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।