AdminThe following are our GST Articles recently published elsewhere.
What is GST?
GST, an acronym for Goods & Services Tax, is an indirect tax. An indirect tax is a tax levied on goods and services as opposed to direct tax which is levied on income or profits (Income Tax).
How is Indian GST different?
Theoretically, concept of GST is nothing but a `Value Added Tax System’. There is a single Indirect Tax for goods & services. Minimum tax rates/slabs. Minimum exemptions. Seamless input tax credit. Simple.
GST Transition Provisions – CENVAT Credit on `input services’ c/f in Return
As per the current CENVAT Credit Rules, taxable manufacturers and service providers can avail CENVAT credit of eligible `input service’ on receipt of invoice even before payment is made to the service provider. However, if such invoice remains outstanding for over 3 months, the credit taken earlier is required to be reversed. Once the invoice is paid (including service tax thereon), the credit can be retaken.
GST charged on individual members by clubs, associations ineligible for ITC
A lot of people take individual membership in clubs, hotels, etc. with a dual purpose of private and business use. Similarly, memberships in trade associations, chambers of commerce, etc. is also largely taken in the individual name and not in the business name.
Over 15 documents prescribed by GST. Is your Accounting Software ready?
GST has stipulated different types of documents to be generated by each business depending upon the nature of transaction. Unless you generate these documents, you may not be able to file your Returns correctly. Have you checked whether your accounting software will be able to catch up?
