Important Points all about GST in India
Answers
⏬ℍᴇʀℰ ℽ⌾Ⴎ ℊᴏᴏ.....⌾
1. ɪɴᴅɪᴀ'Տ ɢՏᴛ ɪՏ ʙᴀՏᴇᴅ ᴏɴ ᴛʜᴇ ᴄᴀɴᴀᴅɪᴀɴ ᴍᴏᴅᴇʟ.
2. ɢՏᴛ ɪɴ ɪɴᴅɪᴀ ᴡᴀՏ ᴍᴀᴅᴇ ᴏɴ ᴛʜᴇ ʀᴇᴄᴏᴍᴍᴇɴᴅᴀᴛɪᴏɴ ᴏғ ᴠɪᴊᴀʏ ᴋᴇʟᴋᴀʀ ᴄᴏᴍᴍɪᴛᴛᴇᴇ.
3. ɢՏᴛ ɪɴ ɪɴᴅɪᴀ ᴡᴀՏ ɪᴍᴘʟᴇᴍᴇɴᴛᴇᴅ ᴏɴ ᴊᴜʟʏ 1, 2017
4. ᴛʜᴇ ғɪʀՏᴛ Տᴛᴀᴛᴇ ᴡʜɪᴄʜ ɪᴍᴘʟᴇᴍᴇɴᴛᴇᴅ ᴛʜᴇ ɢՏᴛ ᴡᴀՏ ᴀՏՏᴀᴍ.
5. ᴀᴍɪᴛᴀʙʜ ʙᴀᴄʜᴄʜᴀɴ ʜᴀՏ ʙᴇᴇɴ ᴍᴀᴅᴇ ᴛʜᴇ ʙʀᴀɴᴅ ᴀᴍʙᴀՏՏᴀᴅᴏʀ ᴏғ ɢՏᴛ.
6. ɢՏᴛ ʜᴀՏ ʙᴇᴇɴ ɪᴍᴘʟᴇᴍᴇɴᴛᴇᴅ ᴜɴᴅᴇʀ ᴀʀᴛɪᴄʟᴇ 279 ᴏғ ᴛʜᴇ ɪɴᴅɪᴀɴ ᴄᴏɴՏᴛɪᴛᴜᴛɪᴏɴ.
7. ɢՏᴛ ᴄᴏᴜɴᴄɪʟ ᴡᴀՏ ғᴏʀᴍᴇᴅ ʙʏ ᴛʜᴇ ᴘʀᴇՏɪᴅᴇɴᴛ ᴏғ ɪɴᴅɪᴀ ɪɴ Տᴇᴘᴛᴇᴍʙᴇʀ 2016.
8. ᴀᴛ ᴘʀᴇՏᴇɴᴛ ғɪɴᴀɴᴄᴇ ᴍɪɴɪՏᴛᴇʀ ᴀʀᴜɴ ᴊᴀɪᴛʟᴇʏ ɪՏ ᴛʜᴇ ᴄʜᴀɪʀᴍᴀɴ ᴏғ ᴛʜᴇ ɢՏᴛ ᴄᴏᴜɴᴄɪʟ.
9. ᴀᴛ ᴘʀᴇՏᴇɴᴛ ɢՏᴛ ᴄᴏᴜɴᴄɪʟ ʜᴀՏ 31 ᴍᴇᴍʙᴇʀՏ.
10. ɢՏᴛ ʜᴀՏ ʙᴇᴇɴ ɪᴍᴘʟᴇᴍᴇɴᴛᴇᴅ ʙʏ ᴛʜᴇ 101Տᴛ ᴄᴏɴՏᴛɪᴛᴜᴛɪᴏɴ ᴀᴍᴇɴᴅᴍᴇɴᴛ ᴀᴄᴛ, 2016.
11. ᴛʜᴇ ɢՏᴛ ᴡᴀՏ ᴛʜᴇ 122ɴᴅ ᴄᴏɴՏᴛɪᴛᴜᴛɪᴏɴᴀʟ ᴀᴍᴇɴᴅᴍᴇɴᴛ ʙɪʟʟ ᴛᴏ ʙᴇ ɪɴᴛʀᴏᴅᴜᴄᴇᴅ ɪɴ ᴛʜᴇ ᴘᴀʀʟɪᴀᴍᴇɴᴛ ᴏғ ɪɴᴅɪᴀ.
12. ᴛʜᴇ ᴘʀᴇՏɪᴅᴇɴᴛ ᴏғ ɪɴᴅɪᴀ ᴀᴘᴘʀᴏᴠᴇᴅ ɢՏᴛ ʙɪʟʟ ᴏɴ 8ᴛʜ Տᴇᴘᴛᴇᴍʙᴇʀ 2016.
