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Updates found with 'late fees'

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Updates found with 'late fees'

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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More than 60% of India Inc feels July 1 GST rollout unrealistic: PollAs the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness.According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime.Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1.More than 60% of India Inc feels July 1 GST rollout unrealistic: PollMoneyControl • Jun 01, 2017 10:46 PM IST As the government prepares for a smooth rollout of the Goods and Services Tax on July 1, captains of India Inc feel the industry lags in GST readiness.According to a poll conducted by CNBC-TV18, only 19 percent of India Inc is more than 80 percent ready for a July 1 GST-rollout. Over 45 percent of the industry feels it is 50-80 percent ready for the unified tax regime.Interestingly, about 62.5 percent feel that the July 1 roll out isn’t realistic given the government’s preparedness. The government has repeatedly been saying that it is ready to implement the game-changing tax reform from July 1.Over 42 percent feel that GST rollout should be deferred by two-months, while 31.2 percent feel the government should go ahead with the schedule.Firmly asserting the need to roll out GST on July 1, M& M’s chief Pawan Goenka told CNBC-TV18 that “Thirty days is a lot of time”. Even after the June 3 GST Council meeting, the government still has 27 days to power through the reform. One can expect chaos and confusion initially, but with time chinks can be sorted out, he added.While disruption related to paper work is bound to happen in the first 4-5 months, disruption in movement of goods and sales should not be much, he added.Much on the lines of Goenka's views Rakesh Biyani, Director, Future Group said GST is the best thing that could have happened to this country. There’s a big opportunity for government to get more investment in domestic textiles sector, he added.Meanwhile, nearly 27 percent of India Inc expects operational and financial losses due to GST, while 45 percent expects pricing to be marginally impacted.Other key highlights of the PollOver 48 percent of companies say leniency on penalties key for smooth transition to new tax regime56 percent of India Inc says undertaking compliance will be the biggest challenge58 percent of companies want excluded sectors to be brought under GST in 1-2 years
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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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