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GST UPDATES

A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the due date of furnishing of the return under section 39 for the month of September following the end of financial year to which such invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlierAs per the aforesaid provision, the time limit for taking input tax credit for the financial year 2018-19 is up to the filing of return (GSTR-3B) for the month of September 2019. The due date of filing of GSTR-3B for the month of September 2019 is 20th of October 2019. Thus, a taxpayer has the entire month of September 2019 at his disposal to carry out reconciliation of his books v/s return. On reconciliation between the return filed and the books, if he finds any difference then appropriate action is required to be taken by the taxpayer in the September 2019 month’s return.

Posted By

Saket Mohta

1 month ago

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All about GST

Heyy!!..Want to know about GST??Here are some basics to GST ..Q. What is GST in India?A. GST is an indirect tax levied on supply of either goods, services or both at every step of production process, but is also refunded to all the parties as a part of production process excepting the final consumer.Q. Why was GST introduced in India?A. GST has been Introduced in India basically to remove the cascading effect of tax and also to reduce the burden of tax payers from a bulk taxation compliance to only one tax compliance which is GST. Moreover different indirect taxes which were charged pre gst regime had different rates according to different state requirements and lot of documentation processes which made ot difficult and tedious for business entities to work with.By implementing GST the government has tried to bring a concept of "One Nation One Tax" and also reduce the documentary burden as everuthing has been digitalised Q. What are the types of GST?A. Types of GST comes with the concept of place of supply. * If the place of supply of your goods, servives or both are outside your place of business Interagated GST or IGST is levied *If the place of supply is same as the place of business then Central GST or CGST and State GST or SGST is levied equally and simultaneously * If your place of supply is a Union Territory then Central GST or CGST and Union Territory GST pr UTGST is levied equally and simultaneouslyNotes1. IGST & CGST is collected directly by the Central Government whereas SGST is collected by the respective State GovernmentHope this was helpful as for the basic concepts to GST

Posted By

Saket Mohta

9 months ago

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Consult Top GST Lawyers in India

Advocate Roshan  Khatri

Advocate Roshan Khatri

MD & CEO of Khatri Law House
Exp
Lucknow , Uttar Pradesh

Specialization

  • Tax-GST
  • Family
  • Cheque Bounce
  • Civil
  • Consumer Protection
Based in Lucknow, Khatri LAW HOUSE is a team of experts that aims at giving the best to its clients. It has been in the field for 17 years and upholds ‘Professional Excellence’ as its motto. Khatri LAW HOUSE is a one of the Top law firms in Lucknow. Our Lawyers in Lucknow provide a legal servi View Full Profile
Total Answers Given : 1
Vivek  Pratap Singh

Vivek Pratap Singh

ADVOCATE
Exp
Allahabad , Uttar Pradesh

Specialization

  • Tax-GST
  • Corporate and Incorporation
  • Tax-Income Tax
  • Commercial
  • Arbitration And Mediation
Practicing in the matters including tax writs, including recovery of tax; appeal arising out of direct and indirect tax; tax references for order, admission of cases, revenue, civil and criminal matters before the allahabad high court, tribunal and NCLT allahabad. View Full Profile
Jaswan Singh  Katariya

Jaswan Singh Katariya

Advocate
Exp
Gurgaon , Haryana

Specialization

  • Tax-GST
  • Civil
  • Contracts And Agreements
  • Documentation
  • Debt Collection
Advocate Jaswant Singh Katariya (MBA, BBA, LL.B) is a Gurugram based lawyer practising law since 2017, holding extensive experience in working in the most complex areas of Civil Cases, Consumer Protection, Cheque Bounce, Property Real Estate Law, Family Matters, GST Registration and Return & RERA. View Full Profile
Swarnika  Aggarwal

Swarnika Aggarwal

Advocate
Exp
Delhi , Delhi

Specialization

  • Tax-GST
  • Divorce
  • Banking
  • Bankruptcy And Debt
  • Cheque Bounce
I am practising advocate and give my best to successfully represents clients in front of the all Courts. I am dealing in Nclt, district court, high court, Consumer Court, labour court, DRT etc. I am also semiqualified company secretary dealing in all kind of company, firm,LLP related matter. Y View Full Profile
JITENDRA  AGARWAL

JITENDRA AGARWAL

Taxation Lawyer
Exp
Rishikesh , Uttarakhand

Specialization

  • Tax-GST
  • Tax
  • Tax-Income Tax
  • Tax-Property Tax
  • Sale Of Goods
A Leading Taxation Advocate with over 35 years of experience. Primary Expertise includes Income Tax, GST, TDS return filing. Providing complete taxation solution for all your business & personal needs. View Full Profile
Mamta  Gautam

