Latest posts tagged on "gst"

A month after the Goods and Service Tax (GST) came into force, trade and industry here is still grappling to understand the new structure. While some sectors have reported a slow down in sales, the classification of goods, which is yet to be properly understood, has been a bane for the trading community, trade and industry sources say. The crucial foodgrains sector is still struggling to maintain pace even as traders have reported a drop in sales by almost 30%. The new classification has been confusing. For example, a trader in pulses has to look out for dry leguminous seed classification, which is causing confusion.

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• The GST package for small firms has two options. • Those with annual turnover of up to Rs. 20 lakh (10 lakh for north-eastern States, Himachal Pradesh, J&K, and Uttarakhand ) may remain outside the tax net. • For slightly bigger firms with turnover of less than Rs.75 Lakh (50 lakh for the NE, HP), the GST allows a low tax option called the composition scheme. • Firms under this scheme can pay tax at a low 1-2 per cent and file 4 returns a year.

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Goods and service tax or GST will be one tax to subsume all taxes. It will bring in “One nation one tax” regime. All taxable persons (threshold: turnover over Rs.20 lakhs) will have to get registered under GST. Such taxable persons may cancel their own registration or have their registration cancelled by the authorities due to violations.

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Every taxpayer registered under excise/VAT/service tax will enroll on the Common Portal by validating his e-mail address and mobile number, either directly or through a Facilitation Centre notified by the commissioner.

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Form GSTR-3B needs to be filed by a taxable person under GST for submitting the provisional assessment of the tax liability. Provisional assessment of the taxes to be filed under form GSTR-3B is only applicable for the month of July and August. A taxable person has to file the GSTR-3B for the invoices generated in July by 20th August and for the invoices pertaining to the month of August has to be filed by 20th September. Each manufacturer, trader, service provider who is liable to register under GST has to complete a self-assessment of his taxes and has to file form GSTR-3B.

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