Welcome GST - Happy First GST Day !

GST - Goods and Service Tax [or Good and Simple Tax as Mr. Modi Just Defined], Finally a dream turned into reality.  A Dream that every honest accountant saw, every honest tax officer saw, every patriotic politician saw ................... Corruption Free India, Assessee Friendly Tax System. Eight Years Ago, I told my team, Tax will change one day, the whole process will change. That day has come today. But, This is not destination, This is a journey that has just begun. Lots of changes will happen in Act and Rules, Almost 15 Years Back when VAT was introduced, People were confused at beginning, but when found, No more ST-1, ST-35, ST-35/1, ST-49 Required, But they could directly avail Input Tax Credit, their happiness was immense. Same feeling People will reflect soon, when they will realize Now they need not to worry about C/F/E-1/E-2/H Forms, They need not to wander from one dept to another dept. I do not say, GST is Perfect, But good thing is now atleast, We have a tax team lead by Revenue Secretary Mr. Hasmukh Adhia, Who is approachable and do needful to fix the things. So, We hope things will get better and India will Progress. 

At last Congratulations to all professional friends, lets grow together, make people aware about reforms and advantages of new tax system. Thanks.

Hope & Wish, Country to Grow with GST.

.
सृष्टि से पहले सत नहीं था
असत भी नहीं
अंतरिक्ष भी नहीं

आकाश भी नहीं था
छिपा था क्या, कहाँ
किसने ढका था
उस पल तो
अगम अतल जल भी कहां था

सृष्टि का कौन है कर्ता?
कर्ता है या है विकर्ता?
ऊँचे आकाश में रहता
सदा अध्यक्ष बना रहता
वही सचमुच में जानता
या नहीं भी जानता
है किसी को नही पता

वो था हिरण्य गर्भ सृष्टि से पहले विद्यमान
वही तो सारे भूत जाति का स्वामी महान
जो है अस्तित्वमान धरती आसमान धारण कर
ऐसे किस देवता की उपासना करें हम हवि देकर

जिस के बल पर तेजोमय है अंबर
पृथ्वी हरी भरी स्थापित स्थिर
स्वर्ग और सूरज भी स्थिर
ऐसे किस देवता की उपासना करें हम हवि देकर

गर्भ में अपने अग्नि धारण कर पैदा कर
व्यापा था जल इधर उधर नीचे ऊपर
जगा जो देवों का एकमेव प्राण बनकर
ऐसे किस देवता की उपासना करें हम हवि देकर

ऊँ! सृष्टि निर्माता, स्वर्ग रचयिता पूर्वज रक्षा कर
सत्य धर्म पालक अतुल जल नियामक रक्षा कर
फैली हैं दिशायें बाहु जैसी उसकी सब में सब पर
ऐसे ही देवता की उपासना करें हम हवि देकर
ऐसे ही देवता की उपासना करें हम हवि देकर ~

यदि पुराना समय और महान राजाओं का शासन होता तो विश्व भर से उच्च कोटि के अर्थशास्त्री इस (GST) समारोह का हिस्सा बनते, पर अभी तो अभिनेता, अभिनेत्रियां और गायक मंडलियों को ही ये सौभाग्य प्राप्त होगा।

Hope & Wish, Country to Grow with GST. 

10 things to know before GST rollout (Taxmann)

10 things to know before GST rollout 

GST will be rolled out from July 1, 2017 and just before its implementation the Govt. had issued various notifications on GST. Key takeaways from such notifications are given hereunder: 

1. There is a requirement to mention HSN code of items in tax invoice under GST. Now the Govt. has given some relief to small assessees with annual turnover uptoRs 1.5 crores. They are not required to mention HSN code in their tax invoice. Taxpayers having turnover in the range of Rs 1.5-5 crore will be required to mention only two digits of HSN code and taxpayers with turnover more than Rs 5 crore will be required to mention four digits of HSN code. 

2. Now the Govt. has given exemption from reverse charge in those cases wherein the value of goods or services does not exceed Rs 5000 and such goods or services are received by registered person from the unregistered person. 

3. Earlier Military canteens (‘Canteen Stores Department’)were not required to pay any indirect tax on purchase of goods. Now Military canteens will be required to pay GST at the time of purchase of goods and they would be entitled to refund of 50 percent of inputtax under GST. 

