GSTGyan: Exporters file Table 6A & GSTR 3B for processing of IGST Refund

GSTGyan 1250. Exporters file Table 6A & GSTR 3B for processing of IGST Refund. File RFD 01A on GSTN portal for Unutilized ITC Refund. Press Release of 29 Nov.

GSTGyan: Unregistered persons with turnover upto 20 lacs

GSTGyan 1249. Unregistered persons with turnover upto 20 lacs(10 lacs for specified states)can make Inter-state suppliesof SERVICES ONLY (Not Goods).Webtel

GSTGyan: GSTR1 for Jul 2017

GSTGyan 1248. Monthly filers can file GSTR1 for Jul 2017 if not already filed. GSTR-1 for Aug, Sep, Oct & Nov cant be filed now. Quarterly filers also to wait.

GSTGyan: Date of Invoice, Receipt of Payment & Completion of Supply

GSTGyan 1247. If any 2 of Date of Invoice, Receipt of Payment & Completion of Supply, happen before rate change, then old rate will apply. Else new will apply.

GSTGyan: GST payable on advance received for Services

GSTGyan 1246. GST payable on advance received for Services. Wef 15.11.17, all assessees to pay GST at time of supply of goods & not when advance received.

GSTGyan: Form GST TRAN-1

GSTGyan 1245. Form GST TRAN-1 can now be filed & revised once till 27.12.17. Order 9&10/2017-GST of 15.11.17.(Date of 31.12.17 in Press Release changed). Webtel

GSTGyan: Issue Invoice at revised GST

GSTGyan 1244. Issue Invoice at revised GST rates from TODAY(15.11.17) as reduced rates applicable now. Notification 41/2017-Central Tax(Rate) of 14.11.17. Webtel

GSTGyan: Filing of GSTR-2 & GSTR-3 NOT waived

GSTGyan 1243. Filing of GSTR-2 & GSTR-3 NOT waived. Only Date for their filing postponed. Reconciliation of Purchases to continue for availing Input Tax Credit.

GSTGyan: ALL assessees to pay tax & file GSTR-3B

GSTGyan 1242. Till Mar 2018, ALL assessees to pay tax & file GSTR-3B pm by next 20th. Monthly GSTR-1 if turnover exceeds 1.5 cr in 16-17 & Quarterly for others.

GSTGyan: Assessees in Composition scheme

GSTGyan 1241. Assessees in Composition scheme from start can file GSTR-4 for Q2 now. Others who filed regular returns for part period can file by next week.

GSTGyan: Supplier can accept missing invoices or changes

GSTGyan 1240. Supplier can accept missing invoices or changes by purchasers in GSTR- 1A for July 2017 from 1 to 6 Dec 2017. Circular 15/15/2017-GST of 6.11.17.

GSTGyan: faster processing of Refunds

GSTGyan 1239. For faster processing of Refunds, wef Aug Exporters can fill details of exports in table 6A separately on GST portal even before filing GSTR1.

GSTGyan: Adding missing invoice in GSTR2

GSTGyan 1238. On adding missing invoice in GSTR2, Error Invoice No. already exist in GSTR 1 or 5 means that invoice already issued by Supplier to another party.

GSTGyan: No GST on Gifts on Diwali

GSTGyan 1237. No GST on Gifts on Diwali etc to Staff(upto 50,000 in year) & Clients etc (No Limit) as same not Supplies. No ITC available on purchase of same.

GSTGyan: If no inward supplies in a month

GSTGyan 1236. If no inward supplies in a month, take action on auto-populated details, if any & submit GSTR-2 as mandatory to file NIL GSTR-2 also. Rgds, Webtel

GSTGyan: Goods can be taken for approval.

GSTGyan 1235. Goods can be taken for approval in or out of State on delivery challan & e-way bill as appl. Issue invoice on delivery.Cir 10/10/2017-GST of 18Oct.

GSTGyan: Form GST TRAN-1 extended to 30th November

GSTGyan 1234. Form GST TRAN-1 (with Revision facility) extended to 30th November, 2017. Suitable order to be issued shortly. (Source Tweet GST@GOI) Rgds, Webtel

GSTGyan: Primary Authorized Signatory

GSTGyan 1233. If Primary Authorized Signatory is dead/not traceable, approach jurisdictional Tax Officer to set new Authorized Signatory in GST Portal.Webtel

GSTGyan: Late fee on GSTR-3B

GSTGyan 1232. Late fee on GSTR-3B waived for Aug & Sep also. Late fee amount already paid to be credited back to taxpayer ledger.(Tweet by FM on 24 Oct). Webtel

GSTGyan: RCM Applicability

GSTGyan 1231. RCM applies if Receipt of Goods from Unregistered person or Payment or Expiry of 30 days(60 for services) from issue of invoice is before 13 Oct.

GSTGyan: No change in GSTR-2

GSTGyan 1230. No change in GSTR-2 of Supplier GSTIN, Invoice No & Date, RCM flag & POS. To change, reject it & add correct one as missing invoice. Happy Diwali.

GSTGyan: 20.10.17(Friday) is Last Date

GSTGyan 1229. 20.10.17(Friday) is Last Date to deposit GST & file GSTR-3B for Sep 2017 by ALL Regular & Casual Assessees. Late fee @ 200 per day wef 21.10.17.

GSTGyan: Change Bank account:

GSTGyan 1228. Change Bank account in Customs or GST to ensure both are same. Initially, Exporters to get refund even if different. Ensure validity by PFMS.

GSTGyan: Pay GST for RCM liability

GSTGyan 1227. Pay GST for RCM liability of September also. Suspension of RCM to be applicable from date it is notified. Source : Tweet GST@GOI. Rgds, Webtel

GSTGyan: Counter Party Submit Status in GSTR-2A

GSTGyan 1226. Counter Party Submit Status in GSTR-2A (Yes) means GSTR-1 by Supplier is final & no changes allowed.(No) means Supplier can still modify invoices.

GSTGyan: Mandatory to file GSTR-3/3B

GSTGyan 1225. Mandatory to file GSTR-3/3B for considering Shipping bill/Bill of Export as Claim for Refund. Instruction 15/2017-Customs of 9.10.17. RgdsWebtel

GSTGyan: Last Date to file GSTR-1 of July

GSTGyan 1224. TODAY(10.10.17) is Last Date to file GSTR-1 of July. No filing from 11-31 Oct. Filing from 1 Nov with late filing fee of 200 per day from 11 Oct.

GSTGyan: Migrated/new assessee opt for Composition scheme

GSTGyan 1223. Migrated/new assessee opt for Composition scheme till 31.3.18 to avail it from next month onwards.File returns as normal dealer till then.Webtel

GSTGyan: Assessees with A.T. of upto Rs 1.50 CR

GSTGyan 1222. Assessees with annual turnover of uptoRs 1.50 cr to pay taxes & file returns, quarterly wef Oct quarter. No GST on advances received by them.

GSTGyan: RCM on Purchases

GSTGyan 1221. RCM on purchases from unregistered persons, TDS/TCS &full fledged E-way bill postponed till 1-4-18. Press Release Ministry of Finance of 6 Oct.

