HSN Number for GST

10 Jul 2017
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GST Updates
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HSN Number for GST

What is HSN Number for GST

The full form of HSN means Harmonized System Nomenclature.

HSN code number is broadly utilized as a part of numerous nations to order products for tax collection reason, asserting advantages and so on. Fit System of Nomenclature number for every item is acknowledged by the greater part of the nations and the said HSN code stays same for all products. In any case, HSN number utilized as a part of a portion of the nations changes nearly nothing, in light of the idea of products characterized.

HSN code is not linked with Tax Rate

HSN code is not linked with tax Rate till everybody understands HSN code. And for Turnover below 1.5 Cr. No need to mention HSN code in the invoice, from 1.5 Cr. – 5 Cr only mention 2 digits of HSN code and above 5 Cr mention only 4 Digit of HSN code.|

For the invoice, No format and No color are Specified by the department. You can design your own invoice. The only thing to keep in mind is that some details are mandatory is to mention in Invoice.

If our supplier registers under composite scheme (below turnover of 75 lacs) he could not take credit of GST or he could not pass GST credit. He has to pay only 2% of turnover as GST if he is a manufacturer and 1% if He is Traders. And 5% if he is the restaurant.

If our GST input is more than GST output (ie for E-rickshaw industries most of the items input credit of 28% and output GST is 12%) in that case after every month return files person can apply for refunds (RDF1) and that refund will be obtain within 60 days otherwise departments is liable to pay interest on it. and refund application can be done up to 2 years. So worries of a Capital block is removed.

Anti-Profiteering Rules

There are Anti-Profiteering Rules. – Everyone is can take mod vat credits of Excise, Services Tax, VAT, Octroi, Entry Tax on its stock items and it has to pass to customers. For example, If I am buying today an iron pipe at Rs.62 per Kg plus 5% VAT ( which included 12.5% excise, 2% CST and 3.5% Octroi.) but after 1st July supplier can credit of all the tax and he has to reduce its basic price. He can not charge Rs 62 + 18% GST but he has to reduce its price by tax amount and decide the new base price, if any supplier is not abiding by it then we can complain against him and the department will penalize on such suppliers.

No need of E waybill till next 6 months.

If we do not receive payments in 60 days from customers then we can claim for GST amount charged on it. So most people worried removed if customers fail to pay us then we lose our Tax amount also. And if customers pay after six months then we can again pay GST which we have taken back as credit.

All people worried there are 37 Returns in the year. And there is no revised return. But it’s not 100% truths. Every month we have to files our output ( sales or services) we add our invoice day to day base to GST portal. And save it. we can edit also that invoice. On 10th or before 10th we just have to upload all edited sales invoice. Since we have edited invoice before uploading no need of revised return. Until 15th you can check all your purchase and verified (no need to files return its only verification) on 20th you just need to update your final return after correction if any. And if there is any mistake found we can be rectified that mistake in next months returns So it becomes more simple than before.

Thus GST is very easy and it removes all headache of Form C, Deals with different departments like Excise, Sales Tax, Octroi, Entry Tax and many others. So we all should welcome GST open heartedly.

Do you wanna Know more About GST returns and due dates?

08 Jun 2017
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GST Updates
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GST returns and due dates

Assessment forms and their due date for documenting under the GST Law

GST Law: In this article, we will discuss the different returns that are required to be outfitted under the new GST law. What kind of data is required to be documented, who has the onus to record these profits and what are the courses of events for the accommodation of these profits? An arrival is a report that a citizen is required to document according to the law with the assessment regulatory specialists. Under the GST law, an ordinary citizen will be required to outfit three returns month to month and one yearly return. So also, there are separate returns for a citizen enlisted under the creation conspire, citizen enrolled as an Input Service Distributor, a man subject to deduct or gather the expense (TDS/TCS)

In the table beneath, we have given subtle elements of the considerable number of profits that are required to be recorded under the GST Law.

All of these profits are required to be documented carefully online through a typical gateway to be given by GSTN, non-government, private restricted organization advanced by the focal and state governments with the particular command to construct the IT framework and the administrations required for actualizing Goods and Services Tax (GST).

GST Returns – How will GST effect you after July?

07 Jun 2017
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GST Updates
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How to file GST Returns?

GST returns: Each enlisted assessable individual needs to outfit outward supply points of interest in Form GSTR-1 (GST Returns-1) by the tenth of the consequent month. On the eleventh, the perceivably of internal supplies is made accessible to the beneficiary in the auto-populated GSTR-2A. The period from eleventh to fifteenth will consider any amendments (augmentations, adjustments, and erasure) in Form GSTR-2A and accommodation in Form GSTR-2 by the fifteenth of the resulting month.The rectifications (expansion, alteration, and cancellation) by the beneficiary in Form GSTR-2 will be made accessible to the provider in Form GSTR-1A. The provider needs to acknowledge or dismiss the changes made by the beneficiary. The Form GSTR-1 will be altered by the degree of revision acknowledged by the provider.

Month to Month GST Return

On twentieth, the auto-populated return GSTR-3 will be accessible for accommodation alongside the installment. After the due date of documenting the month to month return Form GSTR-3, the internal supplies will be coordinated with the outward supplies outfitted by the provider, and afterward, the last acknowledgment of info expense credit will be conveyed in Form GST ITC-1.

Additionally, the bundle input assesses credit by virtue of abundance cases or duplication cases will be conveyed in Form GST ITC-1. Inconsistencies not endorsed will be included as yield assessment risk alongside intrigue. In any case, inside the endorsed time, in the event that it is sanctioned, the beneficiary will be qualified to decrease this yield impose risk.

Let us understand GST return filing process with an example.

Let’s use this example to understand the GST Return Process