Friday, 1 December 2017
Thursday, 30 November 2017
Wednesday, 26 July 2017
Monday, 24 July 2017
GST GYAN --*Sale Detail to be uploaded by GST registered person*
Form GSTR-1
E-Filing Only
E-Filing Only
Invoice-wise details to be uploaded for all sales made to registered persons
Invoice-wise details to be uploaded for inter-state sales made to unregistered person if invoice value more than 2.50 lacs
Rate-wise consolidated figures to be uploaded of intra-state sales made to unregistered persons
Rate-wise State-wise consolidated figures to be uploaded of inter-state sales of values less than or equal to 2.5 lacs each made to unregistered persons
Wednesday, 19 July 2017
Tuesday, 18 July 2017
GST Gyan-GST rates of Construction materials
Cement-28%
Steel - 18%
River Sand - 5%
Crush Sand - 5%
Aggregate - 5%
Marble and Granite-12-28%
Stone-5%
Red Bricks-5%
Fly Ash Bricks- 12%
Cement Block - 18%
Glass - 28%
Shahabad - 5%
Tiles - 18-28%
Wire and Cable - 28%
Paint and Varnish - 28%
Sanatary Fittings - 28%
GI Fittings - 18%
CP Fittings - 18-28%(Depends on Base Material)
Wallpapers - 28%
Key Locks - 18%
Wooden Door and window - 28%
Aluminium Windows - 18-28%.
CA Tejbir Singh
(M)-- +91-9914860288
(M)-- +91-9914860288
Monday, 12 June 2017
E-Way Bills as Per New GST Rules
1) E-Way Bill will be required for movement of all goods, whether *within the state or across states*. E-way bills is even required for transport of *goods outside the GST ambit*, for example *exempt goods like agricultural products*.
2) *Entire process requires participation by* Supplier, Transporter and Recipient. For transport of goods exceeding *Rs 50,000* in Value-
- *Supplier* to upload details onto the GSTN portal.
- *Transporter* (In case of Third Party Transport Company) will upload further details to create a final e-way bill. This e-way bill is to be carried along with the goods that are being transported. Upon generation of the e-way bill on the GSTN portal, a unique e-way bill number (EBN) shall be made available to the supplier, the transporter and the recipient of goods.
- *Recipient of the goods*- if a registered entity under GST, has to communicate its acceptance or rejection of the consignment covered by the e-way bill, *within 72 hours of the details being available on the GSTN* portal. Else, the recipient is *deemed to have accepted the details*.
3) In Case of an Accident if goods would be transferred from one vehicle to another than transporter has to create a new e-way bill on the GSTN portal, before further transit.
4) Multiple consignments are to be transported in one vehicle (say, a lorry is catering to three different suppliers), the transporter is required to indicate the serial number of the e-way bills generated in respect of each such consignment on the GSTN portal. A consolidated e-way bill in the required form is to be generated by the transporter prior to the movement of goods.
5) *Validity period of the e-way bill*, which is dependent upon the distance involved for transport of goods-
- Distance less than 100 kms - validity 1 Day
- 100 Km to 300 km- Validity 3 Days
- 300 Km to 500 km- Validity 5 days
- 500 Km to 1000 km- Validity 10 days
- More than 1000km- Validity 15 days
HOW TO READY FOR GST
1. Get Complete your working for Closing Stock for the period 31.3.2017 / 30.6.2017 before GST Implementation date .
2. Allocate your such stock into quantative mode.
3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.
4. Rectify *Mismatch Reports of Purchases *, if persists .
5. Revise your Vat Returns if point no.4 applies to you.
6. Make strict follow-up to Collect all the C forms/H Form/ I forms .
7. Get your Books Finalise for FY 2016-17
8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.
10. Classify stock tax rate wise, purchased locally to get ITC into SGST.
11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.
12. Inform your GSTIN / ARN to all suppliers of Goods & Services.
13. Obtain GSTIN of all Suppliers & Buyers.
14. Apply for migration in all states if you have centralised registration under Service Tax.
15. Train your accountants for GST accounting and returns formats.
16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.
