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With GST just round the corner, every dealer will need to classify all commodities/products as per HSN code. To help in searching for the HSN code, Visit:
Fastest and the most advanced HSN search currently available in the market. 

CBEC Renamed as CBIC for GST rollout from 1st Jully ......
Finance ministry on Saturday approved the re-organisation of the indirect tax wing renaming the Central Board of Excise and Customs (CBEC) as the Central Board of Indirect Taxes and Customs (CBIC).The decision will be sent for legislative approval.

The CBIC will have 21 zones, 101 GST tax payer services commissionerates comprising 15 sub-commissionerates, 768 divisions, 3,969 ranges, 49 audit commissione rates and 50 appeals Commissionerates.

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The GST implementation will be a reality from 01.07.2017, after a long history of 12 years. Finally, the GST Council has paved way for smooth implementation of GST........

The Main features of all the Acts under GST are as under:

🔹There are five Acts, I-GST, C-GST, S-GST, UT-GST and Compensation law.
🔹As per 101 CAB: GST Council is established for deliberating features of GST viz, Threshold, Exemptions, Reductions, Bands, Rates, etc under All Acts.
🔹GST Network: Online Portal for all front end activities such as Registration, Returns , Payments and Refund Application to the stake holders and Back end for certain States too.

🔹 Registration

1. Uniform Single registration at each State/UT for all Acts under GST. Means where ever persons do business.
2.Registration process is on GSTN portal. All required state specific Docs to be uploaded on the platform.
3.Registration will be granted within 3-4 working days,without any verification, subject to uploading of all docs and Post Verification after granting registration.
4.GSTIN is an 15 digit alphanumeric and it is PAN based. First Two Digit, is State Code, Next 10 is PAN of legal entity, 13 Digit is for business vertical, 14th is Blank or for exigencies, 15th Digit is Check digit.
5. Threshold for Registration is 20 lakhs PAN India aggregate Turnover and 10 lakhs for NE States.
6. Certain Categories, No threshold, like ISD, NRD, TDS, TCS, e Commerce, Job Worker, Interstate Supply, Casual business, Diplomatic and UN agencies
7. Composition upto 50 lakh turnover for Traders ,Manufactures and Hoteliers at 1%, 2% and 5% Rate respectively. No Input Tax Credit is available.
8. Single Online Administrative interface to the Stake holders wrt Registration, Cancellation and Amendments.

🔹 Returns

1. Single Uniform Return for All Acts and to be filed on GSTN portal.
2. Uniform Cut off Dates for all Statements and Returns. Viz, 10, 13, 15, and 20th of Succeeding Month for Regular dealers and ,quarterly 18th for Composition persons
4. Invoice level details uploading is mandatory for B2B transactions and in Case of B2C large invoices which more than 2.5 lakh value
5. Lump sum upload is available for B2C out word supplies. Inward supplies to be Invoice level .
6. Auto population of In word Supplies in GST R 2A has been made possible for easy upload and correction.
7.No Revision of Return, where as Revision or Correction of Invoice details is present and is available with in 12 to 18 months or before Annual Return filing.
8. Invoice details can be amended, deleted, Missing invoice can be added on the portal.
9. Invoice matching between supplier and Recipient is very crucial for taking or claiming input tax credit.
10. Input Tax Reversal , in case of Unmatched invoices and Credit will be allowed with in prescribed period subject certain conditions.
11. Input Tax Restrictions in case of Certain categories. Input Tax Credit is available for all goods and services which are used for and for furtherance of business.
12. Concept of Valid Return subject to payment of tax, filing of Return, uploading of invoice details.
13. Concept of First Return and Final Return.
14. Concept of Credit, Cash and Liability ledgers.

