"M J L & CO is a chartered accountancy firm registered with Institute of Chartered Accountants of India (ICAI) having its head office at Jaipur. We are the team of young and energetic partners having positive attitude to provide expert and professional services with due care of professional ethics. Mission:- Our mission is to render professional services of the highest standard to clients, upholding the code of conduct and ethics of the profession. Vision:- To provide clients with a ‘One-Stop Solution’ for all their business, financial and regulatory requirements with the motive of recognition of CA profession and to serve for nation. Values:- Building trust and relationship is paramount in all our actions. We firmly believe that integrity has no substitute. Ethics:- We adhere with the professional code of conduct, we are abide by the professional ethics and would like to restrain ourselves from any conduct that might discredit to the profession."
Currently there are various types of indirect taxes like VAT, CST, Excise, Service tax, Entertainment tax, Entry tax etc which not only increase the compliance burden on a person, it also leads to double taxation, various hurdles in free flow of goods, setoff is not allowed for one tax with another i.e. you cannot take input of Service tax paid against your output VAT liability.
i) Persons having aggregate turnover (taxable + exempt) of more than 20 Lacs in a financial year (10 Lacs in case of 11 special category states) ii) Person who is currently registered or holds license under any existing law like Vat/CST acts, Service tax, Excise etc..
Any Person whose aggregate turnover (Taxable + Exempted) in preceding financial year did not exceed 75 Lac (50 Lac for special category states), then that person can apply for registration under composition scheme.
To be Filed by the 20th of the Next Month by the recipient and supplier of Goods/Services (i.e. every registered taxpayer), this Return is divided into 2 parts A & B and it shall contain the following details.
The meaning of Supply is very wide in GST and it covers all forms of supply of goods or services or both via sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. Infact there are certain specific transaction without consideration also considered to be supply.
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.
On generation of E-Waybill, an unique number will be issued and it will made available to supplier, recipient and transporter. Further, the validity of E-Waybill depends on the distance of movement of goods like for 0 to 100 KM distance, a generated E-Waybill will be valid for 1 day etc.
Hence, it is very important to determine the place of supply so the taxes can be charged accordingly and transferred to ultimate destination/state/ UT.
