GST SUVIDHA KENDRA IRINJALAKUDA: May 2018

Tuesday, May 29, 2018

Monsoon Offer

Rates has been slashed for the following services.Now you can register and file GST at very lowest prices.Limited period offer,Hurry up !!
You can avail this service @
Regd. Office:
GST Suvidha kendra
Kaliankara Complex,
XX/273C, First Floor,
Chandakunnu,
Irinjalakuda-680121
Mobile : +91 6282275238
Email: gstsuvidhakendraijk@gmail.com

An important announcement from GSTN

Dear Taxpayer,

GSTN is tentatively planning Disaster Recovery Drill of GST System on Saturday, 02^nd June 2018 between09:00 to 15:00 Hrs. GST system services will NOT be available during this time.

You are requested to plan your GST related activities on GST portal accordingly. Inconvenience, if any, is regretted.

Regards, GSK IJK Team.

Monday, May 28, 2018

ആദായ നികുതി: റിട്ടേണ്‍ വൈകിയാല്‍ വന്‍ പിഴ വരുന്നു !

തൃശ്ശൂർ: വ്യക്തിഗത ആദായനികുതി റിട്ടേണിൽ പിടിമുറുക്കി കേന്ദ്ര പ്രത്യക്ഷ നികുതി ബോർഡ്. കഴിഞ്ഞ സാമ്പത്തിക വർഷത്തെ കണക്കനുസരിച്ചുള്ള ആദായനികുതി റിട്ടേൺ ജൂലായ് 31-നകം സമർപ്പിക്കാത്തവർക്കെതിരേ കർശന നടപടിയെടുക്കാനാണ് തീരുമാനം. അവസാനതീയതിക്കുശേഷം റിട്ടേൺ സമർപ്പിക്കുന്നവരിൽനിന്ന് 5,000 രൂപ പിഴയീടാക്കും. ഡിസംബർ 31 കഴിഞ്ഞാൽ പിഴ പതിനായിരമാക്കും. മാർച്ച് 31-നു ശേഷവും റിട്ടേൺ സമർപ്പിച്ചില്ലെങ്കിൽ നികുതി ദാതാവിന്റെ അക്കൗണ്ട് റദ്ദാക്കാനും പാൻ കാർഡ് അസാധുവാക്കാനുമാണ് തീരുമാനം. ഇതുവരെ രണ്ട് മുൻവർഷങ്ങളിലെ റിട്ടേൺ വൈകി സമർപ്പിക്കാൻ അനുമതിയുണ്ടായിരുന്നു. സാമ്പത്തിക വർഷം അവസാനിക്കുകയും റിട്ടേൺ സമർപ്പണത്തിന് രണ്ടുമാസം മാത്രം ബാക്കി നില്കുകയും ചെയ്യുന്ന സാഹചര്യത്തിൽ റിട്ടേൺ സമർപ്പിക്കാനുള്ള പല ഫോമുകളും വൈകിയാണ് വെബ്സൈറ്റിൽ ലഭ്യമായത്. ഏപ്രിൽ ഒന്ന് മുതൽ റിട്ടേൺ സമർപ്പിക്കാമെങ്കിലും മേയ് മൂന്നാം വാരത്തിലാണ് റിട്ടേണിനുള്ള ഫോമുകൾ ആദായനികുതി വകുപ്പിന്റെ സൈറ്റിൽ എത്തിയത്. ജി.എസ്.ടി. യുഗത്തിലെ പ്രഥമ റിട്ടേൺ ആയതിനാൽ സമർപ്പണ ഫോമിൽ 25 ചോദ്യങ്ങൾ കൂടുതലായുണ്ട്. മുൻ കാലങ്ങളേക്കാളും കൂടുതൽ സങ്കീർണമാണ് ഫോമുകൾ. ശമ്പളക്കാർ നല്കേണ്ട റിട്ടേണിന്റെ ഫോമുകളാണ് ആദ്യം വെബ്സൈറ്റിൽ ലഭ്യമായത്. വ്യാപാരികളും പ്രൊഫഷണലുകളും നല്കേണ്ട റിട്ടേണിന്റെ ഫോമുകൾ ഒന്നര മാസത്തിലേറെ വൈകിയാണ് എത്തിയത്. ഈ വിഭാഗക്കാരാകട്ടെ ഏഴുതരം ഫോമുകൾ പൂരിപ്പിക്കണം. വ്യാപാരികളും പ്രൊഫഷണലുകളും ജി.എസ്.ടി.യുടെ വിവരങ്ങളും ആദായ നികുതി റിട്ടേൺ ഫോമിൽ കാണിക്കണം. അതേസമയം, ജി.എസ്.ടി.യുടെ വാർഷിക റിട്ടേൺ സമർപ്പിക്കുന്നതിനുള്ള നടപടികളൊന്നും വകുപ്പ് സ്വീകരിച്ചിട്ടില്ല. ഈ റിട്ടേൺ നല്കിയശേഷം വേണം വ്യാപാരികൾക്കും പ്രൊഫഷണലുകൾക്കും ആദായ നികുതി റിട്ടേൺ സമർപ്പിക്കാൻ. ജി.എസ്.ടി.യുടെ വാർഷിക റിട്ടേൺ സമർപ്പണം സാങ്കേതിക പ്രശ്നത്തിൽ വൈകിയാൽ ആദായ നികുതി വകുപ്പിന് പിഴ നല്കേണ്ടി വരുന്ന സാഹചര്യമുണ്ടാകുന്ന സ്ഥിതിയുമുണ്ട്. റിട്ടേൺ ഫോമുകൾ എല്ലാമെത്തി ന്യൂഡൽഹി: ടാക്സ് റിട്ടേണുകൾ സമർപ്പിക്കാനുള്ള ഏഴു വിഭാഗത്തിലുള്ള ഐ.ടി.ആർ. ഫോമുകളും ആദായനികുതി വകുപ്പിന്റെ വെബ്സൈറ്റിൽ ലഭ്യമായിത്തുടങ്ങി. പുതിയ ഫോമുകളുടെ വിവരങ്ങൾ സംബന്ധിച്ച് ഏപ്രിൽ അഞ്ചിന് ഉത്തരവിറക്കിയിരുന്നെങ്കിലും ഒരു മാസത്തിലധികം വൈകിയാണ് ഫേമുകൾ സൈറ്റിൽ ലഭ്യമായത്. പുതിയ ഫോമിൽ ശമ്പളക്കാർ അവരുടെ അലവൻസുകളും മറ്റും പ്രത്യേകമായി കാണിക്കണം. വ്യാപാരികൾ ജി.എസ്.ടി. നമ്പറും മൊത്തവരുമാനവും രേഖപ്പെടുത്തണം.

