News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Tally.ERP 9: Your one-stop solution from accounting to compliance. Inspired by the way you work, Tally is designed to delight you.
Service Tax »
 How to claim income tax deduction for investments made in April - July 2020
 Home loan moratorium can affect tax benefits
 Income Tax Saving options: Invest in these schemes to save money in last minute
 Wish to save tax? Invest in these schemes before June 30
 Companies will have to reverse tax credit availed on goods destroyed due to Covid-19 lockdown
  Online property tax payment finally gaining ground in city
  Here's how income tax is calculated on your salary
 SBI cuts lending rates, India's tax-GDP ratio falls and more
 Income tax return forms for FY 2020-21 notified
 Deadline extension: A golden opportunity for PPF, SSY investors, but not so glittering for tax savers
 What is digital tax and why is India under investigation?

Industry's last chance to register for GST
June, 02nd 2017

With only a month left for the roll-out of the goods and services (GST) tax businesses would have to register on its network in the next fortnight.

“This is probably the last window before the GST goes online on 1st July. To raise an invoice under the new indirect tax regime one would have to be registered on the GST Network (GSTN),” said L Badri Narayanan, partner, Lakshmikumaran & Sridharan.

Businesses would also be able to amend any mistake made during registration earlier in this window.

Experts said transition of credit and inputs in stock were dependent on being registered with the GSTN. Getting registered early would make the switch easy.

One would, however, be legally liable to register only if operating above a certain limit. In any case, it would be beneficial to register, said tax experts.

It would give businesses the opportunity to avail of tax credit, charge output tax and pass it on to customers, and avoid a cascading impact of taxes under the current tax regime.

Businesses would need to inform customers and suppliers of their registration if the whole value chain had to avail benefits of input tax credit.

“Both suppliers and customers would want registration details. If customers don’t have the registration number of the supplier, they would have to pay taxes on a reverse-charge basis and may not get reimbursement on the tax indicated on the invoice. If the supplier does not have the registration number of the customer, it would be treated as a sale to an unregistered person and the credit will be lost,” said Narayanan.

The Central Board of Excise and Customs has made it mandatory for exporters and importers to declare valid GST registration numbers in customs documents, such as bill of entry and shipping bills, from 1st July. This will be required to avail Integrated GST credit on imports or GST refund on exports.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting