E-way bill is an electronic document generated on the GST portal evidencing movement of goods. The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018 i.e, from tomorrow and from the 1st February the implementation of nationwide e-way Bill system for interstate supply will be done on a compulsory basis. Therefore, the Sankrant will come on Consignor, Consignee and transporter.
Krishna, the festival of Makar Sankranti has arrived. Small children have started to fly kites. Even the Government is also trying to fly the kite of GST from last six months. So what would you like to tell about that?
Arjuna, every year government brings various changes in the laws. But in the year 2017 it has bought new laws. In financial laws GST, Real Estate Regulation Act, etc. has been brought. Due to these new laws a large impact is seen and will be seen in the financial world. So today we will discuss on the new laws of 2017 and its impact in 2018.
Arjuna, Christmas is worldwide celebrated festival. In this festival Santa Claus gives gifts to Everyone. As Santa Claus fulfills the wishes of children by giving them toys, chocolates, etc. Similarly, there are certain wishes of the taxpayers which should be fulfill in the coming year.
Arjuna, in the meeting held on 16th December, decisions relating to E-way bill were taken. By overcoming all the conceptual and technical difficulties, Government has decided to levy the provisions of E-way bill.
GST has been applicable from 1st July but Sales tax department has issued notification regarding VAT Audit on 8th December. Please explain in details regarding VAT Audit.
Krishna, For which reasons, Composition Scheme under the GST has been brought? Arjuna, For Small taxpayers, it was very difficult to comply with provisions of Act and so many rules.
Arjuna, due to technical issues taxpayers have paid wrong amount to the government. Sometimes they pay excess amount. In that case i.e Amount is paid in excess of actually payable to the Government’s treasury, then we will get ITC for that in next tax period. But if there is no liability to set off the ITC, then that amount will be refunded to the taxpayer.
arlier as per GST law, tax was to be paid on the advances received and it was to be adjusted after the invoice was issued. But now, as per notification issued on 15th November, there is provision that no need to pay GST on the advances received against the supply of goods. Earlier, from 13th October to 15th November, if the aggregate turnover of taxpayer is less than Rs.1.5 Crore, then the GST on advances was not liable to pay.
Arjuna, the main characteristics of Form GSTR – 3B are as follows: 1. Form GSTR -3B is to be filed for every month before 20th of next month upto March, 2018. 2. The concept of Form GSTR -3B is introduced for not to decrease the revenue of Government. 3. Form GSTR -3B cannot be revised. 4. After feeding all the information, tax liability will be calculated. 5. For every month, tax is to be paid as per Form GSTR -3B.
