Here are major highlights of gst
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Liability for payment of GST would arise at the time of supply of goods and service. For Intra-State movement of goods, e-way Bill System will be introduced w. What we have in the public domain now is the draft GST law and the four business processes on Registration, Returns, Payments and Refunds which gives a fair idea on the basic construct of the GST structure.
WHAT IS INCLUDED AND EXCLUDED IN AGGREGATE TURNOVER? It can be in form of a debit note or a credit note.
What we have in the public domain now is the draft GST law and the four business processes on Registration, Returns, Payments and Refunds which gives a fair idea on the basic tout of the GST structure. In the meantime, the modalities of linking State and Central Governments accounting system with GSTN will be worked-out so that seamless credit is available to the registered traders whose tax is deducted or collected at source. Each region to have mandatory intrastate E-Way bill system on a gap of too basis so that e-way bill system will be introduced in all the regions w. There would be dual GST i. For Intra-State movement of goods, e-way Bill System will be introduced w. And most importantly, what it means for you Rate classification for services Only rates of select caballeros and services have been mentioned here on pearls, precious or semi-precious stones, diamonds other than rough diamondsprecious metals like gold and silverimitation jewellery, coins — 3% GST rate on rough diamonds — 0.
Major Highlights and Notification of 26th GST Council Meeting - In case of movement of goods by railways, airways and waterways, the e-way bill can be generated even after commencement of movement of goods.
MAJOR HIGHLIGHTS OF 26TH GST COUNCIL MEETING HELD ON 10 th march 2018 1. Reverse charge mechanism The liability to pay tax on Reverse Charge Mechanism RCM has been deferred till 30. Grievance Redressal Mechanism GST implementation Committee GIC has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches. Tax exemptions for exporters a GST Council also agreed today to: · Defer the implementation of the e-Wallet scheme by 6 months i. GST returns Data Analysis CBEC and GSTN have started detailed data analytics across a number of data sets available with them. · There are major data gaps between self-declared liability in FORM GSTR-1 and FORM GSTR-3B. Implementation of E-way Bill a E-way bill for Interstate movements of goods to become mandatory w. Each region to have mandatory intrastate E-Way bill system on a gap of weekly basis so that e-way bill system will be introduced in all the regions w. For smaller value consignments, no e-way bill is required. But railways are required to carry invoice or delivery challan etc. They have to generate PART-A of an e-way bill.
