Newsletter - December 2016 (Vol V - Issue 1)

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Dec 1, 2016, 5:29:49 AM12/1/16

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R.M. RAJAPURKAR & CO. DECEMBER 2016

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R M Rajapurkar & Co.

December 2016 Vol V : Issue 1

IMPORTANT DATES - DECEMBER 2016

6th Dec: Payment of Service Tax for Nov by companies

7th Dec: Payment of TDS/TCS deducted/collected in Nov

15th Dec: E-Payment of PF for Nov

15th Dec: Payment of 75% Advance Tax

21st Dec: Payment of ESI for Nov

21st Dec: Payment of MVAT, CST & WCT TDS for Nov

21st Dec: MVAT return for Nov

31st Dec: Payment and Monthly Return of Maharashtra PT

ALL EVENTS IN DECEMBER 2016

GOODS AND SERVICE TAX (GST)

GST means Goods and Service Tax. It is an indirect tax levied on sale of goods and services. The reformist believes that the GST is one of the most awaited law which upon introduced will boost the economic growth of the country. A Little about this much awaited law and procedure of registration under the same:

1. What is Goods and Service tax (GST)?

It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

2. Which of the existing taxes are proposed to be subsumed under GST?

- Taxes currently levied and collected by the Central Government: Central Excise duty, Duties of Excise, Additional Duties of Excise, Additional Duties of Customs, Special Additional Duty of Customs, Service Tax, Central Surcharges and Cesses so far as they relate to supply of goods and services

- Taxes currently levied and collected by the State Government: State VAT, Central Sales Tax, Luxury Tax, Entry Tax (all forms), Entertainment and Amusement Tax (except when levied by the local bodies), Taxes on advertisements, Purchase Tax, Taxes on lotteries, betting and gambling, State Surcharges and Cesses so far as they relate to supply of goods and services

3. Which are the commodities proposed to be kept outside the purview of GST?

Alcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel& Electricity. The existing taxation system (VAT & Central Excise) will continue in respect of the above commodities.

4. What type of GST is proposed to be implemented?

It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. 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.

5. How will imports be taxed under GST?

Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied. Exports will be treated as zero rated supplies. No tax will be payable on exports of goods or services.

Procedure for Registration under GST has already started for those, who are already registered under any Indirect taxation authority. Procedure for the same is given below:

Procedure for obtaining provisional ID:

Log in to the VAT website i.e. enter TIN no. and password.
Click on the first tab "GST in provisional ID" after logging in.
Then quote e-mail id and mobile number
After that, a SMS stating five digit passwords will come on mobile number which shall be entered. Also, name of tax practitioner, his e-mail id and mobile number will have to be mentioned.
Later, an acknowledgement of the taxpayer's provisional id will be displayed. Also, copy of acknowledgement is sent on the e-mail id. This will include the name, email id, mobile number of the taxpayer and the tax practitioner and a 15 alphanumerical provisional id and access token

Procedure for obtaining GST Registration:

Visit the website gst.gov.in for obtaining registration for GST.
Enter Provisional ID and password and password will be received on e-mail and mobile.
After quoting it, one will have to mention user id and password. Also, questions for security purpose will have to be answered.
Further, the taxpayer will have to give business details, business place, details of other business places, the details of goods traded or services rendered (as per HSN code under excise), bank account details.
The form will have to be uploaded with digital signature of the authorized person.

Documents will be required for taking GST registration

Copy of PAN card • Copy of Aadhar card
Letter of authorized person. • Photo of authorized person.
Bank account statement or pass book copy.
Photo of proprietor or all partners (in this case, direct selfie can also be attached).
In case of non-resident partner or director, copy of passport will be required to be attached.
In case of a proprietor copy of shop act. In case of partnership or LLP, a copy of partnership deed. A copy of memorandum and articles of association in case of a company.

Note: The GST registration can be done till 31st January 2017.

OTHER UPDATES FROM NOVEMBER 2016

ALL UPDATES

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