Goods and Services Tax – GST – By: – Smitesh Desai – Dated:- 11-8-2016 Last Replied Date:- 16-8-2016 – GST is most likely to be introduced with effect from 1st April 2017. With its introduction, the following 3 major taxes will be abolished: Central Excise Duty Service Tax Value Added Tax (VAT) Supply will become the Taxable Event rather than Manufacture or Sale. GST will comprise of the following 3 elements: Central Goods & Services Tax (CGST) State Goods & Service Tax (SGST) Inter-State Goods & Services Tax (IGST) – not a different tax, really! The taxation mechanism will operate in 2 formats: Intra-State ie. Within the state Inter-State ie. Between 2 states Every transaction will attract both the taxes is CGST + SGST. The ra
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toms Duty. Input Tax Credit (ITC) will be available to an assessee, ie manufacturer or service provider having turnover beyond the exempt limit (10.00 lacs). ITC will be operated as follows: Credit of IGST, CGST & SGST will be separately availed & accounted IGST credit will be first used for payment of IGST liability IGST credit remaining in balance will be utilised for payment of CGST liability IGST credit remaining in balance will be utilised for payment of SGST liability CGST credit will be first used for payment of CGST liability Balance of CGST credit will be then be used for payment of IGST liability CGST credit cannot be used for payment of SGST liability SGST credit will be usable for payment of SGST liability ONLY. The abov
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have much say about credit management because the credit register maintained at the assessee s desktop must also be uploaded into the NSDL+RBI driven software, for computation of net GST liability. GST liability will be computed through the output register maintained by the assessee & uploaded on the RBI+NSDL software. The following chart explains the ITC & cash payment mechanism: CGST SGST IGST Opening Balance Fresh Credits Credit Available Credits Utilised Closing Balance/Cash Payment ISD mechanism remains intact. Branch transfer will attract GST. Exports will remain zero-rated. – Reply By ramniranjan kandoi – The Reply = Dear Smitesh.Read your Article GST Basics It is really short & sweet & simple to understand by a Layma
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