are rented)        Consent letter (In case premises of relatives),        Any Certificate or Record from Government Dept, 8. Address proof of Residence of Individual: (ANY 2)         Electricity Bill/ Landline Telephone bill,         Municipal Tax (Vera Bill) copy,         Rent/ Lease agreement (rent)         Consent letter (In case premises of relatives),         Any Certificate or Record from

Hello Readers, Since, the appointed day of GST (i.e., 1st July, 2017) is coming closer as the time pass on, we should be ready with transitional procedures, to continue the our critical business segments without any hurdles. Therefore, let us see at basic things to do, while transiting to GST Regime: 1.  Make sure your GST migration from VAT/Service Tax/ Excise Duty is complete. 2. Apply for migration in all states if you have centralized registration under Service Tax. 3. Train staff to prepare tax invoice, advance receipts, self-invoice etc from June 2017 itself. 4. Train your accountants for GST accounting and returns formats. 5. Inform your GSTIN / ARN to all your suppliers of Goods & Services. 6. Obtain GSTIN of all Suppliers & Buyers and prepare a master data. 7. Finalize books of accounts as early as possible and get the A/c Statement from your      Suppliers / Creditors for the year ended 31/3/2017 & compare them with your books. 8. Make

Hello readers, The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC. So, it is imperative to know about returns under GST.  Let us learn about those. Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for : Taxpayer registered under the composition scheme Non-resident taxpayer Taxpayer registered as an Input Service Distributor A person liable to deduct or collect the tax (TDS/ TCS) and A person granted Unique Identification Number. It is important to note that a taxpayer is NOT required to file all types of ret

Hello Readers, Goods and Service Tax, a huge technology based regime is expected to be implemented by 1 st July, 2017. To make 80 Lakhs (approx.) existing Tax payers in complying with GST Provisions is Big Task or Challenge for the Government. To churn out these hurdles and to reach out maximum taxpayers, the Government has established GSP (GST Suvidha Provider) Eco system. This eco system majorly consists of Government, Tax Payers, GSP, GSTN and Application Service Provider (ASP). There is lot of confusion in between the words GST Suvidha Providers (GSP) & Application Service Providers (ASP) So, let’s learn about exact meaning of GSP and ASP, then in upcoming sessions I will post Role of GSP and their working mechanism at a later time. GST Suvidha Providers are approved by Government and currently there are 34 approved GSPs in our country. The list of approved GSPs can be viewed through this link - http://www.gstn.org/gsp-list/ But, any softwar

Hello everyone, As we all know refunds are the crucial part of maintaining Working Capital intact, under current tax regime refund process is very complex and it may take years to get refund. So, to promote "Make in India" programme and encourage Manufacturers & Exporters, Government has made simple & easy procedures of Refund with 90% of refund to exporters within 7 days under GST. So, let us learn about Refunds under GST  in Two Parts- Part - I - Deals with Types of Refund, Eligibility Criteria for claiming Unutilised ITC & Forms required for Refund Part - II - Deals with Relevant Date Meaning, Forms for claiming Refund of Unutilized ITC, and Different forms prescribed under Refund Ruls & their description, Interest on delay of Refund, Transfer of Refund to Consumer Welfare Fund. Refunds under GST are divided in to 4 major Categories: Unutilized Input Tax Credit. Balance in Electronic Cash Ledger. Refund by persons specified under Sec.55 ( em