Ready for New Era- Goods and service Tax
By: – Prafful Lalwani
Goods and Services Tax – GST
Dated:- 21-9-2016<\/p>\n
Introduction
\nGST 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.
\nSalient Features of the proposed Indian GST System:
\n * GST is defined as any tax on supply of goods and services other than on alcohol for human consumption.
\n * Taxes would be subsumed under this regime as per fo<\/p>\n
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\n * Receipt of goods.
\n * Date of payment.
\n * Date of receipt of invoice
\n * Date of debit in books.
\n * Earlier of date of issue of invoice or receipt of payment (if invoice issued within prescribed period)
\n * Earlier of completion of service or receipt of payment (if invoice issued within prescribed period)
\n * Date shown by recipient in his books
\n * Specific provisions made for continuous supply of services.
\nEarliest of the following-
\n * Receipt of goods
\n * Date of payment
\n * Date of receipt of invoice
\n * Date of debit in books
\nProcedural aspects
\n * 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.
\nDealers would be allotted PAN based 15 digit alpha nu<\/p>\n
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\n * After successful payment, challan identification number (CIN) will be generated against CPIN.
\nRefund of taxes-
\nRefund 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.
\n\tGST returns and Due date of filling the returns:
\nGST Return particulars
\nDue Dates
\nGSTR 1- Sales Register
\n10th of the next month.
\nGSTR 2- Purchase Register
\n15th of the next month.
\nGSTR 3- Monthly return form
\n20th of the next month.
\nGSTR 4- Quarterly return for compounding dealers
\nOn and before 18th of the month after the quarter.
\nGSTR 5- Periodic return by Non-Resident Taxpayer
\nWi<\/p>\n
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