GSTGyan: Letter of Undertaking to Export Goods

GSTGyan 1220. ALL Exporters can give Letter of Undertaking to Export goods without payment of IGST or submitting Bond. Notification 37 & Cir 8/8/2017 of 4 Oct.

GSTGyan: TODAY(3.10.17) is Last Date to file GSTR-1

GSTGyan 1219. TODAY(3.10.17) is Last Date to file GSTR-1 of Jul by assessees with aggregate turnover of more than Rs 100 cr. For others, last date is 10.10.17.

GSTGyan: No filing of GST Returns for August

GSTGyan 1218. No filing of GST Returns for August till due dates of filing of GSTR-1,2&3 for July are over but data of Outward Supplies can be saved in GSTR-1.

GSTGyan: LAST DATE to opt for Composition Scheme

GSTGyan 1217. 30.9.17(Sat) is LAST DATE to opt for Composition Scheme for 17-18 on www.gst.gov.in. File Returns as Regular assessee till 30 Sep &GSTR-4 from Q3.

GSTGyan: Extension of Last Date for filing TRAN-1

GSTGyan 1216. Extension of Last Date for filing TRAN-1 to 31.10.17. Now Original TRAN1 can be filed & Revised Once till 31.10.17. Order 03/2017-GST of 21-9-17

GSTGyan: E-File TRAN-1 by 29.9.17

GSTGyan 1215. E-File TRAN-1 by 29.9.17 as NO Extension in last date for original filing. Option to revise it once till 31-10-17. Noti 34/2017 CT of 15 Sep.

GSTGyan: LAST DATE to pay GST & file GSTR-3B

GSTGyan 1214. TODAY(20.9.17) is LAST DATE to pay GST & file GSTR-3B for Aug 2017 by Regular/Casual assessees. No waiver of Late fee of Rs 200 per day for Aug.

GSTGyan LAST DATE to pay GST & file GSTR-3B

GSTGyan 1213. LAST DATE to pay GST & file GSTR-3B (summary of outward & inward supplies) for Aug 2017 by Regular/Casual assessees is 20-9-17(Wed). RgdsWebtel

GSTGyan: For ITC claim of more than Rs 1 cr in TRAN-1

GSTGyan 1212. For ITC claim of more than Rs 1 cr in TRAN-1, closing balance of ITC in ST, VAT returns etc& eligibility of such claim under GST being verified.

GSTGyan: Extended Due date for e-filing GST TRAN-1

GSTGyan 1211. Extended Due date for e-filing GST TRAN-1 is 31-10-17 & it can be revised once. Source : Press Release Ministry of Finance of 8-9-17. Webtel

GSTGyan 1210. Compounding assessee to file GSTR-4 for Jul-Sep by 18 Oct. No GSTR-4A for inward supplies & no Inward supplies details in GSTR-4 for this quarter.

GSTGyan 1209. Advisory. Use separate series of Invoice & Payment voucher for RCM cases, Receipt & Refund Voucher for advances as series to be given in GSTR-1.

GSTGyan 1209. Advisory. Use separate series of Invoice & Payment voucher for RCM cases, Receipt & Refund Voucher for advances as series to be given in GSTR-1.

GSTGyan 1208. No GSTR-1 filing during due dates of GSTR-2. Supplier can only accept or reject invoices uploaded by buyer in GSTR-2. Correction in next return.

GSTGyan 1207. No Reverse charge supplies for ISD. If it wants to take reverse charge supplies, it has to register as Normal assessee.(Instruction 4 in GSTR-6)

GSTGyan 1206. GSTR-1, 2 & 3 for July can be submitted even if GSTR-3B not filed. Pay Interest if tax not deposited by 25 Aug. Circular 7/7/2017-GST of 1.9.17

GSTGyan 1205. Obtain Correct GSTIN of ALL Parties as GSTR-1 CANNOT be filed if GSTIN is Not Available or Incorrect EVEN for a SINGLE Registered Party(B2B).

GSTGyan 1204. No VAT Credit in Table 5(c) of TRAN-1 for C, F forms etc. not received. Refund of same to be available under CST Act, on receipt of forms. Webtel

GSTGyan 1203. TODAY(28 Aug) is LAST DATE to e-file TRAN-1 (where applicable & benefit of ITC to be taken in Jul GSTR-3B) & GSTR-3B of July in such cases.

GSTGyan : GST @ 5% on Direct sale of advt space

GSTGyan 1202. GST @ 5% on Direct sale of advt space in print media by ad agency. GST @ 18% on commission as agent for selling space. Press Release MOF of 23 Aug

GSTGyan LAST DATE to pay GST of July

GSTGyan 1201. TOMORROW(25 Aug) is LAST DATE to pay GST of July for ALL Assessees. File GSTR-3B also by 25 Aug if TRAN-1 NA or you will NOT file it by 28 Aug.

GSTGyan: 15 digt GSTIN in Regular & Correction in TDS Statements

GSTGyan 1200. Soon furnish 15 digt GSTIN in Regular & Correction in TDS Statements for all forms & years to be filed with IT dept. Optional initially. Webtel

GSTGyan: Pay GST TODAY(19 Aug)

GSTGyan 1199. Pay GST TODAY(19 Aug) as no bank clearing on 20 Aug. Pay Interest @ 18% pa if you do not Offset Liability on GST Portal against GST paid & ITC.

GSTGyan: TRAN-1 can be filed till 29 Sep

GSTGyan 1198. TRAN-1 can be filed till 29 Sep. File it by 28 Aug to file GSTR-3B by 28 Aug. Else, file GSTR-3B by 20 Aug. Deposit GST by 20 Aug in ALL cases.

GSTGyan: Filing GSTR-3B

GSTGyan 1196. To file GSTR-3B, punch data in assessee login at www.gst.gov.in. Press Save GSTR3B. Click Submit when data is final as NO change after submission.

GSTGyan: No GST on goods not intended for sale.

GSTGyan 1195. No GST on goods not intended for sale, taken out for overseas exhibitions/trade fairs & brought back as these are meant for exhibition only. Webtel

GSTGyan: Form GSTR-3B

GSTGyan 1194. Regular/Casual assessees to pay GST & file simple return Form GSTR-3B (summary of outward & inward supplies) for July 2017 by 20-8-17(Sunday).

GSTGyan: No GST on expenses paid by supplier

GSTGyan 1193. No GST on expenses paid by supplier as pure agent of recipient. E.g. MCA filing fee paid by CA & billed to client with fee. Rule 33 CGST Rules.

GSTGyan: No GST on Local supplies of Second hand goods

GSTGyan 1192. No GST on Local supplies of Second hand goods by Unregistered person to Registered who charges GST on further sale. Noti 10(CT)(Rate) of 28.6.17.

