THE CENTRAL GOODS AND SERVICES TAX ACT, NO. 12 OF [12th April, ] An Act to make a provision for levy and collection of tax on. This News Alert provides highlights of the Goods and Services Tax (GST) Bills, introduced in the Lok Sabha on 27 March The Central GST (CGST) Bill, , Integrated GST (IGST), Union Territory The CGST and IGST Bills extend to whole of India except Jammu.
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Learn all about GST with Cleartax Free GST ebook. This online GST book explains the basics of GST, comparison with current tax system. “Act” means the Central Goods and Services Tax Act, (12 of ); option to pay tax under section 10 in Part B of FORM GST REG (1) This Act may be called the Maharashtra Goods and Tax Act, ;
The said supplementary invoice should be raised within 30 days from the date of such price revision. Credit Note Just like the debit note where there is an upward revision in price, credit note has to be issued when there is a downward revision of price.
GST should have been charged in the previous transaction. The credit note has to be issued on or before 30th September of the next financial year or before filing the annual return of GST, whichever is earlier. The contents of these documents are the same as that of tax invoice.
The only major difference is that the nature of the invoice must be mentioned in Bold specifically on top of the invoice. For e.
All the above documents, including the tax invoice, has to be maintained for 6 years currently prescribed by the GST council. Thus, it requires a very strong IT system that records and maintains such a database for the prescribed time.
Cross — Referencing of Invoices Since the invoice forms a crucial part in claiming credit for the GST paid therein, it is obligatory to upload returns on time so that the credit flows to the end customer seamlessly. Goods and service tax.
A tax for economic growth. The impact of GST goods and services tax on the Indian tax scene.
Paradigm, 16 1 , 80 - Shokeen, S. Impact of goods and services tax bill on the Indian economy.
Indian Journal of Finance, 11 7 , 65 - DOI: Challenges and opportunities of goods and service tax GST in India. Indian Journal of Applied Research, 3 5 , - Power to grant exemption from tax.
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All the above documents, including the tax invoice, has to be maintained for 6 years currently prescribed by the GST council. Here are some details of the decisions taken by GST Council: Challenges and opportunities of goods and service tax GST in India.
Bill of Supply When a registered supplier makes a supply of exempted goods or services, or the supplier is registered under the composition scheme, then he has to issue a Bill of Supply instead of a tax invoice. A crease, a click, and it's thick.
This is unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States.
Goods and Services Tax Council.
Form GSTR- 5:
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