17. Check whether any stock of one year old is lying with you .
18. Analyse P and L and see which expenses are liable to RCM.
19. Be in regular touch with your GST Consultant
2. Allocate your such stock into quantative mode.
3. Get the A/c Statement from your Suppliers / Creditors for the year ended 31/3/2017 & compiled them from your books.
4. Rectify *Mismatch Reports of Purchases *, if persists .
5. Revise your Vat Returns if point no.4 applies to you.
6. Make strict follow-up to Collect all the C forms/H Form/ I forms .
7. Get your Books Finalise for FY 2016-17
8. Make a separate file of those items which are shown in your Unsold stock as on 30.6.2017 e.g. Purchase Bills/ Bill of Entry/ Excise Paying Documents etc.
9. Stock ageing be made to ascertain if any stock is more than 1yr old. If yes then dispose it off immediately or sell it to your sister concern against Tax Invoice locally.
10. Classify stock tax rate wise, purchased locally to get ITC into SGST.
11. Classify stock purchased on invoices bearing Duty Payment & non duty payments to get ITC transferred to CGST.
12. Inform your GSTIN / ARN to all suppliers of Goods & Services.
13. Obtain GSTIN of all Suppliers & Buyers.
14. Apply for migration in all states if you have centralised registration under Service Tax.
15. Train your accountants for GST accounting and returns formats.
16. Make Chart of HSN CODES & GST Rates on your goods & services to be purchased & Sold.
17. Check whether any stock of one year old is lying with you .
18. Analyse P and L and see which expenses are liable to RCM.
19. Be in regular touch with your GST Consultant
CA TEJBIR SINGH
9914860288
Thursday, 6 April 2017
GST Council clears bulk of rules for new tax regime
The GST Council cleared the bulk of the rules framework that constitutes the nuts and bolts of
the goods and services tax regime, days after the Lok Sabha approved crucial laws related to it.
The quick decision by the GST Council on Friday brightens the chances of the new tax being
rolled out from July 1 though industry has stepped up the demand for a September 1start to give
it more time for preparation.
The council will take up on May 18-19 the last big remaining task of fitting individual goods into the four tax slabs already decided. The council approved five rules dealing with registration, refunds, returns, invoice-debit and credit note payments that have been amended in line with changes to the GST laws. "Draft rules for input tax credit, valuation, transition and composition scheme have been approved by the council," finance minister Arun Jaitley said after the meeting. These drafts will be made public so that industry can give inputs and the final draft will be up for approval at the next council meeting to be held on May 18-19 in Srinagar. The Lok Sabha had on March 29 approved the four GST laws — central GST, integrated-GST, union territory - GST and compensation.
These now have to be approved by the Rajya Sabha, which should not pose a problem as these are Money Bills. The next meeting will also take up the crucial issue of deciding the slabs that goods and services will be slotted into. The council has finalised a four-tier tax structure of 5%, 12%, 18% and 28%, but the highest rate has been pegged at 40%. With the next council meeting more than a month away, achieving the deadline may be difficult, experts said.
"Given the fact that the council is meeting next on May 18-19 to finalise these rules and rates would be finalised thereafter, implementing GST from July 1may be extremely difficult for the government," said Pratik Jain, indirect tax leader, PwC. "One could expect that the voices for September 1 implementation would get stronger over the next few days." MS Mani, senior director, Deloitte Haskins & Sells, concurred with Jain. "Today's announcement of the draft rules together with the GST legislations approved two days back gives businesses a very short window of three months to prepare," he said. "Since the rates would be known only by end of May, a process-based systematic approach by businesses is the need of the hour."
(Economic Times)
The council will take up on May 18-19 the last big remaining task of fitting individual goods into the four tax slabs already decided. The council approved five rules dealing with registration, refunds, returns, invoice-debit and credit note payments that have been amended in line with changes to the GST laws. "Draft rules for input tax credit, valuation, transition and composition scheme have been approved by the council," finance minister Arun Jaitley said after the meeting. These drafts will be made public so that industry can give inputs and the final draft will be up for approval at the next council meeting to be held on May 18-19 in Srinagar. The Lok Sabha had on March 29 approved the four GST laws — central GST, integrated-GST, union territory - GST and compensation.
