1.Goods and Services Tax (G.S.T) is 100% implemented from 01-07-2017
Socially Flipped
2.Types of taxation in G.S.T
- I.G.S.T: Integrated G.S.T:
- C.G.S.T: Central GST which with replacement CST
- S.G.S.T: State GST which will replace VAT
- W.E.F from 1.6.17: Migration towards enrolment of G.S.T will start till 15.6.17
3.Registration certificates will be issued online.
4.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 some time.
5.Five kinds of forms have to submitted every month. The dates for the forms are as follows:
- 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.
6.Tax payments will be accepted through E-payments. Tax Payments via credit & debit card will also be included.
7.Presently, the V.A.T. system demanded to upload sales & purchases every month, but once G.S.T will be implemented, one will have to upload every sale & purchase bill.
8.Be careful, everything under G.S.T is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake.
9.Your firm rating will be done by the system. Based on the rating audit trials will be conducted.
- Proposed e sugam for ₹50000 & above value only.
- Proposed rates of G.S.T in percentage are 0, 5, 8 , 12, 18 , 28 & 40. 1st time in the history of independent India 4 major category of businesses will be
10.It is the first time in the history of independent India 4 major category of businesses will be covered:
- Education
- Textiles
- Medical
- Professional services.
11.You need to submit 17 documents for migration to GST. Most products M.R.P to come down.
12.Most products M.R.P is suggested to come down.
13.Distribution + C & F channel under threat.
14.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.
15.All movements of material will be taxable like Head office to branch office (stock transfer), factory to C & F agent, warehouse to shop.
16.The G.S.T 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, flavor, ingredients etc) Then Patanjali has to pay tax on ₹150.
17.All books & records to be maintained on daily basis.
18.You will need a full-time accountant in your shop/office to maintain books under G.S.T.
19.All travel & tour expenses related to business have to be claimed under firm name.
20.If your vendor does not upload his bills within 180 days, you will not get the tax credit.
21.You cannot claim credit for material in stock beyond one year.
22.It is proposed that all your old stocks purchased under V.A.T/C.S.T have to be disposed of by
September 2017.
23.All V.A.T related documents like C forms, F forms etc have to be cleared within Sept 2017.
24.Your V.A.T credit will not be carry forwarded to G.S.T.
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