GST the main issue in these days for many business man, they are worried about many things and confused too, what will happened to old stock, how will they get the tax credit of old stock, e-way bill, Transitional issues, composition supply or mix supply, time of supply, receipt voucher, refund voucher,GSTR 1,2
,3,1A,2A ,GST NETWORK,
Its payment process, e-tamlika, HSN code, self invoice, tax invoice, bill of supply, payment voucher, delivery challan, post supply discount, amendment of GST , Core or non Core process, scrap sale and many more issues.
First i will tell you what will happened to our old stock and do we get the tax credit of the stock….
YES we will get the tax credit of our old stock but the condition is the product should be purchased with in 12 months and have to sell it in 6 months from july 2017 otherwise we will not get the tax benefit.
E-way bill is the bill for transit . we have to generate the bill every time we send the product if the bill amount is more than 50000 rs, but right now the government is not applying it and it has been postponed.
Time of Supply
There is limit for supply timing after generating the bill. This is will be change by distance to distance.
Many times in business it happens that customers send the money before they get the product, for that situation the receiver has to generate the receipt voucher and has to pay the GST with the same rate of tax of product for which the amount has been received, but if the product is not confirmed then 18% tax will be calculated.
But the party which has payed the amount will only get tax claim when they will get the product (it can be one month or 10 month the customer will get the benefit only when the good will be delivered.
Now the next question comes in our mind that if the amount of the advance payment has been returned than what will happen, so at this situation we have to fill refund voucher and claim the amount from government .
BILL PROFORMA AND IMPORTANT THINGS WHICH IS COMPULSORY TO INCLUDE
In Tax invoice few things are compulsory which are as follows:-
1- Name, address and GST no. of the firm.
2- State code and state name where goods has to send.
3- Name address and GST no.( if available) of the customer.
4- Product name
5- Product comes in goods or services has to be specified.
6- HSN CODE
7- WEIGHT, QUANTITY, RATE AMOUNT
8- TAX RATE AND TAX AMOUNT
9- SGST AND CGST RATE AND AMOUNT IN SAME STATE CASE AND IGST IF SENDING IN OTHER STATE.
10- INVOICE NO– financial year is compulsory to show in invoice with serial number.
11- Billing date
For return we have to send GSTR 1 with in 10 days of next month of sale. After that we have to cross check GSTR 2 between 11 to 14th of the next month that the product we had purchased had been shown in it or not. If all shown than you have to submit it, but if any thing is not shown there than we have to fill Form GSTR 2A in which we have to show the product which is missed, after that it will be shown in the GSTR 1A of the seller and if he will accept then there will be no issues but if he will not accept then the authorities will take care of that. After that on 16 to 18 we have to fill Form GSTR3 in which we have to submit the sale and purchase and generate the challan.
Now the payment is very easy we have to choices one- if out tax liabilities are less than 10000 than we can pay it by cash other wise now it is mandatory to pay the tax online by debit card, credit card, net banking and many more.
E-TAMLIKA is the type of notice now in GST. As we all know that many people do not receive the notice and claim the penalty to reimburse . For that it has been made, in this the notice will send to the registered mail and message send to the registered mobile number so that no one can say that they had not got the notice.
HSN CODE is the code for product
It has to be generated when inward supply has been received from unregistered person.
PAYMENT VOUCHER should be generate for payment
IT should be generated if the product is not transported for selling and it only transported to shift the product to one place to other place or go-down.
POST SUPPLY DISCOUNT
Post supply discount is applicable where the schemes completes after more then one mont after achieving the target , for that this is applicable.
There are two options for amendment one is core and other is non core.
Core is which we don’t have authority to change only goverment has power to change. like name and address of the firm.
Non core is where we have the power to change it.
In every business some scrap is there to sell time to time but now in gst there is difference to sell scrap. we have to pay highest rate of tax which is applicable to that product.
These were some details which we all know, if you need to know more about it then you can go to http://www.cbec.gov.in/.
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