These now have to be approved by the Rajya Sabha, which should not pose a problem as these are Money Bills. The next meeting will also take up the crucial issue of deciding the slabs that goods and services will be slotted into. The council has finalised a four-tier tax structure of 5%, 12%, 18% and 28%, but the highest rate has been pegged at 40%. With the next council meeting more than a month away, achieving the deadline may be difficult, experts said.
"Given the fact that the council is meeting next on May 18-19 to finalise these rules and rates would be finalised thereafter, implementing GST from July 1may be extremely difficult for the government," said Pratik Jain, indirect tax leader, PwC. "One could expect that the voices for September 1 implementation would get stronger over the next few days." MS Mani, senior director, Deloitte Haskins & Sells, concurred with Jain. "Today's announcement of the draft rules together with the GST legislations approved two days back gives businesses a very short window of three months to prepare," he said. "Since the rates would be known only by end of May, a process-based systematic approach by businesses is the need of the hour."
(Economic Times)
GST Council to decide on rates in May
The goods and services tax (GST) Council on Friday cleared rules on five aspects of the new
indirect tax regime and tentatively approved four sets of norms.
This follows the clearing of the GST Bills by the Lok Sabha and the focus shifting to rules and
the fitment of rates.
The Council´s next meeting on May 18 and 19 in Srinagar will take up the four sets of norms (tentatively approved on Friday) and item wise rates. This will leave six weeks for businesses to prepare for these changes before the planned rollout on July 1. The five sets of rules the Council cleared are on registration, returns, payment, refunds and invoices. They were approved earlier, too, but were changed in bits and pieces to bring them in sync with the four Bills cleared by the Lok Sabha.
The latter will be discussed and passed in the Rajya Sabha when Parliament reconvenes on Wednesday, after a short break. The other four it approved were with regard to input tax credit, valuation, transitional provisions and composition, Union Finance Minister Arun Jaitley told reporters. They will be put in the public domain for suggestions for them to be taken up at the next meeting in May. The Council will consider the fitment of items in the five slabs —zero, five per cent, 12 per cent, 18 per cent and 28 per cent.
´Sin´ and luxury products such as tobacco, cigarettes, coal, luxury cars and aerated drinks will attract a cess over the peak rate of 28 percent. The issue is if the fitment of rates and the four sets of rules are settled by May 19, businesses get one and a half months to prepare for these changes. If these are delayed, they are left with even less time. However, an official in the finance ministry said the rate fitment would largely be a mechanical exercise.
This means the items will attract the GST rates that correspond roughly to the present indirect tax incidence. Even so, rules on input tax credit and transition are relevant and these might be cleared only in the next Council meeting. Also important are rules on valuation. Businesses want to know what happens to their interbranch transfers. Kerala Finance Minister Thomas Isaac said: “We must not delay the GST rollout.”
Delhi Deputy Chief Minister Manish Sisodia agreed. “We are all ready for July 1,” he said. Parliamentary Affairs Minister Ananth Kumar said once the Bills got the presidential assent and were notified, the legislative assemblies of states would need to pass their state GST Bills soon after, preferably by calling a special session.
In the Rajya Sabha, Opposition parties, particularly the Congress, Trinamool Congress and Left, have indicated they might move amendments to the Central GST and Integrated GST Bills. They are saying the existing Bills have made the GST Council superior to Parliament, as the government would go by the Council´s recommendations on setting the rates. However, the GST Bills are money Bills. This means the Lok Sabha can reject any amendments the Rajya Sabha might adopt.
(Business Standard)
The Council´s next meeting on May 18 and 19 in Srinagar will take up the four sets of norms (tentatively approved on Friday) and item wise rates. This will leave six weeks for businesses to prepare for these changes before the planned rollout on July 1. The five sets of rules the Council cleared are on registration, returns, payment, refunds and invoices. They were approved earlier, too, but were changed in bits and pieces to bring them in sync with the four Bills cleared by the Lok Sabha.