4. Now e-commerce operators (like Ola, Uber) are required to pay GST on radio taxi services. 

5. Now e-commerce operators (like MMT, Oyo rooms) are required to pay GST on services of hotel accommodation only when such hotels are not registered under GST. 

6. Exemption from reverse charge has been given to registered person on purchase of second hand goods from unregistered person subject to the condition that buyer will pay GST on its subsequent sales. 

7. Now builders would not be able to claim credit of unutilized input tax on supply of construction services. 

8. Earlier UN and Foreign diplomatic missions were not required to pay any indirect taxes. Now they are required to pay GST and they will be entitled to claim a refund of GST subsequently. 

9. GST will be be levied at rate of 5% on various goods used for petroleum operations subject to some conditions. 

10.Any services provided by Panchayat will not be liable to GST

Linking Aadhaar to PAN: Income Tax website www.incometaxindiaefiling.gov.in crashes as people rush to link PAN with Aadhaar before June 30

If you are trying to link Aadhar with PAN today and facing problem, be informed Income Tax Website is crashed due to heavy volume, tomorrow is last date, so every one is rushing to link aadhar and pan. and that's my worry, just read two days back, capacity of GST Portal is maximum 1.2 Lakh applications (60K+60K) per second, and We know it is in our blood of most of Indians to execute anything at last moment, whether it is about to pay Telephone/Mobile/Electricity/Credit Card Bill or Filling any tax return, 1.2 Lakh is nothing, if this is correct, as dates of applicability of GST Returns has already been extended, GSTN must take immediate steps to upgrade their system, otherwise every last date (10-15-20), Taxpayers (Their Accountants)will have to spend entire day in front of their computer waiting response from GST Portal. Thanks.
http://www.india.com/business/linking-aadhaar-to-pan-income-tax-website-www-incometaxindiaefiling-gov-in-crashes-as-people-rush-to-link-pan-with-aadhaar-before-june-30-2279895/

GST Planning - An Exciting New Field for New Tax Professionals

GST Planners और GST Planning. वो वक़्त दूर नहीं जब आपको ये दो शब्द बार बार सुनाई देंगे। एक नया क्षेत्र जल्द विकसित हो जायेगा Tax Professionals के लिए। आज जब भी हम Tax Planning की बात करते हैं, तो सबसे पहला ख्याल Income Tax ही आता है। 

शायद कुछ लोगों को अजीब लगे की अभी GST Implement भी नहीं हुआ और मै GST Planning की बातें कर रहा हूँ। शायद Unmarried लोग न समझ पायें, पर वो Professionals जो माता पिता बन चुके हैं, भली भांति जानते हैं कि शिशु का पोषण तब शुरू नहीं होता जब वो जन्म लेता है, ये तो तभी शुरू हो जाता है जब कोई महिला गर्भधारण करती है। यही वो समय होता है, जब Doctors की Advise की सबसे ज्यादा जरुरत होती है। 

इसी प्रकार GST के आरम्भ मे सही Planning से ही सही निर्णय लिया जा सकता है। Existing Law मे Registered हैं, Continue करे या Registration Cancel करा लें ? 20 लाख से कम Turnover के व्यापारी - यदि वो Direct End Consumer से जुड़ा है तो मस्त रहे, पर यही Advice अगर बड़ी Manufacturing Company के छोटे Supplier को दे दी जाये, तो उस बेचारे का तो काम ही बंद हो जायेगा। 75 लाख तक के व्यापारियों को Composition Scheme ले ही लेनी चाहिए, जरुरी नहीं, यदि 60% Cost Raw Material मे जाती है, तो Composite Scheme लेने से Loss ही होगा, क्यूंकि Input Tax Credit का फायदा भी नहीं मिलेगा और Output Tax भी अपनी जेब से जायेगा, जिससे सामान या सेवा की लागत और मूल्य दोनों बढ़ जायेंगे, और सबसे बड़ा नुक्सान बहुत सिमित दायरे मे रह कर व्यापार करना पड़ेगा, क्यूंकि Inter-State Supply नहीं कर पायेगा। 

GST बहुत ही Simple Law है पर तब जब Practice करना हो, लेकिन जब Planning की बात आती है तो ये किसी भूल भुलैया से कम नहीं। एक गलत फैसला और परेशानियां ही परेशानियां......................

