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Updates found with 'long rope'

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Updates found with 'long rope'

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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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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GSTIN display on sign boards must for businesses!!!!!!!Government makes it mandatory for traders and businesses to display GSTIN on their business sign boards and the registration certificate on their premisesAlso, composition dealers will have to mention that they are availing the composite scheme and are not entitled to collect taxes from people. β€œEvery taxable person is required to display his Goods and Services Taxpayer Identification Number (GSTIN) on name board or sign board of business and is also required to display his registration certificate in business premises so that a citizen can easily find out whether a person is registered or not, ” a tax official said.The composition dealer is required to mention in the business premises along with registration certificate that he is not entitled to collect tax from taxpayers. β€œThat is the legal requirement. So that the citizen can find out whether the person from whom he is buying is entitled to collect tax from him or not, ” the official added.The GSTIN is a 15-digit number which taxpayers get after registering with the GST Network portal. Initially, a business is given a provisional ID on logging into the portal and within 3 months the business has to complete the registration process by giving details of business. This provisional ID is then converted to GSTIN.Revenue secretary Hasmukh Adhia said that if a business entity does not generate certificate of registration within 90 days then the provisional ID will stand cancelled. The GST, which subsumes service tax, excise and VAT, has been implemented from 1 July.
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How to File Form GSTR-3B under GST RegimeForm GSTR-3B will be the first return which businesses will be filing under GST. In this blog, let us understand how to fill Form GSTR-3B.Form GSTR-3B consists of 6 Tables. You need to capture the consolidated details of outward supplies, inward supplies, eligible ITC, and the details of tax payment. Let us discuss this in detail:1. Details of outward supplies and inward supplies liable to reverse chargeIn the above table (3.1), you need to capture the total taxable value (both intrastate and interstate) of the following Nature of Supplies along with the total tax (IGST, CGST, SGST/UTGST) as applicable:2. Details of inter-State supplies made to unregistered persons, composition dealer and UIN holdersFrom the outward supplies details declared in table 3.1, discussed in point No. 1, you need give a break-up of the interstate outward supplies made to Unregistered Persons, Composition Dealers and UIN Holders. These details needs to be captured State-wise/ Union-Territory-wise total with taxable value and total IGST levied on these supplies.3. Details of eligible Input Tax CreditYou need to capture the details of ITC availability, ITC to be reversed, and arrive at the Net ITC available. The following are the details you need to capture4. Details of exempt, nil-rated and non-GST inward suppliesYou need to capture the details of inward supplies made from the composition dealer, inward supplies at nil rate and exempt. Also, you need to separately mention Non-GST inward supplies. The value of above discussed supplies need to be captured separately for interstate and intrastate supplies.5. Payment of taxYou need to declare the self-ascertained tax payable. This is based on the details of outward supplies and inwards supplies liable to be paid on reverse charge captured in Table No. 3.1. The tax-wise break-up of payment tax by way of utilization of ITC and cash deposit needs to be provided.6. TDS/TCS CreditYou need to capture the details of TDS (Tax withheld by the Government establishment) and TCS (Tax withheld by E-commerce operator). However, these provisions are deferred from initial rollout of GST. Accordingly, TDS and TCS is not applicable till it is notified further.Kindly Note:The Value of Taxable Supplies refers to Net Taxable value and formula to calculate is given below:Taxable value = Value of invoices + value of Debit Notes – value of credit notes + value of advances received for which invoices have not been issued in the same month – value of advances adjusted against invoices.Feel free to revert in case you need further detail/imformation.Finanza Management Services LLPKapil Sharmakapil@fmsllp.in+91-9990032660
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