LOOK ON CURRENT REQUIREMENT OF GOVT

A. LOOK ON CURRENT REQUIREMENT OF GOVT.:

1. GSTR 3B – Summary Return for computation of Tax liability for the month of July 2017 (Income Bills/Purchase Bills) on or before 20th Aug 2017

2. Tax to be deposited before filing GSTR 3B for the month of July 2017

3. Detailed information on Bills of Supply & Purchases will be submitted in GSTR 1 & GSTR 2 on or before 5th Sep & 10th Sep 17 respectively for July 2017.

4. From 24th July window for bills up-load is going to be active and you can up load your bills daily, weekly etc. to avoid last time rush.

To sum up:

1.Output Supply value on regular supply in July 2017

Add:

2. dues on RCM purchase from unregistered dealer more than Rs 5000/ in a single day from single supplier or on advocate/ GTA bills etc

3. Advance received but goods or service is pending to supply till 31/07/2017

Less:

4. ITC c/f if you have filed ITC TRAN 1 before it

5. ITC calculated for current purchases = Net liability to be paid on or before 20th Aug 17.

Remember RCM paid in July can be claimed in Aug 2017 return because first you have to pay then you can claim from Govt.

THEREFORE NOT ONLY GSTR 3B IS REQUIRED BUT TAX FOR JULY ALSO HAS TO BE DEPOSITED ON OR BEFORE 20TH AUG.

 B. WHAT YOU SHOULD REVIEW (for pan-India operations): 

1. Your VAT returns on pan-India or their calculation if it has not filed yet (for 1/4/17 to 30/6/17)

2. Your Service Tax return centralized (if you are centrally registered) other wise simple return (for 1/4/17 to 30/6/17) due date is 15th Aug but file early.

3. Summary of your bills issues and sample of bills copy issued under GST Act from 1/7/17 to 15/7/17 (summary as per the offline utility provided by GSTN)

4. Summary Purchase Bills – separately where Reverse Charge is applicable & Not applicable along with Bills under GST Act from 1/7/17 to 15/7/17

5. Your closing stock – which includes ITC claim for VAT or CENEVAT for this claim we have to file GST Tran – 1

6. Calculation of ITC claim c/f + new generated on fresh purchases

7. Advance receipts – Ledger

GST Rate Finder: Mobile App

HIGHLIGHTS

• The government has launched an app called GST Rate Finder
• The app is now available on Android platform and will soon be offered on Apple’s iOS also

Finance Minister Arun Jaitley getting hands-on with the GST app

The government on Friday launched an app called GST Rate Finder– which as the name suggests is your ready reckoner for all the tax rates that are to be levied under the GST (Goods and Services Tax) regime. The app has been developed by the Central Board of Excise and Custom (CBEC).

“First app of its kind which would be a ready reckoner for public, for customers, for consumers, traders, students, anyone who wishes to have very handily (GST) rates available. So, if you are in a market, a restaurant or anywhere you can easily check what the (GST) rate is,” CBEC chairperson Vanaja Sarna said.

To find out the required tax rate:

1. Enter the name or chapter heading of the commodity or service in the search box provided

2. Search result will list all the goods and services containing the name which was typed in the search box

3. Scroll down the list of description

4. Click on any specific item on the list. A display window will pop-up, containing details such as the GST rate, description of goods or services and the chapter heading of the Harmonised System of Nomenclature (HSN).

For example, any person who has been billed by a hotel or a restaurant or for footwear can cross verify the correctness of the rate of GST charged.

Users can download the app on any smartphone. GST Rate Finder app can be used in offline mode, once downloaded.

source:http://www.gstindia.com/gst-rate-finder-government-launches-app-check-rates-app-can-end-confusion-around-multiple-tax-rates/

MRP changes will reflect under GST

The government on Tuesday announced rules regarding MRP or maximum retail price for goods under the GST (goods and services tax) regime that was rolled out at the midnight of Friday and Saturday. There has been ample confusion among both consumers and retailers regarding how the MRP changes will reflect under GST.

“Under the GST regime, if a price of a product has increased the manufacturer/ importer/ packer will have to give an advertisement in two newspapers about the new MRP and put a revised sticker on the packaging,”, Department of Consumer Affairs Secretary Avinash Srivastava said. Both the new and the old MRP must show on the packaging, he added.

Legal action would be taken against those who don’t comply with the new rules, Food and Consumer Affairs Minister Ram Vilas Paswan said on micro-blogging site Twitter.

The tweet roughly translates to — If the revised MRP under GST of a product is not furnished, then legal action will be taken against the shopkeeper.

Food and Consumer Affairs Minister Ram Vilas Paswan has extended a three-month dispensation to all manufacturers and traders till September 30 on old stock they are holding and they can simply follow the rules released on Monday and continue trade.

For products whose prices have come down under the new tax regime, no newspaper advertisements would need to be published. However, a sticker mentioning the new MRP is a must, and the old price should show too on the packaging, the Finance Ministry said.

“Packing material is quite costly so traders can be use their existing stock upto September, by just putting a new MRP sticker,” Srivastava said.

The government will also be conducting a “masterclass” on GST for all stakeholders including citizens in the form of an hour-long program for six days which will be telecast live on the state-run television channel Doordarshan, Revenue Secretary Hasmukh Adhia said. The live telecast will be available on the web as well, he said.

The government is closely monitoring the price and supply situation post GST implementation, the Revenue Secretary said, adding “a central monitoring committee, comprising 15 top secretaries, will meet every Tuesday to monitor GST.”

 The government has categorically time and again said that they expect teething troubles initially as GST rolls out — as is the case with anything that’s new — but hopes things would be ironed out soon and is making efforts to educate all stakeholders.

GST is India’s most ambitious tax reform since its independence+ in 1947 and subsumes over a dozen central and state taxes that were levied on goods and services bringing India under a uniform tax regime. The new tax regime implemented by the Narendra Modi government which has been in the works for over 15 years is expected to add 2 per cent to the country’s GDP (gross domestic product).

http://www.gstindia.com/pre-gst-stock-will-have-two-mrp-tags-fmcg-companies-worry/