Keep Enjoying GST. :)

GST Dhamaka Sale ! Great Discount Offers !

Yesterday got a chance to visit CP Market and it was amazing. Market was giving feel of Diwali. Every Shop, Small or Big, Every Brand ........... Rain of Discount Offers everywhere. Most of the Garments Brand 40% to 50%, Shoes/Footwears 30% to 50%, Also Good Offers on other items.

This is not a scene of CP Market only, You will find the Same Dhamaka Sale in all Markets. Just few weeks back, in one of my posts, I mentioned, There would be heavy discount offers from 16th to 30th June.

As per our working, GST is not going to make big impact on margin of most of the products, except where rate is changed based on Category of Products, additional hit to be born by Seller. But still many companies want to clear their old stock, specially where Inventory is not maintained at Micro Level.

These offers are just not limited to garments, fotwears, electronics but also on luxury cars like BMW, Audi, Mercedes, Jaguar and Land Rover.

The same trend is being followed by ecommerce companies. So, if you want to buy Mobile, Bike, Car, Washing Machine, TV, Refrigerator ..... or any Product. Don't wait for Diwali. Shop Now for you and your relatives too for giving gifts on various occasions. So Friends, Just Visit the market because "Yeh Rate or Offers Shayad Milenge Na Dubara". Thanks. :)

GST updates 24th June'17

#GST updates 24th June'17 :

1. Registration is getting opened on 25th:

a) For Pending Migration Cases.

b) Where Provision ID could not be issued earlier, due to non-filing of return, or held by department on account of any recovery pending, tax not deposited or any other issue, will be issued fresh provisional id, that to be used for migrating on GST portal.

c) For Fresh (New) Registration eligible on 01st July'17. (Can apply till 31st July'17)

2. Registration will start from 01st July'17 for the cases where Tax Payer got registration under existing laws like Excise & Service Tax etc in the month of June'17 as provisional id to them will be issued in the first week of July'17 only.

3. Migrating Tax Payers can use their enrolled provisional ids as their GSTIN for three months from 01st July'17 to conduct their business.

4. To meet revised compensation target to states (Rs. 50K Cr estimated in FY15-16), cess can be put on more items.

5. Anti-profiteering rules will be used only as a measure of last resort.

6. Other than on Textile and Real Estate, Refund will be issued for Excess GST Paid in all other cases. (Situation when Input Tax Paid exceeds Output Tax payable).

7. From 01st July'17, On Import, Custom Duty and IGST (ITC allowed) would be Payable.

Thanks.

How GST can be a ray of Hope for Dead Congress & UPA ?

GST, once the baby of Manmohan Singh and P. Chidambaram, adopted by Mr. Modi and Arun Jaitely with the hope, that one day world will forget once it was child of MMS and PC and they (NDA) used to curse it with warning not to enter in their area. :)

Simple Principle of Yin-Yang, Nothing is perfect in the world So GST. It is good law, but still lots of problems specially for small traders. Compliance Cost is just not one, Major problem is Reverse Charge on Goods. I have noticed many BJP Supporters are spreading the false news like It is not going to hit the SME. I think other than paid trolls or active members on social media, they are also people, who never gone out of their small office. Some saying SMEs trade among themselves. If anyone visits any industrial area, From Maya Puri Delhi, to Rudarpur or Pant Nagar or Jamshedpur, anywhere in any state of India, He would better understand, How organized and unorganized sectors work together. Every company has 10-100 small vendors who fulfill their needs, for companies like Tata Motors, Bajaj and Maruti, I believe may be in thousands. The people who have ever worked in Accounts, Commercial or Purchase department of any good size manufacturing company, they know, how the vendors are empanelled, They must have atleast registration with VAT and PF/ESI, as no company wants to get into dispute of statutory compliance on account of non-compliance by their vendor. The Small Vendors who were enjoying SSI Status under Excise now become Routine Tax Payers.(If TO>Rs. 20Lakh).

