Call us for Support & Service
+91-94139-95885, 98290-99363
rss rss rss Follow us on social network

GST News

"You Just think, we make your thought" by : Vijay Bomra

Welcome to RMG Software

GST Accounting Software - Goods and Services Tax Software India

GST Details

The GST bill was firstly coined in April, 2010. As of now, the long awaited GST Bill has been passed by the Rajya Sabha and Lok Sabha. Thereafter, the bill will be sent to the President of India. The GST Bill has been supported with 203 votes out of the 243 in-house member in the Parliament. As per the Government sources, the GST is likely to be implemented by the third quarter of 2017.

The return filing under the GST will be done online. The amount will be accepted via Net banking, Credit/Debit card. The GST filing can be done via Gen-GST software, which will provide an easy way for GST return filing along with GST billing work. Gen GST software is being developed by a team of qualified professionals which will make sure that the tax filing and billing can be done easily in the GST regime.

What is GST ?

GST Stands for Goods and Service Tax. The GST Bill will merge the different tax system under a single unifies value that comes directly under the Central Government. This will make India as the largest single market. The emphasis will be on the taxes such as excise and retail taxes. GST will be imposed on every Goods and services in the country. So, every person is liable to pay their taxes on the output and entitled to the Input tax credit (ITC).

1. It is a tax on supply of goods and service (except tax on supply of alcoholic liquor for human consumption).
2. It is a consumption based taxation which will be payable in the State in which goods and service are being consumed.
3. Taxes to be subsummed under GST are : Excise, Service Tax, VAT, CST, Luxury Tax, Entertainment Tax, Octroi, State Excise Duty, etc.
4. Taxes that would persist even after GST are : Basic Customs Duty, Stamp Duty, Property Tax, Environment Tax, Toll Taxes, Taxes on Petroleum products and liquor, Excise Duty on Tobacco Product.
5. Taxable even under GST will be supply of goods and service concept of supply is much wider than sale.
6. India will opt for dual GST Mode. On intra-state supply, CGST and SGST will levied. On inter-state supply, IGST will imposed.
7. Taxable person under GST will be a person whose aggregate turnover exceeds Rs.10 Lakhs as per Model GST Law.
8. A GST Council will be formed which will be a recommendatory body wherein Union Govt. will be 33.33% voting power and State will have combined 66.67% voting power. This council shall make recommendations on matter relating to GST. Every decision will be taken by a majority of 10 not less than three-fourth of total votes.

GST Bill Proceedings as Follows

After that the bill will be represented in 29 states assemblies (Delhi, Maharashtra, Uttar Pradesh (UP), Tamil Nadu, Gujarat, West Bengal, Karnataka, Rajasthan, Andhra Pradesh (AP), Madhya Pradesh (MP), Kerala, Telangana, Haryana, Bihar, Punjab, Odisha, Chhattisgarh, Jharkhand, Assam, Uttarakhand, Jammu & Kashmir (J&K), Himachal Pradesh, Goa, Tripura, Meghalaya, Puducherry, Nagaland, Manipur, Arunachal Pradesh) and atleast 15 state assemblies should pass the bill

After this the bill will have to be followed by the President's assent

After the President's Assent the bill will become the law

Features of Goods and Service Tax

The GST is the single solution for all the Taxation System for Goods and Services. The taxes currently applicable in India include VAT, Entertainment Tax, Service Tax, Excise, Luxury Tax etc.

Central Level GST (CGST):

The Central Government Goods and Service Tax will absorb following applicable taxes:
Central Excise Duty
The Excise Duty levied under Medicinal and toiletries preparation Act
Surcharge
Education Cess and Secondary and Higher Secondary education Cess
Service Tax
Additional Excise Duty
Additional Custom Duty (CVD)
Special Additional Duty

State Level GST (SGST):

The State Government Goods and Service Tax will take in following applicable taxes:
VAT/ Sales Tax
Purchase Tax
State Cess and Surcharge related to supply of goods and services
Entertainment Tax (unless it is levied by local bodies)
Tax on lottery
Luxury Tax

Objective of GST:

The major objective of the Goods and Service Tax will be to eliminate the double taxation or cascading effect on the production and the distribution of the goods. The exclusion of the cascading effect on the goods will benefit both the manufacturers and the consumers and would improve the GDP of the nation. The integration of different taxes under the GST will make certain things easy and will make the system more open for the consumption tax under the VAT.

Rate of GST:

There is a provision of applying two rates on GST- Lower rates for items of least or basic importance and standard rate for goods of general importance. There will be special rates for precious metals and other exempted goods. The Government of India is considering a standard rate of 20 percent to 23 percent for goods in general.

Principal of GST:

# The GST is applicable for Import / Production / Manufacture of goods and/or Services and simultaneous combustion of the same at different edges or boundaries.
# Alcohol and Petroleum products are out of the GST boundaries. The existing system will take care of the same.
# Tobacco products will be taxable as per GST, but the room for levies as per Government norms is applicable.
# Taxpayers with annual turnover of less than 1.5 Crore are not liable to be dragged under GST. (finalization Pending)
# Input Tax Credit or ITC against CGST and SGST is allowed for taxes paid against CGST and SGST respectively. The cross exercise between them is, however not applicable. The interstate supply of goods and services is an exception.
# Integration of GST with Direct Tax is allowed for PAN founded identification number.
# There will be a new rate structure for GST :-
- Lower rate for products with basic needs.
- Standard rate for General items.
- Special Rates.
- Fully Exempted zero rates for exports



GST Updates

1. GST RATE SCHEDULE FOR GOODS - CBEC
2. FAQs on GST as on 31-03-2017
3. GST - Concept & Status (01-05-2017)
4. GST - Sample Invoice (23-05-2017)

1 Central Board of Excise and Customs | 0 comments
Draft Rules and Formats
Info

15 Sep 2016 | 5 comments
GST Accounting Software
Info

115 Sep 2016 | 0 comments
GST Software Return Filing
Info

Visit CBEC
Central Board of Excise and Customs

 

GST RETURNS :-

1 GSTR-1 (MONTHLY)
To furnish details of outward suppliers of goods and services (not required for compounding taxpayer and ISD) - Due Date 10th of the next month

2 GSTR-2 (MONTHLY)
To furnish details of inward suppliers of goods and services (not required for compounding taxpayer and ISD) - Due Date 15th of the next month

3 GSTR-3 (MONTHLY)
All details to be reported in GSTR-3 shall be auto-populated from GSTR-1 (of counterparty suppliers), GSTR-2, ISD return (GSTR-6) (of input service distributor), TDS return (GSTR-7) (of counterparty deductor), However, the taxpayer shall have the option to fill the missing details. - Due Date 20th of the next month.

4 GSTR-4 (QUARTERLY) (FOR COMPOUND TAXPAYER)
To indicate the total value of supply made during the period of return and the tax paid at the compounding rate along with the details of payment of tax. - Due Date 18th of month immediately succeeding the end of the quarter.

5 GSTR-5 (MONTHLY) (FOR NON-RESIDENT FOREIGN TAXPAYER)
To furnish details of outward supplies of goods and services. But if registeration is for less than month, return to filed within 7 days of last day of registeratin. -Due Date 20th of the next month.

6 GSTR-6 (MONTHLY) (FOR ISD)
To furnish inward supply details separatly for goods and services on which the ITC is being claimed. -Due Date 15th of the next month (13th as per Empowered Committee's Report on Return).

7 GSTR-7 (MONTHLY) (FOR TAX DEDUCTOR)
To furnish details of all suppliers along with the invoices against which the tax has been decucted. -Due Date 10th of the next month.

8 GSTR-8 (ANNUALY)
To furnish annual return on basis of finalcial records to provide 360 degree view about the activities of the taxpayer. -Due Date 31st December of the next FY.

REGISTERATION PROCESS UNDER GST

TRANSITIONAL PROVISION

Existing taxable persons will get provisional registeration certificate under GST which is valid for 6 months. They will have to submit required details to get final registeration certificate.

NEW REGISTERATION UNDER GST

1. Person liable for registeration
- a. Every supplier having turnover more than Rs.9 lakhs in finalcial year (Rs.4 lakhs for north eastern state).
- b. All input service distributors.
- c. Transferee and successor of business liable to be registered w.e.f. date of transfer or succession if transferor was a taxable person was.
- d. Person making inter-state supply. Non-resident taxable persons, agents or casual taxable person irrespective of thershold limit.
- e. Person liable to decuct tax at source like local authority, government agencies etc.
- f. E-commerce operator or Aggegators.

2. Procedure of registeration
- a. Person has to take registeration in every state in which he is liable within 30 days from the date he becomes liable to registeration.
- b. Registeration can be obtained only if applicant has a PAN issued under income-tax act 1961.
- c. He has to submit scanned copies of perscribed documents for review by authories.
- d. Any deficiency, if found will be informed by jurisdictional authorities. If tax officer does not raise any query. It will be deemed that registeration has been approval within prescribed time (three days recommended by Empowered Committee report on Registeration Process).
- e. Registeration Certificate can be downloaded from GST Portal.

3. OTHER
- a. Person having multiple business verticals in a State may obtain seperate registeration for each business vertical.
- b. Any person can take voluntry registeration if the has income tax PAN.