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GST i.e Goods and service tax or according to our Rajasthani folks GST means Ghadho saaro Tax. Yes offcourse it is not like this but for general public who are still not aware of what is GST and what changes are to be implying to them after the implementation of GST .
Bringing GST regime into reality, all required steps are being taken up to successfully implement GST from July 1, 2017. Another important step taken up with respect to Registration for GSTP, TDS & e-commerce operators (TCS). Yes, registration for all these are open from June 25, 2017.
Indeed, rolling out of GST from July 1, 2017 is unstoppable. But to provide relief to the taxpayers, GST Council in its latest meeting, extended the time period for filing of return i.e. FORM GSTR-1 & FORM GSTR-2 for the first two months after the roll out of GST.
Need of transitional provisions in GST – Transition provisions take effect during the period between the movements of existing taxation i.e. Central Excise, Service Tax, and Vat and luxury tax etc. and Goods and Services tax. Such provisions are required for the smooth and successfully implementation of GST.
Section 9(4) shall force every service provider who is providing services to business entity to get itself registered even if their turnover do not exceeds Rs. 20 Lakhs. Chartered Accountant, company secretaries and cost accountant will need immediate registration under GST on the first day of start of practice. Even supplier of goods shall come under this section purview.
It may be noted that the GST Act has, instead of providing a mechanism for valuation of land involved in the composite works contract and to reduce the same from the gross consideration, specified reduced tax rate of 12%. It implies that the legislature has assumed the value of land as 33% of the total consideration.
The GST Act will come into force from 1st July 2017. A large number of Tax Payers were not required to take registration as per provisions of VAT Act. Now as per the provisions of GST Act, most of the Tax Payers will be required to take registration under GST Act.
Further, if you become liable to pay tax and apply for same within 30 days then you can take input credit on stock held in trade on the day immediately preceding the day of liable to registration.
This concept is called Reverse Charge. Previously it had a very little scope in Service Tax but in GST it has very wider scope and if a registered person deals with unregistered supplier then the registered person has to raise the invoice and pay the tax on it.
The first aspect to migrate to GST is to take provisional registration currently. This can be done directly by applying for provisional registration through your existing TIN number. There will be one Provisional ID issued for one PAN based registration for each state.
