03/08/2017
All about GST
1) HSN Code to be mentioned
For turnover below 1.5 Cr, no need to mention HSN code in invoice.
From 1.5 Cr. – 5 Cr turnover,
only mention 2 digit HSN code
and above 5 Cr mention only 4 Digits of HSN code.
*But, All the taxpayers need to maintain 6 digit HSN Code and the same shall be uploaded with monthly Return*
3) If your supplier is registered under composite scheme ( turnover below 75 lacs) he cannot take credit of GST
nor can his customer avail of GST credit.
4) If your GST input is more than GST output (ie for E rickshaw industries most of items input GST credit is 28% and output GST is 12%)
in that case after every month's return is filed, the person can apply for refund (RDF1) which will be given within 60 days, otherwise govt is liable to pay interest on it.
Refund application can be made upto 2 years.
5) There is a concept of Trojan Officer in GST. The officer will come as customer, buy goods and demand invoice. If we dont issue invoice, huge consequences.
6) No need of E way bill till next 3 months.
7) The recipient have to reverse the full ITC, if partial/full payment of bill is not made within 180 days.
8) The accounting software need to have logs maintained for every transactions.
9) The invoice to customers which is less than 200/- can be issued on consolidated basis at the day end, provided customers does not demand for invoice.
10) Obtain Id and address proof of customers having invoice value is more than 50000/-.
11) Taxes should be compulsory mentioned in the invoice (No inclusive of taxes concept).
12) The GSTIN should be prominently displayed in all Banner, Boards, etc at all place of business of taxpayer.
13) Mention address of all office, factory, warehouse, Godown and other place of business during migration/registration.
14) The person authorised to issue invoice need to be registered at GST portal against GSTIN.
15) Obtain fresh registration upto 31.7.17 to avail ITC of July 17.
16) Submit GSTIN to all suppliers and vendors.
17) There is no GST on Stock Transfer from factory to Shop / Shop to Shop (within same state). Delivery Challan to be issued with notional value.
18) The taxpayer providing 100% exempt supply need not obtain registration. Provided payment is not made regarding nature of transactions covered in Sec 9(3).
19) Loading & Unloading, Packing Charges, Insurance Charges charged in invoice is liable GST at the rate of the commodity supplied.
20) Discount on Bill is reduced from the assessable value for the purpose of GST.
21) The taxpayer can use multiple series of invoice provided the series is unique and should not exceed 16 characters.
22) Manual Invoice can also be issued.
23) Stock details is required to be maintained and the same need to be uploaded in monthly return.
24) The GST for July 17 need to be paid before 20.8.17 alongwith summary return.
25) GST is required to be paid for inter-state stock transfer. Tax invoice to be issued.
26) The "aggregate turnover" in GST should be reconciled with accounting turnover on monthly basis.
27) The records in GST to be kept for 6 years from the due date of annual return.
28) The debit & credit note to be issued by supplier and the same should be accepted by the second party.
29) The due date of filing annual return is 31st December of next year.
30) The GST return cannot be revised. It can be rectified upto 6 months of next year or till the filing of annual return, whichever is earlier.
31) GST to be paid at the time of goods sent to agent for sale.
32) Exemption of 20 Lakhs is not available for inter-state supply.
33) GST to be paid on advance received on or after 01.07.17. Receipt voucher to be issued.
34) Refund voucher to be issued, if advance refunded.
35) GST to be paid through net-banking only.
36) GST provides heavy penalties for non-compliance.
37) GST is required to be paid for supply made from unregistered dealers under RCM
38) No GST on RCM for purchases from composition dealer.