GSTGyan: No CGST on Reverse Charge

GSTGyan 1191. No CGST on Reverse Charge for Local Purchases upto Rs 5000 per day from One or More Unregistered Suppliers. Notification 8 CT (Rate)of 28.6.17

GSTGyan: Quote HSN in Invoice as per turnover in 16-17

GSTGyan 1190. Quote HSN in Invoice as per turnover in 16-17. NA if upto 1.50cr, 2 digits if between 1.5-5 cr& 4 digits if exceeds 5 cr. Noti 12 CT of 28.6.17

GSTGyan: GST CMP-01

GSTGyan 1189. Migrated Assessee can file GST CMP-01 on www.gst.gov by 31-7-17 to opt for Composition Scheme but must issue Bill of Supply without tax wef 1.7.17

GSTGyan:

GSTGyan 1188. Persons dealing Exclusively in goods or services taxable on Reverse charge basis Exempt from Registration under GST. Notification 5-CT of 19.6.17.

GSTGyan:

GSTGyan 1187. For Jul & Aug 2017, pay GST as per summary of outward & inward supplies in GSTR-3B to be filed before 20th of next month. File GSTR1,2& 3 later.

GSTGyan: Cases where Migration is pending

GSTGyan 1186. In cases where Migration is pending due to incomplete or incorrect data, signing of form etc, same can be done wef 27.6.17. Regards, Webtel

GSTGyan: Provisional Regisration Certificate

GSTGyan 1185. Assessees who have applied for Migration & received ARN (Ack Ref No) download Provisional Regisration Certificate from www.gst.gov.in wef 27.6.17.

GSTGyan: Levy GST @ 18%

GSTGyan 1184. Levy GST @ 18% if rate of tax is not known at time of receipt of Advance. Treat Supply as Inter-state, if not known at time of supply. RgdsWebtel

GSTGyan: LAST Date for GST Migration

GSTGyan 1183. 15.6.17(Tomorrow) is LAST Date for GST Migration. Complete & save Enrolment form at www.gst.gov.in. Dept to check data & e-mail App Ref No later.

GSTGyan: GST Council exempts Individual Advocates & Individual Sponsorship

GSTGyan 1182. GST Council exempts Individual Advocates & Individual Sponsorship service providers (including players) from registration u/s 23(2) of CGST Act.

GSTGyan: Higher threshold of Turnover.

GSTGyan 1182. Higher threshold of turnover in previous year of 75 lacs proposed for Composition Supplier. Same for North East & hilly states to be decided.

GSTGyan: No need of details for Advances in GST Returns

GSTGyan 1181. No need to give details of Advances in GST Returns if invoice issued in same tax period in which advance received. Regards, Webtel.

GSTGyan: GSTR 1, club Supplies with same rate in invoice

GSTGyan 1180. In GSTR 1, club Supplies with same rate in invoice. Give HSN wise summary if turnover more than Rs1.5 cr in last year & description for others.

GSTGyan: Provide details of shipping bill in GSTR 1

GSTGyan 1179. For Exports, provide details of shipping bill in GSTR 1 (6 digits for port code & Shipping Bill no). Leave blank if NA. Amend in later return.

GSTGyan: Limit of Aggregate Turnover during FY

GSTGyan 1178. Limit of Aggregate Turnover during FY for Audit by Chartered/Cost Accountant raised from Rs 1 cr to Rs 2 cr. Rule 21(3) of GST Return Rules 2017.

GSTGyan:

GSTGyan 1177. Finalise Sales from Apr-Jun 2017 also with Sales of 2016-17 as both figures to be reported in final format of GSTR-1 of Outward Supplies. Webtel

GSTGyan:

GSTGyan 1176. Wef Appointed Date (expected to be 1.7.17), give GSTIN in Bill of Entry/Shipping Bill, to avail IGST credit on Imports or GST refund on exports.

GSTGyan Selling personal car is NOT Supply

GSTGyan 1175. Sale of personal car by individual is NOT Supply as it is not in course or furtherance of business & no ITC was claimed on purchase. Rgds, Webtel

GSTGyan Supply of Goods

GSTGyan 1174. Goods can be supplied from place of business of registered job worker or if unregistered, principal declares it as additional place of business.

GSTGyan Invoice etc necessary for claiming input tax credit

GSTGyan 1173. Invoice etc necessary for claiming input tax credit. In Reverse Charge cases, buyer to issue invoice himself & mention same in invoice.RgdsWebtel

GSTGyan Unregistered Trader/Manufacturer in Excise

GSTGyan 1172. Trader/Manufacturer not registered in Excise can claim 40% of CGST paid on sale of opening stock on 1.7.17 in 6 months even if no excise document.

GSTGyan: Composition scheme under GST

GSTGyan 1171. Casual taxable person or Non-resident taxable person cannot opt for Composition scheme under GST. (Rule 3(1)(a) of Composition Rules). RgdsWebtel

GSTGyan: IGST on imports

GSTGyan 1170. IGST on imports to be paid at time of import, separately for each import, as against monthly payment in case of IGST on domestic transactions.

GSTGyan: IGST on imports

GSTGyan 1170. IGST on imports to be paid at time of import, separately for each import, as against monthly payment in case of IGST on domestic transactions.

GSTGyan: Rates Specified by GST Council

GSTGyan 1169. GST Council specifies rates 5%, 12%, 18% & 28% for 35 services with or without ITC. 83 services exempt. Remaining services to be taxed at 18%.

GSTGyan: GST Council finalises Rates of Cess

GSTGyan 1168. GST Council finalises Rates of Cess on Pan Masala(60%), Cold drinks(12%), Tobacco, Tobacco products, Cigarettes, Motor vehicles(1% to 15%) etc.

GSTGyan: Final rates of 1211 Goods

GSTGyan 1167. GST Council finalises rates of 1211 Goods under 98 categories. Rates for textiles, footwear, biris, precious metals etc& services to be decided.

GSTGyan 1166: Challan wise breakup of Inputs/Capital goods

GSTGyan 1166. Challan wise breakup of Inputs/Capital goods sent for job work & subsequent return, to be given in Return of Outward Supplies GSTR-1. Rgds Webtel

GSTGyan: No GST on Actionable claims other than Lottery, Betting & Gambling

GSTGyan 1165. GST will be levied on Lottery, Betting & Gambling. No GST on other Actionable claims like claim for arrears of rent, PF, insurance money etc.

GSTGyan : Credit paid on inward supplies to be claimed only within 1 year

GSTGyan 1164. Credit of GST paid on inward supplies of goods and services can be claimed only within 1 year from date of relevant tax invoice. Regards, Webtel

IGST to be deposited again if CGST&SGST/UTGST paid by mistake

GSTGyan 1163. IGST to be deposited again if CGST&SGST/UTGST paid by mistake instead of IGST but no interest to be paid. Use excess payment for relevant GST.

GSTGyan: Inter-state supplies to Consumers

GSTGyan 1162. Inter-state supplies to Consumers upto Rs. 2.50 lacs made directly & through e-commerce portal to be shown separately in GSTR-1. Regards, Webtel

GSTGyan: Registration Under GST

GSTGyan 1161. No need for Traders dealing only in petrol, diesel & other exempt or zero-rated goods to register under GST. Register if deal in other goods also.

