GST Gyan Series GST Gyan Series

21 Apr
2017

GSTGyan: Carrying forward input tax credit

GSTGyan 1154. To carry forward input tax credit under existing laws and on stock, assessee to file GST TRAN-1 on www.gst.gov.in in 60 days from appointed date.

20 Apr
2017

GSTGyan: Opting for Composition Scheme

GSTGyan 1153. To opt for Composition Scheme, Migrated Assessee to file Form GST CMP-01 on www.gst.gov.in, before or in 30 days from appointed date. Webtel

19 Apr
2017

GSTGyan Cess applicability

GSTGyan 1152. Cess applicable on CGST & IGST on vehicles, cold drinks, pan masala, tobacco, solid fuels made from coal, lignite etc& other specified supplies.
Cess applicability

17 Apr
2017

GSTGyan: Information to be furnished electronically

GSTGyan 1151. Information to be furnished electronically in GST INS-01 prior to movement of goods if value exceeds Rs. 50,000, whether within or outside state.

14 Apr
2017

GSTGyan: Filing of GSTR-1 and GSTR-2

GSTGyan 1150. GSTR-1 of a month can be filed within 10 days from end of month. It cant be filed from 11th to 15th as GSTR-2 to be filed in this period. Webtel

13 Apr
2017

GSTGyan: Summary under GSTR-1

GSTGyan 1149. In GSTR-1 give Summary of supplies to Unregistered persons, Rate wise for Local supplies & Rate & State wise for Inter-state ones upto 2.50 Lacs

12 Apr
2017

GSTGyan: GSTR-2, purchaser to specify inward supplies.

GSTGyan 1148. In GSTR-2, Purchaser to specify inward supplies for which he is not eligible for ITC fully or partly whether at invoice level or otherwise. Webtel

05 Apr
2017

GSTGyan: Separate Registration for SEZ Unit or Developer

GSTGyan 1147. SEZ Unit or Developer to take separate registration even if another unit of entity outside SEZ already has separate registration in same state.

04 Apr
2017

GSTGyan: GST applies on Free Supplies

GSTGyan 1146. GST applies on Free Supplies in course or furtherance of business to related or distinct persons. Gifts to staff upto 50,000 pa exempt. Schedule.

04 Apr
2017

GSTGyan: Usage of Word Family

GSTGyan 1145. Word Family used in several places like definition of agriculturist means spouse, children & Dependent Parents, grand-parents, brothers & sisters.

03 Apr
2017

GSTGyan: Rules finalized for GST

GSTGyan 1144. Rules for GST Returns, Registration, Payment of GST, Invoicing & Refunds finalised. Rules for ITC, Valuation, Transition etc. tentatively final.

03 Apr
2017

GSTGyan: GST Migration

GSTGyan 1143: Complete your GST Migration by extended date of 30-4-17. Unused Provisional IDs may be cancelled after that. Source www.gst.gov.in/enrolplan.

01 Apr
2017

GSTGyan: Supplies of specified Goods & Services

GSTGyan 1142. Under Final GST Bill, Supplies of specified Goods & Services from Unregistered person to Registered person to be taxable under Reverse Charge.

27 Mar
2017

GSTGyan: Checking Migration Status.

GSTGyan 1140. Check Migration status using PAN, Indirect Tax Registration No or Provisional ID. https://services.gst.gov.in/services/check-registration-status.

25 Mar
2017

GSTGyan: GST Provisional IDs

GSTGyan 1139. GST Provisional IDs not used till 31.3.17 may be cancelled as not needed. All existing indirect tax assessees migrate to GST in next 6 days. Webtel

24 Mar
2017

GSTGyan: Migration of Indirect Tax Assessees to GST in next 7 days.

GSTGyan 1138. All existing indirect tax assessees to migrate to GST in next 7 days as 31.3.17 is the last date shown on www.gst.gov.in for this purpose. Webtel

21 Mar
2017

GSTGyan: GST Council to approve Rules

GSTGyan 1137. GST Council to approve Composition, Valuation, Input Tax Credit & Transition Rules on Council Meeting on 31-3-17. Other Rules already approved.

20 Mar
2017

GSTGyan: Approval of CGST, IGST, UTGST & Compensation bills.

GSTGyan 1136. Cabinet approves CGST, IGST, UTGST & Compensation bills. Lok Sabha to pass them as Money Bills in Budget session. No need for Rajya Sabha approval

17 Mar
2017

GSTGyan: CGST, IGST, UTGST & Compensation bills to be passed by Parliament

GSTGyan 1135. Parliament to pass CGST, IGST, UTGST & Compensation bills already approved by GST Council in Budget session. States to pass respective SGST bills.

