Friday 7 July 2017

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) 

Thursday 6 July 2017

Pros and Cons of Voluntary Registration in GST

  • 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 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 transport aggregator
  • Electronic Commererce Operator (ECO)
  • Agents appointed on behalf of supplier

Levies under GST


  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.