GSTGyan: Only IGST, CGST & SGST input tax credit to be adjusted

GSTGyan 1160. IGST, CGST, SGST deposited cannot be adjusted against each other. Only IGST, CGST & SGST input tax credit can be adjusted in specified order.

GSTGyan: Registered Person to keep account at principal

GSTGyan 1159. Every registered person to keep in physical /electronic form, books of account at Principal & EVERY related place of business mentioned in his RC.

GSTGyan : Records in electronic form; authenticated by Digital Signature.

GSTGyan 1158. Records can be kept in electronic form & authenticated by Digital Signature. Backups should be taken which can be restored in reasonable time.

GSTGyan : Composition Supplier

GSTGyan 1157. Every Registered person including a Composition Supplier, to keep & maintain separate account of Advances Received, Paid & adjustments made.Webtel

GSTGyan: Maintaining Specified account or Records

GSTGyan 1156. Specified account or records to be maintained separately for each activity including manufacturing, trading & provision of services etc. Webtel

GSTGyan: Composition supplier exempt

GSTGyan 1155. Supplier MUST maintain Stock records of raw materials, finished goods, scrap etc (including gifts, goods lost ). Composition supplier exempt.

GSTGyan: Carrying forward input tax credit

GSTGyan 1154. To carry forward input tax credit under existing laws and on stock, assessee to file GST TRAN-1 on www.gst.gov.in in 60 days from appointed date.

GSTGyan: Opting for Composition Scheme

GSTGyan 1153. To opt for Composition Scheme, Migrated Assessee to file Form GST CMP-01 on www.gst.gov.in, before or in 30 days from appointed date. Webtel

GSTGyan Cess applicability

GSTGyan 1152. Cess applicable on CGST & IGST on vehicles, cold drinks, pan masala, tobacco, solid fuels made from coal, lignite etc& other specified supplies.
Cess applicability

GSTGyan: Information to be furnished electronically

GSTGyan 1151. Information to be furnished electronically in GST INS-01 prior to movement of goods if value exceeds Rs. 50,000, whether within or outside state.

GSTGyan: Filing of GSTR-1 and GSTR-2

GSTGyan 1150. GSTR-1 of a month can be filed within 10 days from end of month. It cant be filed from 11th to 15th as GSTR-2 to be filed in this period. Webtel

GSTGyan: Summary under GSTR-1

GSTGyan 1149. In GSTR-1 give Summary of supplies to Unregistered persons, Rate wise for Local supplies & Rate & State wise for Inter-state ones upto 2.50 Lacs

GSTGyan: GSTR-2, purchaser to specify inward supplies.

GSTGyan 1148. In GSTR-2, Purchaser to specify inward supplies for which he is not eligible for ITC fully or partly whether at invoice level or otherwise. Webtel

GSTGyan: Separate Registration for SEZ Unit or Developer

GSTGyan 1147. SEZ Unit or Developer to take separate registration even if another unit of entity outside SEZ already has separate registration in same state.

GSTGyan: GST applies on Free Supplies

GSTGyan 1146. GST applies on Free Supplies in course or furtherance of business to related or distinct persons. Gifts to staff upto 50,000 pa exempt. Schedule.

GSTGyan: Usage of Word Family

GSTGyan 1145. Word Family used in several places like definition of agriculturist means spouse, children & Dependent Parents, grand-parents, brothers & sisters.

GSTGyan: Rules finalized for GST

GSTGyan 1144. Rules for GST Returns, Registration, Payment of GST, Invoicing & Refunds finalised. Rules for ITC, Valuation, Transition etc. tentatively final.

GSTGyan: GST Migration

GSTGyan 1143: Complete your GST Migration by extended date of 30-4-17. Unused Provisional IDs may be cancelled after that. Source www.gst.gov.in/enrolplan.

GSTGyan: Supplies of specified Goods & Services

GSTGyan 1142. Under Final GST Bill, Supplies of specified Goods & Services from Unregistered person to Registered person to be taxable under Reverse Charge.

GSTGyan: Checking Migration Status.

GSTGyan 1140. Check Migration status using PAN, Indirect Tax Registration No or Provisional ID. https://services.gst.gov.in/services/check-registration-status.

GSTGyan: GST Provisional IDs

GSTGyan 1139. GST Provisional IDs not used till 31.3.17 may be cancelled as not needed. All existing indirect tax assessees migrate to GST in next 6 days. Webtel

GSTGyan: Migration of Indirect Tax Assessees to GST in next 7 days.

GSTGyan 1138. All existing indirect tax assessees to migrate to GST in next 7 days as 31.3.17 is the last date shown on www.gst.gov.in for this purpose. Webtel

GSTGyan: GST Council to approve Rules

GSTGyan 1137. GST Council to approve Composition, Valuation, Input Tax Credit & Transition Rules on Council Meeting on 31-3-17. Other Rules already approved.

GSTGyan: Approval of CGST, IGST, UTGST & Compensation bills.

GSTGyan 1136. Cabinet approves CGST, IGST, UTGST & Compensation bills. Lok Sabha to pass them as Money Bills in Budget session. No need for Rajya Sabha approval

GSTGyan: CGST, IGST, UTGST & Compensation bills to be passed by Parliament

GSTGyan 1135. Parliament to pass CGST, IGST, UTGST & Compensation bills already approved by GST Council in Budget session. States to pass respective SGST bills.

GSTGyan: Issue of Credit/ Debit Note

GSTGyan 1134. In GST law, Supplier has to issue Credit/ Debit Note, in case of incorrect amount of supplies or GST, return of goods or deficiency in supplies.

GSTGyan: Deduction Or Collection Of Tax At Source

GSTGyan 1133. No threshold for persons responsible for deduction or collection of tax at source under existing GSTIN or separately registered for TDS/TCS. Webtel

GSTGyan: No GST on Education & Health Care

GSTGyan 1132. No GST on Education & health care provided by Government or its Authority, Local Authority (Schedule IV). Those provided by others may attract GST.

GST Gyan: Purchaser to inform in GSTR-2

GSTGyan 1131. Purchaser to inform in GSTR-2, amount of ineligible input tax credit on inward non-taxable supplies or those for non business purposes. Webtel

GST Gyan: UGST law proposed for Implementation of GST.

GSTGyan 1130. UGST law proposed for implementation of GST in Union Territories like Andaman & Nicobar Islands, Chandigarh etc as SGST not applicable to them.

GST Gyan: Composition Scheme

GSTGyan 1129. Composition Scheme in 17-18 for most Manufacturers & Restaurants @ 5% & Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.

GSTGyan: Council clears final draft of CGST & IGST law.

GSTGyan 1128. GST Council clears final draft of CGST & IGST law. UTGST &SGST bills to be finalised at next meeting of Council on Mar 16. Regards, Webtel.

GST Gyan: Separate Fee for each return i.e. GSTR-1, 2, 3 etc.

