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.
Rule 3(2)0) of the CCS(Conduct) Rules puts the responsibility of ensuring the integrity of subordinates squarely on the supervisory officer. The same was conveyed by my D.O. that a supervisory officer cannot absolve himself from vicarious liability if, having the right, ability and duty to control the activities of a subordinate, he does not take steps to prevent the acts of misdemeanour by subordinates.
Are you worried about what will happen to the input tax credit [ITC] on your inputs [held as input/ semi-finished goods/ finished goods/capital goods upon transition to GST?
In order to address such concerns, the GST law has been endowed with provisions to constitute a National Anti-Profiteering Authority (NAPA). The authority has the mandate to ensure that the consumers, along with the business houses share the benefits of lower prices.
How to become better at managing money? The best way to start is to avoid making costly mistakes that will be pulling you down and taking months or even years to recover. Many financial blunders are easy enough to avoid once you know what to watch out for.
MCA vide notification dated 22nd June, 2017 issued Companies (Audit and Auditors) Second Amendment Rules, 2017, effective immediately from the above date. The Rules are meant to further amend the Companies (Audit and Auditors) Rules, 2014. The amendment pertains to corresponding rule for Section 139(2), regarding rotation of auditors in the Company.
It provides that every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees.
