Best billing software in kerala

GST Council to decide when GST can be levied on petroleum products:  The petroleum products are "constitutionally included" under the Goods and Services Tax (GST) but it is the GST Council which includes Finance Ministers of all states that woulddecide when petrol, diesel etc can be brought under its regime, parliament was told on onWednesday. In a reply to Rajya Sabha, Petroleum and Natural Gas Minister Dharmendra Pradhan said:  "Article 279A (5) of the Constitution provides that GST Council shall recommend the date on which goods and services tax shall be levied on petroleum crude, high speed diesel, motor spirit, natural gas and aviation turbine fuel. "Thus, while petroleum products are constitutionally included under GST, the date onwhich GST shall be levied on such goods shall be as per the decision of the GST Council, which has representation of Ministers-in-charge of finance or taxation of all states and Union Territories with legislature. " Of the ...

The Goods and Services Tax The constraints which any regulatory agency has in fixing the goods and services tax (GST) rates in a country include the fact that it should be low enough to ensure compliance as well as not cause inflation, and high enough to generate revenue for the government. The concerns which led the GST Council to initially prescribe multiple rates was primarily to generate the same revenue as before, and in that light, keep the effective indirect tax rate on the commodity as close as in the previous jurisdiction. Rate rationalizations over a period of time have tried to bring down the rates in sectors to boost economic activity and move from a high rate of 28% to 18% for most commodities. In the most recent rate rationalization, the highest tax bracket of 28% has been rationalized further with rates on daily-use items like perfumes, cosmetics, toiletries, hair dryers, shavers, mixer grinder, vacuum cleaners and lithium-ion batteries, being lowered to 18%. For the ...

1. What is Goods and Services Tax (GST)? GST is a single uniform indirect tax which was introduced to replace Central and State indirect taxes such as VAT, CENVAT, and others. GST applies on all types of businesses, small or large. This makes it one of the greatest tax reforms in the country. The entire nation will follow a unified tax structure. As the name suggests, GST will be applicable on both goods and services and India will follow a dual system of GST to keep both the Centre and State independent of each other. The GST council will be headed by the Union Finance Minister and it will consist of various State Finance Ministers. GST will be devised as a four-tiered tax structure with tax slabs of 5%, 12%, 18%, and 28% for various different categories of products and services. 0% rate is kept for most essential goods such as rice, wheat. 2. What are the indirect taxes that GST has replace? Designed as a uniformed tax for the entire nation, it will replace the following in...

Status of Implementation across India Inter-State movement of goods has seen rise in numbers of generation of eway bills ever since its implementation began from 1st April 2018. State-wise implementation of e-way bill system has seen a good response with all the States and Union Territories joining the league in the generation of eway bills for movement of goods within the State/UT. However, reliefs have been provided to people of few States by way of exempting them from eway bill generation in case of monetary limits falling below threshold amount or certain specified items. For Instance,  Tamil Nadu  has exempted people of its State from the generation of eway bill if the monetary limit of the items falls below Rs. One Lakh. To know more of such reliefs for other States/UTs, visit  commercial tax websites  for each of such States/UTs.

GST has been envisaged as a more efficient tax system, neutral in its application and attractive in distribution. The advantages of GST are: Wider tax base, necessary for lowering the tax rates and eliminating classification disputes Elimination of multiplicity of taxes and their cascading effects Rationalization of tax structure and simplification of compliance procedures Harmonization of center and State tax administrations, which would reduce duplication and compliance costs Automation of compliance procedures to reduce errors and increase efficiency Destination principle The GST structure would follow the destination principle. Accordingly, imports would be subject to GST, while exports would be zero-rated. In the case of inter-State transactions within India, the State tax would apply in the State of destination as opposed to that of origin. Taxes to be subsumed GST would replace most indirect taxes currently in place such as: Central Taxes State Taxes Central...

Basics of GSTR-1 a. What is GSTR-1? GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. The return has a total of  13 sections . b. When is GSTR-1 due? The due dates for GSTR-1 are based on your turnover. Businesses with sales of upto Rs. 1.5 crore will file quarterly returns. Other taxpayers with sales above Rs. 1.5 crore have to file monthly return. Here are the due dates for the return until March  2018. Period Due date Apr-Jun 2018 31st July 2018 Jul-Sept 2018 31st Oct 2018 Oct-Dec 2018 31st Jan 2019 Jan-Mar 2018 30th Apr 2019 If your turnover is greater than Rs. 1.5 crore a return should be filed for every month. October 201811th November 2018November 201811th December 2018 Period Due date June 2018 10th July 2018 July 2018 11th August 2018 August 2018 11th September 2018 September 2018 11th October 2018 c. Who should file GSTR-1? E...

What is GST Return? A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under  GST , a  registered dealer  has to file GST returns that include: Purchases Sales Output GST (On sales) Input tax credit (GST paid on purchases) To file GST returns, GST compliant sales and purchase invoices are required. You can generate  GST compliant invoices  for free on  ClearTax BillBook . 2. Who should file GST Returns? In the GST regime, any regular business has to file two monthly returns and one annual return. This amounts to 26 returns in a year. The beauty of the system is that one has to manually enter details of one monthly return – GSTR-1. The other return GSTR 3B will get auto-populated by deriving information from GSTR-1 filed by you and your vendors. There are separate returns requi...