GSTGyan 1127. Late Returns would attract fee @ 100 per day subject to maximum of 5000. This fee is separate for each return i.e. GSTR-1, 2, 3 etc. Rgds Webtel.

GST Gyan: Composition Scheme

GSTGyan 1125. No Composition Scheme for Services, Non-taxable goods, Interstate Supplies, Supply through e-commerce operators & Manufacturer of notified Goods.

GSTGyan: Separate invoice for reverse & forward charge goods & services.

GSTGyan 1124. Separate invoice to be issued for reverse charge & forward charge goods & services. Both cant be clubbed together in single invoice. Rgds, Webtel.

GST Gyan: No refund, if TDS amount credited to ECL.

GSTGyan 1122. No refund shall be granted to deductor if TDS amount has been credited to Electronic Cash Ledger of the deductee. Regards, Webtel.

GSTGyan: Assessee to submit CA Certificate with GST RFD-01, for Refund

GSTGyan 1121. For Refund, Assessee to submit CA Certificate with GST RFD-01 that GST burden not passed to customer. Self Certification for less than 5 lacs.

GSTGyan: Refund can be applied after delivery of export manifest, For Export of goods

GSTGyan 1120. In case of Export of goods, Refund can be applied after delivery of export manifest or export report at Customs before departure of conveyance.

GST Gyan: Inter-state supply of less than Rs 50,000

GSTGyan 1119. Inter-state supply of less than Rs 50,000 where address of buyer is not available in records of supplier, shall be treated as Intra-state supply.

GST Gyan: Details of Unregistered person in every Tax

GSTGyan 1118. Address of buyer, place of delivery & state mandatory even for Unregistered person in every Tax Invoice of Rs. 50,000 or more.

GST Gyan: Serial no of invoices to be provided in GSTR-1.

GSTGyan 1117. Serial no of invoices issued during a tax period to be provided in GSTR-1(Return of Outward Supplies) filed electronically at GST Common Portal.

GST Gyan: Invoice Reference No. during inspection of goods.

GSTGyan 1116. During inspection of goods, Invoice Reference No. generated on uploading Invoice on GST Portal can be used in place of Invoice, within 30 days.

Gst Gyan: Supply Meant For Export On Payment Of IGST

GSTGyan 1115. Export Invoice should carry an endorsement SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST/UNDER BOND WITHOUT PAYMENT OF IGST, as case may be.

GST Gyan: Invoice for Services

GSTGyan 1114. Invoice for Services should be raised within 45 days from provision of service in case of Banks, NBFCs & FIs & 30 days in other cases.

GST Gyan: U/s 80 of Model GST Act

GSTGyan 1113. U/s 80 of Model GST Act, Prescribed Documents & DEVICES to be carried during movement of goods exceeding specified limit (Rs. 50,000 earlier).

GST Gyan: Filing of GST Returns

GSTGyan 1112. In case of default in filing of GST Returns, notice will be issued to defaulter to file returns in 15 days. Regards, Webtel

GST Gyan: Issue Revised Invoice with GSTIN

GSTGyan 1111. Issue Revised Invoice with GSTIN within 30 days for invoices issued between effective date of registration & grant of Registration Certificate.

GST Gyan: Composition Supplier to issue Bill of Supply

GSTGyan 1110. Composition Supplier to issue Bill of Supply. Other Suppliers to issue Bill of Supply instead of Tax Invoice for Exempted Supplies only. Webtel

GST Gyan: Supplies to SEZ

GSTGyan 1109. Supplies to or by SEZ Developer/Unit to be deemed as Inter state Supplies. Supplies to SEZ to be Zero Rated with facility of Refund for tax paid.

GST Gyan: Revised GST Model law- Explanation 1 to Sec 2(92)

GSTGyan 1108. In Revised GST Model law, as per Explanation 1 to Sec 2(92), Services include Transactions in Money but do not include Money & Securities. Webtel

GST Gyan: Business Assets/Services for Private or Non-Business use.

GSTGyan 1107. Temporary use of business assets/services for private or non-business use is NOT Deemed Supply in Revised GST Model Law. Regards, Webtel

GST Gyan: Draft of IGST, SGST & CGST expected to be finalised

GSTGyan 1106. At next meeting of GST Council on Feb 18, Draft of IGST, SGST & CGST expected to be finalised, enabling bills to be introduced in legislature.

GST Gyan: Indirect Tax Receipts- Budget 2017-18

GSTGyan 1105. Indirect Tax Receipts estimates in Budget 2017-18 to include a combination of Excise & Service tax for 3 months & GST for next 9 months.

GST Gyan: Expected date for GST - 01.07.2017

GSTGyan 1104. GST expected from 1.7.17. Computer based assessment by Centre or State. 90% of small assessees& 50% of bigger ones by States. Rest by Centre.

GSTGyan: Limit for Cognisable & Non-bailable offences reduced

GSTGyan 1103. In Revised GST Model law, Limit for Cognisable & Non-bailable offences has been reduced from 2.50 cr to 1 cr. Regards, Webtel.

GSTGyan: Provisional Refund Limit

GSTGyan 1102. Limit of Provisional Refund raised from 80% to 90%. Time period for Refund reduced from 90 to 60 days, beyond which interest will be payable.

GSTGyan: TDS Threshold

GSTGyan 1101. Threshold for TDS reduced from 10 to 5 lacs for single contract of supply. Rate of TDS/TCS to be 2%.(CGST+SGST for Local & IGST for inter-state).

GSTGyan: Apply at least 5 days prior to actual Commencement of Business

GSTGyan 1100. Causal Taxable person or Non-resident Taxable person must apply at least 5 days before actual Commencement of Business. Regards, Webtel

GSTGyan: Revised GST Model Law

GSTGyan 1099. In Revised GST Model Law, Business Vertical has been defined in Sec 2(18) itself& reference to AS-17 (Segment Reporting) has been removed. Webtel

GSTGyan:Aggregate Turnover in Revised GST Model Law

GSTGyan 1098. In Revised GST Model Law, Aggregate Turnover includes Exports, Exempt & Inter-state Supplies but does NOT include Non-taxable Supplies. Webtel

GSTGyan: Composition Scheme for Manufacturer

GSTGyan 1097. Manufacturer can avail Composition Scheme upto 50 lacs @ minimum 5%(2.5% CGST & 2.5% SGST) & Trader at 2%(1%CGST+1%SGST). NA to Service provider.

GSTGyan: Enrolment of Assessees

GSTGyan 1096. Enrolment of Assessees of Excise wef 5.1.17, Service Tax wef 9.1.17 & those enrolled with ST, Excise or VAT after Aug 2016 from 1.2.17 to 20.3.17

GSTGyan: VAT Dealers - Enrol by 31-12-16

GSTGyan 1095. VAT Dealers of Chandigarh, Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan, Uttarakhand& UP to enrol at www.gst.gov.in by Sat, 31-12-16. Webtel

GSTGyan: PAN, CIN, LLPIN, DIN, Aadhar No. in GST Enrolment

GSTGyan 1094. Mention correct PAN, CIN, LLPIN, DIN, Aadhar in GST Enrolment Application as the same will be accepted only once these are validated online. Webtel

GSTGyan: Separate Authorisation letter / Board Resolution

GSTGyan 1093. In GST Enrolment, upload Separate Authorisation letter/ Board Resolution & acceptance for each Authorised Signatory in jpeg/pdf format (upto 1mb).