16 Mar
2017

GSTGyan: Issue of Credit/ Debit Note

GSTGyan 1134. In GST law, Supplier has to issue Credit/ Debit Note, in case of incorrect amount of supplies or GST, return of goods or deficiency in supplies.

14 Mar
2017

GSTGyan: Deduction Or Collection Of Tax At Source

GSTGyan 1133. No threshold for persons responsible for deduction or collection of tax at source under existing GSTIN or separately registered for TDS/TCS. Webtel

10 Mar
2017

GSTGyan: No GST on Education & Health Care

GSTGyan 1132. No GST on Education & health care provided by Government or its Authority, Local Authority (Schedule IV). Those provided by others may attract GST.

08 Mar
2017

GST Gyan: Purchaser to inform in GSTR-2

GSTGyan 1131. Purchaser to inform in GSTR-2, amount of ineligible input tax credit on inward non-taxable supplies or those for non business purposes. Webtel

07 Mar
2017

GST Gyan: UGST law proposed for Implementation of GST.

GSTGyan 1130. UGST law proposed for implementation of GST in Union Territories like Andaman & Nicobar Islands, Chandigarh etc as SGST not applicable to them.

06 Mar
2017

GST Gyan: Composition Scheme

GSTGyan 1129. Composition Scheme in 17-18 for most Manufacturers & Restaurants @ 5% & Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.

04 Mar
2017

GSTGyan: Council clears final draft of CGST & IGST law.

GSTGyan 1128. GST Council clears final draft of CGST & IGST law. UTGST &SGST bills to be finalised at next meeting of Council on Mar 16. Regards, Webtel.

25 Feb
2017

GST Gyan: Separate Fee for each return i.e. GSTR-1, 2, 3 etc.

GSTGyan 1127. Late Returns would attract fee @ 100 per day subject to maximum of 5000. This fee is separate for each return i.e. GSTR-1, 2, 3 etc. Rgds Webtel.

22 Feb
2017

GST Gyan: Composition Scheme

GSTGyan 1125. No Composition Scheme for Services, Non-taxable goods, Interstate Supplies, Supply through e-commerce operators & Manufacturer of notified Goods.

16 Feb
2017

GSTGyan: Separate invoice for reverse & forward charge goods & services.

GSTGyan 1124. Separate invoice to be issued for reverse charge & forward charge goods & services. Both cant be clubbed together in single invoice. Rgds, Webtel.

10 Feb
2017

GST Gyan: No refund, if TDS amount credited to ECL.

GSTGyan 1122. No refund shall be granted to deductor if TDS amount has been credited to Electronic Cash Ledger of the deductee. Regards, Webtel.

09 Feb
2017

GSTGyan: Assessee to submit CA Certificate with GST RFD-01, for Refund

GSTGyan 1121. For Refund, Assessee to submit CA Certificate with GST RFD-01 that GST burden not passed to customer. Self Certification for less than 5 lacs.

08 Feb
2017

GSTGyan: Refund can be applied after delivery of export manifest, For Export of goods

GSTGyan 1120. In case of Export of goods, Refund can be applied after delivery of export manifest or export report at Customs before departure of conveyance.

07 Feb
2017

GST Gyan: Inter-state supply of less than Rs 50,000

GSTGyan 1119. Inter-state supply of less than Rs 50,000 where address of buyer is not available in records of supplier, shall be treated as Intra-state supply.

06 Feb
2017

GST Gyan: Details of Unregistered person in every Tax

GSTGyan 1118. Address of buyer, place of delivery & state mandatory even for Unregistered person in every Tax Invoice of Rs. 50,000 or more.

04 Feb
2017

GST Gyan: Serial no of invoices to be provided in GSTR-1.

GSTGyan 1117. Serial no of invoices issued during a tax period to be provided in GSTR-1(Return of Outward Supplies) filed electronically at GST Common Portal.

03 Feb
2017

GST Gyan: Invoice Reference No. during inspection of goods.

GSTGyan 1116. During inspection of goods, Invoice Reference No. generated on uploading Invoice on GST Portal can be used in place of Invoice, within 30 days.

01 Feb
2017

Gst Gyan: Supply Meant For Export On Payment Of IGST

GSTGyan 1115. Export Invoice should carry an endorsement SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST/UNDER BOND WITHOUT PAYMENT OF IGST, as case may be.

31 Jan
2017

GST Gyan: Invoice for Services

GSTGyan 1114. Invoice for Services should be raised within 45 days from provision of service in case of Banks, NBFCs & FIs & 30 days in other cases.

30 Jan
2017

GST Gyan: U/s 80 of Model GST Act

GSTGyan 1113. U/s 80 of Model GST Act, Prescribed Documents & DEVICES to be carried during movement of goods exceeding specified limit (Rs. 50,000 earlier).