Sunday, May 27, 2018

Need of GST

India ranks 130 out of 189 countries in ease of doing business. One of the reasons for this poor ranking is the complex taxation system in India. Hence, India needed a transformation of its present taxation system. GST was the comprehensive solution to all flaws in the current taxation system. It is expected that GST would revamp the entire indirect taxation structure in India and would provide a boost to the ease of doing business.

GST is the only way-out to overcome the major difficulties encountered by trade in ease of doing business viz.

1.Multiplicity of Taxes.
2.Different Taxable Events
3.Multiple Authorities.
4.Multiple Compliances.
5.Tax on Tax
6.Different tax rates across the country
7.No seamless flow of credit
8.Heavy Corruption

We provide GST consultancy services in every aspect of the GST sector i.e. in laws and procedures, registration, record-keeping, filing of statements/returns etc. We equip the taxpayers with sufficient resource of knowledge and information so as to enable them to face and tackle the challenging and onerous task of meeting the tax obligations.For your further quries please contact us @ Mobile: +91 6282275238 or Write to us @ gstsuvidhakendraijk@gmail.com

GST Suvidha Kendra Irinjalakuda Location Map

GST For Common man

GST rates comparison over earlier indirect tax rates on some commonly used items

Saturday, May 26, 2018

Introduction

EL VENTURES-GGI-GST Suvidha Kendra are the GST Facilitation Centre appointed and Approved by the GSP, Botree International Pvt Ltd. Our Suvidha Kendra will cater to Businesses either large or small and take care of all your GST Compliance needs in a cost effective manner. All levels of Business people and Taxpayers can take advantage of these centre and comply with GST very easily and efficiently. SERVICES AVAILABLE IN EL VENTURE GGI-GST SUVIDHA KENDRA: ‒ GST registration of Tax Payer ‒ Returns (GSTR1 uptoGSTR12) ‒ Payments ‒ Ledger Maintenance ‒ Other GST related services

Subscribe to: Posts (Atom)

GST REGISTRATION

Tax on goods and services is well-defined as all taxes imposed on the making, taking out, sale, transfer, leasing or distribution of goods, and the rendering of the services, or on the usage of goods or permission to usage goods or to do activities. It contain essentially of value added and sales taxes. This covers multi-phase collective taxes, overall sales taxes – other charged at production or manufacture, wholesale or retail value-added taxes. Taxes charged on the import and also on export of things taxes charged in respect of the usage of goods and taxes on authorization to usage of goods, or do certain actions, also taxes on the removal, meting out or production of minerals and more products.

