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Ready for New Era- Goods and service Tax

Goods and Services Tax - GST - By: - Prafful Lalwani - Dated:- 21-9-2016 Last Replied Date:- 30-12-1899 - Introduction GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. The Constitution Amendment Bill for Goods and Services Tax (hereinafter referred to as GST ) has been approved by the President of India post its passage in the Parliament (by Rajya Sabha on 3 August 2016 and by .....

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products, i.e., crude, high speed diesel, motor spirit, aviation turbine fuel and natural gas, may be subject to GST - if changed, the date shall be notified by the GST Council. Provisions will be made for removing imposition of entry tax / Octroi across India. Entertainment tax, imposed by states on movie, theatre, etc., will be subsumed in GST, however taxes on entertainment at panchayat, municipality or district level will remain unchanged. GST may be levied on the sale of newspapers and adve .....

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invoice Date of debit in books. Earlier of date of issue of invoice or receipt of payment (if invoice issued within prescribed period) Earlier of completion of service or receipt of payment (if invoice issued within prescribed period) Date shown by recipient in his books Specific provisions made for continuous supply of services. Earliest of the following- Receipt of goods Date of payment Date of receipt of invoice Date of debit in books Procedural aspects Registration - Registration is mandator .....

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eir periodicity- Various returns are required to be filed with authorities (through GSTN) on prescribed frequency. Payment of taxes- Payment over ₹ 10,000/- will be made through online banking by accessing GSTN for challan generation. Following process will be followed for payment of taxes- Visit the GSTN and create draft challan Upon creation of the draft challan, the taxpayer will fill in the details of the taxes that are to be paid. The challan page will have sets of mandatory fields, w .....

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