What is Goods and Services Tax (GST)

Goods and Service TaxThe GST is an indirect tax, which is levied on supplying of Goods and Services. the word supply is used instead of sale for levying the GST. This tax is passed on till the last stage that is the customer of the goods and services who bears the tax. It is destination based tax not the origin based tax . Tax is collected at every stage and the credit of tax paid (input tax credit) at the previous stage is available as a set-off at the next stage of transaction. This helps to eliminate “tax on tax” or the cascading impact of tax. GST shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management.

Action point in GST

  • Take GST registration for the place  other than registered places
  • Charge GST on gifts of value more than Rs 50,000/- made without consideration made in the course or furtherance of business.
  • File GSTR-3B return for the Month of July by 20th August
  • File GSTR-1 return For the Month of July by 5th September
  • File GST-2 return for the Month of July of by 10th of September
  • File the detail of debit and credit note in the return
  • File the form TRAN-1 for availing input on stock in hand
  • Maintain tax invoice in the sequence number
  • In case revised invoice- place the word Revised Invoice at appropriate place
  • Inform the GST authority for change in registered office or others

Disclaimer : This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts. 

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