1. The current GST return filing requires that every month, once GSTR-1 is filed to report the Sales, one must file GSTR-3B to report the ITC and make the necessary GST Payment.

    The current GST return filing requires that every month, once GSTR-1 is filed to report the Sales, one must file GSTR-3B to report the ITC and make the necessary GST Payment.

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  2. The GSP is a term coined by GSTN (Goods and Service Tax Network), the private non-government entity that owns and maintains the GST portal. The GST Suvidha Provider (GSP) is considered as an enabler or authorised intermediary for businesses to access GST portal services. It helps comply with the proRead more

    The GSP is a term coined by GSTN (Goods and Service Tax Network), the private non-government entity that owns and maintains the GST portal. The GST Suvidha Provider (GSP) is considered as an enabler or authorised intermediary for businesses to access GST portal services. It helps comply with the provisions of the GST law through their GST Software applications and APIs
    The GST suvidha kendra system has G2B portal for taxpayers to access the GST system but it runs through some third party application provider that is GSP that eventually connects to the GST server. Check out https://www.mastersindia.co/ partnership program!

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  3. Registration: At present the government insists separate GST registration in each state, if a person operates his business in more than one state. Tax Rates: If we talk about tax rates then the GST rates range from 0%, 5%, 12%, 18% and 28 %.

    Registration: At present the government insists separate GST registration in each state, if a person operates his business in more than one state.
    Tax Rates: If we talk about tax rates then the GST rates range from 0%, 5%, 12%, 18% and 28 %.

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  4. Positive impact of the GST on the common man -GST was launched as the unified tax system removing a bundle of indirect taxes like VAT, CST, Service tax, CAD, SAD, Excise etc. -GST or Goods & Services tax removes cascading effect of taxes i.e. removes the tax on tax. -Due to lower burden of taxesRead more

    Positive impact of the GST on the common man
    -GST was launched as the unified tax system removing a bundle of indirect taxes like VAT, CST, Service tax, CAD, SAD, Excise etc.
    -GST or Goods & Services tax removes cascading effect of taxes i.e. removes the tax on tax.
    -Due to lower burden of taxes on the manufacturing sector, the manufacturing costs will be reduced. Hence, the prices of consumer goods likely to come down.
    -This will help in lowering the burden on the common man who has to spend less money to buy the same goods or servicess which were earlier more expesive.
    -The low prices further lead to an increase in the demand/consumption of goods or services. The increased demand will lead to increase in supply. Hence, this will ultimately lead to rise in the production of goods.
    -The increased production will lead to more job opportunities in the long run. But, this can happen only if consumers actually gets cheaper goods.
    From above the GST seem to be positive for Common man. Also a unified tax regime will lead to less corruption which will indirectly affect the common man. Infact experts hope to see a positive impact of GST on Indian economy in the long run.

    However, this is possible only if the actual benefit of GST is passed on to the final consumers. There are various other factors also which affect success of the GST as GST alone does not determine the final price of the goods. The anti-profiteering clause has been inserted in the GST Act to protect the interest of the consumers.

    Negative impact of the GST on the common man
    -Compliance burden: You need to deposit the GST and file returns on time. The GST returns filing is not as easy as it seems to be. You need to hire a tax professional to manage it.
    -The big businesses with sufficient staff can handle the whole process easily. But the small traders/service providers or individuals who have just started their business or service, will face greater complexity.
    -Service tax rate @ 15% is presently charged on the services. If the GST is introduced at a higher rate which is likely to be seen in the near future, the cost of services will rise. The GST shall be charged @18% on maximum services and shall reach upto 28% for few services. To simplify, all the services like telecom, banking, airline etc. will become more expensive.
    -The increased cost of services means adds to your monthly expenses.
    -Businessmen and service providers are still learning about the new laws of GST. This will increase reliance on the tax experts and professionals and further add to business expenses.
    -Proper invoicing and accounting needs to be done to ensure the better compliance. However, GST accounting software are being developed in this regard by various companies which help to a great extent.
    -If actual benefits are not passed on to the consumer and the seller increases his profit margin, the prices of goods can witness a rise in price to ultimate consumer.
    -An increase in inflation might be seen initially, thought it may come down gradually.
    The actual implications of the GST can be experienced after a certain period of time..A strict check on profiteering activities will have to be done, so that the final consumer can enjoy the real benefits of GST.

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  5. GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180. From the above illustration it is clear that GST is calculated on Gross aRead more

    GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180.
    From the above illustration it is clear that GST is calculated on Gross amount.
    Where a price inclusive is mentioned, a reverse GST calculator will need is applied.
    GST Amount = GST Inclusive Price * GST Rate /(100 + GST Rate Percentage) Original Cost = GST Inclusive Price * 100/(100 + GST Rate Percentage)

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  6. The GST or Goods & Services tax removes cascading effect of taxes i.e. removes tax on tax. -Due to lower burden of taxes on the manufacturing sector, the manufacturing costs will be reduced. Hence, the prices of consumer goods likely to come down.

    The GST or Goods & Services tax removes cascading effect of taxes i.e. removes tax on tax. -Due to lower burden of taxes on the manufacturing sector, the manufacturing costs will be reduced. Hence, the prices of consumer goods likely to come down.

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  7. In terms of GST on the food items such as vegetables, fruits, meat, etc., nil GST i.e. GST exemption has been provided in case of the most fresh as well as frozen products. It is only in case of the food stuff packed in containers with brand name that other GST rates are applicable.

    In terms of GST on the food items such as vegetables, fruits, meat, etc., nil GST i.e. GST exemption has been provided in case of the most fresh as well as frozen products. It is only in case of the food stuff packed in containers with brand name that other GST rates are applicable.

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  8. This answer was edited.

    The Government of India presented the GST bill as a Money Bill in Lok Sabha, according to the procedure, Money bills passed by the Lok Sabha are sent to the Rajya Sabha, the upper house may not amend money bills but can recommend amendments.

    The Government of India presented the GST bill as a Money Bill in Lok Sabha, according to the procedure, Money bills passed by the Lok Sabha are sent to the Rajya Sabha, the upper house may not amend money bills but can recommend amendments.

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  9. People have different opinions about the since it came into force and they have their own set of reasons to believe the same. The areas of improvement in the GST can be: 1. Technological processes: The compliance process designed for the businesses turned out to be more complicated than was previousRead more

    People have different opinions about the since it came into force and they have their own set of reasons to believe the same.
    The areas of improvement in the GST can be:
    1. Technological processes: The compliance process designed for the businesses turned out to be more complicated than was previously anticipated. This led to an overhaul of the technological processes, with new forms being drafted to aid the businesses to ensure compliance.
    2. Registration required in all states(UT): A major pain point with the businesses has been that registration is required separately in all states. This was a major dampener for the industry, who had been promised that the GST regime would ensure simplicity in filing of taxes and getting the returns credited.
    3. New cesses: While the GST itself subsumed 17 taxes within its indirect taxation system, several new cesses were introduced as the system unfolded. This includes the compensation cess for the luxury and sin goods, which was later also expanded to include sale of automobiles.
    4. Exporters facing refunds problems: Exporters have seen working capital requirements rise, post implementation of GST, owing to the exports’ refund mechanism which includes the data matching law and their procedures.

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  10. The GST must be charged on the cumulative value of supply. If the freight charges are included, then GST on freight charges must be levied at the tax rate same as the rate charged on supply of the goods or consignment.

    The GST must be charged on the cumulative value of supply. If the freight charges are included, then GST on freight charges must be levied at the tax rate same as the rate charged on supply of the goods or consignment.

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