E-Way Bill System

E-Way Bill System: E-Way Bill Becomes Mandatory for Movement of Goods : GST

E-Way Bill System

E-Way Bill System: E-Way Bill Becomes Mandatory : GST

In a bid to bring uniformity across the states for seamless inter-state movement of goods, the government is set to implement the electronic way bill or e-way bill system from February 1. E-way bill is a system generated bill which every transporters, exceptions in some cases, will have to carry to move the goods from one place to another. These electronic bills can be generated from the GSTN portal. The e-way bill system was introduced under the Goods and Services Tax , but couldn’t be implemented earlier as the required IT infrastructure wasn’t in place. Last month, the GST Council decided to implement the e-way bill mechanism throughout the country from February 1.

In a notification released earlier this month, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. It further said that the nationwide e-way bill system would be ready to be rolled out on a trial basis by January 16

We know, there might be many questions arising in your mind regarding E-Way Bill System, so here we have answered all major questions. If you still feel your query is not answered, then feel free to comment them down.

FAQs

Q-1> Who needs to generate E-way Bill ?

Ans.: The following people are responsible to generate E-Way Bill

Ist –  The Supplier

IInd – The Receiver

IIIrd – the registered person if purchase or sale is done from an un-registered person/dealer

Q-2> What type of supply is covered under E-Way Bill ?

Ans.: Almost all type of movements of goods are covered under E-Way Bill, including rejection, sales return , repair and maintenance and daily job work or material sent with a delivery challan. Approx value will be shown on delivery challan of the job work and an E-way Bill will be generated for this Challan.

Q-3> What amount is covered under E-Way Bill ?

Ans.: The material value up to Rs. 50000/= is not cover under E-way Bill whereas, if the total value of material which is loaded in a single vehicle is more than 50000/=, E-way bill will be generated  by the transporter.

Q-4> How Many parts are there in E-way Bill  ?

Ans.: There are 2 parts of E-way bill, part A and B. in part A ,we fill the detail of goods received , items detail and value of goods. In part B, there is a column of transporter detail ,means transport name, vehicle number and GR number.

 Q-5> Is part B of E-Way Bill Mandatory to fill?

Ans.: If the material dispatch range is less than 10 Km i.e. through hand or by rickshaw, part B will  not be required.

 Q-6> How will goods be identified in Goods in E-way Bill?

Ans.: The Goods will be identified with an HSN Code shown in the E-way Bill.

 Q-7> Any printout of E-way bill needed with the Invoice of Goods?

Ans.: No printout is required with the invoice of goods, show only number of E-way bill in front of invoice.

Q-8> What is Consolidated E-way Bill ?

Ans.: Consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way allows the transporter to carry a single document, instead of a separate document for each consignment in a conveyance.

Q-9> What is the validity of E-way Bill?

Ans.: The validity of E-way Bill is as follows:

  • 00 to 100 Km. :  01 Days
  • 100 to 300 Km.:  03 Days
  • 300 to 500 Km. : 05 Days
  • 500 to 1000 Km. : 10 Days
  • More than 10000 km.:  15 Days

Q-10> What is the penalty of non-filling of E-way Bill ?

Ans.: the penalty of non-filling of E-way Bill is 200% of GST value of invoice..

NOTE: there is no editing allowed in E-way bill after final submission.

Q11 > What are the documents required to generate E-Way Bill?

  • Invoice/ Bill of Supply/ Challan related to the consignment of goods.
  • Transport by road – Transporter ID or Vehicle number.
  • Transport by rail, air, or ship – Transporter ID, Transport document number, and date on the document.
changes in gst

Changes In GST : Rates, Due Dates, Return Filing

Changes in GST that will impact your business

In a major overhaul under the GST, there are changes in GST that will impact your business. It’s important for you to remain updated with them so that you don’t do lose out anything or do any wrong for your business as well as customers.

Bringing smiles for consumers, as many as 178 items of daily use were shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air- conditioned and non-AC.

Other compliance changes are:

Revision in Late fee

1) For nil return from 200 Rs per day to Rs 20 per day
2) For others , The late fees Has been revised from Rs 200 to Rs 50 Per day

Revision in Timelines for filling return

GSTR 2 & 3 is abolished till March 2018

For Asseses having Turnover upto Rs 1.5 Cr will file
1- GSTR 3B monthly
2- GSTR 1 – Quarterly

For assesses having Turnover more than 1.5 Cr will file
GSTR 3B- Monthly filling by 20th of the following month.
GSTR 1- Monthly

Revision in overall due dates

Invoices for Nov, 2017 to be filed by Jan 10, 2018

Similarly, Invoices for Dec, 2017 needs to be filed by Feb 10, 2018

Invoices for Jan 2018 to be filed by March 10, 2018

GSTR 4 shall have to file there return 24th December 2017. Form for GSTR 4 is already available online

GSTR 5- 11th Dec 2017
Trans 1 – 31st December 2017

Changes in Composition Scheme

COMPOSITION dealer shall have uniform rate of 1% for manufacturer and traders.