Mamta Gautam

Advocate
Exp
Kanshiram Nagar , Uttar Pradesh

Specialization

  • Tax-GST
  • RTI
  • Contracts And Agreements
  • Administrative Law
  • Debt And Lending Agreement
I am a professional layer with specifications in all kind of legal documents drafting like contract, lease deed, sell deed, trust deed, will, adoption deed, trust deed etc and also expert in Incorporation of firms, company, society, trust, and LLP etc View Full Profile
Mohamed  Ashick

Mohamed Ashick

Advocate
Exp
Chennai , Tamil Nadu

Specialization

  • Tax-GST
  • Corporate and Incorporation
  • Bankruptcy and Debt
  • Divorce
  • Criminal
I practice at High court of Madras. Have versatile experience on corporate, criminal and civil cases. Have filed various public interest litigation and writ cases. created record on various lower court cases such as Divorce and Criminal bails, Nclt IBC bankruptcy against major MNC were made success View Full Profile
Dhruv  Mehta

Dhruv Mehta

Partner, KM & Partners
Exp
South Delhi , Delhi

Specialization

  • Tax-GST
  • Corporate and Incorporation
  • Contracts And Agreements
  • Bankruptcy And Debt
  • Outsourcing Agreement/Laws
I am a 2017 Law Graduate from the University of Delhi and has over 2 years of experience in Legal and Secretarial Matters. View Full Profile
Naasha  Anklesaria

Naasha Anklesaria

Associate
Exp
Ernakulam , Kerala

Specialization

  • Tax-GST
  • Financial Markets and Services
  • Administrative Law
  • Advertising
  • Animal Laws
Varied experience in filings before the District and High Court(s) as well as Corporate experience. Please refer to "Secondary Expertise" or contact me for clarifications. View Full Profile
Vikas  Malik

Vikas Malik

Partner
Exp
New Delhi , Delhi

Specialization

  • Tax-GST
  • Cheque Bounce
  • International Laws
  • Administrative Law
  • Arbitration And Mediation
Allured by Law and harshly nurtured by the bench and so by the Bar , Skilled in Research, International Law, Corporate Law, Legal Advice, and Criminal Law. Strong professional with a Bachelor of Laws (LL.B.) from Symbiosis Law School View Full Profile
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  • What is GST?
  • Who needs to pay GST?
  • What if I don’t pay GST?

What is GST?


Goods & Service Tax (hereinafter referred to as the GST) is a comprehensive tax mechanism wherein all the major indirect taxes have been clubbed as one. It aims at the reduction of the cascading effects of taxes. GST eases the process of doing business.

Alcohol, Petroleum Products, and Tobacco Products are not included in the purview of GST. Stamp Duty, Property Tax, Toll Tax, Electricity Tax are some other things that are not affected by the introduction of GST. GST has been acquainted with supplant numerous indirect taxes collected by State and Central Governments keeping in mind the end goal to disentangle the indirect tax framework. GST has supplanted about 17 of the current state and central indirect taxes (more to come later on, for example, central excise duty, extra customs duty, VAT, entertainment tax, service tax and so on.

Types Of GST


There are 3 prime models of GST, they are Central GST, State GST, and Dual GST. There are 3 major types of GST; Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST).

There have been certain legislations related to the subject of Goods & Service Tax, some of them are Central Goods and Services Tax Act 2017, Integrated Goods and Services Tax Act 2017, Union Territory Goods and Services Tax Act 2017, Goods and Services Tax (Compensation to State) Act 2017, and so on.

As per the policies of GST, the taxpayer is provided with a State wise PAN based 15 digit Goods and/or Services Taxpayer unique Identification Number (GSTIN).

Starting from the left-

1st two digits indicate the State Code

3rd to 12th digit indicates the PAN number

13th digit indicates the Entity Code

14th digit ________

15th digit indicates the check digit

Who needs to pay GST?


As per the decision of the GST Council, businesses in the North-eastern and hill states with an annual turnover not exceeding Rs. 10 Lakh are exempted from the GST net, while the threshold for the exemption in the rest of India is an annual turnover of Rs. 20 lakhs.

Goods and Service Tax (GST) is a one single tax on the supply of products and enterprises, right from the Manufacturing to a definitive conveyance to customer. Credits of input tax paid at each stage will be accessible in the ensuing phase of significant worth expansion, which makes GST basically a tax just on value expansion at each stage and therefore abstaining from cascading effect. The last consumer will accordingly bear just the GST charged by the last dealer in the supply chain, with set-off advantages at all the past stages.

Penalty for Non-Payment of GST


Penalty for delay in filing GSTR- Late fee is Rs. 100 per day per Act. So, it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST.

Penalty for not filing GSTR- Penalty 10% of tax due or Rs. 10,000 -whichever is higher.

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