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GEMS & JEWELLERY INDUSTRY UNDER GST REGIME (PART-2)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 23-1-2017 - Place of Registration In the present indirect tax regime, there is a concept of Centralized registration under Central tax laws. Under GST regime, registration may be required in each State from where supplies are being made. Hence, manufacture/dealer may need to obtain registration in each State where there is a premises (including site office) from where services are being provided. Centralized registration will no l .....

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payer 15th day of succeeding month 3. GSTR-3 Monthly return 20th day of succeeding month 4. GSTR-4 Quarterly return for compounding Taxpayer 18th of the month next to quarter 5. GSTR-5 Periodic return by Non-Resident Foreign Taxpayer last day of registration 6. GSTR-6 Return for Input Service Distributor(ISD) 15th of the next month 7. GSTR-7 Return for Tax Deducted at Source(TDS) (not applicable) 10th of the next month 8. GSTR-8 Annual Return By 31st December of next FY Reconciliation of Inward .....

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es, as against their vendors. Similar provisions have been prescribed wherein details of credit notes issued by a supplier have to match with the corresponding reduction of input tax credit claimed by the recipient. Accordingly, if the recipient does not adjust the input tax credit, the tax and interest would be recovered from the supplier. This provision places liability on companies for non-compliance by vendors. Rate of GST While rates of GST on are likely to be in the range of 5-28 percent, .....

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r present Excise law, Cenvat Credit of inputs, input services and capital goods is allowed to a person who is paying excise duty @12.5% and Cenvat Credit of input services only to a person who is paying excise duty @1%. Under GST regime, certain conditions are prescribed for availment of credit, i.e., the person should have taxpaying documents and should have received services and tax charged by the supplier, on which the recipient is entitled to credit should be paid to the appropriate Governme .....

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ns goods, the value of which is capitalized in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business. Accordingly, input tax credit will be eligible for capital goods only on those goods, the value of which is capitalized in the books of accounts. This will enable many taxable persons to claim cenvat credit. A taxable person (exporter) may claim refund of any unutilized input tax credit at the end of any tax per .....

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