COMPOSITION SCHEME will cover services of up to Rs 5 Lakhs in addition to the goods.

Threshold limit for COMPOSITION SCHEME will increase to 2 Cr (Necessary amendments will be made in act).

The aggregate turnover will only cover the taxabale supplies and not exempt supplies for the purpose of computing tax @1%/5%.

ALSO READ : Imprisonment under GST: Offences That May Land You in Jail

* In the current year, all taxpayers will have to file only GSTR-1.

* New GST rates will come into effect from November 15

* Nobody can charge tax over and above MRP

* Taxpayers with annual aggregate turnover more thanRs. 1.5 croreneed to file GSTR-1 on monthly basis as per following frequency:

2
PIB

Due dates for furnishing forms

 

Capture
Credit: PIB
File GST Return In Delhi

File GST Return : Know all about GST Return [Complete Guide]

File GST Return

1. What is a GST Return?

A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability.

Under GST, a registered dealer has to file GST returns that includes:

  • Purchases
  • Sales
  • Output GST (On sales)
  • Input tax credit (GST paid on purchases)

To file GST return , GST compliant sales and purchase invoices are required. You can generate GST compliant invoices for free on CA In Delhi

2. Who has to file GST Returns?

In the GST regime, any regular business has to file three monthly returns and one annual return. This amounts to 37 returns in a year.
The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other two returns – GSTR 2 & 3 will get auto-populated by deriving information from GSTR-1 filed by you and your vendors.
There are separate returns required to be filed by special cases such as composition dealers.

3. What are the types of GST Returns?

3.1. Any regular business:

Return Form Particulars Interval Due Date
GSTR-1 Details of outward supplies of taxable goods and/or services effected Monthly* 10th of the next month
GSTR-2 Details of inward supplies of taxable goods and/or services effected claiming input tax credit. Monthly* 15th of the next month
GSTR-3 Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Monthly* 20th of the next month
GSTR-9 Annual Return Annually 31st December of next financial year
GSTR-3B Provisional return for the months of July to December 2017 Monthly 20th of the next month

3.2. A dealer opting for composition scheme :

A composition dealer will enjoy the benefits of lesser returns & compliance along with payment of taxes at nominal rates. A composition dealer will file only 2 returns:

Return Form Particulars Interval Due Date
GSTR-4 Return for compounding taxable person Quarterly 18th of the month succeeding quarter**
GSTR-9A Annual Return Monthly 31st December of next financial year

4. Late Fees for not Filing Return on Time

If GST Returns are not filed within time, you will be liable to pay interest and a late fee.

Interest is 18% per annum. It has to be calculated by the tax payer on the amount of outstanding tax to be paid. Time period will be from the next day of filing (26th/ 29th Aug) to the date of payment.

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.

5. Who Can Help Me To File GST Return

You can find a list of professional Chartered Accountants in Delhi at CA In Delhi‘s home page. You can choose from a list of available CA’s and get your GST return filed with ease. So don’t worry and navigate to home page and connect with chartered accountants to file GST return.

How to claim gst input credit

How To Claim GST Input Credit : Conditions To Be Satisfied

How to claim gst input credit

What Is GST Input Credit?

First of all, let us know what is GST Input Credit. Well, GST Input credit is nothing but a balance of the amount of tax you paid at the time of purchasing goods that is kept safe until you pay your tax for your output. Now, when you pay your tax of output, automatically the previous balance amount kept safe for you will automatically be used and your total tax to be paid will get reduced. We will also discuss how to claim GST input credit but before that, let’s understand by an example how this thing actually works

Example: Suppose X bought goods for Rs 100 and paid Rs 18 additional as GST(Total: Rs 118). Now X sold goods to Y for Rs 200 and charged GST of Rs 36(Total : Rs 236). Now, X can claim GST input credit of Rs 18 that he paid at the time of purchases while paying tax to the government. (i.e net GST, X need to pay is only Rs 18).

