GST COMPLIANCE – RETURNS
Currently while filing excise, service tax and vat returns (barring a few states) we generally submit summary totals. In case of VAT, the periodicity of return filing too varies from state from state and it is also different for different assesses within the same state. Under the GST regime, for each class of tax payer …
TYPE OF GST TO BE LEVIED IN INDIA + TAX RATES
It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST …
How Does GST Work?
Let us look at the three cases below to understand how GST would work in India. (CGST stands for Central Goods and Services Tax, SGST stands for State Goods and Services Tax, IGST stands for Integrated Goods and Services Tax) Illustration 1: Sale and resale in the same state Let us say goods are moving from …
Long journey finally accomplished
The GST was conceptualised for the first time in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan. Much prior in February 1986, Vishwanath Pratap Singh, Finance Minister in Rajiv Gandhi’s government, proposed in …
Migration to GST
Step by Step Guide to Tax payers Download PDF FAQ’s on Migration Download PDF Communication to Tax payers regarding migration to GST Download PDF Information on GST SEVA KENDRAS Download PDF Guidance Note for Department Officers Download PDF All assesses / dealers who are already registered under the existing central excise / service tax / …
Way forward for smooth implementation of GST
GST has been launched w.e.f 1.7.2017. In order to ensure smooth working of GST across India the following is necessary: Smooth working of the I T Network at GSTN. Meeting implementation challenges and teething troubles. Effective coordination between Centre & State tax administrations. Reorganization of field formations. Continuous Training of Officials and Trade & Industry. …
Treatment of Imports and Exports
Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed. …
Who is liable to pay GST ?
GST is payable by the taxable person on the supply of goods and/or services. Liability to pay tax arises when the taxable person crosses the threshold exemption, i.e. aggregate turnover of Rs.20 lakhs (Rs. 10 lakhs for North East States) except in certain specified cases where the taxable person is liable to pay GST even …