Media is under pressure, just few days back in Delhi, almost all trade unions protested against GST, same in other states, but no news was flashed. Govt is confident, as people did not oppose demonetization, they will also bear with GST. Over-Confidence is always bad, they must learn from the recent defeat of Indian Cricket Team from Pakistan. And If there is an issue, related to SMEs, must be addressed, taking all stake-holders in confidence. Govt must also take care of small taxpayers, should not always think about Ambanis, Adanis and Babas in Business. 

Unemployment is at peak, NDA has failed to fulfill its most of promises given during 2014 election campaigns. Farmers are restless and now if GST causes the trouble to millions of small business units ................ no power can help BJP to return into power in next election in spite of no opposition status. People have lots of hopes from Mr. Modi, and We believe he will do needful. Thanks.

GST updates on 21st June 2017

#GST updates on 21st June 2017 :

►All States/UTs except the State of Jammu & Kashmir passes the State GST Act and are ready for the smooth roll-out of GST w.e.f.1st July,2017.

►CBEC issued FAQ on Migration to GST. Link:

http://www.cbec.gov.in/resources//htdocs-cbec/gst/faq-migration-to-gst.pdf

►6 Notifications under CGST and 2 under IGST were issued on 19.06.2017:

Notifications under CGST:

♫ Notification 1 : Central Government hereby appoints the 22nd day of June, 2017, as the date on which the provisions of sections 1, 2, 3, 4, 5, 10, 22, 23, 24, 25, 26, 27, 28, 29, 30, 139, 146 and 164 of the said Act shall come into force.

♫ Notification 2 : Appointment of Officers and their Jurisdictions for various states.

♫ Notification 3 : It is about Composition and Registration Rules and Related Applications/Forms.

♫ Notification 4 : Notifies www.gst.gov.in as the Common Goods and Services Tax Electronic Portal for facilitating registration, payment of tax, furnishing of returns, computation and settlement of integrated tax and electronic way bill.   

♫ Notification 5 : Seeks to exempt persons only engaged in making taxable supplies, total tax on which is liable to be paid on reverse charge basis.

♫ Notification 6 : Modes of verification under CGST Rules, 2017. (EVC and OTP)

[You can download copies of all notifications at http://www.cbec.gov.in/htdocs-cbec/gst/central-tax-notfns-2017 ]

My Best Wishes on 3rd International Yoga Day

तृतीय अंतर्राष्ट्रीय योग दिवस के शुभावसर पर योग के सृजनकर्ता आदियोगी योगेश्वर भगवान शिव के चरणों में नमन और सभी भाई बहनों को शुभकामनायें। बारिश में योग का आनन्द ही कुछ और होता है, आज हमारे माननीय प्रधानमंत्री श्री नरेन्दर मोदी जी ने भी अनुभव किया होगा। :)

वास्तव में योग का अर्थ मात्र कुछ शारीरिक आसन ही नही है, योग तो बहुत विस्तृत है, सही ढंग से साँस लेना,अपनी क्षमता से आगे बढ़कर कार्य करना (हठ), सहज अवस्था में रहकर शारीरिक श्रम करना, पूरी ईमानदारी से किसी कार्य को करना (कर्म योग), ध्यान (Meditation) करना भी योग है, कुंडली जागरण भी योग है और भक्ति के माध्यम से भगवान से एकाकार होना भी योग है।

जब योगी शारीरिक अभ्यास से उठकर मानसिक अभ्यास की और बढ़कर जाता है, तो उसकी क्षमता असीमित रूप से बढ़ जाती है, जैसे Mobile Phone को बार बार charge करना पड़ता है, पर Land Line Phone हमेशा On रहता है, उसी प्रकार एक योगी सदैव ऊर्जा से भरपूर रहता है। यही कारण है हर बड़ी कंपनी के CEO प्रात: जल्दी उठ कर किसी ने किसी रूप में Exercise करते है, जिससे वो शारीरिक और मानसिक रूप से स्वस्थ रहें।

अंत मे मात्र यही कहूंगा, जो भोग नहीं है वही योग है। खान पान और बाणी में संयम, जागने और सोने के समय के साथ साथ जीवन के प्रत्येक क्षेत्र मे अनुशासन और ब्रह्माण्ड की सर्वोच्च सत्ता जिसे ईश्वर कहते हैं, को समर्पण - यही योग है। इसलिए हम भी प्रण ले, योग को अपनी दिनचर्या का एक महत्वपूर्ण भाग बनाने के लिए। धन्यवाद।

