Advisory to Taxpayers on Improved GSTR-3B Return Filing Process

Govt Issues Anti-Profiteering Complain form to complain about firms not passing gst benifit

Govt has issued Anti Profiteering complain form -APAF-1 to file complain 

Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017

Composition Scheme
1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.

Place of Supply of services to Determine Taxability in GST

Place of supply of services in case of Domestic Supplies [Section12]
(Where the location of supplier of services and the  recipient of services is in India)
Default provision has been prescribed as under:
Sn.	Description of Supply	Place of Supply
1	B2B	Location of such Registered Person
2	B2C	(i) Location of the recipient where the address on record exists, and (ii) Location of the supplier of services in other cases

Documents on the basis of which Input Tax credit can be availed

 Input Tax Credit (ITC) can be taken on the basis of following documents:-

• Invoice issued by a supplier of goods or services or both.

• Invoice issued by recipient along with proof of payment of tax.

•  Debit note issued by supplier.

• Bill of entry or similar document prescribed under Customs Act.

•  Revised invoiceDocument issued by Input Service Distributor.

Bill of Supply to be Issued instead of Tax Invoice

A registered person shall issue bill of supply instead of Tax Invoice in the following cases:-

• A registered taxable person supplying exempted goods or services or both.
•  Paying tax under the provisions of section 10 (composition scheme) 

Pros and Cons of Voluntary Registration in GST

Pros/Benifits-

• you can do B to B( Business to Business) Transactions
• Other registered dealers will not have to pay tax in reverse charge.

Modification in Registration

Core Fields- permission for Authority is required for changes and can be modified by only Tax Authorities.

• Legal Name of business
• Address of principal place or additional place of business.
• Addition, Deletion or retirement of partners or directors etc.

Other Fields- Can be modified by self.
 e.g. contact details, HSN code  can be changed any time.

Basis of Registration

Registraion is 

• PAN Based only
• State wise seprate registration
• One per state only - except in case of business verticals/SEZ units.
• One principal place of business has to be given. Additional places can be given registration.
• Registration is a must within 30 days of starting business.

who do not have to register??

• person engaged exclusively in non-taxable or wholly exempted from tax.eg- milk trader
• Agriculturist (farmer), in so far as supply of produce out of cultivation of land.
• Persons engaged exlusively in supplies which are under Reverse Charge Mechanisum.

Who needs to Register in GST???

• Turnover above 10 lakhs/20 lakhs p.a.
• Inter-State Supplier
• Required only in the state from where the supply is made.
• Casual & non resident taxable persons
• persons on whom there is responsibility of paying full tax under reverse charge.e.eg. transport aggregator
• Electronic Commererce Operator (ECO)
• Agents appointed on behalf of supplier

Levies under GST

GST COMPRISES OF THE FOLLOWING LEVIES: 

1.  Central Goods and Services Tax (CGST) [also known as Central Tax] on within state/intra-state or intra-union territory without legislature supply of goods or services or both. 
   
2. State Goods and Services Tax (SGST) [also known as State Tax] on within State/intra-state supply of goods or services or both.
   
3. Union Territory Goods and Services Tax (UTGST) [also known as Union territory Tax] on within Union Territory/Intra-union territory supply of goods or services or both.
   
4. Integrated Goods and Services Tax (IGST) [also known as Integrated Tax] on inter-state or from one state/territory  to another,supply of goods or services or both. In case of import of goods also, the present levy  of Countervailing Duty (CVD) and Special Additional Duty (SAD) would be replaced by integrated tax.
   

  

GST MISCONCEPTION BUSTED BY THE REVENUE SECRETARY

Sn.	Myths	Reality
1	I Need To Generate All Invoices On Computer / Internet Only.	Invoices Can Be Generated Manually Also .
2	I Need Internet All The Time To Do Business Under Gst.	Internet Would Be Needed Only While Filing Monthly Return Of Gst.

Manner of Issuing Invoice

Invoice shall be prepared in triplicate, in case of supply of Goods
in the following manner:-

1. Orignal Copy    - For Receipient

Details Required to be mentioned in Tax Invoice under GST

Sn.	Items Required to be mentioned on Bill
1	Name,Address and GSTIN Of the Supplier
2	Seriel Number not exceeding sixteen characters.
3	Date of its issue
4	Name,address and GSTIN or UIN,if registered,of the Recipient
5	Name and address of the recipient and the address of delivery,along with the name of state and its code,if such recipient is un - registered and where the value of taxable supply is fifty thousand rupees or more.

List of Documents Required for New GST Registration

List Of Documents Required For Fresh GST Registration
S No.	Nature Of Documents	Sole Proprietor	Partnership	LLP	Company Private /Public	Size of Documents
1	PAN	YES	YES	YES	YES	NA
2	ID & Address proof	YES	YES (Of Partner)	YES (Of Partner)	YES (Of Director)	NA
3	Photo	YES	YES (Of Partner)	YES (Of Partner)	YES (Of Director)	(JPG-100KB)
4	Pass Book Bank Statement	YES	YES	YES	YES	(JPG,PDF-100KB)/ (JPG,PDF-500KB)
5	Electricity/Landline or Water Bill /Rent Agreement	YES	YES	YES	YES	(JPG,PDF-100KB)/ (JPG,PDF-200KB)

Interest on delay payment of GST

• Interest on Delay Payment of GST                      -18% p.a.

• Interest on Excess claim of Input Tax Credit      - 24% p.a.

        or                                                                       
      Undue/Excess Reduction in Output Liability

•  Interest on Refund to be paid by Govt.             - 6% p.a.

FAQ issued by CBEC on Twitter

100 Freqeuntly Asked Question  GST

Taxable Event in GST

Under GST Tax is on supply of goods or services,or both.

Whenever there is supply taxable even occurs.

List of Items Covered under Reverse Charge

List of Items Under RCM