How To Claim GST Input Credit

To claim GST input credit  –

  • You must have a tax invoice(of purchase) or debit note issued by registered dealer
    Note: Where goods are received in lots/installments, credit will be available against the tax invoice upon receipt of last lot or installment.
  • You should have received the goods/services
    Note: Where recipient does not pay the value of service or tax thereon within 3 months of issue of invoice and he has already availed input credit based on the invoice, the said credit will be added to his output tax liability along with interest.
  • The tax charged on your purchases has been deposited/paid to the government by the supplier in cash or via claiming input credit
  • Supplier has filed GST returns
    Possibly the most path breaking reform of GST is that input credit is ONLY allowed if your supplier has deposited the tax he collected from you. So every input credit you are claiming shall be matched and validated before you can claim it.
    Therefore, to allow you to claim input credit on purchases, all your suppliers must be GST compliant as well.

 

There’s more you should know about input credit –

  • It is possible to have unclaimed input credit. Due to tax on purchases being higher than tax on sale. In such a case, you are allowed to carry forward or claim a refund.
    If tax on inputs > tax on output –> carry forward input tax or claim refund
    If tax on output > tax on inputs –> pay balance
    No interest is paid on input tax balance by the government
  • Input tax credit cannot be taken on purchase invoices which are more than one year old. Period is calculated from the date of the tax invoice.
  • Since GST is charged on both goods and services, input credit can be availed on both goods and services (except those which are on the exempted/negative list).
  • Input tax credit is allowed on capital goods.
  • Input tax is not allowed for goods and services for personal use.
  • No input tax credit shall be allowed after GST return has been filed for September following the end of the financial year to which such invoice pertains or filing of relevant annual return, whichever is earlier.

Conditions for claiming Input Tax Credit

  • You must be registered under GST
  • Supplier of goods/service must be registered under GST
  • Supplier has issued ‘Tax Invoice’ to you
  • Supplier has actually deposited the tax to the government.
  • Supplier has furnished the GST return and has credited your GSTIN by amount of GST paid by you to him
  • If the inputs are received in installments, you will be able to get credit only when last installment is received.
  • Payment must be within 180 days of the date of issue of invoice. In case you have not made the payment within 180 days, credit availed by you will be reversed. However, you will be able to claim credit once you make the payment again.
  • In case of part payment, proportionate credit will be allowed.

Also check : 1) GST Do’s and Dont’s

                       2) Impact Of GST on Households

                       3) GST  Invoice Formats

gst input credit

Complete Guide : Will I Get The GST Input Credit Or Not?

gst input credit

Complete Guide : Will I Get The GST Input Credit Or Not?

GST has been welcomed with all the pomp and show, and deservingly so. It has inherent advantages. We all know that amount paid as GST on purchases or even expenses can be claimed as GST input credit. This was not possible in the earlier regime of VAT and Service Tax. 

Example: If you were dealing in sale of goods where VAT was chargeable and had paid service tax for availing service of Chartered Accountant, you could not avail the credit of service tax paid to your CA against payment of VAT. This is now possible under GST since there is no difference in tax on goods or services. Now, if your VAT payable on goods sold is Rs 30,000, and if you availed services of a CA and paid GST of say, Rs 18,000, then you will get a GST input credit of Rs 18,000 against payment of Rs 30,000 GST payable. Hence, you net GST payable will be Rs 12,000 only.

Woaahh, what a relief to an entrepreneur. But, but, but, there is little sad news, just little.

There are certain expenses, on which credit will not be allowed.

Continue reading “Complete Guide : Will I Get The GST Input Credit Or Not?”

GST Rules And Guidelines

GST Rules And Guidelines : Do’s And Don’ts (Format Attached)

GST Rules And Guidelines

GST Rules And Guidelines :  Do’s And Don’ts (Format Attached)

GST (Goods and Service Tax) is a tax levied when a consumer buys a goods or services. The main aim of introducing GST is to bring all the taxes in a single umbrella. This bill helps to eliminate the cascading effect of taxes on production, distribution prices on goods & services. Goods & service tax refers to indirect tax which replaces taxes levied by the central & state government.
GST bill abolish indirect taxes like VAT, Service tax, excise, octroi. This post will brief you about GST Rules and guidelines and what you should do and what you shouldn’t

Rules & Guidelines

✓ Issue ‘Tax Invoice’ for taxable goods or services (format attached)

✓ Issue ‘Bill of Supply’ in case of exempted goods or services (format attached)

✓ Ensure different serial number for every invoice

✓ CGST, SGST to be equally charged for local sales. Example, for 12% GST sale within your state, 6% SGST and 6% CGST to be charged

✓ IGST for any interstate sale. For any sale outside your state, IGST will be imposed. Example, on supply of goods or services of 18%, from Delhi to Gurgaon or any other state, IGST to be charged at 18%.

