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Updates found with 'bill'

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Updates found with 'bill'

Issues Disclosed: Why 7 States Does Not Want to Pass SGST?As the deadline given by the government to implement the GST is only one month away, there are still 7 states who have not passed State GST bill. Apart from Jammu and Kashmir ruled by the BJP-PDP alliance in these states, states like West Bengal and Tamil Nadu also needs to pass a bill to implement GST in their states. As of now, 24 states and Union Territories have passed the GST Bill while the remaining states are Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu and Kashmir and West Bengal which are still required to pass the State GST (SGST) bill.Going by the ruling, all these states, except for Jammu and Kashmir are non-BJP while the Central Government is fully prepared to implement the Goods and Services Tax, covering 16 different taxes, from July 1. Coming to the soaring conditions of West Bengal, leader Mamata Banerjee, has demanded the central government to avoid deadline for implementing GST law.Speaking on this issue, West Bengal’s Finance Minister Amit Mitra cleared that there are a lot of difficulties in implementing the GST from July 1 as we still do not have the necessary infrastructure to manage the new tax scheme. As of now, GST has been implemented in 200-300 companies of each state as an experiment. But many rules have been changed in May.Coming to the Jammu Kashmir issues, it is being defied by the political leaders which are under pressure from local community to mould the policies accordingly while Meghalaya, Punjab kerala & Karnataka are stuck into the political menace as various issues regarding the feasibility and technological capabilities are still not developed to support the upcoming GST.Now it is up to the Union Finance Minister to decide whether such a major reform should be implemented without any preparation. According to the rules, all the states will have to pass the state GST bill till September 15, 2017, and if in case the state does not pass the bill before the deadline, then the rights of levying taxes will be taken from the particular state.
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Road Permits Under UP GST from 16th AugustThis is to inform you that commercial tax department Govt. of Uttar Pradesh has issued a circular/ Letter no 2017-18/1017dt 22/07/2017 in continuation of notification no KA-NI-1014/Xl-9(52)/17 UP GST rules 2017 order (31)-2017 dt 21/07/2017, copy of the circular annexed here to. The circular will be effective from 26/07/2017.E-waybill 01 :- According to circular any goods imported /received from out of India or from other state for incoming entry in to the state of UP. For Rs.5, 000.00 or more shall carry From E-waybill-01 with the goods along with invoice and G.R of the goods.E-waybill-01:- Will be generated from the departmental website by using your previous User ID and Password issued by the department. (just like E-sancharan form 38 in the VAT regime).E-waybill-02:- This will be generated and issued by the supplier/seller who they are dealing in sensitive items like mentha oil , Refind oil & vanaspati oil, supari & Iron & steel for the invoice value above Rs. 1Lakh Will be generated from the departmental website by using your previous User ID and Password issued by the department. (just like Form – 21 in the VAT regime).E- waybill-03:- For the purpose of E- commerce operators.TDF -01:- Will be applicable on the goods transported through the state of UP. From other state to another state, shall be generated before the entry in the UP state and carried by the driver of the vehicle along with invoice & G.R of the goods.TDF-02:- will be generated at the time of exit of the vehicle from state of UP against the goods for which TDF-01 Was generated earlier. Finanza Management Services LLPKapil SharmaKapil@fmsllp.in+91-9990032660
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*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• Tobacco7. *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.*
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Big Blunder in GST, If You Do These 5 Compliance MistakesGST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council. The last meeting will be held on 30 June to finalise and tie an inaugural band over the GST for the launching. A draft rule under the GST termed tax collected at source is well opposed by the e-commerce organisations. The reason being the capital will be stuck within the procedure and may create a shortage of revenue to invest further into the business operation.Now, there are multiple ways to get ahead in the business terms, while it is also suspected that a business unit may create an issue for itself. Therefore, we want you to take note of some highly vulnerable points that a business man can take while running his business.Never Issue Fake InvoiceAs soon as the GST gets implemented, take note of this suggestions. It will be considered as a crime to issue a different and non-related invoice to any party. While supplying goods without issuing an invoice and giving benefits to any person by providing him fake invoice will also come under the category of crime. It will be better to avoid this kind of practices to ensure safe operation of your business.Avoid Giving Wrong Details in the RegistrationAs know, the migration process for GST is running across the nation and a dedicated window has been opened for it two times. A third phase of the enrollment window will be available from 25 June. So, in order to register your business unit under the GST, make sure you provide true information regarding your business with accurate financial details. Never try to present fake financial records to save taxes. As the government has already warned that after the migrations, the data can be scrutinized and if caught, the business unit and the associated taxpayers will be in great trouble.Always Submit the GST to the GovernmentIt must be also in the high priority that the GST collected from the customers must be submitted to the government within three months failing which may lead to the criminal case and appropriate actions will be taken against the taxpayer.Always Make Sure of Original Documents with the LogisticsAccording to the newly incorporated GST laws, any goods without the original documents and invoices being caught in transit will be considered as illegal and will be termed as a crime. Ensure that all your goods are with original documents as a proof in front of inspecting authorities.Never Use Rubbish GST Compliance SoftwareIt is advisable to use a best in class GST software for your billing, return and accounting work. Many software companies are advertising to be the best so it is difficult to choose between them. SAG Infotech suggests you to go for a recommended GST compliance software by tax experts for your proper and timely GST related task so people must review every software features before buying one of them.
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