E-way Bill-GST-Rajasthan GST

Most Urgent सभी व्यापारी ध्यान  दे की दिनांक 20-Dec-2017 से राजस्थान में निम्नलिखित वस्तुओ के अन्तर्राज्जीय movment पर E-way बिल लगाना अनिवार्य है यदि वस्तुओ का मूल्य Rs. 50000/- से अधिक है Link: http://164.100.80.180/ewbnat5/mainmenu.aspx वस्तुओ की सूचि निम्न प्रकार है. 1. All kinds of furniture including moulded furniture. 2. All kinds of lubricants. 3. All kinds of mattresses, cushion, pillows, all types of sheets, and other articles made from foam rubber or plastic foam of other synthetic foam and rubberized coir mattresses. 4. All kinds of toilet & washing soap and detergent. 5. All types of bearings. 6. All types of … Click here to continue…..

Step wise Registration Process for Limited Liability Partnership – LLP

Recently most entrepreneurs have started opting for Limited Liability Partnership, considering it has most positive features of Partnership and Companies. It is hybrid form, which incorporates benefits of both partnership and companies. It has the following features: The liability of each partner agrees limited to the contribution mention. The cost of formation is limited. Less restriction and compliance. Separate Legal Entity Following is Stepwise Registration process for incorporation of Limited Liability Partnership (LLP) Step 1) Obtain Designated Identification Number (DIN) Every individual intending to be appointed as designated partner of a limited liability partnership has to make an application for … Click here to continue…..

Availability of Transitional credit for Traders

It is seen that based on the concerns raised by various exporters, government has immediately acted upon and created a mechanism in GST portal enabling exporters to claim refund of the taxes paid. This step has been widely appreciated and exporters are at ease as their issue of working capital has been now resolved. We urge government to immediately address the similar issue in case of traders wherein as per transitional provision, traders are eligible to get standard input tax credit of 40%/ 60% based on the output rate of tax. Further, this credit was promised to be given upon … Click here to continue…..

GST on advances for service sector

In the recently held GST council meeting, Government has taken some bold decisions, one among them is the waiver for supplier of goods to pay GST on the advances. This is a big booster for manufacturing and trading community wherein the compliance burden would come down. We urge government to enable this provision even for service sector so that there is complete uniformity in the GST law. This shall not have any impact on revenues for government as taxes would continued to be paid upon raising of the invoice. However, not enabling this provision for service sector would have high … Click here to continue…..

Compulsary Registration for Inter-state supplies

As per section 24 of the GST law, it is stated that a person need to mandatorily take registration if he makes even one transaction of inter-state supply and the basic threshold exemption limit of Rs. 20 lakhs would not be applicable. This provision is very harsh for small businesses and restricting such persons from making inter-state supplies defeats the basic agenda of GST i.e. ‘One Nation One Tax’. Earlier, government has extended this benefit to job-workers and handicraft goods suppliers. Therefore, we urge government to extend this requirement to everyone i.e. Mandatory GST registration must not be required for … Click here to continue…..

Clarity on filing of GSTR 2 & 3 and matching principle:

As per the outcome of the recently held GST council meeting, it is stated that “The time period for filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers.” Presently, there is no clarity among the industry, trade and professionals whether filing of GSTR 2 and 3 for financial year 2017-18 is merely postponed or whether it needs to be submitted at bulk for the entire financial year or whether the same is fully suspended for FY 2017-18. Everyone is interpreting the above wordings of the press release in … Click here to continue…..

Anti-Profiteering – GST

It is noted that many advertisements, messages are being published in newspapers, social media etc. that benefit of GST needs to be passed on and stern action will be taken if the same is not complied with. It is noted that the present law in respect of anti-profiteering is very vague and open for multiple interpretations. Government has not provided any mechanism or guideline as to when one can say that there is anti-profiteering and how to compute the same. It is also important to note that pricing in any business is very dynamic feature and its impact cannot be … Click here to continue…..