"GSTGyan: Aadhar No of Primary Authorised Signatory in GST Enrolment"

GSTGyan 1092. In GST Enrolment, Aadhar No of Primary Authorised Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.

GST Gyan: Details of ALL Partners/Members of AOP/BOI

GSTGyan 1091. Details of ALL Partners/Members of AOP/BOI have to be given in Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each).

GST Gyan: Migration/Enrolment under GST

GST Gyan 1090. Migration/Enrolment under GST for existing assessees is for specified limited time period. Please act NOW as GSTN will close this window soon.

GSTGyan: Registation details under GST Enrolment

GSTGyan 1089. Registation details of VAT, CST, Service Tax, Excise, IEC No, CIN/LLPIN, Entry tax, Entertainment Tax etc have to be given in GST Enrolment.

GST Gyan: Registration under GST for Migrated Taxpayers

GSTGyan 1088. Migrated Taxpayers not liable for Registration under GST shall apply online in Form GST REG-24 for Cancellation of Registration. Regards Webtel.

GST Gyan: GST Enrolment

GSTGyan 1087. In GST Enrolment, give Principal & Additional Places of Business for State for which migration is done & not those in other states. RgdsWebtel.

GSTGyan:VAT Dealers Enrolment

GSTGyan 1086. VAT Dealers of Chandigarh, Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan, Uttarakhand& UP start Enrolment at www.gst.gov.in wef TODAY(16 Dec).

GSTGyan: Revised Draft GST Law.

GSTGyan 1085. In Revised Draft GST Law, Securities has been excluded from definitions of Goods & Services. So no GST will be applicable on shares, bonds etc.

GSTGyan: GST Applicability.

GSTGyan 1084. GST will be applicable on all books at applicable rates. Exemption only to Text Books & Art Works. GST Council to decide on any other exemptions.

GST Gyan: Time of Supply of Service

GSTGyan 1083. Time of Supply of Service is earlier, of Date of Invoice or Receipt of Payment if bill raised in time. Else, last day by which bill to be issued.

Message: Input tax credit on capital goods.

GSTGyan 1082. Input tax credit on capital goods can be claimed in first year except for telecom towers in case of telecom companies where available in 3 years.

GSTGyan 1081.Capital goods are goods capitalized in books of accounts of person claiming credit & used/intended to be used in course or furtherance of business.

MESSAGE: Every Registered Unit shall be considered a Distinct Person

GSTGyan 1080. Every Registered Unit shall be considered a Distinct Person in case of Multiple Registations in a single or multiple states. Regards, Webtel.

Message: Revised Model GST Act with Anti profiteering Clause

GSTGyan 1079. Anti profiteering Clause in revised Model GST Act to ensure that Suppliers pass on benefit of lower rates or Input Tax Credit to consumers. Webtel.

GSTGyan: Fill details of Directors while enrolment

GSTGyan 1078. In GST Enrolment, fill details of Resident Directors. Give Foreign Directors details when www.gst.gov.in makes changes to fill foreign address.

GSTGyan : User id & Password specifications

GSTGyan 1077. User id & Password at www.gst.gov.in to be of 8-15 characters. 1 lower & 1 Upper case alphabet, 1 No. & 1 specified special character in Password.

GSTGyan: Enter Correct Mobile No & E-mail id while enrolment

GSTGyan 1076. During Enrolment at www.gst.gov.in, enter Correct Mobile No & E-mail id as any change/correction can be done only after 1.4.2017. Regards, Webtel.

Message: Existing dealers under various acts, to get single Provisional Login ID for GST.

"GSTGyan 1075. Existing dealers registered under VAT, Profession Tax, Luxary Tax etc in a state etc to get single Provisional Login ID for Enrolment under GST."

GST Message: Common Enrolment under GST for Central & State GST.

"GSTGyan 1074. Enrolment under GST is common for Central & State GST. There will be common Registration, Returns & Challan for CGST & SGST. Regards, Webtel"

GST Message: Digital Signature in Token can be used at www.gst.gov.in

GSTGyan 1073. Class 2 /3 Digital Signature in Token can be used at www.gst.gov.in from Internet Explorer 10, Chrome 49 or Firefox 45 or higher versions.

GSTGyan- Registration starts TODAY(14.11.16)

GSTGyan 1072. Registration starts TODAY(14.11.16) at www.gst.gov.in for Maharashtra, Goa, Daman & Diu, Dadra & Nagar Haveli, Chhattisgarh. Gujarat from 15.11.16

Message: Desktop Browser should be Internet Explorer 10,Chrome 49 or Firefox 45

GSTGyan 1071. Desktop Browser for accessing GST Common Portal www.gst.gov.in should be Internet Explorer 10, Chrome 49 or Firefox 45 or higher versions. Webtel.

GSTGyan- Amendments to enrolment application

"GSTGyan 1070. Amendments to enrolment application including change in mobile & e-mail id can be done from appointed date onwards. (Expected date 1.4.17). Webtel".

Enrolment in GST commences.

GSTGyan 1069. Enrolment in GST begins at www.gst.gov.in. Delhi, Haryana, UP, Punjab from 16-31 Dec. Gujarat, Maharastra 14-29 Nov. ST assessees in Jan 2017.

GST IN generated in the phased manner.

GSTGyan 1068: GSTIN generated in phased manner. Already done for 20 lac VAT assessees in 8 states. Others to get later. ST Assessees to get in Jan'17.

GSTGyan - GST Registration to start on 8.11.2016

GSTGyan 1067. GST Registration shall start on 8.11.2016 at www.gst.gov.in. Assessees with verified PAN shall be allowed to fill details & submit proofs. Webtel.

GSTGyan - 10 bank accounts can be added during enrolment

GSTGyan 1066. Upto 10 bank accounts can be added during enrolment. Proof of Bank A/c No, Branch, Address of A/c holder & few transaction details required.

GSTGyan- Proposed GST Rates

GSTGyan 1065. Proposed GST Rates. Food items-0%, Essential items-5%, Luxary cars,FMCG, cigarettes-28%+cess, Most items-18%, Others-12%. Rate on Gold pending.

GSTGyan- Provide Email address & mobile no of responsible person.

GSTGyan 1064. For proper communication, give Email address & mobile no of responsible person in business during GST enrolment. Separate registration of CA etc.

GSTGyan- No physical documents required for the Enrolment

GSTGyan 1063. No physical documents for Enrolment. Soft copy in jpeg or pdf format, upto 1 mb acceptable. Photos can be in jpeg format, upto 100 kb. Rgds Webtel.

GSTGyan- Existing assessees to apply for Enrolment

GSTGyan 1062. Existing assessees have to apply on GST System Portal for Enrolment under GST. Enrolment is common for Central GST & State GST. Regards, Webtel.

