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Detailed GST on Invoice and Its Usage It is essential to present the below things in the tax invoice:- •Name, address, and GSTIN of the supplier •A consecutive serial number, containing alphabets or numerals or special characters •date of its issue •Name, address and GSTIN or UIN, of the recipient; if registered •Address of delivery •HSN Code of goods or Service Accounting Code for services •Description of goods or services or both •Quantity of goods •Value of supply of goods or services or both taking into account discount or abatement, if any •Rate of GST •Amount of GST on taxable goods or services •Place of supply in case of interstate transaction Whether reverse charge applicable •Signature or digital signature of the supplier or his authorized representative. For more information Finanza Management Services LLP Saurabh Tripathi 011-49287262 +91-9953431467 info@fmsllp.in
37 returns instead of 13: One of the many challenges threatening GST rollout A small-scale manufacturing company with operations in only one state will have to file a minimum of 37 returns instead of the current 13 once the goods and services tax (GST) goes live from July 1, increasing work for industry, accountants and banks, according to an IndiaSpend analysis. For More Information Finanza Management Services LLP Saurabh Tripathi +91-9953431467 011-49287262
More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll 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. More than 60% of India Inc feels July 1 GST rollout unrealistic: Poll MoneyControl • 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 Poll Over 48 percent of companies say leniency on penalties key for smooth transition to new tax regime 56 percent of India Inc says undertaking compliance will be the biggest challenge 58 percent of companies want excluded sectors to be brought under GST in 1-2 years
GST roll out from July 1, don't be misled by delay rumours: Government HIGHLIGHTS •The rumours about GST implementation being delayed are false. Please do not be misled by it: Revenue secretary Hasmukh Adhia •West Bengal Finance Minister Amit Mitra has proposed to postpone GST roll out by a month. Finanza Management Services LLP Saurabh Tripathi +91-9953431467
If goods or services or both are purchased from unregistered dealer in GST regime , then reverse charge mechanism provisions shall come into force and liability to discharge GST will be on service receipient. PS : It is advisable to deal with registered dealers Kapil Sharma Cost Accountant +91-9990032660
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