28 Jan
2017

GST Gyan: Filing of GST Returns

GSTGyan 1112. In case of default in filing of GST Returns, notice will be issued to defaulter to file returns in 15 days. Regards, Webtel

27 Jan
2017

GST Gyan: Issue Revised Invoice with GSTIN

GSTGyan 1111. Issue Revised Invoice with GSTIN within 30 days for invoices issued between effective date of registration & grant of Registration Certificate.

25 Jan
2017

GST Gyan: Composition Supplier to issue Bill of Supply

GSTGyan 1110. Composition Supplier to issue Bill of Supply. Other Suppliers to issue Bill of Supply instead of Tax Invoice for Exempted Supplies only. Webtel

24 Jan
2017

GST Gyan: Supplies to SEZ

GSTGyan 1109. Supplies to or by SEZ Developer/Unit to be deemed as Inter state Supplies. Supplies to SEZ to be Zero Rated with facility of Refund for tax paid.

23 Jan
2017

GST Gyan: Revised GST Model law- Explanation 1 to Sec 2(92)

GSTGyan 1108. In Revised GST Model law, as per Explanation 1 to Sec 2(92), Services include Transactions in Money but do not include Money & Securities. Webtel

20 Jan
2017

GST Gyan: Business Assets/Services for Private or Non-Business use.

GSTGyan 1107. Temporary use of business assets/services for private or non-business use is NOT Deemed Supply in Revised GST Model Law. Regards, Webtel

19 Jan
2017

GST Gyan: Draft of IGST, SGST & CGST expected to be finalised

GSTGyan 1106. At next meeting of GST Council on Feb 18, Draft of IGST, SGST & CGST expected to be finalised, enabling bills to be introduced in legislature.

18 Jan
2017

GST Gyan: Indirect Tax Receipts- Budget 2017-18

GSTGyan 1105. Indirect Tax Receipts estimates in Budget 2017-18 to include a combination of Excise & Service tax for 3 months & GST for next 9 months.

17 Jan
2017

GST Gyan: Expected date for GST - 01.07.2017

GSTGyan 1104. GST expected from 1.7.17. Computer based assessment by Centre or State. 90% of small assessees& 50% of bigger ones by States. Rest by Centre.

14 Jan
2017

GSTGyan: Limit for Cognisable & Non-bailable offences reduced

GSTGyan 1103. In Revised GST Model law, Limit for Cognisable & Non-bailable offences has been reduced from 2.50 cr to 1 cr. Regards, Webtel.

10 Jan
2017

GSTGyan: Provisional Refund Limit

GSTGyan 1102. Limit of Provisional Refund raised from 80% to 90%. Time period for Refund reduced from 90 to 60 days, beyond which interest will be payable.

09 Jan
2017

GSTGyan: TDS Threshold

GSTGyan 1101. Threshold for TDS reduced from 10 to 5 lacs for single contract of supply. Rate of TDS/TCS to be 2%.(CGST+SGST for Local & IGST for inter-state).

07 Jan
2017

GSTGyan: Apply at least 5 days prior to actual Commencement of Business

GSTGyan 1100. Causal Taxable person or Non-resident Taxable person must apply at least 5 days before actual Commencement of Business. Regards, Webtel

06 Jan
2017

GSTGyan: Revised GST Model Law

GSTGyan 1099. In Revised GST Model Law, Business Vertical has been defined in Sec 2(18) itself& reference to AS-17 (Segment Reporting) has been removed. Webtel

05 Jan
2017

GSTGyan:Aggregate Turnover in Revised GST Model Law

GSTGyan 1098. In Revised GST Model Law, Aggregate Turnover includes Exports, Exempt & Inter-state Supplies but does NOT include Non-taxable Supplies. Webtel

04 Jan
2017

GSTGyan: Composition Scheme for Manufacturer

GSTGyan 1097. Manufacturer can avail Composition Scheme upto 50 lacs @ minimum 5%(2.5% CGST & 2.5% SGST) & Trader at 2%(1%CGST+1%SGST). NA to Service provider.

03 Jan
2017

GSTGyan: Enrolment of Assessees

GSTGyan 1096. Enrolment of Assessees of Excise wef 5.1.17, Service Tax wef 9.1.17 & those enrolled with ST, Excise or VAT after Aug 2016 from 1.2.17 to 20.3.17

29 Dec
2016

GSTGyan: VAT Dealers - Enrol by 31-12-16

GSTGyan 1095. VAT Dealers of Chandigarh, Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan, Uttarakhand& UP to enrol at www.gst.gov.in by Sat, 31-12-16. Webtel

28 Dec
2016

GSTGyan: PAN, CIN, LLPIN, DIN, Aadhar No. in GST Enrolment

GSTGyan 1094. Mention correct PAN, CIN, LLPIN, DIN, Aadhar in GST Enrolment Application as the same will be accepted only once these are validated online. Webtel

27 Dec
2016

GSTGyan: Separate Authorisation letter / Board Resolution

GSTGyan 1093. In GST Enrolment, upload Separate Authorisation letter/ Board Resolution & acceptance for each Authorised Signatory in jpeg/pdf format (upto 1mb).