GSTGyan- GST paid on Reverse Charge eligible for Input Tax Credit

GSTGyan 1061. GST paid on Reverse Charge will also be eligible for Input Tax Credit if goods or services are used or intended to be used for business. Webtel.

GSTGyan- Value & Taxable Value must be given in GST Returns

GSTGyan 1060. Value & Taxable Value have to be given in GST Returns as they may be different. Taxable value is to be given even if there is no consideration.

GSTGyan - DSC in GST REG-20 to be used by Co, LLP etc

GSTGyan 1059. Co, LLP etc to use DSC to sign Application for Enrolment of Exisiting Assessees in GST REG-20. Others with valid Aadhar can use e-signature also.

GSTGyan- Voluntary Registration cannot be applied for cancellation before 1 year

GSTGyan 1058. A Taxable person who has taken Registration Voluntarily cannot apply for cancellation before completion of one year from date of registration.

GSTGyan: Submit Final Return before cancellation of registration

GSTGyan 1057. Every Taxable person (other than Composition Supplier) has to submit Final Return before cancellation of registration. Regards, Webtel.

GSTGyan: Assessees to be able to access their data migrated to GSTN, by 8.11.16

GSTGyan 1056. Wef 8.11.16, existing 80 lac assessees will be able to access their data migrated to GSTN, make necessary corrections & upload relevant documents.

GSTGyan: GST Rate Structure Proposed

GSTGyan 1055. Proposed GST Rates. Food items-Exempt, Gold, Silver-4%, Essential items-6%, Luxury items,FMCG, cigarettes-26%+cess, Most items-18%, Others-12%.

GSTGyan: Advance receipt against supplies to get a Transaction id

GSTGyan 1054. Every advance receipt against supplies shall get a Transaction id which is to be mentioned against invoice issued later in GSTR-1. Regards Webtel.

GSTGyan: Shutting down of Large Taxpayer Units under GST

GSTGyan 1053. Large Taxpayer Units to be shut down under GST at all locations i.e. Bengaluru, Chennai, Delhi, Kolkata & Mumbai, due to their failure.Rgds Webtel.

GSTGyan: Invoices's summary to be given in GSTR-1

GSTGyan 1052.Summary of invoices issued to be given in GSTR-1(including invoices issued for inward supplies from Unregistered Persons liable to Reverse Charge).

GSTGyan: Audit Report cum Reconciliation Statement to be filed in FORM GSTR-9B

GSTGyan 1051. Assessee to e-file Audit Report cum Reconciliation Statement by CA/ICWA in FORM GSTR-9B with audited accounts, if turnover exceeds Rs 1 cr. Webtel.

For the intimation of provisional GSTIN update the E-mail id & Mobile no. in VAT, ST, & Excise dept

GSTGyan 1050. Update correct E-mail id & Mobile no. in VAT, ST, Excise dept etc. for intimation of provisional GSTIN in due course. Else no migration to GST.

Introduction of Returns GSRT-1A & 2A in draft rules

GSTGyan 1049. Returns GSRT-1A & 2A introduced in draft rules for additions, corrections, deletions of outward/inward supplies by the recipient /supplier. Webtel.

Casual/Non-resident taxpayers not tofile Annual Return

GSTGyan 1048. Normal & Compounding taxpayer to file Annual Return. Not to be filed by Casual/Non-resident taxpayers, ISDs & Persons liable to deduct TDS. Webtel.

Assessee can use the paid amount primarily for self assessment tax & interest of earlier periods

GSTGyan 1047. Amount paid by assessee is used first for self assessment tax & interest of earlier periods, then current period & then other amounts e.g. demand.

Pay tax proportionately when Advance Payment is received

GSTGyan 1046. In case of Advance Payment received from purchaser, pay tax proportionately and not on total amount of supplies to be made. Regards, Webtel.

Registration Certificate extended to 90 days

GSTGyan 1045. Registration Certificate issued to Casual or Non-resident Dealer is valid for 90 days. Extension by another 90 days, on request. Regards, Webtel.

Composition Supplier cannot charge tax from customer or issue tax invoice

GSTGyan 1044. Composition Supplier cannot charge tax from customer or issue tax invoice. Credit of Composition tax cannot be claimed by customer. Rgds Webtel.

Purchases from Unregistered dealers and Taxable person

GSTGyan 1043. For Purchases from Unregistered dealer, Taxable person will not get ITC& Composition Dealer will not be required to pay tax under Reverse charge.

Reverse charge provisions in case of goods & services

GSTGyan 1042. Reverse charge provisions will be applicable in case of both goods & services in case of specified supplies and assessees. Regards, Webtel.

No need to file GST RFD-01

GSTGyan1041. No need to file GST RFD-01 for Refund of balance in Electronic Cash Ledger. Same can be claimed through return forms GSTR-3, 4 & 7. Rgds, Webtel.

Composition Scheme for Inter- state Supplies

GSTGyan 1040. Composition Scheme is not applicable if assessee makes Inter- state Supplies or pays tax on Reverse Charge basis. Regards, Webtel.

Payment through Debit or Credit card

GSTGyan 1039. For payment through Debit or Credit card, prior registration of card at GST Common Portal through authorised bank is necessary. Regards, Webtel.

GSTGyan- Payment Challan GST PMT-4 to be valid for 15 days

GSTGyan 1039. Payment Challan GST PMT-4 generated at GST Common Portal shall be valid for 15 days. Generate fresh challan if not paid in 15 days.Regards, Webtel.

TDS, TCS, Tax under Reverse Charge etc. to be paid through Electronic Cash Ledger

GSTGyan 1037. TDS, TCS, Tax under Reverse Charge, Composition Tax, Interest, Penalty, Fee or any other amount can be paid ONLY from Electronic Cash Ledger.

Pre-requisites for registration

GSTGyan 1036. Validation of Mobile No. & E-mail id by OTP & PAN, a prerequisite for registration in GST. Any subsequent change also to be validated. Webtel.

upload invoices >2.5 lacs in GSTR1, for B2C Inter state Supplies

GSTGyan 1035. For B2C Inter state Supplies, upload invoices >2.5 lacs in GSTR1. For other inter state supplies & all intra state supplies, State wise summary.

Details of ALL invoices to be uploaded in GSTR1

GSTGyan 1033. For B2B Supplies, details of ALL invoices whether Intra/Inter State have to be uploaded in GSTR1 as ITC has to be claimed by recipient. Webtel.

Draft Rules & Formats for Registration, Payment & Invoice

GSTGyan 1034. Draft Rules & Formats for Registration, Payment & Invoice issued by CBEC for public comments by 28-9-16. Regards, Webtel.

All cesses to subsume in GST

GST Gyan 1032. All cesses to be subsumed in GST. Only 5% assessees would be audited in GST regime, against 70-80% by some states now. Regards, Webtel

Threshold for Registration 10 lacs for NE states & 20 lacs for others

GSTGyan 1031. Threshold for Registration 10 lacs for NE states & 20 lacs for others. For turnover upto 1.5 cr, jurisdiction of States only. Joint for others.

