1. Under GST, point of tax levy is ‘supply’.


  1. GST is an important tool which stop the black marketing. After the GST both sales and purchases transaction detail will be stored in the Government records.


  1. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST (SGST). Similarly Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services.


  1. The existing tax payer can migrate to the new implemented GST and the registration for new assessee is also going on .One can register online by logging on to gst.gov.in The assessees would be provided a Provisional ID and Password by CBEC.


  1. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.


  1. Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed


  1. Out go the hand-written ledgers, accounting books and notepads. Everything will now be online and will need to be updated regularly.The invoices should be online uploaded.


  1. For availng input tax credit, seller as well as purchaser both should have to upload the invoices on the Government portal.


  1. There are four type of tax slab used in the GST. These slab rates are  5%, 12%, 18% and 28%. Tax rate on the Luxury and demerit goods will be 28% plus cess.


  1. A business will have to file 37 returns in a year (three returns per month and one annual return) per state. If it does business from offices in multiple states, the number of returns will go up accordingly.

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