✓ GST to be charged on any advance received against supply of goods and services. Example, If a person has given order for buying stationery amounting to Rs. 10 Lakhs and gave advance of Rs. 5 Lakhs, then he have to pay GST on that advance to the supplier at that time only.

✓ At the time of receiving advance amount, you will have to give the Receipt Voucher (format attached). Charge GST on that advance amount

✓ On sale of any cash sale of more than Rs 50,000, it is mandatory to write name and address of the buyer/service recepient

✓ Payment Voucher: A registered person who is paying tax under reverse charge mechanism shall a payment voucher at the time of making payment to the supplier. The payment voucher should contain the prescribed particulars. (format attached) Example: Payment of rent to landlord who is ot registered under GST, will amount to reverse charge mechanism. Hence, payment voucher to be issued by us to landlord.

✓ Receipt Voucher: To be issued on receipt of advance payment. (format attached)

✓ Refund Voucher: Where a receipt voucher is issued on advance payment and subsequently no supply is made and no tax invoice is issued, the registered person may issue a refund voucher to the person who had made the payment (format attached)

✓ Revised Invoice: These are to be issued against the invoices already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him.

✓ Credit Note is to be issued where supplier has charged higher amount of tax whereas tax payable is less than actually taken from receiver in such cases supplier has to issue credit note.

✓ Debit Note is issued to the recipient for the tax amount not being charged by the supplier i.e. when supplier collects lower amount of tax than tax amount payable on such supply of goods and/or services

DO’S

 

  • Maintain record of each and every document. Pay more attention than before on record keeping
  • Be very careful on charging CGST, SGST and IGST.
  • Issue tax invoice on sale of taxable goods/services – Issue Bill of Supply on sale of exempted goods/services
  • Take Receipt Voucher from seller whenever you pay advance
  • Take tax invoice on every purchase of goods and services. Make sure it mentions advance paid earlier, if any, in that tax invoice. – Issue payment invoice is tax paid on reverse charge basis
  • Inform your GSTIN / ARN to all your suppliers of Goods & Services.
  • Obtain GSTIN of all Suppliers & Buyers.
  • Update your accounts regularly
  • Contact us whenever in doubt

DON’TS

  • Don’t buy from unregistered dealers. You won’t get input tax credit and you will have to pay GST on their behalf, due to ‘Reverse Charge’ mechanism
  • Don’t forget to issue separate serial number for invoice
  • Don’t do any over writing of invoice
  • Don’t cancel the invoice. Use credit note in case of cancellation of supply of goods/services
  • Don’t hesitate to ask us for any clarification

GST Format

  1. Bill of Supply

  2. Credit Note

  3. Debit Note

  4. Export Invoice

  5. Payment Voucher

  6. Receipt Voucher

  7. Refund Voucher

  8. Revised Invoice

  9. Tax Invoice – Inter State

  10. Tax Invoice – Intra State

Also Check Out ==>

1) How To Register For GST : Step by step guide

2) Documents Required For GST Migration

3) GST Rate List

Documents Required For GST

Documents Required for GST Migration/ Registration

Documents Required for GST Migration/Registration

Documents Required For GST

We guided you on how to migrate your business registration from Service Tax or VAT to GST in ‘GST registration awaits Service Tax registrants!’. Here, we bring you the documentation requirement to carry out the migration. Here is the list of documents required for GST migration, depending upon your business entity:

1. Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC):

    – Company documents

  • PAN card of the company
  • Registration Certificate of the company
  • Memorandum of Association (MOA) /Articles of Association (AOA)
  • Copy of Bank Statement
  • Declaration to comply with the provisions
  • Copy of Board resolution

    – Director related documents

  • PAN and ID proof of directors

    – Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

2. Documents required for Limited Liability Partnerships (LLP):

    – LLP documents

  • PAN card of the LLP
  • Registration Certificate of the LLP
  • LLP Partnership agreement
  • Copy of Bank Statement of the LLP
  • Declaration to comply with the provisions
  • Copy of Board resolution

    – Designated Partner related documents

  • PAN and ID proof of designated partners

    – Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

3. Documents required for Normal Partnerships

    – Partnership documents

  • PAN card of the Partnership
  • Partnership Deed
  • Copy of Bank Statement
  • Declaration to comply with the provisions

    – Partner related documents

  • PAN and ID proof of designated partners

    – Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement(in case premises are rented)

4. Documents required for Sole proprietorship/Individual

    – Individual documents

  • PAN card and ID proof of the individual.
  • Copy of Cancelled cheque or bank statement.
  • Declaration to comply with the provisions.