The latter will be discussed and passed in the Rajya Sabha when Parliament reconvenes on Wednesday, after a short break. The other four it approved were with regard to input tax credit, valuation, transitional provisions and composition, Union Finance Minister Arun Jaitley told reporters. They will be put in the public domain for suggestions for them to be taken up at the next meeting in May. The Council will consider the fitment of items in the five slabs —zero, five per cent, 12 per cent, 18 per cent and 28 per cent.
´Sin´ and luxury products such as tobacco, cigarettes, coal, luxury cars and aerated drinks will attract a cess over the peak rate of 28 percent. The issue is if the fitment of rates and the four sets of rules are settled by May 19, businesses get one and a half months to prepare for these changes. If these are delayed, they are left with even less time. However, an official in the finance ministry said the rate fitment would largely be a mechanical exercise.
This means the items will attract the GST rates that correspond roughly to the present indirect tax incidence. Even so, rules on input tax credit and transition are relevant and these might be cleared only in the next Council meeting. Also important are rules on valuation. Businesses want to know what happens to their interbranch transfers. Kerala Finance Minister Thomas Isaac said: “We must not delay the GST rollout.”
Delhi Deputy Chief Minister Manish Sisodia agreed. “We are all ready for July 1,” he said. Parliamentary Affairs Minister Ananth Kumar said once the Bills got the presidential assent and were notified, the legislative assemblies of states would need to pass their state GST Bills soon after, preferably by calling a special session.
In the Rajya Sabha, Opposition parties, particularly the Congress, Trinamool Congress and Left, have indicated they might move amendments to the Central GST and Integrated GST Bills. They are saying the existing Bills have made the GST Council superior to Parliament, as the government would go by the Council´s recommendations on setting the rates. However, the GST Bills are money Bills. This means the Lok Sabha can reject any amendments the Rajya Sabha might adopt.
(Business Standard)
Thursday, 9 March 2017
GST Council approves some relief for Services Sector; ISD Scheme retained under GST
APART from approving the CGST and IGST Model Laws, the GST Council
yesterday also approved certain reliefs for the services sector which was
initially kept outside the proposed Composition Scheme for turnover up to Rs
50 lakh.
One notable exception was made for the restaurant sector which will attract 5% GST rate - 2.5% of SGST and 2.5% of CGST. The tax rate for others opting for this Scheme would be decided later. The second relief for the services sector has come in the form of retaintion of the existing mechanism of Input Service Distributor (ISD) to allow the flow of ITC in respect of input services within a legal entity.
While interacting with the media the Revenue Secretary, Dr Hashmukh Adhia, said that some manufacturers upto Rs 50 lakh turnover would not be able to avail the composition scheme. And it would become clear only after the GST Bills are tabled in the Parliament.
Some of the key decisions taken by the Council are:
To prevent lock-in of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, ninety percent of the claimed amount on a provisional basis.
An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.
To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.
In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments.
An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.
An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.
In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.
A business entity with an annual turnover of upto Rs. 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain. The annual turnover threshold in the Special Category States (as enumerated in Article 279A of the Constitution such as Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh, Assam and the other States of the North-East) for not taking registration is Rs. 10 lakhs.
A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxescan be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).
One notable exception was made for the restaurant sector which will attract 5% GST rate - 2.5% of SGST and 2.5% of CGST. The tax rate for others opting for this Scheme would be decided later. The second relief for the services sector has come in the form of retaintion of the existing mechanism of Input Service Distributor (ISD) to allow the flow of ITC in respect of input services within a legal entity.
While interacting with the media the Revenue Secretary, Dr Hashmukh Adhia, said that some manufacturers upto Rs 50 lakh turnover would not be able to avail the composition scheme. And it would become clear only after the GST Bills are tabled in the Parliament.
Some of the key decisions taken by the Council are:
To prevent lock-in of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, ninety percent of the claimed amount on a provisional basis.
An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.
To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.
In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments.
An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.
An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.
In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.
A business entity with an annual turnover of upto Rs. 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain. The annual turnover threshold in the Special Category States (as enumerated in Article 279A of the Constitution such as Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh, Assam and the other States of the North-East) for not taking registration is Rs. 10 lakhs.
A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxescan be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).
Sunday, 1 January 2017
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