26 Dec
2016

"GSTGyan: Aadhar No of Primary Authorised Signatory in GST Enrolment"

GSTGyan 1092. In GST Enrolment, Aadhar No of Primary Authorised Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.

24 Dec
2016

GST Gyan: Details of ALL Partners/Members of AOP/BOI

GSTGyan 1091. Details of ALL Partners/Members of AOP/BOI have to be given in Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each).

21 Dec
2016

GST Gyan: Migration/Enrolment under GST

GST Gyan 1090. Migration/Enrolment under GST for existing assessees is for specified limited time period. Please act NOW as GSTN will close this window soon.

20 Dec
2016

GSTGyan: Registation details under GST Enrolment

GSTGyan 1089. Registation details of VAT, CST, Service Tax, Excise, IEC No, CIN/LLPIN, Entry tax, Entertainment Tax etc have to be given in GST Enrolment.

19 Dec
2016

GST Gyan: Registration under GST for Migrated Taxpayers

GSTGyan 1088. Migrated Taxpayers not liable for Registration under GST shall apply online in Form GST REG-24 for Cancellation of Registration. Regards Webtel.

17 Dec
2016

GST Gyan: GST Enrolment

GSTGyan 1087. In GST Enrolment, give Principal & Additional Places of Business for State for which migration is done & not those in other states. RgdsWebtel.

16 Dec
2016

GSTGyan:VAT Dealers Enrolment

GSTGyan 1086. VAT Dealers of Chandigarh, Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan, Uttarakhand& UP start Enrolment at www.gst.gov.in wef TODAY(16 Dec).

15 Dec
2016

GSTGyan: Revised Draft GST Law.

GSTGyan 1085. In Revised Draft GST Law, Securities has been excluded from definitions of Goods & Services. So no GST will be applicable on shares, bonds etc.

14 Dec
2016

GSTGyan: GST Applicability.

GSTGyan 1084. GST will be applicable on all books at applicable rates. Exemption only to Text Books & Art Works. GST Council to decide on any other exemptions.

07 Dec
2016

GST Gyan: Time of Supply of Service

GSTGyan 1083. Time of Supply of Service is earlier, of Date of Invoice or Receipt of Payment if bill raised in time. Else, last day by which bill to be issued.

02 Dec
2016

Message: Input tax credit on capital goods.

GSTGyan 1082. Input tax credit on capital goods can be claimed in first year except for telecom towers in case of telecom companies where available in 3 years.

01 Dec
2016

GSTGyan 1081.Capital goods are goods capitalized in books of accounts of person claiming credit & used/intended to be used in course or furtherance of business.

29 Nov
2016

MESSAGE: Every Registered Unit shall be considered a Distinct Person

GSTGyan 1080. Every Registered Unit shall be considered a Distinct Person in case of Multiple Registations in a single or multiple states. Regards, Webtel.

28 Nov
2016

Message: Revised Model GST Act with Anti profiteering Clause

GSTGyan 1079. Anti profiteering Clause in revised Model GST Act to ensure that Suppliers pass on benefit of lower rates or Input Tax Credit to consumers. Webtel.

25 Nov
2016

GSTGyan: Fill details of Directors while enrolment

GSTGyan 1078. In GST Enrolment, fill details of Resident Directors. Give Foreign Directors details when www.gst.gov.in makes changes to fill foreign address.

23 Nov
2016

GSTGyan : User id & Password specifications

GSTGyan 1077. User id & Password at www.gst.gov.in to be of 8-15 characters. 1 lower & 1 Upper case alphabet, 1 No. & 1 specified special character in Password.

23 Nov
2016

GSTGyan: Enter Correct Mobile No & E-mail id while enrolment

GSTGyan 1076. During Enrolment at www.gst.gov.in, enter Correct Mobile No & E-mail id as any change/correction can be done only after 1.4.2017. Regards, Webtel.

22 Nov
2016

Message: Existing dealers under various acts, to get single Provisional Login ID for GST.

"GSTGyan 1075. Existing dealers registered under VAT, Profession Tax, Luxary Tax etc in a state etc to get single Provisional Login ID for Enrolment under GST."

19 Nov
2016

GST Message: Common Enrolment under GST for Central & State GST.

