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GST UPDATE: What is the penalty of non-filling of E-way Bill ? Is it editable ? Ans.: The penalty of non-filling of E-way Bill is 200% of GST value of invoice. And please note that there is no editing in E-way bill after final submission. What is the validity of E-way Bill? Ans.: The validity of E-way Bill is: #00 to 100 Km. : 01 Days #100 to 300 Km.: 03 Days #300 to 500 Km. : 05 Days #500 to 1000 Km. : 10 Days #More than 10000 km.: 15 Days What is Consolidated E-way Bill? Ans.: consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way allows the transporter to carry a single document , instead of a separate document for each consignment in a conveyance. Any Printout of E-way bill need with the Invoice of Goods? Ans.: No Printout need with the Invoice of Goods, show only number of E-way bill in front of Invoice What is the Identity of Goods in E-way Bill? Ans.: The Goods will be identified with the HSN Code shown in E-way Bill What is the limit of fill Part B in E-way Bill? Ans.: If the material Dispatch less than 10Km. through by hand or Rickshaw part B will not be required How Many part file in E-way Bill? Ans.: There are 2 part of E-way bill, it’s A and B. Part A, we have to mention the detail of Goods receiver , items detail and Value of Goods. Part B is a Column of Transporter details such as Transport name, vehicle number, and GR number What Amount is cover under E-Way Bill? Ans.: Material valued up to Rs. 50000/= are not covered under E-way Bill, if the total Value of material who load in a single vehicle more than 50000/= E-way bill will be generated by the Transporter what type of supply is cover under E-Way Bill? Ans.: There are all type of movements of Goods Cover under E-Way Bill. Which Include Rejection, Sale Return, Repair and Maintance and Job Work or material send for Job Work with a Delivery Challan. A approx Value will be there on Delivery Challan of Job work and make a E-way Bill for this Challan Who is responsible for E-way Bill ? Ans.: The responsibility for E-way Bill is of: Ist – The Supplier IInd – The receiver IIIrd – the Registered person if Purchase or sale from a Un-Registered Person/dealer E-Way bill will be implementing from 01-02-2018 in all over India. Some important FAQ of E-Way Bill:
GST UPDATE Validity of E-way bill The E-way bill once generated from the GSTN portal for the movement of goods has a time limit for which it will be valid. The validity of an E-way is discussed as follows: If the distance is less than 100km- 1 Day If the distance is 100 km or more but less than 300km- 3 Days If the distance is 300 km or more but less than 500km- 5 Days If the distance is 500 km or more but less than 1000km- 10 Days If the distance is 1000 km or more- 15 Days
*Key take-outs from the 17th Meeting of GST Council held on 18th July* 1. *GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July. 2. *Relaxation in Return filing time-line for first 2 months*: A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September. 3. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter. 4. *Reduced tax rate for hotels with tariff between 5000-7500*: Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%. 5. *Tax rate on Lotteries* State-run lotteries will be taxed at 12% Private lotteries will be taxed at 18* 6. *Negative List of Composition Scheme* Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available. • Ice cream • Pan masala • Tobacco 7. *E-way bill* will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system. 8. IGST rate of 5% on Ship with full ITC will be applicable. 9. GST Council also approved anti-profiteering rule. 10. *New Registration in GST will be commenced from 25th June.*
GST Rates finalised 03/06/2017 Gold & Gems & Jewellery - 3% Rough Diamonds - 0.25% All Biscuits - 18% Footwear less than Rs. 500 - 5% Footwear above Rs. 500 - 18% Readymade garments - 12% Textiles - 5% Yarn & Fabric Cotton - 5%
Reverse Charge- Know all the New Aspects under GST We have never bothered to look into the expenses side of the profit and loss account with respect to earlier taxes. The time has come to make sure, all your payments above Rs. 5000 per day, are paid with GST. In other words, if you are dealing with unregistered suppliers and making payments above Rs. 5000, you have to pay GST under reverse charge mechanism (RCM). *Exceptions of RCM* Salary and wages Electricity Interest Car fuel Government Fees *Inclusions:* Rent Commission payments Printing and stationery Repairs and Maintenance Office Maintenance Vehicle maintenance Computer maintenance Legal Fees Consultancy Fees Professional Fees Audit Fees Labour charges Frieght and transportation expenses Gift expenses Business promotion expenses Advertisement, etc