GST Promotion - in Dhinchak Pooja Style

If Dhinchak Pooja has to Promote GST. Lyrics may be:

मोदी जी आये हैं

GST लाये हैं

अब न करेंगे 

VAT Excise Service Tax 

वाले तुम्हे परेशान 

रहना GST के साथ शान से

जिन लोगों ने Registration

अब तक नही लिया 

मोदी जी ने फिर से मौका दिया 

मैंने तो Registration ले ली आज

बड़ा आसान था ये काम 

जो तुम को कुछ समझ न आये 

मुझसे पूछो मै भर दूँ  Form ........  

Some Updates of 17th GST Council Meeting held on 18.06.2017

17th #GST Council Meeting held today ( 18.06.2017). Some Updates :

►1st two months of GST, tax would be payable on a simple return.

►28% limit in hotels will start from Rs. 7,500. Between Rs 2,500- Rs 7,500 rate will be 18%.

►State run lotteries will be taxed at 12% & state authorised lotteries at 28%:

►GST network to take 4-5 months to prepare E-way Bill. Till then alternative or transient rule will prevail.

►Govt will roll out GST on July 1, next meeting of GST Council on June 30th, 2017.

►The official launch of the GST will take place on the midnight of 30th and 1st at a function in Delhi.

►No late fees & penalties will be levied for interim period.

►GST anti-profiteering body will be set  up in July for 2 years.

GST - How to Study ?

"I fear not the man who has practiced 10000 kicks once, but I fear the man who has practiced one kick 10000 times." - Bruce Lee

Repetition is the Mother of all Skills.

Today I am referring this famous quote of Master Bruce Lee in reference to study of GST. CGST Act, 2017 is Master Document. Just 103 Pages. 174 Sections and three schedules. If anyone read thoroughly 20 pages everyday, in 15 days, he would have read three times and have great knowledge of Act. I believe reading this one document, more than 65% knowledge one can gain about GST. Than He or She should move to other three acts, few state acts, 14 rules, 3 rate files & FAQ etc. Apart from self study also have a look at Govt's different agencies addressing and answering various queries and solving problems of tax payers and professionals on social media specially on Twitter.

GST Law is so simple that any B. Com Graduate who have little practical experience with knowledge of computer applications can understand various aspects of law and different procedures related to compliance. That's why a Graduate with commerce background is also eligible to apply and become a GST Practitioner.

Keep Learning & Enjoying #GST. Thanks.

GST - Accounting and Software - How to Decide ?

GST is not just a tax reform, It is also a reason for many industries to cheer, specially hardware & software. To encash advantage of processes set in GST for record keeping many new companies have emerged with so many products to fulfill demand arisen on account of GST. There are two options, You can buy a software only, or a complete system (Hardware i.e. desktop/notebook/laptop with inbuilt GST Softwares). You can buy an average software from Rs. 5K (Single User) to Rs. 60K (Multi-User) or Complete System (HW+SW) from Rs. 20K to Rs. 75K. Many companies have come together to supply complete systems e.g. Lenovo launched GST Advantage (collaborated with Intel and three solution providers: IDOS, Marg and WeP Digital). Invoicing software by KPMG alongwith HP with cloud facility. Bizguru by Acer & Tally.

I would like to share some tips to help to take a decision on which software to Choose:

1. Analyze your current software: Most of the software companies have already launched updated versions of their software. Available at minimum cost. If Such a case, To save time on Re-setting of Accounting, Inventory & Tax Masters and regenerate & redesign formats for reports, continue with your existing software, I believe in most of the cases it would be Tally & Busy.

2. If you are exempted (Turnover upto Rs. 20 Lakh) or Composition dealer (Turnover upto Rs. 75 Lakh), can wait for some time. In due course many modified versions of software will be introduced.