"GSTGyan 1074. Enrolment under GST is common for Central & State GST. There will be common Registration, Returns & Challan for CGST & SGST. Regards, Webtel"

18 Nov
2016

GST Message: Digital Signature in Token can be used at www.gst.gov.in

GSTGyan 1073. Class 2 /3 Digital Signature in Token can be used at www.gst.gov.in from Internet Explorer 10, Chrome 49 or Firefox 45 or higher versions.

14 Nov
2016

GSTGyan- Registration starts TODAY(14.11.16)

GSTGyan 1072. Registration starts TODAY(14.11.16) at www.gst.gov.in for Maharashtra, Goa, Daman & Diu, Dadra & Nagar Haveli, Chhattisgarh. Gujarat from 15.11.16

11 Nov
2016

Message: Desktop Browser should be Internet Explorer 10,Chrome 49 or Firefox 45

GSTGyan 1071. Desktop Browser for accessing GST Common Portal www.gst.gov.in should be Internet Explorer 10, Chrome 49 or Firefox 45 or higher versions. Webtel.

10 Nov
2016

GSTGyan- Amendments to enrolment application

"GSTGyan 1070. Amendments to enrolment application including change in mobile & e-mail id can be done from appointed date onwards. (Expected date 1.4.17). Webtel".

8 Nov
2016

Enrolment in GST commences.

GSTGyan 1069. Enrolment in GST begins at www.gst.gov.in. Delhi, Haryana, UP, Punjab from 16-31 Dec. Gujarat, Maharastra 14-29 Nov. ST assessees in Jan 2017.

7 Nov
2016

GST IN generated in the phased manner.

GSTGyan 1068: GSTIN generated in phased manner. Already done for 20 lac VAT assessees in 8 states. Others to get later. ST Assessees to get in Jan'17.

5 Nov
2016

GSTGyan - GST Registration to start on 8.11.2016

GSTGyan 1067. GST Registration shall start on 8.11.2016 at www.gst.gov.in. Assessees with verified PAN shall be allowed to fill details & submit proofs. Webtel.

4 Nov
2016

GSTGyan - 10 bank accounts can be added during enrolment

GSTGyan 1066. Upto 10 bank accounts can be added during enrolment. Proof of Bank A/c No, Branch, Address of A/c holder & few transaction details required.

3 Nov
2016

GSTGyan- Proposed GST Rates

GSTGyan 1065. Proposed GST Rates. Food items-0%, Essential items-5%, Luxary cars,FMCG, cigarettes-28%+cess, Most items-18%, Others-12%. Rate on Gold pending.

3 Nov
2016

GSTGyan- Provide Email address & mobile no of responsible person.

GSTGyan 1064. For proper communication, give Email address & mobile no of responsible person in business during GST enrolment. Separate registration of CA etc.

2 Nov
2016

GSTGyan- No physical documents required for the Enrolment

GSTGyan 1063. No physical documents for Enrolment. Soft copy in jpeg or pdf format, upto 1 mb acceptable. Photos can be in jpeg format, upto 100 kb. Rgds Webtel.

29 Oct
2016

GSTGyan- Existing assessees to apply for Enrolment

GSTGyan 1062. Existing assessees have to apply on GST System Portal for Enrolment under GST. Enrolment is common for Central GST & State GST. Regards, Webtel.

28 Oct
2016

GSTGyan- GST paid on Reverse Charge eligible for Input Tax Credit

GSTGyan 1061. GST paid on Reverse Charge will also be eligible for Input Tax Credit if goods or services are used or intended to be used for business. Webtel.

27 Oct
2016

GSTGyan- Value & Taxable Value must be given in GST Returns

GSTGyan 1060. Value & Taxable Value have to be given in GST Returns as they may be different. Taxable value is to be given even if there is no consideration.

26 Oct
2016

GSTGyan - DSC in GST REG-20 to be used by Co, LLP etc

GSTGyan 1059. Co, LLP etc to use DSC to sign Application for Enrolment of Exisiting Assessees in GST REG-20. Others with valid Aadhar can use e-signature also.

25 Oct
2016

GSTGyan- Voluntary Registration cannot be applied for cancellation before 1 year

GSTGyan 1058. A Taxable person who has taken Registration Voluntarily cannot apply for cancellation before completion of one year from date of registration.

24 Oct
2016

GSTGyan: Submit Final Return before cancellation of registration

GSTGyan 1057. Every Taxable person (other than Composition Supplier) has to submit Final Return before cancellation of registration. Regards, Webtel.

22 Oct
2016

GSTGyan: Assessees to be able to access their data migrated to GSTN, by 8.11.16

GSTGyan 1056. Wef 8.11.16, existing 80 lac assessees will be able to access their data migrated to GSTN, make necessary corrections & upload relevant documents.

