After the Goods and Services Tax is implemented, every individual taxpayer registering under GST will be able to access the GST common portal by using their individual login credentials. After a successful login, the taxpayers will be able to access the dashboard and all the various features being presented. Under the GST common portal, every taxpayer will also be able to access the three kinds of electronic ledgers under GST.
Section 65 of the GST empowers the GST authorities to conduct an audit of the tax payers. The audit under GST shall be conducted at such frequency and in such manner as provided under GST law.
The audit shall be conducted at the place of business of the registered person or in their office. Prior to conducting the audit, the taxpayer shall be informed by way of notice not less than fifteen working days prior to the conduct of the audit.
In previous posts, we have discussed who is liable to get registered under GST. In this post, we shall examine the concept of ‘Casual Taxable Person under GST’.
Who is a Casual Taxable Person under GST?
Casual taxable person means a person who occasionally undertakes transactions involving the supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.
The Finance Ministry has issued the following clarification regarding the reduced liability of tax complex, building, flat etc. under the Goods and Services Tax on 15th June 2017:
The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher tax incidence for payment made after 1st July 2017. This is against the GST law.
Every person shall be liable to register under GST in the State or Union territory from where he makes a taxable supply of goods or services or both if his aggregate turnover in a financial year exceeds Rs 20 lakhs. This limit of Rs 20 lakhs is reduced to Rs 10 lakhs if the person is located in the North Eastern states of India.
‘Person’ here includes individuals, HUF, company, firm, LLP, an AOP/BOI, any corporation or Government company, a corporate body incorporated under laws of the foreign country, co-operative society, local authority, government, trust, artificial juridical person.
The Government of India has specified the Rules regarding the issuance of GST invoice, a time frame for the issuance of the invoice and the type of invoice under the GST law.
The invoice shall be in GSTINV01. You can access the format of the invoice here. The GST Rules has specified two types of invoices – tax invoice and bill of supply in case of supply of services.
Input Tax Credit under GST has been introduced in order to avoid the cascading of taxes that’s prevalent in the present tax regime. It’s one of the key features of the Goods and Services Tax. In simple terms, the cascading of taxes means ‘tax on tax’.
As per the present taxation regime, the credit of taxes that is being levied by the Central Government is not available as a set-off for payment of taxes that is being levied by the State Governments and vice-versa.
While the date of GST rollout is fast approaching, the impact of GST on various sectors of the country has become a never ending debate. While it’s too early to comprehend and speculate, yet the known impact has been a mixed bag of opportunities and challenges especially for the Small and Medium Enterprises (SMEs). The impact of GST on SMEs might result in affecting the profitability of these enterprises in the short run.
Previously we wrote about the complete list of GST rates for Goods and Services that was finalized by the GST council last week in Srinagar. The Council has broadly approved the GST rates for goods and services at nil rate, 5%, 12%, 18% and 28%. Today we will dive deep into the GST impact on the Indian sectors while mentioning the list of winners and losers, as a result, of these tax rates.
Timely action and fulfillment of the various compliances under GST law is one of the most critical activity for businesses. A thorough knowledge of the several aspects of the return filing compliances under GST law is needed. Before we get down to talk about the specific return forms that need to be filed and the deadlines associated with them, it’s important to know what return means under the GST law.