Benefits of GST registration

GST registration is serious because it will allow you to gain various benefits that are obtainable under the GST regime. Some other benefits are as given below

· Removing cascading outcome of taxes.

· Tax rates will be fairly lower as the tax base will amplify.

· Whole flow of Input tax credit.

· Charges of the goods and services will drop.

· Well-organized supply chain management.

· Encourage shift from unorganized division to organized division

Frequently asked questions's

What is GST Registration ?

Gst Registration is process where you register yourself to govt. portal to get GST number to be a registered dealer under government regime.

How To Apply for Gst Number ?

We need some documents of yours to assist you to get GST Number and documents vary business to business, so please contact us +916282275238

What is the final tax rate in GST ?

Tax under Gst are as follows 5%, 12%, 18% and 28% . The minimum rate is 5% and maximum is 28 %.

What are the Goods not affected by GST?

Petrol, Diesel, Natural Gas, crude oil and jet fuel are not under GST

What are IGST , CGST and SGST ?

CGST (Central Goods and Service Tax) comes under center, all taxes under to CGST will go to center and as same in SGST (State Goods and Service Tax) Tax will go to state and IGST (Integrated Goods and Service Tax) is movement of goods between two states and the tax will collected by union and later on will decide between states.

Benefits Of GST ?

1- Easy Compliances

2-Uniformity of tax rates and structure

3- Removal of Cascading

4- Improve competitiveness

5- Gain to manufacturers and exporters

What are the taxes GST Replaced?

Service Tax

Countervailing Duty

Special Countervailing Duty

Value Added Tax (VAT)

Central Sales Tax (CST)

Octroi

Entertainment Tax

Entry Tax

Purchase Tax

Luxury Tax

Advertisement taxes

Taxes applicable on lotteries.

Central Exercise Duty

Is GST Registration is one Time process or we need to renew it ?

Gst registration is only one time Process, it will be valid for life time.

Can we cancel Gst Number ?

Yes, you can cancel your Gst number any time except you registered yourself as voluntarily basis. If you registered yourself as volunteer basis then you have to wait 1 year.

Why does a taxpayer wish to cancel his registration?

The business has been discontinued

The business has been transferred fully, amalgamated, demerged or otherwise disposed —The transferee (or the new company from amalgamation/ demerger) has to get registered. The transferor will cancel its registration if it ceases to exist.

There is a change in the constitution of the business (For example- Private limited company has changed to a public limited company)

Why will the officer cancel registration?

The registration can be cancelled, if the taxpayer-

(a) Does not conduct any business from the declared place of business OR

(b) Issues invoice or bill without supply of goods/services (i.e., in violation of the provisions) OR

When is revocation of cancellation applicable?

This is applicable only when the tax officer has cancelled the registration of a taxable person on his own motion. Such taxable person can apply to the officer for revocation of cancellation within thirty days from the date of the cancellation order.

Who can opt for Composition Scheme?

Businesses with annual turnover upto Rs 1.5 crore* can opt for composition scheme.

Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme.

Only Manufacturers of goods, Dealers, and Restaurants (not serving alcohol) can opt for composition scheme.

Is liability to pay taxes under Reverse Charge Mechanism covered under the Composition Scheme?

A Composition Dealer has to pay tax under Reverse Charge Mechanism wherever applicable.

The rate applicable to the supplies is the rate at which GST has to be paid. This means that rate under composition scheme should not be used for reverse charge purposes.

Also, no ITC is available for tax paid under reverse charge for a composition dealer.

I am purchasing goods from an unregistered dealer. Do I need to pay tax?

Tax at normal rates has to be paid on purchases from an unregistered dealer only for the months of July and August 2017. From September there is no need to pay tax on these purchases.

No ITC is available on tax paid under reverse charge.

Should I pay IGST interstate purchases attracting reverse charge?