21 Oct
2016

GSTGyan: GST Rate Structure Proposed

GSTGyan 1055. Proposed GST Rates. Food items-Exempt, Gold, Silver-4%, Essential items-6%, Luxury items,FMCG, cigarettes-26%+cess, Most items-18%, Others-12%.

20 Oct
2016

GSTGyan: Advance receipt against supplies to get a Transaction id

GSTGyan 1054. Every advance receipt against supplies shall get a Transaction id which is to be mentioned against invoice issued later in GSTR-1. Regards Webtel.

19 Oct
2016

GSTGyan: Shutting down of Large Taxpayer Units under GST

GSTGyan 1053. Large Taxpayer Units to be shut down under GST at all locations i.e. Bengaluru, Chennai, Delhi, Kolkata & Mumbai, due to their failure.Rgds Webtel.

18 Oct
2016

GSTGyan: Invoices's summary to be given in GSTR-1

GSTGyan 1052.Summary of invoices issued to be given in GSTR-1(including invoices issued for inward supplies from Unregistered Persons liable to Reverse Charge).

17 Oct
2016

GSTGyan: Audit Report cum Reconciliation Statement to be filed in FORM GSTR-9B

GSTGyan 1051. Assessee to e-file Audit Report cum Reconciliation Statement by CA/ICWA in FORM GSTR-9B with audited accounts, if turnover exceeds Rs 1 cr. Webtel.

15 Oct
2016

For the intimation of provisional GSTIN update the E-mail id & Mobile no. in VAT, ST, & Excise dept

GSTGyan 1050. Update correct E-mail id & Mobile no. in VAT, ST, Excise dept etc. for intimation of provisional GSTIN in due course. Else no migration to GST.

14 Oct
2016

Introduction of Returns GSRT-1A & 2A in draft rules

GSTGyan 1049. Returns GSRT-1A & 2A introduced in draft rules for additions, corrections, deletions of outward/inward supplies by the recipient /supplier. Webtel.

13 Oct
2016

Casual/Non-resident taxpayers not tofile Annual Return

GSTGyan 1048. Normal & Compounding taxpayer to file Annual Return. Not to be filed by Casual/Non-resident taxpayers, ISDs & Persons liable to deduct TDS. Webtel.

12 Oct
2016

Assessee can use the paid amount primarily for self assessment tax & interest of earlier periods

GSTGyan 1047. Amount paid by assessee is used first for self assessment tax & interest of earlier periods, then current period & then other amounts e.g. demand.

10 Oct
2016

Pay tax proportionately when Advance Payment is received

GSTGyan 1046. In case of Advance Payment received from purchaser, pay tax proportionately and not on total amount of supplies to be made. Regards, Webtel.

08 Oct
2016

Registration Certificate extended to 90 days

GSTGyan 1045. Registration Certificate issued to Casual or Non-resident Dealer is valid for 90 days. Extension by another 90 days, on request. Regards, Webtel.

07 Oct
2016

Composition Supplier cannot charge tax from customer or issue tax invoice

GSTGyan 1044. Composition Supplier cannot charge tax from customer or issue tax invoice. Credit of Composition tax cannot be claimed by customer. Rgds Webtel.

06 Oct
2016

Purchases from Unregistered dealers and Taxable person

GSTGyan 1043. For Purchases from Unregistered dealer, Taxable person will not get ITC& Composition Dealer will not be required to pay tax under Reverse charge.

05 Oct
2016

Reverse charge provisions in case of goods & services

GSTGyan 1042. Reverse charge provisions will be applicable in case of both goods & services in case of specified supplies and assessees. Regards, Webtel.

04 Oct
2016

No need to file GST RFD-01

GSTGyan1041. No need to file GST RFD-01 for Refund of balance in Electronic Cash Ledger. Same can be claimed through return forms GSTR-3, 4 & 7. Rgds, Webtel.

03 Oct
2016

Composition Scheme for Inter- state Supplies

GSTGyan 1040. Composition Scheme is not applicable if assessee makes Inter- state Supplies or pays tax on Reverse Charge basis. Regards, Webtel.

01 Oct
2016

Payment through Debit or Credit card

GSTGyan 1039. For payment through Debit or Credit card, prior registration of card at GST Common Portal through authorised bank is necessary. Regards, Webtel.

30 Sep
2016

GSTGyan- Payment Challan GST PMT-4 to be valid for 15 days

GSTGyan 1039. Payment Challan GST PMT-4 generated at GST Common Portal shall be valid for 15 days. Generate fresh challan if not paid in 15 days.Regards, Webtel.

