Tuesday, 29 August 2017

Main Features Of GST ACT

  • GST to be levied on supply of goods or services
  •  All transactions and processes only through  electronic mode – Non-intrusive administration  
  • PAN Based Registration
  •   Registration only if turnover more than Rs. 20 lac
  •   Option of Voluntary Registration
  •  Deemed Registration in three days  Input Tax Credit available on taxes paid on all procurements (except few specified items)
  •  Credit available to recipient only if invoice is matched – Helps fight huge evasion of taxes
  •   Set of auto-populated Monthly returns and Annualq Return
  •   Composition taxpayers to file Quarterly returns
  •   Automatic generation of returns
  •   GST Practitioners for assisting filing of returns
  •   GSTN and GST Suvidha Providers (GSPs) to provideq technology based assistance
  •  Separate electronic ledgers for cash and credit  
  • Tax can be deposited by internet banking, NEFT / RTGS, Debit/ credit card and over the counter  
  • Cross utilization of IGST Credit first as IGST and then as CGST or SGST /UTGST
  •  Concept of TDS for Government Departments  Concept of TCS for E-Commerce Companies
  •  Refund to be granted within 60 days
  •   Provisional release of 90% refund to exporters with
  •  Interest payable if refund not sanctioned in time
  • Refund to be directly credited to bank accounts
  •   Comprehensive transitional provisions for smooth transition of existing tax payers to GST regime  Special procedures for job work

1 comment:

  1. Thanks alot for sharing information with us!!!!!
    Tax Home provide goods and service tax consultant services, GST act & GST Rates in Delhi India.To Know more about the GST act in Delhi and GST rates in Delhi for various types of goods and services contact Tax Home.