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Saturday, January 28, 2017

Your Checklist for Availing GST Input Tax Credit


In the current tax regime, various conditions are applicable for availing input tax credit. A brief overview is given below:


Type of Input Tax Credit
Conditions for availing Input Tax Credit (ITC)
VAT
As a VAT dealer, you can avail credit of the VAT paid on goods purchased in the course of business, for re-sale or for manufacture of goods, subject to conditions. Only purchases from registered dealers within the state are eligible for ITC
CENVAT/Service Tax
As a manufacturer, you can avail CENVAT credit on all inputs used directly or indirectly in relation to the manufacture of final products. You can also avail ITC on the service tax paid on any input service.
If you are a service provider providing taxable service, you can avail ITC on the service tax paid on input services used for provision of the taxable services.


Monday, January 9, 2017

User Guide To Taxpayers for GST Enrolment App - Google App

1. Landing page:

User clicks on GST Enrollment App Icon, Goods and Service Tax landing page will be displayed.

Check I Agree check box and Click on Save and Continue button (This is mandatory check box)


 2. Home page:

Saturday, January 7, 2017

How can I view the FAQs and Help Documents at GST Common Portal ?

You can read any of the following artefacts/ documents available at the GST Common Portal:

  • System Requirements
  • Frequently Asked Questions (FAQs)
  • User Manual
  • Video Based Tutorial - CBT

To view the artefacts, you need to perform the following steps:
  1. Access the www.gst.gov.in URL. The GST Home page is displayed.
  2. Under the Help menu given below the GST Home page, click the relevant artefact option. The relevant artefact is displayed.



GST - Track Application Status

I am an existing taxpayer. How can I track status of my application for enrolment with GST that I have submitted?

As an existing taxpayer, you can enrol with GST at the GST Common Portal. On submission of the Enrolment Application, you will be given an Application Reference Number (ARN). You can track status of your application by tracking this ARN.

To track application status of Enrolment Application, you need to perform the following steps:

1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.


GST - View My Saved Application

I am an existing taxpayer. I had saved my enrolment application but not completed it. How can I access my saved application?

As an existing taxpayer, you can enrol with GST at the GST Common Portal.
You can complete your application intermediately and keep saving the application. You can view your saved application at the GST Common Portal after login.

To view your saved application, you need to perform the following steps:

1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.

I have renewed my DSC. How do I update my new DSC? at GST Common Portal

To update your DSC with the GST Common Portal, you need to perform the following steps:


1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.


I have procured a DSC. How can I register my DSC with the GST Common Portal?

To register your DSC with the GST Common Portal, you need to perform the following steps:


1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.


GST - How do I change my password?

To change your password, you need to perform the following steps:


1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.


GST - I have forgotten my password. How do I retrieve my password?

To retrieve your password, you need to perform the following steps:


1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.


GST - I have forgotten my username. How do I retrieve my username?

To retrieve your username, you need to perform the following steps:


1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.



How can I login to the GST Common Portal with new username and password?

To login to the GST Common Portal with your new username and password, you need to perform the following steps:


1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the EXISTING USER LOGIN button.

Enrolment of Existing taxpayer with Provisional ID and Password in GST

I am an existing taxpayer registered under Excise, Service Tax and State Tax Laws such as VAT, Entry Tax, Luxury Tax and Entertainment Tax. I received SMS/ E-Mail with Provisional ID and Password. What are next steps for me? How do I begin to enrol with the GST Common Portal with Provisional ID and Password?

All existing taxpayers and VAT dealers will be given a provisional ID and a password. You first need to create your username and password using this provisional ID and password at the GST Common Portal - www.gst.gov.in.
It is assumed that all existing Central Excise taxpayers are already registered under State VAT Department. It covers both Central Excise and State VAT registration.

To enrol with the GST Common Portal, you need to perform the following steps:

1. Access the www.gst.gov.in URL. The GST Home page is displayed.
2. Click the NEW USER LOGIN button.

जीएसटी में स्थलांतरण: पंजीकृत व्यवसायों के लिए


आप के लिए पहला और सबसे महत्वपूर्ण कार्य यह है की, जैसे आपका व्यापार मौजूदा कानून के तहत पंजीकृत हैं, उसका जीएसटी में स्थलांतर हो रहा है। हालांकि जीएसटी की बुनियादी बातों को जानना महत्वपूर्ण है, मगर उसके साथ आपको जीएसटी स्थलांतरण की उपलब्ध प्रावधानों को समझना भी ज़रूरी हैं, और उसीके मुताबिक आवश्यक कार्रवाई करके जीएसटी में सुलभ संक्रमण करने की योजना बनाए और स्थलांतर के बाद मिलनेवाले लाभ सुनिश्चित कीजिए| आपको अग्रिम उचित जीएसटी इनपुट टैक्स क्रेडिट पाने के लिए अपने लेखांकन और रिपोर्टिंग,खरीद, रसद फैसले औरअन्य कई सारी प्रक्रियाओं की समीक्षा करनी पड़ सकती हैं|