29 Sep
2016

TDS, TCS, Tax under Reverse Charge etc. to be paid through Electronic Cash Ledger

GSTGyan 1037. TDS, TCS, Tax under Reverse Charge, Composition Tax, Interest, Penalty, Fee or any other amount can be paid ONLY from Electronic Cash Ledger.

28 Sep
2016

Pre-requisites for registration

GSTGyan 1036. Validation of Mobile No. & E-mail id by OTP & PAN, a prerequisite for registration in GST. Any subsequent change also to be validated. Webtel.

27 Sep
2016

upload invoices >2.5 lacs in GSTR1, for B2C Inter state Supplies

GSTGyan 1035. For B2C Inter state Supplies, upload invoices >2.5 lacs in GSTR1. For other inter state supplies & all intra state supplies, State wise summary.

27 Sep
2016

Details of ALL invoices to be uploaded in GSTR1

GSTGyan 1033. For B2B Supplies, details of ALL invoices whether Intra/Inter State have to be uploaded in GSTR1 as ITC has to be claimed by recipient. Webtel.

26 Sep
2016

Draft Rules & Formats for Registration, Payment & Invoice

GSTGyan 1034. Draft Rules & Formats for Registration, Payment & Invoice issued by CBEC for public comments by 28-9-16. Regards, Webtel.

24 Sep
2016

All cesses to subsume in GST

GST Gyan 1032. All cesses to be subsumed in GST. Only 5% assessees would be audited in GST regime, against 70-80% by some states now. Regards, Webtel

23 Sep
2016

Threshold for Registration 10 lacs for NE states & 20 lacs for others

GSTGyan 1031. Threshold for Registration 10 lacs for NE states & 20 lacs for others. For turnover upto 1.5 cr, jurisdiction of States only. Joint for others.

22 Sep
2016

CBEC issues FAQs on Registration, Valuation, ITC,…

GSTGyan 1030. CBEC issues FAQs on Registration, Valuation, ITC, Assessment, Audit, Refund, Demand & Recovery, Appeals, Advance Ruling, Offence & Penalties etc.

21 Sep
2016

Proposal to compensate states for revenue loss in first 5 yrs

GSTGyan 1029. Proposal to compensate states for revenue loss in first 5 years on the basis of average revenue of 2013-14, 2014-15 & 2015-16. Regards, Webtel.

20 Sep
2016

Compounding Dealer can switch to Normal Dealer

GSTGyan 1028. Compounding Dealer can switch to Normal Dealer during the year but he can't change again to Compounding Dealer during same year. Regards, Webtel.

19 Sep
2016

Apply for registration in 30 days to claim ITC of inputs

GSTGyan 1027. Apply for registration in 30 days from becoming liable, to claim ITC of inputs in stock on date preceding date of liability. Regards, Webtel.

17 Sep
2016

GSTIN & Passwords to be issued by Oct end

GSTGyan 1026. By Oct end, GSTIN & Passwords to be issued to exisiting Assessees who will have to update Address, Names of Owners/Directors etc & Bank details.

16 Sep
2016

Abatement for crucial services to avoid burden on consumers

GSTGyan 1025. Abatement for crucial services e.g. life or medical insurance expected to avoid significant increase in overall burden on consumers. Rgds, Webtel.

16 Sep
2016

GST Payment by Internet banking, Dr/Cr Card, NEFT, RTGS or challan upto 10,000

GSTGyan 1024.GST Payment by Internet banking, Dr/Cr Card, NEFT, RTGS or challan upto 10,000 & not by Book Entry/Adjustment or Debit to Export Scrips. Webtel.

14 Sep
2016

Additional fee for late returns

GSTGyan 1023. Late Returns would attract fee @ 100 per day subject to maximum of 5,000. Maximum fee in case of Annual Return is 0.25% of Aggregate Turnover.

13 Sep
2016

Assessee to submit CA Certificate for refund

GSTGyan 1022. For Refund, Assessee to submit CA Certificate that GST burden not passed to customer. Self Certification upto threshold amount. Regards, Webtel.

12 Sep
2016

Centre & States to have weight in ratio 1 : 2 in GST Council

GSTGyan 1021. Centre & States to have weight in ratio 1 : 2 in GST Council. FM & state FMs to be members. Decisions to be passed by 75% majority. Regards Webtel.

09 Sep
2016

Parliament to approve CGST & IGST Bills

GSTGyan 1020. For GST roll out wef 1.4.2017, Parliament will have to approve CGST & IGST Bills & State Assemblies will pass their own SGST Bills. Rgds Webtel.

08 Sep
2016

Proposed GST Council to resolve GST Rates

GSTGyan 1019. Proposed GST Council to resolve GST Rates, Dual control over Assessment/ Scrutiny of Assessees & Geographical/Area Based Exemptions. Rgds, Webtel.

