Goods and Services Tax – GST – By: – Prafful Lalwani – Dated:- 21-9-2016 Last Replied Date:- 30-12-1899 – Introduction GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. The Constitution Amendment Bill for Goods and Services Tax (hereinafter referred to as GST ) has been approved by the President of India post its passage in the Parliament (by Rajya Sabha on 3 August 2016 and by Lok Sabha on 8 August 2016) and has also been ratified by more than 50 percent of state legislatures. The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and to implement GST by April 2017. Salient Features of the proposed Indian GST System: GST is defined as any tax on supply of goods and services other than on alcohol for human consumption. Taxes would be subsumed under this regime as per follows: Petroleum and petroleum
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
invoice Date of debit in books. Earlier of date of issue of invoice or receipt of payment (if invoice issued within prescribed period) Earlier of completion of service or receipt of payment (if invoice issued within prescribed period) Date shown by recipient in his books Specific provisions made for continuous supply of services. Earliest of the following- Receipt of goods Date of payment Date of receipt of invoice Date of debit in books Procedural aspects Registration – Registration is mandatory for dealers having turnover over the specified limit. Dealers who are already registered with state VAT/sales tax authorities would be granted temporary registration number automatically under the GST regime and they have to get the permanent registration number within 6 months from the date GST becomes effective. Dealers would be allotted PAN based 15 digit alpha numeric registration number and separate registration is required for each state in which dealer is having business. Returns and t
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
n identification number (CIN) will be generated against CPIN. Refund of taxes- Refund will be given in cases like export, unutilized credit, completion of assessment etc. In case of refund relating to input/input services used for export, the time limit for filing refund claim is one year from the date of export and the refund claim has to be certified by a chartered accountant. Principle of unjust enrichment is applicable in case of all refunds. GST returns and Due date of filling the returns: GST Return particulars Due Dates GSTR 1- Sales Register 10th of the next month. GSTR 2- Purchase Register 15th of the next month. GSTR 3- Monthly return form 20th of the next month. GSTR 4- Quarterly return for compounding dealers On and before 18th of the month after the quarter. GSTR 5- Periodic return by Non-Resident Taxpayer Within 18th day after end of the month. GSTR 6- Return for Input Service Distributor (ISD) 15th of the next month. GSTR 7- Return for Tax Deducted at Source 10th of the
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =