Points for better understanding of GST:

1. GST will be implemented in India from 01-07-2017

2. Types of taxation in GST

      I. IGST : Integrated GST

     II. CGST : Central GST which with replacement CST

    III.SGST : State GST which will replace VAT

3. Migration towards enrolment of GST will start again from 25.6.17

4.. Registration certificates will be issued online.

5. There will be no check post for 1 year. Only mobile check posts will be in force.

6. 5 forms on different dates have to be submitted every month.

        R1 form on 10th

        R2 form on 13th

        R3 form on 15th

        R4 form on 17th

        R5 form or final returns on 20th

7.Please note that U cannot file revised returns at all. Once filed on 20th is final.

8.Tax payments will be accepted only by e- payments. Tax Payments via credit & debit card also be accepted.

9. In GST you have to upload every sale & purchase bill.

10. Everything in GST is system driven. Once uploaded you cannot revise anything.

11.Rating of your firm will be done by the system. Based on the rating audit trials will be            generated.

12. Rates of GST in percentage are 0%, 5%, 8% , 12%, 18% , 28% and 40%.

13. Education, Textiles, Medical & Professional services are covered in GST regime.

14. Most products MRP to come down.

15. Distribution and C & F channel will of not useful now.

16. Categories which were not taxed will now be taxable : Replacements/ return goods,              Barters , Free Samples, disposables, scrap material. For example : if you buy a fridge           from X for ₹50000 in place of your old fridge in exchange for ₹10000, now you have to          pay to pay tax on ₹60000.

17. Movements of goods will be taxable as supply ie .HO to branch office (stock transfer),           factory to agent etc.

18. GST officer has all rights to value your goods and fix the price. The law will decide                Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution           and retailers.

19. All books and accounts are to be kept on daily basis.

20. Accountants will be required to maintain books under GST.

21. All travel & tour expenses related to business have to be claimed under firm name.

22. For getting tax credit ,vendor has to upload his bills within 180 days.

23. You cannot claim credit for material in stock beyond one year.

24. You have to dispose all your old stocks purchased under VAT/CST up to September            2017.

25. All VAT related form like C forms, F forms etc have to be cleared up to Sept 2017.