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GST update... *Certain important points to be noted in respect of GST: *1. # GST will 100% be implemented on 01-07-2017* *2. # Types of taxation in GST* *3. IGST : Integrated GST* *4. CGST : Central GST which with replacement CST* *5. SGST : State GST which will replace VAT* *6. # WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17* *7. # Registration certificates will be issued online.* *8. # There will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.* *9. # 5 forms on different dates have to be submitted every month.* *R1 form on 10th* *R2 form on 13th* *R3 form on 15th* *R4 form on 17th* *& * *R5 form or final returns on 20th* *You cannot file revised returns at all. Once filed on 20th is final.* *10. # Tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.* *11. # In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.* *12. # Be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake.* *13. # Your firm rating will be done by the system. Based on the rating audit trials will be conducted.* *14. # Proposed e sugam for ₹50000 & above value only.* *15. # Proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40.* *16. # 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services.* *17. # You need to submit 17 documents for migration to GST.* *18. # Most products MRP to come down.* *19. # Distribution + C & F channel under threat.* *20. # All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.* *21. # All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.* *22. # The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.* *23. # All books & records to be maintained on daily basis.* *24. # You will need a full time accountant in your shop/office to maintain books under GST.* *25. # All travel & tour expenses related to business have to be claimed under firm name.* *26. # If your vendor does not upload his bills within 180 days , you will not get tax credit.* *27. # You cannot claim credit for material in stock beyond one year.* *28. # They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.* *29. # All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.* *30. # Your Vat credit will not be carry forwarded to GST.*