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The CBEC on 30th August 2017 by way of notification CGST 27/2017 notified the E-way Bill and the procedure related to generation and verification. The highlights of the notification are enlisted below:
With reference to Item No. 1, at the time of launching GST the Government has proudly announced and made much publicity and highlighted its friendly approach for small business persons of keeping them out from the burden of GST by fixing the threshold limit in major states Rs. 20,00,000/-.
GST is the most debated topic in India nowadays. Whether it is a business or a company, they all needs to get GST ready and follow the GST compliances adequately. However, they still have a lot of confusions regarding the compliance. Businesses, companies and organizations need to simply get registered under the GST and follow the basic rules that needs to be done before the due date.
Government on Wednesday, vide notification no. 27/2017-Central Tax dated 30th August, 2017, issued the much delayed rules regarding Procedure and Information to be furnished before commencement of movement of goods and generation of e-way bill. So finally the benefit of not filing any way bills under GST as enjoyed by the registered person is soon going to end. Effective date of applicability of e-way bills shall be notified by the government through another notification, which is expected to come soon, so let’s understand the procedure and law related to generation and issue of E-way bills under GST.
Rules: The Central Goods and Services Tax Rules, 2017 Amended Rules: The Central Goods and Services Tax (Sixth Amendment) Rules, 2017. W.e.f: On such date as the Central Government may, by notification in the Official Gazette, appoint. Rules: 138, 138A, 138B, 138C, 138D Information to be furnished prior to commencement of movement of goods and generation of e-way bill – R 138
Composite supply means supply made by taxable person 1. Consisting of two or more taxable supplies of good or services and 2. Which are naturally bundled and supplied in conjunction with each other in ordinary sources of the business, one of which is principal supply. Both the criteria mentioned are required to be fulfilled.
The United Arab Emirates (UAE) and Saudi Arabia is all set to welcome the New Value Added Tax (VAT) regime from 1st January, 2018. Other Gulf Cooperation Council (GCC) Countries, VAT may be implemented from January 2019. The President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, has issued the Federal Decree-Law No. 8 of 2017 for VAT on 23rd August 2017.
This article is written with a view to ensure smooth credit transition for businessmen & Professionals and to ensure businessmen concentrates more on Value Addition rather than bringing back what he already owns !! a article to understand how to fill TRAN-1 and where my credit should be suited into
Any registered person, who fails to furnish return within the due dates, shall be liable to pay a late fee of Rs. 100 per day under CGST and Rs. 100 per day under SGST, subject to a maximum of Rs. 5,000/- under CGST and Rs. 5,000/- under SGST.
All we have made payment of our tax dues under GST regime, and we filed our GSTR 3B, and now we are ready to file our GSTR-1, 2, 3 in coming week and we are eagerly waiting for our refund of taxes paid as ITC. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business.
