GUIDE TO E-WAY BILL RULES & COMPLIANCE UNDER GST

  • GST
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  • 12 Aug 2017

Waybill compliance has been a nightmare for suppliers in the pre-GST era. Supply of goods cannot take place without obtaining these ‘waybills’ from VAT authorities. Waybill is nothing but a physical document that allows movement of goods. The compliance around waybills has caused restricted movement of goods across states. And this is one anomaly we hope GST will rectify. The CBEC has released electronic way bill or e-way bill rules. The rule can be download here ewaybill-rules.   What is an e-way bill? E-way bill is an electronic


PLACE OF SUPPLY OF GOODS IN GST

  • GST
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  • 11 Aug 2017

Under GST, the ‘Supply’ is a fundamental concept and all the provisions of GST revolves around it. Under Supply, there are three key elements namely time of supply, place of supply and value of supply. These three elements together determine the chargeability of taxes on supply. In this article we will be covering the concept of ‘Place Of Supply’ ‘Place of Supply’ under GST is an important factor as it defines whether the transaction will be counted as intra-state(i.e within the same state) or inter-state(i.e. between


TIME OF SUPPLY OF SERVICES UNDER GST EXPLAINED

  • GST
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  • 10 Aug 2017

Point of taxation means the point in time when goods have been deemed to be supplied or services have been deemed to be provided. The point of taxation enables us to determine the rate of tax, value, and due dates for payment of taxes. The liability to pay CGST / SGST will arise at the time of supply as determined for goods and services. There are separate provisions for time of supply for goods and time of supply for services. To read about time supply of goods please click here. The liability to pay CGST / SGST on the services shall arise at the time o


GSTR 1- Monthly Statement of Outward Supplies with FAQs

  • GST
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  • 11 Jul 2017

Introduction GSTR 1 is a monthly Statement of Outward Supplies all normal registered taxpayers to be filed in a given tax period in which they shall furnish details of all a. Outward supplies to registered persons b. Outward supplies to unregistered persons (consumers) c. Details of Credit/Debit Notes issued against invoices d. Zero rated, exempted, and non-GST supplies e. Exports f. Advances received in relation to future supply. FAQ's 1. Who is required to file the GSTR 1? All Supplier Taxpayers are required to file the GSTR 1 (S


Highlights of GST

  • GST
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  • 8 Jul 2017

The provisions of GST are applicable from small dealers to big dealers on every stage. Every trader must do business by understanding provisions of the act. 1. All the information about GST is available at http://cbec.gov.in 2. If the aggregate turnover of any person is more than Rs. 20 Lakh then it is compulsory to take the registration for him. 3. On Interstate transactions IGST will be levied. CGST and SGST will be levied on Intrastate transactions. Similarly, UTGST will be levied on Union territory transactions. 4. There are 0%, 3%, 5%, 12%, 18


How GST helps in maintaining less records

  • GST
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  • 4 Jul 2017

New GST regime gives Freedom from maintaining too many Accounts and Records. Under GST, One Accounts and Records is enough. Unique features of GST related to Accounts and Records to be maintained are as follows :- 1. Compliance verification in GST will be done through examination of accounts and records maintained, only if required. 2. One tax, one type of record: No need to maintain separate records for different type of taxes as in the era of VAT, Excise and Service Tax. 3. There will be freedom to choose the format of the accounts & record


Simplified Composition Scheme under GST

  • GST
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  • 4 Jul 2017

There would always be a segment of taxpayers who would find it difficult to completely fulfill the compliance requirement of tax laws, may be due to their small size or nature of their operations. From the tax collector view-point also, the cost of collecting tax from such tax payers is far more in percentage terms than the tax collected from them but this argument cannot be used to exempt them from payment of tax. To meet this dual objective of simplicity for tax collector and tax payer, a scheme called Composition Scheme is offered to taxpayer, by which the taxpa


Key Takeaways - GST Master Class on 06th July'16

  • GST
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  • 1 Jun 2017

Key takeaways from Thursday's GST masterclass : 1. Registration on GST portal: The government clarified that it is mandatory for the traders and dealers to complete the Part-B of their GST registration within the period of 90 days. Revenue Secretary Hasmukh Adhia urged traders to complete the registration well before time to avoid last minute confusion. He also said that if an individual is not hands-on with online registration, then she/he can visit any excise, VAT or Service Tax office of state and central government where officials will get the