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Krishna, In GST, there is concept of Reverse charge. This concept was there in service tax also. So, what is exact Reverse Charge Mechanism?
GST is applicable to all traders. But some taxpayers wholly wet in the rain of GST and some are totally dry. So in the rain of GST which taxpayers and how preparations to be made that we will discuss.
Krishna, GST Law came into force from 1st July 17. It means the school of GST is started and the last exam of school of VAT have to be given. So please tell about how to do the preparation of this last exam.
Government has levied the GST on cloth. Due to this the cloth merchant have to take admission in the school of GST. Please give the information regarding cloth merchant going in the GST School.
GST provisions which are applicable for all the traders are as follows: 1. All the information about GST is available at cbec.gov.in 2. If the aggregate turnover of any person is more than Rs. 20 Lakh then it is compulsory to take the registration for him. 3. On Interstate transactions IGST will be levied. CGST and SGST will be levied on Intrastate transactions. Similarly, UTGST will be levied on Union territory transactions.
Arjuna, up to 30 June there are VAT, Excise, Service Tax laws but from 1st July GST will be implemented so what about the stock as on 30th June is the biggest question which everybody facing and it has created confusion among many.
There are different provisions for ITC in Excise and VAT laws. In GST the provisions of ITC are given. Some provisions of excise, service tax and VAT are merged while preparing provisions of ITC.
In GST, Composite Supply, Mixed Supply, Taxable Supply, Zero Rated Supply, Exempt Supply, Continuous Supply, Intrastate Supply, Inter-State Supply, etc. are the types of Supply. Among these types Composite Supply and Mixed Supply are the important types.
In GST, to give relief to the small traders from paying GST as per the rates specified and other compliance, they can pay GST on the gross turnover. Further taxpayer either opt for the composition scheme or pay GST by normal method.
Krishna, in GST, every tax payer will have to prepare different types of invoices. So, tell the details of invoices in GST, how to make invoices and when to make invoices?
