Major Impact under GST
⛳ON SALES
1. Tax is levied by centre and states concurrently on destination based consumption principal. Thus, final tax accrues in the hands of state where goods/services are consumed.
22. 🌴2. Tax will be levied on supply to agents, Interstate Branch transfer and transfer to different vertical within same state but having different registration.
3. 3. 🌴3. Place of supply is to be checked to identify Whether CGST and SGST or IGST is to be charged, considering place of supply provisions.
🌴4. Tax liability will arise on advance receipts/ payment.
5🌴5. Tax will be payable under Reverse charge on all purchases made from unregistered dealers and on other goods as notified.
🌴6. Interest, late fee and penalty charged for delayed payment of consideration is to be included in valuation for the purpose of calculation of tax.
7. Anti-profiteering measure is introduced to ensure that credit is passed on to the final consumer.
1. Tax is levied by centre and states concurrently on destination based consumption principal. Thus, final tax accrues in the hands of state where goods/services are consumed.
22. 🌴2. Tax will be levied on supply to agents, Interstate Branch transfer and transfer to different vertical within same state but having different registration.
3. 3. 🌴3. Place of supply is to be checked to identify Whether CGST and SGST or IGST is to be charged, considering place of supply provisions.
🌴4. Tax liability will arise on advance receipts/ payment.
5🌴5. Tax will be payable under Reverse charge on all purchases made from unregistered dealers and on other goods as notified.
🌴6. Interest, late fee and penalty charged for delayed payment of consideration is to be included in valuation for the purpose of calculation of tax.
7. Anti-profiteering measure is introduced to ensure that credit is passed on to the final consumer.
⛳ ON PURCHASES1. Credit is available; be it used for manufacture or not, like office equipment, stationery etc. subject to the condition that it is used in the furtherance of business.
2. Credit of GST paid on any purchase for use in furtherance of Business (including interstate) is available.
3. In GST the Invoice should be received before 30th September after the end of FY to avail the credit.
4. Tax is payable on Advance payment for purchase of goods or services.
5. Complete matching is required. If tax is not paid by the seller then the tax credit will not be available to the buyer.
6. It will be very necessary for the buyer to check beforehand about vendor being tax compliant.
7. Government has come up with GST rating mechanism where it will be easy to find out the status of supplier.
2. Credit of GST paid on any purchase for use in furtherance of Business (including interstate) is available.
3. In GST the Invoice should be received before 30th September after the end of FY to avail the credit.
4. Tax is payable on Advance payment for purchase of goods or services.
5. Complete matching is required. If tax is not paid by the seller then the tax credit will not be available to the buyer.
6. It will be very necessary for the buyer to check beforehand about vendor being tax compliant.
7. Government has come up with GST rating mechanism where it will be easy to find out the status of supplier.
ON ACCOUNTING AND COMPLIANCES
1. Most of the compliances are online on GST portal.
2. One GST laws to be complied.
3. Time Period of maintaining and keeping accounts is 6 years from the date of Annual Return.
1. Most of the compliances are online on GST portal.
2. One GST laws to be complied.
3. Time Period of maintaining and keeping accounts is 6 years from the date of Annual Return.
4. GST Audit is required to be conducted by a Chartered Accountant or Cost Accountant for each registration having turnover exceeds turnover limit of Rs. 2 Crore.
5. No statutory forms or statutory registers are required to be maintained. Books can also be maintained in electronic form.
6. Invoice is to be raised in all cases at the time of removal of goods except in certain specified circumstances.
5. No statutory forms or statutory registers are required to be maintained. Books can also be maintained in electronic form.
6. Invoice is to be raised in all cases at the time of removal of goods except in certain specified circumstances.
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