13. ᴅᴜʀɪɴɢ ᴘᴀՏՏɪɴɢ ᴏғ ɢՏᴛ ʙɪʟʟ ɪɴ ᴘᴀʀʟɪᴀᴍᴇɴᴛ; 336 ᴠᴏᴛᴇՏ ᴄᴀՏᴛᴇᴅ ɪɴ ᴛʜᴇ ғᴀᴠᴏᴜʀ ᴏғ ɢՏᴛ ʙɪʟʟ ᴀɴᴅ 11 ᴠᴏᴛᴇՏ ᴡᴇʀᴇ ᴀɢᴀɪɴՏᴛ ɪᴛ.
14. ᴛʜᴇʀᴇ ɪՏ ᴀ ᴘʀᴏᴠɪՏɪᴏɴ ᴏғ 5 ʏᴇᴀʀՏ ɪᴍᴘʀɪՏᴏɴᴍᴇɴᴛ ғᴏʀ ᴛʜᴏՏᴇ ᴡʜᴏ ᴅᴏ ɴᴏᴛ ᴘᴀʏ ɢՏᴛ.
15. ᴛʜᴇʀᴇ ᴀʀᴇ 5 ʀᴀᴛᴇՏ ᴏғ ᴛᴀᝣᴇՏ ɪɴ ɢՏᴛ....
ɪ.ᴇ. 0%, 5%, 12%, 18% ᴀɴᴅ 28%.
16. ɢՏᴛ ɪՏ ᴀɴ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀᝣ ɪɴ ᴍᴏʀᴇ ʙʀᴏᴀᴅᴇʀ ᴛᴇʀᴍՏ ɪᴛ ᴄᴀɴ ʙᴇ Տᴀɪᴅ ᴀ ғᴇᴅᴇʀᴀʟ ᴛᴀᝣ.
17. ᴀғᴛᴇʀ ᴛʜᴇ ɪᴍᴘʟᴇᴍᴇɴᴛᴀᴛɪᴏɴ ᴏғ ɢՏᴛ, ՏᴀʟᴇՏ ᴛᴀᝣ, Տᴇʀᴠɪᴄᴇ ᴛᴀᝣ, ᴄᴜՏᴛᴏᴍՏ ᴅᴜᴛʏ, ᴇᝣᴄɪՏᴇ ᴅᴜᴛʏ, ᴠᴀᴛ, ᴏᴄᴛʀᴏɪ ᴛᴀᝣ ᴇᴛᴄ.... ᴡɪʟʟ ɴᴏᴛ ᴇᝣɪՏᴛ.
18. ᴛʜᴇ ʙɪɢɢᴇՏᴛ ʀᴇᴀՏᴏɴ ʙᴇʜɪɴᴅ ᴛʜᴇ ɪᴍᴘʟᴇᴍᴇɴᴛᴀᴛɪᴏɴ ᴏғ ᴛʜᴇ ɢՏᴛ ɪՏ ᴛᴏ ʙʀɪɴɢ ᴜɴɪғᴏʀᴍɪᴛʏ ɪɴ ᴛʜᴇ ᴛᴀᝣ ՏʏՏᴛᴇᴍ ᴏғ ᴛʜᴇ ᴄᴏᴜɴᴛʀʏ.
19. ᴀғᴛᴇʀ ᴛʜᴇ ɪᴍᴘʟᴇᴍᴇɴᴛᴀᴛɪᴏɴ ᴏғ ɢՏᴛ, ᴛʀᴀᴅɪᴛɪᴏɴ ᴏғ 'ᴛᴀᝣ ᴜᴘᴏɴ ᴛᴀᝣ' ᴡɪʟʟ ʙᴇ ᴇʟɪᴍɪɴᴀᴛᴇᴅ.
20. ℍᴏᴘℰ ⅈᝨ ℍᴇʟᴘՏ ℽᴏႮ...
Answer:The GST Council, a recommendatory body consisting of representatives of Central as well as state governments, has met on several occasions and taken important decisions relating to tax rate structure, exemptions, rules, composition scheme etc. Over the period, the Council has recommended a reduction in the tax rates of various goods and services. It is also considering the various issues faced by trade and industry and endeavoring to simplify the new tax regime and ease compliance.
On the compliance front, all registered persons have to file monthly returns in Form GSTR-3B (containing a summary of outward and inward supplies) by the 20th of the succeeding month. Additionally, an invoice-wise return of outward supplies needs to be submitted in Form GSTR-1 by the 10th of the succeeding month. Taxpayers with turnover upto INR 1.5 crores can file Form GSTR-1 on quarterly basis. The Government has suspended the requirement of filing Form GSTR-2 (containing details of inward supplies) and GSTR-3 (a consolidated statement of inward and outward supplies).
The GST Council has approved a simplified GST return format wherein the taxpayers will be required to file only one monthly return. Input tax credit will be available based on invoice details of outward supplies uploaded by the supplier. Taxpayers having turnover below INR 5 crores will have an option to file return on quarterly basis