04 Jul

Important Points About GST for Government Exams

Certain important points to be noted in respect of GST:

*1. # GST will be 100% implemented on 01-07-2017*
*2. # Types of taxation in GST*
*3. IGST : Integrated GST*
*4. CGST : Central GST which with replacement CST*
*5. SGST : State GST which will replace VAT*
*6. # WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17*
*7. # Registration certificates will be issued online.*
*8. # There will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.*
*9. # 5 forms on different dates have to be submitted every month.*
*R1 form on 10th*
*R2 form on 13th*
*R3 form on 15th*
*R4 form on 17th* *&*
*R5 form or final returns on 20th*
*You cannot file revised returns at all. Once filed on 20th is final.*

*10. # Tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.*
*11. # In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.*
*12. # Be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake.*
*13. # Your firm rating will be done by the system. Based on the rating audit trials will be conducted.*
*14. # Proposed e sugam for ₹50000 & above value only.*
*15. # Proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40.*
*16. # 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services.*
*17. # You need to submit 17 documents for migration to GST.*
*18. # Most products MRP to come down.*
*19. # Distribution + C & F channel under threat.*

*20. # All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.*
*21. # All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.*
*22. # The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.*
*23. # All books & records to be maintained on daily basis.*
*24. # You will need maintain regular accounts your shop/office to under GST.*
*25. # All travel & tour expenses related to business have to be claimed under firm name.*
*26. # If your vendor does not upload his bills within 180 days , you will not get tax credit.*
*27. # You cannot claim credit for material in stock beyond one year.*
*28. # They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.*
*29. # All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.*
*30. # Your Vat credit will not be carry forwarded to GST.*

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