3. If you are using customized software (developed in house or by a software company to meet your industry specific needs) and now want to try another software. Mind following points while choosing your next software:

a) It should be integrated accounting software. Just not an invoicing software. Must be able to take care of Invoicing (in GST Prescribed Format), Stock records, could prepare various GST Returns.

b)Great, if have reconciliation facility for vendors and customers. It will help you to finalize data in case of any mismatch found in GSTR-1 and GSTR-2.

c) Can create GST Payment Challan.

d) Alarming facility, e.g. if Goods Returned, to alarm to issue credit note, for goods sent to job worker, for cenavt availed but no payment made within 180 days etc. Check how much can be automated in the software.

e) Able to customize input cells e.g. GSTIN, PAN for Alphanumeric Formats and making mandatory HSN and SAC Codes in Invoices. (To link with inventory codes).

f) Prefer software that keeps your data on cloud to share real-time data with your consultant, or accessible to you and all important persons in the organisation.

g) Apart from the point mentioned above, all basic features of an accounting software. Able to generate all relevant reports.

4. At last, if you do not have budget or you are a small trader or your transactions are very limited in terms of numbers (may be large in value), do not worry, you can maintain your accounts as you were keeping. Govt is establishing GST Centers in all areas to facilitate all GST Tax-payers who are not able to afford high end technology to meet GST Compliance or who need support, their they can file all returns and keep track of their accounts. 

Remember GST is just not a change in Tax System, It is going to change entire business culture related to tax compliance. 

Keep Enjoying GST. :)

Sukhvinder (@sukhcma)

GST Enrollment to reopen on 25th June'17

Today is last day to get enrolled in current phase of enrollment opened from 01st June'17 to 15th June'17.

Who could not use this opportunity, Don't get panic. VAT/Service Tax/Excise assessees who have either not activated, or have not submitted enrollment form, Be informed that Enrollment will reopen on 25th June'17.

For last few days there are many rumors that GST is going to get postponed. Some are saying as Banks are not ready, or to support E-Waybill process is not ready, some saying on account of large number of pending cases for assessment under existing laws & litigation matters, it is not right time to implement GST.

Not good reasons at this stage, As concern to technology, 26AS in Income Tax & Matching of Forms 2A & 2B in VAT already in use. GST is just advancement of same technology. Difference will be of Volume.

On the one hand technology is good enough to support bitcoin & blockchain, and people are doubting on the strength of technology to support a simple tax application. Accountants who have worked on SAP/ERP - Integrated Modules, know it is not difficult to integrate various modules and to address all such challenges only GSTN came into existence.

Few matters may be put on hold, But not GST. So Be Ready to Welcome #GST on 01st July'2017. Thanks.

Clarifications on GST by GOI thru Twitter (Part-9)

Clarifications on GST by GOI thru Twitter (Part-9):

►There is no GST on unregistered to unregistered transactions.
►If there is no supply then nil returns to be filed.
►If goods sold from state A to state B are returned to supplier's branch in state C. Credit note u/s 34 can not be issued from state C, This will be treated as separate supply. Credit notes has to be linked to the original invoice. 
►Transfer of ITC from one State to another State is available only through ISD route (if applicable).
►I sell goods shop to shop on DM send invoice to shopkeeper later, sometimes goods are remained unsold.How to issue invoice for E-Way Bill ?
Ans : E-Way bill rules will provide for line sales. They will be released shortly.
►GST refund is available subject to non-availment of drawback on the same amount.
►License fee will be covered under GST.
►There is no format for GST invoice, but all the relevant particulars to mentioned are in Rule 1 of invoice rules. 
►Export does not attract tax. It will be zero rated. But Exporter has to get registration and follow all related compliance.
►Composite scheme is available to certain supplier of services only. Pls refer to section 10 of the CGST Act.

Clarifications on GST by GOI thru Twitter (Part-8):

►In Table 8 of GSTR-1, you have to also furnish detail of Nil rated, exempted and non GST outward supplies including OTC derivatives, G-secs, commercial papers, Certificate of deposits, discount earned by banks on LC/Bill of Exchange/Invoice etc.

►Discounting of LC or bill of exchange or invoices - Exempted only so far as the consideration is represented by way of interest or discount.

►A Principle can send goods to unregistered job work without payment of GST subject to conditions given under section 143.

►Gift by Employer to Employee will not be taxable under GST, if included in Salary for the purpose of Tax Computation for TDS (Income Tax) Purpose.

►Process of allotment of Unique ID Numbers (UIN) to embassies of foreign countries/ UN/ Specified international organisations will start shortly.

►If LoS (Location of Supplier) and PoS (Place of Supply) is same, it is intra-state supply liable to CGST+SGST.