🔹 Payments
1. Single Uniform Payment process for All IGST, CGST, SGST, UTGST and Cess.
2. All payments on GSTN portal by Way of Internet Banking, Online Payment by Credit or Debit Card, NEFT and RTGS.
3. Over The Counter (OTC) payment is at Notified Banks.
4. Single Challen with a valid period of 15 Days.
5. Unique Reference Numbers like CIN, CIPIN are generated for online tracking and for compliance.
6. No payments at the Departmental counters.

🔹 Refunds

1. Single Refund Application on GSTN portal.
2. 90% of Refund to Exporters and Remaining 10% is subject to verification.
3. Exporters and certain category of persons are eligible for refund.

🔹 Other features

1. Compensation is available for five years, to the States subject to certain conditions.
2. Transitional provisions for all current tax regime, subject to certain conditions. Excise, VAT, CST, Entry Tax etc...
3. Anti Profiteering provision
4. Appellate provision.
5. Advance Ruling provision
6. Single Administrative interface through GSTN portal or through the respective state / central portal.


🐌VAT - is state specific limit
GST - GST Registration limit 20 L +

🐌VAT - TIN based Registration
GST - PAN based Registration

🐌VAT - Interstate transactions (CST) no Input. Tax Credit
GST - Seamless flow of Input Tax Credit

🐌VAT - Declaration Forms like C, H etc are applicable
GST - No Declaration Forms

🐌VAT - Returns by 20th of suceeding month
GST - Returns by 20th of suceeding month but in a phased manner (Sales by 10th, Purchases by 15th and payment by 20th)

🐌VAT - There is no specific mode of payment
GST - Mode of payment if exceeds 10,000 by e-payment, less than is optional

🐌VAT - Immediately after filling avail Input Tax Credit
GST - Once the Supplier pay tax then only seller gets ITC

🐌VAT - No rating for the Business
GST - GST rating based on timely filling of returns & payments..

Ministry of Finance04-March, 2017 17:50 IST
Goods and Services Tax GST) Council approves the Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill.
The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri Arun Jaitley has approved the draft CGST Bill and the draft IGST Bill as vetted by the Union Law Ministry. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the ongoing Budget Session.

Some of the main features of the two Bills, as finalized by the GST Council, are as follows:

i. A State-wise single registration for a taxpayer forfiling returns, paying taxes,and to fulfil other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official.

ii. A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxescan be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).

iii. A business entity with an annual turnover of upto Rs. 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain. The annual turnover threshold in the Special Category States (as enumerated in Article 279A of the Constitution such as Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh, Assam and the other States of the North-East) for not taking registration is Rs. 10 lakhs.

iv. A business entity with turnover upto Rs. 50 lakhs can avail the benefit of a composition scheme under which it has to pay a much lower rate of tax and has to fulfil very minimal compliance requirements. The Composition Scheme is available for all traders, select manufacturing sectors and for restaurants in the services sector.

v. In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.

vi. In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State Law, it has been provided that the ITC entitlement arising out of taxes paid under the Central Law can be cross-utilised for payment of taxes under the laws of the States or Union Territories. For example, a taxpayer can use the ITC accruing to him due to payment of IGST to discharge his tax liability of CGST / SGST / UTGST. Conversely, a taxpayer can use the ITC accruing to him on account of payment of CGST / SGST / UTGST, for payment of IGST. Such payments are to be made in a pre-defined order.

vii. In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law has been retained to allow the flow of ITC in respect of input serviceswithin a legal entity.

viii. To prevent lock-in of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, ninety percent of the claimed amount on a provisional basis.

ix. In order to ensure a single administrative interface for taxpayers, a provision has been made to authorise officers of the tax administrations of the Centre and the States to exercise the powers conferred under all Acts.

x. An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.

xi. To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.

xii. Exhaustive provisions for Appellate mechansim have been made.

xiii. Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilised ITC in the GST regime.

xiv. An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.

xv. In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments.

The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of the CGST Act, would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on 16 March 2017.

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Takeaways from recent gst council latest held on 3rd & 4th Jan 2017

Government is getting ready to implement GST from July 1, 2017. ... DD news today

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