VM Associates

04/07/2017

WELCOME TO GST.

Please follow the necessary steps for maintaining the healthy accounts hereafter:-

1. Make Rubber stamp of GSTIN.

2. Affix GSTIN stamp for all your invoices.

3. Take new bill book and start the beginning number from 1, 01 or 001.

4. If you have no printed bill book then you will print it to NEW GST MODEL BILL.

5. Give your GSTIN to all your suppliers.

6. Receive GSTIN from all your customers.

7. We will take ITC (Input Tax Credit) from business oriented expenses i.e., Telephone bill, Courier Bill, Stationery Bill, etc. Thus, hereafter you must receive the bills for all your business oriented expenses after mentioning your GSTIN.

8. You will place tax in bills for Local (Intra-State) as SGST – 9% and CGST – 9%. For outside state (Inter-State) as IGST-18%

9. Mostly online cash transactions are advisable and issue the DEBIT CARD for all your small expenses.

10. Tax must be paid for ADVANCE RECEIVED AMOUNT. Hence, don’t receive or paid any amount either without raising bills or collect bills.

11. No expenses have being written for more than Rs.10000/- in cash. If you receive more than 2 Lakhs from one person or company then that whole amount taken as PENALTY (Income Tax rule)

12. Please make bill wise closing stock as on 30.06.2017 for receiving ITC from our Sales Tax Department (Not for Service unit)

13. You have to pay tax for receiving bills from unregistered dealer. (Not for Service unit)

14. Please be ready of all Purchase, Sale, Expense Bills and Bank Statement on second day of each calendar month.

15. We must to file Sales transaction bills on or before 10th, and Purchase transaction bills on or before 15th and Final transaction ( Sales and Purchases) return on or before 20th of every month.

16. In GST portal, they have compliance rating method for GENUINE BUSSINESS MAN. Please follow the rules and get GENUINE BUSINESS MAN

I hope and wish you to get top compliance rate for increasing business as well as profit. BE PROUD OF INDIAN

GST- GOODS AND SERVICE TAX

GENUINE SIMPLE TAX

State Codes in GST
01 – Jammu & Kashmir
02 – Himachal Pradesh
03 – Punjab
04 – Chandigarh
05 – Uttranchal
06 – Haryana
07 – Delhi
08 – Rajasthan
09 – Uttar Pradesh
10 – Bihar
11 – Sikkim
12 – Arunachal Pradesh
13 – Nagaland
14 – Manipur
15 – Mizoram
16 – Tripura
17 – Meghalaya
18 – Assam
19 – West Bengal
20 – Jharkhand
21 – Orissa
22 – Chhattisgarh
23 – Madhya Pradesh
24 – Gujarat
25 – Daman & Diu
26 – Dadra & Nagar Haveli
27 – Maharashtra
28 – Andhra Pradesh
29 – Karnataka
30 – Goa
31 – Lakshdweep
32 – Kerala
33 – Tamil Nadu
34 – Pondicherry
35 – Andaman & Nicobar Islands
36 - Telengana⁠⁠⁠⁠

24/06/2017

Audit
Audit under GST is the examination of records maintained by the taxable person to verify the correctness of information declared, taxes paid and to assess the compliance with the provisions of GST.

Audit can be done by the taxpayer himself or by the tax authorities.

Every registered taxable person turnover during a financial year exceeds the prescribed limit [as per the draft rules turnover limit is above Rs 1 crore] must get his accounts audited by a CA or a CMA.

24/06/2017

GST Procedure
Goods and Service Tax (GST) will bring in “One nation one tax” to unite indirect taxes under one umbrella and facilitate Indian businesses to become globally competitive. The Indian GST is structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods etc.

24/06/2017

Input Tax Credit
One of the fundamental features of GST is the seamless flow of input credit across the chain (from the manufacture of goods till it is consumed) and across the country.

24/06/2017

Transition to GST

Every business is waiting to make the transition to the new laws under GST as we get closer to the appointed day. Taxpayers already registered under VAT/Service tax also need to register under GST. Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis.

24/06/2017

GST Return
A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS). www.vmassociates.net.in

24/06/2017

What is GST Registration?
Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.

24/06/2017

What is Bill of Supply?
Tax invoice is generally issued to charge the tax and pass on the credit. In GST there are some instances where the supplier is not allowed to charge any tax and hence a Tax invoice can’t be issued instead another document called Bill of Supply is issued.

13/05/2017

The tax rate under GST may be nominal or zero rated for the time it charged. It has been proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government has assured states of compensation for any revenue losses incurred by them from the date of introduction of GST for a period of five years/ www.vmassociates.net.in

13/05/2017

The tax rate under GST may be nominal or zero rated for the time it charged. It has been proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government has assured states of compensation for any revenue losses incurred by them from the date of introduction of GST for a period of five years www.vmassociates.net.in

08/05/2017

The tax rate under GST may be nominal or zero rated for the time being. It has been proposed toinsulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government hasassured states of compensation for any revenue losses incurred by them from the date of introduction of GST for a period of five years.8 mob- 9818973895

19/03/2017