08 Sep
2016

President signs GST Bill

GSTGyan 1019. President signs GST Bill. GST Council to be constituted to resolve GST Rates, Dual control over Assessment/ Scrutiny& Area Based Exemptions.

07 Sep
2016

Registration required in state from where supplies to be made

GSTGyan 1018. Registration required in each state from where supplies to be made. File 3 Returns pm for EACH Registration & 1 Annual Return. (Min 37 per regn).

06 Sep
2016

Chartered/ Cost Accountant to be nominated for Special Audit

GSTGyan 1017. Dept. to nominate Chartered/ Cost Accountant for Special Audit if in scrutiny etc it seems value not correctly declared or excess credit availed.

05 Sep
2016

Mandatory audit of books of account if turnover exceeds specified limit

GSTGyan 1016. Mandatory audit of books of account of all registered persons by Chartered/ Cost Accountant, if turnover in FY exceeds specified limit. Webtel.

03 Sep
2016

No Period & Purpose fields in Challan

GSTGyan 1015. No Period & Purpose fields in Challan. To be used for Self Assessment Tax of earlier returns & then current return. Balance for demands etc.

03 Sep
2016

Pay GST by Single Challan

GSTGyan 1014. Pay GST by Single Challan but breakup of IGST, SGST of relevant state & CGST to be given. E-payment except for payments upto Rs. 10,000. Webtel.

31 Aug
2016

Refund of Input Tax Credit allowed

GSTGyan 1013. Refund of Input Tax Credit allowed at end of Tax Period for Exports & where ITC accumulated due to input tax rate higher than output tax rate.

30 Aug
2016

No refund upto 1000 in GST

GSTGyan 1012. No refund upto 1000 in GST. Only Declaration for refund less than 5 lacs. Prescribed documents for refund of 5 lacs & above. Regards, Webtel.

27 Aug
2016

GSTGyan Series

GSTGyan Series gives a brief preview of provisions in Model GST. Only learning required now. Action on registration etc to start only when it becomes law.Webtel.

27 Aug
2016

TDS@ 1% to be applicable on notified supplies for contracts exeeding Rs. 10 lacs

GSTGyan 1011. TDS |1% will be applicable on notified supplies for contracts exeeding Rs. 10 lacs in value. TDS deposit by 10th of next month. Regards, Webtel.

26 Aug
2016

Apply for registration in 30 days, to get Input Tax Credit

GSTGyan 1010. Apply for registration in 30 days, to get Input Tax Credit for period prior to registration. Else, get ITC from data of registration. Webtel.

25 Aug
2016

GST Valuation Rules to be applied even in case of supplies to Employee

GSTGyan 1009. GST Valuation Rules to be applied even in case of supplies to Employee as he is deemed to be related to Employer u/s 2(82). Regards, Webtel.

24 Aug
2016

Selling taxable milk, eggs, chickens, not part of agriculture

GSTGyan 1008. Selling milk, eggs, chickens taxable under GST as dairy/poultry farming not part of agriculture. Vegetables not taxable but their saplings are.

24 Aug
2016

Composition Supplier can register in multiple states if total sales upto 50 lacs

GSTGyan 1007. Composition Supplier can register in multiple states if total sales upto 50 lacs. No Inter state sale. Scheme MUST for ALL businesses of PAN.

22 Aug
2016

Registration required for each sale, if turnover already exceeds 9 lacs

GSTGyan 1006. For sale of even a rupee from a state, registration required if turnover already exceeds 9 lacs in another state as limit is for India as a whole.

20 Aug
2016

Fresh registration to be taken by Input Service Distributor

GSTGyan 1005. In GST, fresh registration to be taken by Input Service Distributor registered under Service Tax, unlike other existing assessees. Rgds, Webtel.

19 Aug
2016

Provisional Registration for 6 months

GSTGyan 1004. Provisional Registration for existing ST, VAT etc assessees for 6 months. Final Registration after submitting necessary details. Rgds, Webtel.

17 Aug
2016

Aggregate Turnover does not include Value of Supplies in certain cases

GSTGyan 1003. Aggregate Turnover does not include Value of Supplies on which GST is payable on Reverse Charge basis & Value of Inward Supplies. Regards, Webtel.

17 Aug
2016

Aggregate Turnover includes all Taxable, Non-taxable, Exempt Supplies, Exports

GSTGyan 1002. Aggregate Turnover includes all Taxable, Non-taxable, Exempt Supplies, Exports of Goods & Services computed on All India basis for Single PAN.

16 Aug
2016

GST to require a very robust IT infrastructure

GSTGyan 1001. GST will require a very robust IT infrastructure as data of 300-500 cr invoices will be uploaded & matched every month. Regards, Webtel.

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