आज, विनिर्माण, बिक्री और सेवा गतिविधि एक अलग अप्रत्यक्ष कर प्रणाली द्वारा संचालित होते हैं। विनिर्माण गतिविधि केन्द्रीय उत्पाद शुल्क से कवर किया जाता है, बिक्री राज्य वैट / सीएसटी के तहत कवर किया जाता है, और सेवाओं गतिविधि सेवा कर अधिनियम के तहत कवर किया जाता है।

इस चीज़ को बेहतर और आसानी से समझ ने के लिए, हमने नीचे टॅक्स की श्रेणीयों (कर प्रकार) को  अलग अलग स्थलांतर की प्रावधानों को ध्यान में रखते हुए वर्गीकृत किया है:
  • केन्द्रीय उत्पाद शुल्क
  • वैट
  • सर्विस टैक्स
आपके कुछ ऐसे सवाल हो सकते है:

Moving to GST: For Registered Businesses


The first and foremost task for you, as a business registered under the current law, is transiting to GST. While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take the necessary actions to ensure a smooth transition to GST and leverage on transition benefits. You will need to review your accounting and reporting procedures, procurement, logistic decisions, and so on in advance to avail the appropriate GST input tax credit.
Today, the manufacturing, sales and service activity are governed by a separate indirect tax system. The manufacturing activity is covered by Central Excise, sales is covered under State VAT/CST, and the services activity is covered under the Service Tax Act.
For better and ease of understanding, we have categorised the transition provisions for each of the below tax types:
  • Central Excise
  • VAT
  • Service Tax

How is the Value of Goods & Services Determined under GST?


The value of all the goods and services consumed in an economy is arrived at based on certain metrics. In the current tax regime in India, this value is calculated in different ways. An overview is provided in the table below:


Tax
Value of goods/services
Excise
Based on transaction value or quantity of goods or MRP
VAT
Based on sale value
Service Tax
Based on taxable value of service rendered
  

Valuation of goods and services

माल और सेवाओं के मूल्य जीएसटी के तहत कैसे निर्धारित किया जाता है?


किसी भी अर्थव्यवस्था में सभी वस्तुओं और सेवाओं के मूल्य निश्चित मैट्रिक्स के आधार पर बनाया जाता है। भारत में मौजूदा कर व्यवस्था में, इस मूल्य की गणना अलग अलग तरीकों से की जाती है। इसका सिंहावलोकन नीचे दी गई तालिका में दिया गया है:



टॅक्स (कर)
माल / सेवाओं का मूल्य
आबकारी कर
लेन – देन की लागत या माल की मात्रा या उसकी एमआरपी
वैट
बिक्री मूल्य के आधार पर
सेवा कर
प्रदान की गई सेवा की अनुसार गिनी जानेवाला टॅक्स का योग्य मूल्य

वस्तुओं और सेवाओं का मूल्यांकन

Moving to GST: Can I Avail Input Credit on Closing Stock?


Transition provisions in GST have undergone significant changes in the Revised Draft Model GST Law published on 26th November 2016. This post has been updated with changes in the revised draft law.

On the date of transitioning to GST, broadly there will be business who fall under any of the following categories:
  1. Businesses not liable to be registered under the current law, but are liable for registration under GST
  2. Business which are engaged in the manufacture or sale of exempted goods or services
  3. First stage dealer or a second stage dealer or a registered importer

जीएसटी कानून के संशोधित ड्राफ्ट मॉडल की मुख्य विशेषताएं


जीएसटी कानून का संशोधित मसौदा मॉडल 26 नवंबर 2016 को उपलब्ध कराया गया था, जीएसटी कानून के संशोधित मसौदे मॉडल पर किन चीज़ो पे प्रमुख प्रकाश डाला गया इसे हम निम्न वर्गों में वर्गीकृत कर रहे हैं:
  • क्या परिवर्तन किया गया हैं?

  • क्या नए अतिरिक्त चीज़े डाली गयी हैं?

  • किन चीज़ो का बहिष्करण किया हैं?


क्या परिवर्तन किया गया  हैं?

Highlights of the Revised Draft Model GST Law


The revised draft model GST law was made available on 26th November, 2016. Key highlights of the revised Draft Model GST Law are categorized into the following sections:
  • What are the changes?

  • What are the new additions?

  • What are the exclusions?

Friday, January 6, 2017

All you Need to Know about Invoicing under GST

Invoicing is a crucial aspect of tax compliance for every business. It is essential to be aware of the rules of invoicing under GST. Let us understand these in detail.

Invoicing in the current tax regimes

In the current tax regimes, two types of invoices are issued:
  1. Tax invoice – This is issued to registered dealers, and can be used to claim tax credit. Sample formats of the two main types of tax invoice in the current tax regime, the Rule 11 Excise invoice and tax invoice are shown below. 

2. Retail or commercial invoice – This is issued to an unregistered dealer or retail customer, and no tax credit can be claimed on this invoice. Sample format of a retail invoice in the current tax regime is shown below.