2 Jan 2018

GST ANALYSIS & UPDATE BUSINESSMEN MUST HAVE

Finance feed by:

CA Yash Jain
B.com,CA
CA in Practice    •    100% (1 votes)   •    6 Year 6 Month  experience

GST MUST KNOW FEATURES FOR BUSINESSMEN

1.GST ON SALE OF CAR ON WHICH NO INPUT CREDIT WAS CLAIMED IS SUBJECT TO 65% OF APPLICABLE (GST RATE+CESS) NOTFN:37/2017.

2.TAX ON ADVANCE HAS TO BE PAID BY COMPOSITION DEALERS, IT HAS BEEN REMOVED ONLY FOR NORMAL TAX PAYERS.

3.EVERY TAX INVOICE HAS TO BE SIGNED BY OWNER/AUTHORISED REPRESENTATIVE.

4.GOODS SENT ON APPROVAL ARE LIABLE TO GST ON (SALE BY CONSIGNEE/AFTER 6 MONTHS OF GOODS SENT) WHICHEVER IS EARLIER AND NOT WHEN GOODS ARE SENT TO CONSIGNEE.

5.WHEN MACHINERY IS PURCHASED AND USED FOR BOTH TAXABLE AND EXEMPT GOODS, MECHANISM IS TAKE FULL CREDIT AND THEN REVERSE PROPORTIONATE CREDIT IN THE MONTH OF EXEMPT PRODUCTION ALONG WITH 18% INTEREST.

6.for availing input credit,it is required that gstin number is mentioned,hence any ONLINE PURCHASE MADE FOR BUSINESS ENSURE GSTIN IS MENTIONED, which many e-commerce operators are not providing.

7. While sending goods to job worker,businessmen is not required to raise tax invoice, he can send goods via delivery challan also.

8.All new registered taxpayer can take GST credit of all gst purchases made before registration subject to conditions.

9.late fees reduced is only related to gstr 3b and not for other returns.

10.exporter of services with payment of tax are required to claim refund in manual form RFD 01a

11.any excess cash paid can be claimed as refund now electronically.

12.any importer imports goods, keeps in warehouse of customs,sells goods from there he would have to charge IGST.

13..Every dealer who has taken new registration in GST or composition dealer converts to regular and has any purchases(in GST)before taking registration, he may claim credit under ITC-01,form is yet to be released

14.If new dealer input credit under ITC-01 exceeds 2 lakhs, he is required to upload a statement certified by CA.

15.

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