Through this article, we have tried to put together a summary of all the invoicing rules and provisions into one thread and help everyone in implementing GST invoicing into their accounting systems.
Govt has deferred dates for GSTR 1 & GSTR 2 for the month of July 2017, from 10th Aug & 15th Aug 2017 to 5th Sep & 10th Sept respectively but at the same time it has introduced for 2 months only a New Form GSTR 3B which needs to be filed on or before 20th Aug 17 for July 17 working. Therefore it is prerequisite to start efforts from today because from 24th July, 2017 window for upload of Invoices is being opened.
Role of job workers in manufacturing sector are being more and more influential on passage of time. Big companies in manufacturing sector are getting their products done by job workers. It will not be wrong to say that today big organizations are busy to build and retain image of their Brands. Therefore, it is very important to frame flexible legal provisions for job work.
Earlier, under the service tax law sub brokers were not liable to pay service tax as liability of sub broker was discharged by main broker. They were not liable to get registered.
The GST tax system has provided a big relief for those small traders, who trade goods locally and most of them are one man army, who in the course of business procure the goods for sale, do marketing and look after all affairs of their business venture himself. The Central Board of Excise and Customs have issued certain Notifications on 19th June, 2017.
The taxation regime in India seems to be undergoing crucial changes to negate the above quote from one of the greatest philosophers of all times. On this backdrop, the principles of thin capitalisation as prescribed in the Organization for Economic Cooperation and Development (‘OECD’) Base Erosion and Profit Shifting (‘BEPS) Action Plan 4 have prompted Indian lawmakers to adopt the same vide Finance Act, 2017.
Under existing laws for Computation of Turnover limit for the purpose of SSI exemption of Rs 10 lakhs vide Notification No.33/2012-ST dated 20.06.2012, exempted or export turnover has to be excluded but same is not the case in GST as there is no exclusion for Exempted or export turnover for calculation of Threshold limit of 20/10 lac for Registration
As per section 22 and 24 of CGST ACT, 2017 following kinds of supplier shall be required to get register : (1) 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:
GST in India has provided a special procedure for removal of products from the principal manufacturer to job worker and return work from job worker to principal manufacturer subject to some terms, conditions, and limitations. Presently, excise duty is levied on the activity of ‘manufacture of goods’, whereas the VAT or central sales tax is levied on the sale of goods. The GST bill proposes to combine these various taxation aspects contained into one broader ambit ‘all inclusive concept’ called as ‘supply’. The law has kept the special transaction of Job Work into consideration while drafting and thus it provides for special procedure for removal and receipt of goods sent on job work.
Exports in GST is a zero-rated supply i.e. supply can be done even without payment of tax. However, the procedural aspects were not clear to many. People struggled with questions like whether ARE-1 was required or not? Whether bonds entered into in excise regime will be sufficient?
