HIGHLIGHTS ON GST

.

-Get ready for 36 to 49 returns per year.

-lumpsum turnover limit 50 lacs

-Input tax credit available only if Electronic data matches.

-15 digit pan based GST no.

-Penalty for return Per day Rs.100 and maximum Rs.5000

-Output,input and summary based returns submission.

-Tax credit only available if sellers tax shows online.

-Liquors,petroleum products out of GST net.

-Return filling limit 10, 15, 20 days after due date for type of return.

-Threshhold turnovrr limit is 10 lacs and for north east 5 lacs.

-Jammu and kashmir is also included in GST regime.

-Mandatory registration limit 10 lacs/5 Lacs

-Existing TIN will be migrated and issue Provisional GST is valid for 6 months..if document submitted within 6 months than Final GST will be allotted.

-Tax audit figure and GST data has to be reconciled in annual return.

-If any mismatch in data than data will be transferred to IT dept.

.

WRITTEN BY: KARISHMA JAISWAL