Clarifications on GST by GOI thru Twitter: (Part-7):

►If company doesn't have office in other state but resident service employee (staying in own home) who provides service there- is registration  required? Based on the circumstances of the case, if the supply is not made from that state then registration is not required.

►If You are availing services from an unregistered dealer of another state, you need not to get registration in the state of Service Provider, from your own state you can discharge the liability of GST under RCM.

►If Vendor charges Interest/Payment on delayed payment, GST would be applicable on such payment and same would be eligible for Input Tax Credit.

►Chrome version should be 49+ for Use of Digital Signature at GST Portal.

►If there is an error/mistake in enrolment form, can be rectified under Edit Option, but only if Saved, not submitted. If submitted can be done only at back end by GST Technical Team.

►As of Now, There is no option to change Mobile Number or mail id used for enrolment. Use only permanent number and official or permanent mail id. Also try to use Mobile/Mail Id linked to Aadhar.

►2 separate registrations can be done for 2 different businesses if your tax department has provided the relevant provisional IDs.

Clarifications on GST by GOI thru Twitter: (Part-6):

►If Registered Person purchase goods/services from Unregistered Person, Will have to issue an invoice, Pay Tax under RCM, Display same in Tax Return and Avail Input Tax Credit. (In Both Cases – Domestic/International-Import).

►If Goods were Imported under centralized registration and goods are now lying at different branches (Required separate registrations under GST), CVD & SAD can be carried forwarded to branches.

►Registered dealers need not to record PAN/Aadhar of unregistered buyer.

►If advance received by HO in Haryana and Goods Supplied by Branch at Chhattisgarh, Invoice will be issued at each stage.

►In case of centralized billing, state wise sequential serial number for Invoices need to be maintained.

►On all inter-state supplies, IGST is to be charged. If wrongfully paid CGST/SGST instead of IGST, he would have to pay IGST and shall get refund of CGST/SGST. No interest liability.

►Tax invoice requires signature or digital signature of the supplier or his authorized representative.

Clarifications on GST by GOI thru Twitter: (Part-5):

►You can directly call GST Help Line No. 0124-4688999 or mail at  helpdesk@gst.gov.in for some specific queries.

►If you have migrated to GST but turnover is less than threshold limit, you can get your registration cancelled.

►Voucher would either be goods or services depending on for which item it can be redeemed for.

►Simplified export procedure under GST and final Transition Rules would be placed in public domain soon.

►If Advance taken in June’17 and activity also finished in June’17, current Laws will be applicable, but if activity takes place in July’17 or Later, GST would be applicable.

►If supplier is located in India and place of supply is outside India, then it is an inter-state supply u/s 7(5)(a) of IGST Act.

►Job worker has to get registration in case turnover exceeds threshold limit, even if supplier is registered.

►If any asset is moved/transferred to Branch (Distinct/Related Person) in another state, it will amount to stock transfer and IGST would be applicable.

►Existing VAT and Excise Credits can be carried forwarded to GST.

Clarifications on GST by GOI thru Twitter: (Part-4):

►If the discount is established beforehand through agreement, specifically linked to relevant invoices & corresponding ITC reversed then GST is levied excluding such discount value.

►Closing balance of edu cess and secondary higher education cess prior to 1st Mar 2015 cannot be carried forward in GST.

►Inter-state suppliers liable for registration irrespective of turnover. Nil rated supplies are taxable supplies. Only if exclusively making non-taxable supplies, not liable for registration.

►E-Commerce Operator can sell his own goods on the same portal with single registration.

►GST would be deposited as SGST and CGST under one payment challan.

Input Service Distributor is just an option to distribute Input Credit and not Mandatory.

►Exporters will get refund of GST paid for goods to produce the material.

►One Registration for all SEZ Units together in same SEZ Zone. No Separate Registrations required.

►You can file GST Return through 3 ways : Using GST Common Portal/Using offline Utility and uploading the JSON on GST Common Portal/ Through GSP.

►The name used in enrollment data needs to be same as on PAN.

► For GSTIN User ID will remain same irrespective of Number of Business Places.

Clarifications on GST by GOI thru Twitter: (Part-3)

►Services rendered by Advocates, Recipient has to pay tax under Reverse Charge, But if an Advocate avail any taxable service from unregistered person, Advocate shall pay Tax on the same.

