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