CBEC issues FAQs on Registration, Valuation, ITC,…

GSTGyan 1030. CBEC issues FAQs on Registration, Valuation, ITC, Assessment, Audit, Refund, Demand & Recovery, Appeals, Advance Ruling, Offence & Penalties etc.

Proposal to compensate states for revenue loss in first 5 yrs

GSTGyan 1029. Proposal to compensate states for revenue loss in first 5 years on the basis of average revenue of 2013-14, 2014-15 & 2015-16. Regards, Webtel.

Compounding Dealer can switch to Normal Dealer

GSTGyan 1028. Compounding Dealer can switch to Normal Dealer during the year but he can't change again to Compounding Dealer during same year. Regards, Webtel.

Apply for registration in 30 days to claim ITC of inputs

GSTGyan 1027. Apply for registration in 30 days from becoming liable, to claim ITC of inputs in stock on date preceding date of liability. Regards, Webtel.

GSTIN & Passwords to be issued by Oct end

GSTGyan 1026. By Oct end, GSTIN & Passwords to be issued to exisiting Assessees who will have to update Address, Names of Owners/Directors etc & Bank details.

Abatement for crucial services to avoid burden on consumers

GSTGyan 1025. Abatement for crucial services e.g. life or medical insurance expected to avoid significant increase in overall burden on consumers. Rgds, Webtel.

GST Payment by Internet banking, Dr/Cr Card, NEFT, RTGS or challan upto 10,000

GSTGyan 1024.GST Payment by Internet banking, Dr/Cr Card, NEFT, RTGS or challan upto 10,000 & not by Book Entry/Adjustment or Debit to Export Scrips. Webtel.

Additional fee for late returns

GSTGyan 1023. Late Returns would attract fee @ 100 per day subject to maximum of 5,000. Maximum fee in case of Annual Return is 0.25% of Aggregate Turnover.

Assessee to submit CA Certificate for refund

GSTGyan 1022. For Refund, Assessee to submit CA Certificate that GST burden not passed to customer. Self Certification upto threshold amount. Regards, Webtel.

Centre & States to have weight in ratio 1 : 2 in GST Council

GSTGyan 1021. Centre & States to have weight in ratio 1 : 2 in GST Council. FM & state FMs to be members. Decisions to be passed by 75% majority. Regards Webtel.

Parliament to approve CGST & IGST Bills

GSTGyan 1020. For GST roll out wef 1.4.2017, Parliament will have to approve CGST & IGST Bills & State Assemblies will pass their own SGST Bills. Rgds Webtel.

Proposed GST Council to resolve GST Rates

GSTGyan 1019. Proposed GST Council to resolve GST Rates, Dual control over Assessment/ Scrutiny of Assessees & Geographical/Area Based Exemptions. Rgds, Webtel.

President signs GST Bill

GSTGyan 1019. President signs GST Bill. GST Council to be constituted to resolve GST Rates, Dual control over Assessment/ Scrutiny& Area Based Exemptions.

Registration required in state from where supplies to be made

GSTGyan 1018. Registration required in each state from where supplies to be made. File 3 Returns pm for EACH Registration & 1 Annual Return. (Min 37 per regn).

Chartered/ Cost Accountant to be nominated for Special Audit

GSTGyan 1017. Dept. to nominate Chartered/ Cost Accountant for Special Audit if in scrutiny etc it seems value not correctly declared or excess credit availed.

Mandatory audit of books of account if turnover exceeds specified limit

GSTGyan 1016. Mandatory audit of books of account of all registered persons by Chartered/ Cost Accountant, if turnover in FY exceeds specified limit. Webtel.

No Period & Purpose fields in Challan

GSTGyan 1015. No Period & Purpose fields in Challan. To be used for Self Assessment Tax of earlier returns & then current return. Balance for demands etc.

Pay GST by Single Challan

GSTGyan 1014. Pay GST by Single Challan but breakup of IGST, SGST of relevant state & CGST to be given. E-payment except for payments upto Rs. 10,000. Webtel.

Refund of Input Tax Credit allowed

GSTGyan 1013. Refund of Input Tax Credit allowed at end of Tax Period for Exports & where ITC accumulated due to input tax rate higher than output tax rate.

No refund upto 1000 in GST

GSTGyan 1012. No refund upto 1000 in GST. Only Declaration for refund less than 5 lacs. Prescribed documents for refund of 5 lacs & above. Regards, Webtel.

GSTGyan Series

GSTGyan Series gives a brief preview of provisions in Model GST. Only learning required now. Action on registration etc to start only when it becomes law.Webtel.

TDS@ 1% to be applicable on notified supplies for contracts exeeding Rs. 10 lacs

GSTGyan 1011. TDS |1% will be applicable on notified supplies for contracts exeeding Rs. 10 lacs in value. TDS deposit by 10th of next month. Regards, Webtel.

Apply for registration in 30 days, to get Input Tax Credit

GSTGyan 1010. Apply for registration in 30 days, to get Input Tax Credit for period prior to registration. Else, get ITC from data of registration. Webtel.

GST Valuation Rules to be applied even in case of supplies to Employee

GSTGyan 1009. GST Valuation Rules to be applied even in case of supplies to Employee as he is deemed to be related to Employer u/s 2(82). Regards, Webtel.

Selling taxable milk, eggs, chickens, not part of agriculture

GSTGyan 1008. Selling milk, eggs, chickens taxable under GST as dairy/poultry farming not part of agriculture. Vegetables not taxable but their saplings are.

Composition Supplier can register in multiple states if total sales upto 50 lacs

GSTGyan 1007. Composition Supplier can register in multiple states if total sales upto 50 lacs. No Inter state sale. Scheme MUST for ALL businesses of PAN.

Registration required for each sale, if turnover already exceeds 9 lacs

GSTGyan 1006. For sale of even a rupee from a state, registration required if turnover already exceeds 9 lacs in another state as limit is for India as a whole.

Fresh registration to be taken by Input Service Distributor

GSTGyan 1005. In GST, fresh registration to be taken by Input Service Distributor registered under Service Tax, unlike other existing assessees. Rgds, Webtel.

Provisional Registration for 6 months

GSTGyan 1004. Provisional Registration for existing ST, VAT etc assessees for 6 months. Final Registration after submitting necessary details. Rgds, Webtel.

Aggregate Turnover does not include Value of Supplies in certain cases

GSTGyan 1003. Aggregate Turnover does not include Value of Supplies on which GST is payable on Reverse Charge basis & Value of Inward Supplies. Regards, Webtel.

Aggregate Turnover includes all Taxable, Non-taxable, Exempt Supplies, Exports

GSTGyan 1002. Aggregate Turnover includes all Taxable, Non-taxable, Exempt Supplies, Exports of Goods & Services computed on All India basis for Single PAN.

GST to require a very robust IT infrastructure

GSTGyan 1001. GST will require a very robust IT infrastructure as data of 300-500 cr invoices will be uploaded & matched every month. Regards, Webtel.