INVOICING UNDER GST

Invoice is a simple document evidencing the list of goods sold or services rendered along with the consideration involved and the terms of payment for the transaction. Invoice has been used as an evidence to a transaction since about hundred years and with the basic idea of the invoice remaining the same, there have been variations of the formats for invoices and their requirements as mandated by the regulations. Yet again when the nation is gearing up for the biggest tax reform, the most basic change that comes for review is the invoicing process and an introduction of GST Tax Invoice by the Government.

READ MORE AT: http://akvassociate.com/blog/2017/05/02/invoicing-under-gst/

MEANING OF CIN ,CPIN, E-FPB

Hello Readers,

There are some frequently used terms in GST though heard many times but still we do not have complete knowledge about them. Let’s have glance on three such terms related to GST Payments

1. CPIN

CPIN stands for Common Portal Identification Number (CPIN) given at the time of generation of challan. It is a 14-digit unique number to identify the challan. The CPIN remains valid for a period of 15 days

READ MORE AT http://akvassociate.com/blog/2017/04/29/meaning-of-cin-cpin-e-fpb/

GST COMPLIANCE RATING

According to Section 149 of GST Act ,2017:-

Trade and industry will be assigned a ‘compliance rating’ based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the goods and services tax structure.

A system of GST Compliance Rating will be put in place so that every trader or businessman will be rated based on their track record.

Once the rating is made public on the GSTN portal, a businessman can decide on whether to deal with another trader or entity who does not deposit tax with the government and therefore, has a low compliance score.

READ MORE AT - http://akvassociate.com/blog/2017/04/28/gst-compliance-rating/

ABBREVIATIONS AND THEIR FULL FORMS IN GST ACT, 2017

1) AA             Appellate Authority

2) AAAR        Appellate Authority for Advance Ruling

3) AAR           Authority for Advance Ruling

4) ARN           Application Reference Number

Read more at http://akvassociate.com/blog/2017/04/26/abbreviations-and-their-full-forms-in-gst-act-2017/           

COMPOSITION LEVY UNDER GST ACT, 2017

1. ELIGIBILITY TO OPT FOR COMPOSITION SCHEME

Read more at  http://akvassociate.com/blog/2017/04/17/composition-levy-under-gst-act-2017/

SCOPE OF SUPPLY IN GST 2017, (FLOWCHARTS)

FOR THE PURPOSE OF THE ACT, SUPPLY INCLUDES

FOR FULL ARTICLE READ AT  http://akvassociate.com/blog/2017/04/14/scope-of-supply-in-gst-act-2017/

PROPOSED TAXES TO BE SUBSUMED UNDER GST

The GST would replace the following taxes:

(i) Taxes currently levied and collected by the Centre:

a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)

READ MORE AT:

http://akvassociate.com/blog/2017/01/29/proposed-taxes-to-be-subsumed-under-gst/