GST Notifications Started

📢 GST Notifications Started 🔉

*No of GST Notification issued today ( 28-06-2017) -34*

  • Central Tax -5
  • Central Tax (Rate)  -10
  • Integrated Tax  -4
  • Integrated Tax (Rate)  -7
  • Union Territory Tax -0
  • Union Territory Tax (Rate)  -7
  •  Compensation Cess (Rate)-1

*Central Tax Notifications*

Seeks to bring into force certain sections of the CGST Act, 2017 w.e.f 01.07.2017
http://cbec.gov.in/resources//htdocs-cbec/gst/notfctn-9-central-tax-english.pdf

Seeks to amend CGST Rules notification no 3/2017-Central Tax dt 19.06.2017
http://cbec.gov.in/resources//htdocs-cbec/gst/notfctn-10-central-tax-english.pdf

Seeks to amend Notification no 6/2017-Central Tax dt 19.06.2017
http://cbec.gov.in/htdocs-cbec/gst/notfctn-11-central-tax-english.pdf

Seeks to notify the number of HSN digits required on tax invoice
http://cbec.gov.in/resources//htdocs-cbec/gst/notfctn-12-central-tax-english.pdf

Seeks to prescribe rate of interest under CGST Act, 2017
http://cbec.gov.in/resources//htdocs-cbec/gst/notfctn-13-central-tax-english.pdf

*Central Tax (Rate) Notifications*

Notification no:1 CGST Rate Schedule notified under section 9 (1)
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification-for-CGST-rate-Schedule.pdf

Notification no 2: CGST exempt goods notified under section 11 (1)
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification-for-CGST-exemption.pdf

Notification no 3: 2.5% concessional CGST rate for supplies to Exploration and Production notified under section 11 (1)
http://cbec.gov.in/resources//htdocs-cbec/gst/25-Schedule-for-conditional-CGST-exemption.pdf

Notification no 4: Reverse charge on certain specified supplies of goods under section 9 (3)
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification-for-reverse-charge-CGST.pdf

Notification no 5: Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed under section 54 (3)
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification-for-restriction-of-ITC-CGST.pdf

Notification no 6: Refund of 50% of CGST on supplies to CSD under section 55
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification-for-under-section-55-for-CSD.pdf

Notification no 7: Exemption from CGST supplies by CSD to Unit Run Canteens and supplies by CSD / Unit Run Canteens to authorised customers notified under section 11 (1) and section 55 CSD
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification-for-refund-to-CSD-CGST.pdf

Notification no 8: CGST exemption from reverse charge upto Rs.5000 per day under section 11 (1)
http://cbec.gov.in/resources//htdocs-cbec/gst/Exemption-from-reverse-charge-upto-Rs5000-per-day-CGST.pdf

Notification no 9: Exempting supplies to a TDS deductor by a supplier, who is not registered, under section 11 (1)
http://cbec.gov.in/resources//htdocs-cbec/gst/Exemption-from-TDS-CGST.pdf

Notification no 10: CGST exemption for dealers operating under Margin Scheme notified under section 11 (1)
http://cbec.gov.in/resources//htdocs-cbec/gst/Margin-Scheme-Notification-CGST.pdf

*Integrated Tax*

Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax
http://cbec.gov.in/htdocs-cbec/gst/Notification%20for%20IGST%20rate%20Schedule-1.pdf

Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax.
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification%20for%20IGST%20exemption-2.pdf

Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby notifies the rate of the integrated tax
http://cbec.gov.in/resources//htdocs-cbec/gst/Schedule%20for%20conditional%20IGST%20exemption-3.pdf

Reverse charge on certain specified supplies of goods under section 5 (3)
http://cbec.gov.in/resources//htdocs-cbec/gst/Notification%20for%20reverse%20charge%20IGST-4.pdf

Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed
http://cbec.gov.in/resources//htdocscbec/gst/Notification%20for%20restriction%20of%20ITC%20IGST-5.pdf

GST – Important Points

​GST – Important Points

*Certain important points to be noted in respect of GST:

1. # GST will 100% be implemented on 01-07-2017
2. # Types of taxation in GST
3. IGST : Integrated GST
4. CGST : Central GST which with replacement CST
5. SGST : State GST which will replace VAT
6. # WEF from 01.06.2017 : Migration towards enrolment of GST will start till 15.06.2017
7. # Registration certificates will be issued online.
8. # There will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.
9. # 5 forms on different dates have to be submitted every month.
R1 form on 10th

R2 form on 13th

R3 form on 15th

R4 form on 17th &

R5 form or final returns on 20th

You cannot file revised returns at all. Once filed on 20th is final.

10. # Tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.
11. # In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.
12. # Be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake.
13. # Your firm rating will be done by the system. Based on the rating audit trials will be conducted.
14. # Proposed e sugam for ₹50000 & above value only.
15. # Proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40.
16. # 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services.
17. # You need to submit 17 documents for migration to GST.
18. # Most products MRP to come down.

19. # Distribution + C & F channel under threat.
20. # All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.
21. # All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.
22. # The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.
23. # All books & records to be maintained on daily basis.
24. # You will need a full time accountant in your shop/office to maintain books under GST.
25. # All travel & tour expenses related to business have to be claimed under firm name.
26. # If your vendor does not upload his bills within 180 days , you will not get tax credit.
27. # You cannot claim credit for material in stock beyond one year.
28. # They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.
29. # All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.
30. # Your Vat credit will not be carry forwarded to GST.