GST Basics
By: – Smitesh Desai
Goods and Services Tax – GST
Dated:- 11-8-2016<\/p>\n
GST is most likely to be introduced with effect from 1st April 2017. With its introduction, the following 3 major taxes will be abolished:
\n * Central Excise Duty
\n * Service Tax
\n * Value Added Tax (VAT)
\nSupply will become the Taxable Event rather than Manufacture or Sale. GST will comprise of the following 3 elements:
\n * Central Goods & Services Tax (CGST)
\n * State Goods & Service Tax (SGST)
\n * Inter-State Goods & Services Tax (IGST) – not a different tax, really!
\nThe taxation mechanism will operate in 2 formats:
\n * Intra-State ie. Within the state
\n * Inter-State ie. Between 2 states
\nEvery transaction will attract both the taxes is CGST +<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n in addition to Customs Duty. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e from credits. The assessee will not 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: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST BasicsBy: – Smitesh DesaiGoods and Services Tax – GSTDated:- 11-8-2016 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 … Continue reading “GST Basics”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-929","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=929"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/929\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nInput 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:
\n * Credit of IGST, CGST & SGST will be separately availed & accounted
\n * IGST credit will be first used for payment of IGST liability
\n * IGST credit remaining in balance will be utilised for payment of CGST liability
\n * IGST credit remaining in balance will be utilised for payment of SGST liability
\n * CGST credit will be first used for payment of CGST liability
\n * Balance of CGST credit will be then be used for payment of IGST liability
\n * CGST credit cannot be used for payment of SGST liability
\n * SGST credit will be usable f<\/p>\n
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\nCGST
\nSGST
\nIGST
\nOpening Balance
\nFresh Credits
\nCredit Available
\nCredits Utilised
\nClosing Balance\/Cash Payment
\nISD mechanism remains intact. Branch transfer will attract GST. Exports will remain zero-rated.
\n Reply By ramniranjan kandoi as =
\nDear Smitesh.
\nRead your Article"GST Basics"
\nIt is really short & sw<\/p>\n
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