Zbeservices™ & Zcodia Groups., | GST and CA Chennai Update Services.

HOW TO MAKE GST PAYMENT?

The payment of GST has been enabled by the GST portal (www.gst.gov.in).
LOG IN TO GST PORTAL WWW.GST.GOV.IN
CLICK ON THE LINK “CREATE CHALLAN”

Visit us at www.zbeservices.com

muthukumar.dhamotharan@zcodia.com

Zbeservices™ & Zcodia Group

CHARTERED ACCOUNTANTS and GST CHENNAI
__________________________________________________________

FILL THE RELEVANT AMOUNTS IN CGST/IGST/CESS/SGST COLUMNS AND CLICK CREATE CHALLAN WILL BE GENERATED AS BELOW

Visit us at www.zbeservices.com

muthukumar.dhamotharan@zcodia.com

Zbeservices™ & Zcodia Groups

CHARTERED ACCOUNTANTS and GST
CHENNAI
__________________________________________________________

SELECT MODE OF EPAYMENT

Visit us at www.zbeservices.com

muthukumar.dhamotharan@zcodia.com

Zbeservices™ & Zcodia Group

CHARTERED ACCOUNTANTS and GST
CHENNAI

__________________________________________________________

LOG IN TO NET BANKING AND MAKE PAYMENT

SAVE THE BANK PAYMENT DETAILS

Visit us at www.zbeservices.com

muthukumar.dhamotharan@zcodia.com

Zbeservices™ & Zcodia Group

CHARTERED ACCOUNTANTS and GST
CHENNAI

__________________________________________________________

 

YOUR PAYMENT WILL APPEAR IN “ELECTRONIC CASH LEDGER”

Visit us at www.zbeservices.com

muthukumar.dhamotharan@zcodia.com


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Under the newly introduced GST regime, the GST Assessee having a turnover less than Rs. 75 Lakhs can opt for paying GST under Composition Scheme. There are confusions about whether to go for composition scheme or Regular ITC method in GST. The tool below will help you in taking a decision as to whether to opt for Composition scheme or regular scheme. All you need is only the GST rate of your product and the Profit margin on your products. This tool will give you the result – Whether to select Regular Scheme or Composition scheme.

Click here to download the excel tool.

Download (XLSX, Unknown)

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Latest amendments in GST – Migration date extended

 General, GST No Responses » Sep 28 2017

The Central Government has notified Central GST (Fourth Amendment) Rules 2017.

As per the above amendment, the following are the latest amendments in GST

  • Earlier, the last date for migration of the persons registered under existing law (VAT/Service Tax/Excise) was 30 days from the rollout of GST. This date has been extended up to 30th September 2017 as per this notification.
  • It further amends the rate of exchange (in case of the foreign exchange) of currency other than Indian Rupees, for determination of value.

 

The relevant notification is produced below :

Download (PDF, Unknown)

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Movement of goods under GST

 GST Comments Off on Movement of goods under GST » Sep 18, 2017

 

Under the present VAT Regime, different states follow different rules and forms for movement of goods within the respective states and also for Interstate movement of goods. The compliance requirements under the present VAT regime has many restrictions and different procedural formalities to be completed for movement of goods.

The movement of goods under the GST regime is expected to be less cumbersome and assessee friendly. The  CBEC has released electronic waybill rules prescribing rules and regulations for movement of goods.

The various aspects of e-waybill under GST regime are discussed below.

What is an e-way bill?

E-way bill is an electronic document created for movement of goods

When is an e-waybill mandatory?

When there is a movement of goods of value more than Rs. 50000 by a registered person, e waybill is mandatory. The movement of goods may be for supply of goods, return of goods or for supply from an unregistered person

How to generate an e-waybill?

The registered supplier or the recipient In case of supply from an unregistered person can generate e way bill electronically through GSTN portal in Form INS-01.

What is the validity of the e waybill?

The e-waybill once generated will be valid for 1,3,5,10 or 15 days from the date of generation of the same, depending on the distance the goods have to be transported.

Can an e-waybill once generate be canceled?

When an e waybill is generated, but the goods are either not being transported or the details as furnished in the generated bill are different, the e-way bill can be generated within a period of 24 hours of generation of the e waybill.

What is the validity of the e-way bill?

The validity of the e-way bill is based on the distance

DistanceValidity period (days)

Less than 100 kms                           1

100 km or less than 300 kms            3

300 km or less than 500 kms            5

500 km or less than 1000 kms          10

1000 kms or more                           15

The commissioner may extend the validity period of the e-waybill for certain categories of goods as may be specified.

Time limit for acceptance of e-way bill

Once the details of the e-way bill generated shall be made available to the recipient, if registered, on the common portal, who shall communicate his acceptance or rejection of the consignment covered by the e-way bill, within 72 hours of the details being made available to him on the common portal.

What happens if the recipient doesn’t confirm the acceptance within 72 hours?

If the same is not accepted or rejected by the recipient within 72 hours, it is deemed to be accepted the details as uploaded through the e-way bill.

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GST Council cuts rates on 83 items, services :

The GST Council is expected to revise rates on 83 items and services in a meeting scheduled for Thursday. The GST Council, headed by Finance Minister Arun Jaitley and having state finance ministers as members, is also expected to simplify the process of registration, returns filing and claiming input tax credit (ITC) under the new indirect tax regime.

In this meeting, the Council is expected to revise rates of about 25 goods and another 45-55 service. Total 70-80 items’ rates could be revised downward, an official, who is part of the rate fitment committee.

Rates of 5-6 irrigation equipment are likely to be lowered from 18 to 12 percent. Rates of bio-diesel and electric buses are likely to be slashed from 28 to 18 percent, official sources said…

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GST Returns for General Business Entities in India:

The Goods and Services Tax came into effect July 1, 2017. In the months since, the GST Council, responsible for monitoring the roll-out of this indirect tax, has made several clarifications and reforms to the original GST Act.

There are three components to GST:

CGST – Central Goods and Services tax, levied on an intra-state sale and collected by the federal government.
SGST – State Goods and Services tax, levied on an intra-state sale and collected by the state governments.
IGST – Integrated Goods and Services tax, levied on an inter-state sale and collected by the federal government…

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Zbeservices™ Wiki:

An audit is a systematic and free examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained and Kept up by the concern as required by law.