IGST should not be paid by a composition dealer. The dealer is required to pay tax under reverse charge, import of service or purchase from an unregistered dealer has to pay only CGST and SGST.

How should the Tax amount be calculated?

A composition dealer is required to pay tax at a specific rate on total sales. Also, the dealer has to pay tax under reverse charge on specified purchases, purchase form unregistered dealer and import of services.

This means that Total GST Payable =

Tax on supplies (net of advance and goods returned)

+ Tax on B2B transactions where Reverse Charge is applicable

+ Tax on B2B purchases from Unregistered suppliers (July and August 2017)

+ Tax on Import of Services

The rate of Tax on transactions under Reverse Charge, purchase from an unregistered dealer and import of services will be at normal rates, i.e. the rates applicable to the supplies. Rates under Composition Scheme are applicable only to sales of a composition dealer.

Should a Composition Dealer maintain detailed records?

No, a dealer registered under composition scheme is not required to maintain detailed records as required by a normal taxpayer.

Can Composition Dealers avail Input Tax Credit?

No, a Composition Dealer is not allowed to avail input tax credit of GST on purchases.

Can a Composition Dealer issue Tax Invoices?

A Composition Dealer has to issue Bill of Supply. They cannot issue a tax invoice. This is because the tax has to be paid by the dealer out of pocket. A Composition Dealer is not allowed to recover the GST from the customers.

What are the returns to be filed by a Composition Dealer?

The taxable person is required to furnish only one return i.e. GSTR-4 on a quarterly basis and an annual return in FORM GSTR-9A.

Also, auto drafted details are not available for a composition dealer for the quarters July – September, and October – December. This means that all sales details have to be manually entered by the Composition Dealer.

Can a Composition Dealer collect tax from customers?

No, a Composition Dealer is not allowed to collect composition tax from the buyer.

Can a dealer involved in interstate supplies opt for Composition Scheme?

Composition Scheme is available only for dealers doing intra-state supplies. If a dealer is involved in inter-State supplies, then they have to opt out of the scheme.

What are the transition provisions if a business transits from Composition Scheme under old regime to Regular Taxation under GST?

Taxpayers registered under composition scheme under VAT will be allowed to take credit of input in stock, or in semi-finished goods or in finished goods held on the day before the day of opting out of composition scheme.

What are the conditions for availing input credit on stock lying at the time of transition?

Following are the conditions which must be addressed by the taxpayer to avail credit on input at the time of transition from composition scheme to the normal scheme:

Inputs or goods will be used for making taxable supplies.

The CENVAT Credit was eligible to be claimed in the previous regime, however, couldn’t claim it being under composition scheme.

ITC is eligible for availing under GST regime.

The taxpayer has bills of input tax paid on such goods.

Invoices should not be older than 1 year from 1st July 2017 (i.e. not dated before 1st July 2016)

What is the treatment for input credit availed when transitioning from normal scheme to Composition Scheme?

When switching from normal scheme to composition scheme, the taxpayer shall be liable to pay an amount equal to the credit of input tax in respect of inputs held in stock on the day immediately preceding the date of such switchover. The balance of input tax credit after payment of such amount, if any lying in the credit ledger shall lapse.

Can I opt for Composition Scheme in one year and opt out in next year?

Yes, this is possible. You can opt to switch between the Composition Scheme and the normal scheme based on your turnover. However, you will have to keep in mind that this will affect the way you issue invoices and file your returns.

The declaration of change can be submitted on the GST Portal.

I have many branches. Will composition scheme apply to each of them separately?

If Composition Scheme is opted for all businesses that are associated with this PAN

Is it true that Composition Dealers can sell a product at a lower price than regular dealers?

Yes. Composition dealers cannot charge GST on their sales. So the end consumer pays less money than usual.

Can I opt-in for composition scheme anytime during the year?

No. Before the beginning of every financial year, a registered taxpayer is required to provide a declaration on the GST Portal. This cannot be done anytime during the year.

What will happen if I opt out of composition scheme mid-year?

When a dealer opts out of composition scheme all the normal rules are applicable from the day of opting out.

For example, a composition dealer opts out of composition scheme on 15th October 2017. This means that the dealer will have to file two GSTR-4 for the quarters July – September, and October (15 days). The dealer will also have to file GSTR-1, GSTR-2, and GSTR-3 for the period of October 2017 (sales from 15th October until end of the month)