    – Registered Office documents

  • Copy of electricity bill/landline bill,  water Bill
  • No objection certificate of the owner
  • Rent agreement (in case premises are rented)

We can help you find Chartered Accountants where you can get GST Registration done , at a mere cost of Rs 999/- (excluding DSC cost).
Click here to visit CA in Delhi’s homepage to choose from a list of Chartered Accountants in Delhi to get GST Registration done.

how to register for gst

How To Register For GST : Step By Step Guide

How To Register For GST : Step By Step Guide

GST GST GST! I have heard so much about GST, I know that it is Goods and Service Tax, it will be one nation, one tax regime, taxes will be simplified and much more. Now what?
It’s time for some action, bro! Get registered. It’s a show time. This post will guide you how to register for GST

Service Tax registrants, if you were not registered under VAT, your enrollment into GST will start from 9th January, 2017. For VAT registrants, last date of December 31st has been extended till January 31st to give you more time to migrate.

Yes, I am an action man, CA In Delhi, tell me what to do!

It will give you immense pride to know that this entire GST migration and registration procedure is paperless. You won’t have to visit to submit hard copies. Here is a stepwise process to migrate to GST:

  1. Provisional ID and Password: You will be provided provisional ID and password by Service Tax Department (Central Board of Excise and Customs) once you log in. In case you have not received the same, contact the servie tax department.
  2. Create user id and password on GST: Once you get a provisional ID and password, you need to create a unique username and new password using provisional ID and password on GST common portal www.gst.gov.in. On creation of the same, you get a provisional GST number.
  3. Fill Enrollment Application: Here you need to provide details of your business, proprietor, managing director, partner, karta, authorized signatory, among other details. You would also need to fill details of principal place of business, additional places of businesses, and bank details.
    Supporting documents will be attached in every stage of filing. You can check the list of documents here.
  4. Details of goods and services supplied: Details of the top 5 services along with the Service Accounting Code should be given under the details of services. Similarly, HSN wise details of 5 top goods should be specified.
  5. Submit Application: All the applications will be submitted electronically- either through Digital Signature Certificate (DSC) or Aadhaar number. DSC submission is mandatory for companies and LLP, while other tax payers can submit using Aadhaar One Time Password.

The process is complete, and after successful verification, you will receive Acknowledgement Receipt Number (ARN) within next 15 minutes. Save this number for your record, so that you can track your application once GST Act comes into force.

We can help you in migrating to GST at a mere cost of Rs 1,200/- (excluding DSC cost).

Click here to initiate process

GST Registration

GST Registration : Migrate to GST Now

GST Registration

What is GST & How to do GST Registration?

GST (Goods and Service Tax) is a tax levied when a consumer buys a goods or services. The main aim of introducing GST is to bring all the taxes in a single umbrella. This bill helps to eliminate the cascading effect of taxes on production, distribution prices on goods & services. Goods & service tax refers to indirect tax which replaces taxes levied by the central & state government.

GST bill abolish indirect taxes like VAT, Service tax, excise, octroi.

Migration to GST

If you’re an existing taxpayer registered under any of the below mentioned authorities, then you are Liable to migrate and enrol under GST system portal.

  • Central Excise
  • Service Tax
  • State sales tax/VAT (except exclusive liquor dealers)
  • Entry tax
  • Luxury Tax
  • Entertainment tax

Migration here means validating the data of existing taxpayers and filing up the remaining key fields.

Steps to migrate to GST can be read here.

We can help you in migrating to GST at a mere cost of Rs 1,000/- (excluding DSC cost).

Clicke here to initate proces

Impact of GST rates on your Household Budget; Who won, who lost?

Yes yes, GST rates are here! India has cleared the way for the biggest tax reform since independence in 1947.

The main beneficiaries of the new goods and services tax, due to be rolled out on July 1, include steelmakers and some consumer goods.

  • The food items which currently attracted an average of 12.5% tax under VAT laws will now be taxed at 5% under the new regime.
  • Entertainment activities, household and personal care products will become cheaper under the upcoming regime.
  • 18% tax slab for telecom, financial services.
  • Service tax on non-AC hotels will be 12%, on AC hotels that serve liquor will be 18%. Higher tax rate for luxury hotels.
  • Hotels and lodges with tariff below Rs 1,000 will be exempt. Those with Rs 2,500-5,000 will be 18%. Luxury hotels will face tax of 28%.

Continue reading “Impact of GST rates on your Household Budget; Who won, who lost?”