►Remuneration to partners over & above share of profits not in nature of employer-employee relationship. Hence liable to tax under GST.

►ITC of input tax will be available for payment of cess under GST.

►Mandi samiti tax will continue as not subsumed in GST.

►If Registered at Delhi and Rent your property at Mumbai for commercial use, also have to get registration at Mumbai .

►If one has manufacturing unit and Sales office in same state, a common registration would suffice.

►IGST credit of Maharashtra cannot be utilized against the liability of Gujarat. ITC pool cannot be cross utilized amongst distinct persons.

►Only direct export of goods/services and SEZ supplies are zero rated u/s 16(1) for which claim of refund is allowed u/s 16(3) of IGST Act to the exporter.

►States can’t defy recommendations of GST Council & can’t issue their independent Notification. Every notification has to be mandatorily recommended by GSTC.

Clarifications on GST by GOI thru Twitter: (Part-2)

►E-Commerce companies  are required to register only where they are located and not in each of Seller’s State, but Seller need to take Registration in his state.

►Input Credit of Swachh Bharat Cess & Krishi Kalyan Cess can not be carried forwarded to GST.

►Routine Filing of GST Return & other Documents can be done by Tax Payer Himself.

►GST does not differentiate between Fresh/New Goods or Used/Second-Hand Goods.

►New Registration (Other than Migrated Cases) will start before 1st July’2017.

►Rules related to E-Way Bill is being reviewed and can be revised if required.

►There is no change in format of GSTIN and therefore provisional and final GSTIN would be same.

►Separate registration as supplier and tax deductor is required. (Also holding TAN under Income Tax is mandatory for tax deductor under GST)

►If already registered in a State, another registration have to be taken for SEZ unit in the same State.

►In GST regime, there is no provision for area based exemptions and thus CGST would be payable which can be recovered from customers.

Clarifications on GST by GOI thru Twitter: (Part-1)

►ITC is available only if engaged in taxable activities. If goods (Supplies) are exempt, ITC cannot be availed nor can it be carried forward.

►One Invoice cannot contain both Exempted and Taxable Supplies. Have to issue Separate Invoices. Tax Invoice/Bill of Supply for Taxable Items and Bill of Supply for Exempted Items.

►Items on Cess is applicable. It would be additive and not multiplicative e.g. Pan Masala (chapter 21) falls in 28% Category. It also attracts 60% cess . The total Tax would be 88% (100*28%+100*60%) and not 104.8% (100*28%+128*60%).

►Refund/Rebate would not be processed automatically. For Refund / Rebate, One has to file application and after processing of that eligible amount would be directly credited to bank account.

►Services by employee to employer shall be treated neither as supply of goods nor of services. On Payment of Salary to Employees working in Branches, registered as distinct registered person from Head Office.

►No separate limit for excise duty exemption in GST. Anybody with aggregate turnover up to ₹20 lakh (10 lakh in Special Category States) is exempt. Exemptions like SSI under Excise shall not exist anymore under GST Regime.

►No Concept of Payment of GST on MRP Basis.

  

Sukhvinder (@sukhcma)

Make your Mission/Aim as Important as taking Breath for You !

पवणु गुरू पाणी पिता माता धरति महतु ॥

दिवसु राति दुइ दाई दाइआ खेलै सगल जगतु ॥

[Air is the Guru, Water is the Father, and Earth is the Great Mother of all. Day and night are the two nurses, in whose lap all the world is at play. ]

What is most important for a human ? Food? No, He can live for few days without food, Water? No. He can live few hours without water.

Guru Nanak Dev Ji Compared Air as Guru. In Ancient India Life was also measured in breathes. It is said, as Yogis could hold breathes for long, and also they used to take deep breathes, that's why they used to live long compare to ordinary humans.

Air? Yes. Because He can't live even for a moment without air.

So, If you want to succeed in life. Make a Mission and treat it as important as breath for you. It may be to become a CA, Doctor or IAS. To get a decent work at reputed organisation or to succeed in your own business. Give your 100% attention, focus and energy. Remember, once you determine to achieve anything in life wholeheartedly, Universe avail all resources to help you to achieve your goals. Thanks.