Thursday, July 6, 2017

Goods and Service Tax


http://pib.nic.in/gst/

https://transformingindia.mygov.in/category/economy/gst/

http://www.ey.com/in/en/services/ey-goods-and-services-tax-gst

For Registration


https://services.gst.gov.in/services/quicklinks/registration



There are seven myths going around about #GST which are not true. Dispel them one by one in form of myth and reality.



Myth: I need to generate all invoices on computer/ internet only. Reality 1: invoices can be generated manually also
Myth 2: I need internet all the time to do business under GST. Reality 2: internet would be needed only while filing monthly return of GST
Myth 3: I have provisional ID but waiting for final ID to do business. R 3: provisional ID will be your final GSTIN number. Start business.
Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now. Reality 4: U can continue doing business and get registered within 30 days
Myth 5: There are 3 returns per month to be filed.
Reality 5 : There is only 1 return with 3 parts, out of which first part filed by dealer and two other parts auto populated by computer.
Myth 6: Even small dealers will have to file invoice wise details in the return.
Reality 6: Those in retail business (B2C) need to file only summary of total sales.
Myth 7: New GST rates are higher compared to earlier VAT.
Reality 7 : It appears higher bcoz excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now.



GST Rates

Exempt

Food grains
Cereals
Milk
Jaggery
Common Salt

5%

Coal
Sugar
Tea & Coffee
Drugs & Medicine
Edible Oil
Indian Sweets

12%

Fruit Juices
Vegetable Juices
Beverages containing milk
Bio-gas fuel
Fertilizers

18%

Capital goods
Industrial intermediaries
Hair Oil
Soap
Toothpaste

28%

Air conditioner
Refrigerators

28% + Cess

Small cars
(1% / 3% cess)

Luxury cars
(15% cess)


Invoicing Under GST


https://cleartax.in/s/gst-invoice

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CA Gaurav Jashnani


GST ACT
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CA Kart


Updated 8 July 2017, 1 July 2017

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