GST IS NOW A REALITY, AND IT IS KNOCKING THE DOORS.

GST is now a reality, and it is knocking the doors. http://starisales.com/Account

There are uncountable types of business running, closing and starting on a daily basis. Everybody has questions about it, everybody has doubts, but there are few to answer.

We have tried to answer some of the categories of business, hope we get success to a larger extent. But before going forward, let us have a look at some of the important features:

1.       GST talks about supply and not sales, hence transfer of goods like the stock transfer is also liable to GST.

2.       Free supplier or services are also covered under GST. In other words, if you were running any scheme like buy1 gets one free, then you are liable to pay GST on free supply as well.

3.       All existing dealers registered with due authorities will be granted provisional registration automatically.

4.       All dealers getting provisional registration will have to apply for GST final registration within six months.

5.       If you were exporting goods or services or dealing in non-taxable products, then also you need to apply for registration. 

Let us proceed who all are liable to register for GST.

Who all are covered?

We have developed a basic test for GST registration. There are  following factors which describe as who is liable for GST registration :http://starisales.com/Account

1.       Every person if supplying goods or services more than 25 lakh (Rs.10 lakh for north east states including Sikkim).

2.       If you are purchasing or selling goods outside the state irrespective of the limit mentioned in point 1.

3.       If you are receiving or providing services outside the state irrespective of the limit mentioned in point 1.

4.       If you are required to pay tax under reverse charge.

5.       If you are non-resident taxable person irrespective of the limit mentioned in point 1

6.       Input Service Distributor

7.       An aggregator who supplier services under his brand name or his trade name irrespective of the limit mentioned in point 1.

8.       Every electronic Commerce operator like Flipkart, Amazon, etc., irrespective of the limit mentioned in point 1

9.       A person who supplies goods and services through electronic commerce. In other words, if you want to sell on Flipkart, Amazon, then you will need to register yourself first irrespective of the limit mentioned in point 1.

10.   Any person who is required to deduct TDS under GST (not under Income Tax Act, 1961).

GST - Rate of Tax on Goods

The GST Council approved revision of rates on certain commodities based on representations received from the industry and on the principles of “maintaining equivalence and utilization behavior".

Here are the highlights of the Rate of Tax Reduced

Commodity	GST rate fixed earlier	Revised rate as decided in 11/06/2017 meeting
Plastic tarpaulin	28%	18%
School bags
Pre-cast concrete pipes
Some Tractor components
Computer printers
Ball bearings
Packaged food (fruit, vegetable products, pickles, toppings, sauces, instant food items etc.)	18%	12%
Exercise Books
Cutlery
Cashew Nut	12%	5%
Agarbatti
Insulin
Children Coloring book	12%	0%

GST – Service Tax Exemption

The GST Council approved further Exemption / Reduction in rate of GST on certain Services.

Here are the highlights of the Rate of Tax Reduced

Description	GST rate fixed earlier	Revised rate as decided in 11/06/2017 meeting
Job work in textile, leather, printing, jewellery Gems and diamond processing	18%	5%
Movies	28%	18% for the ticket value <Rs.100 and 28% for the ticket value > Rs.100

Further exemption has been granted from registration for Individual advocates (including senior advocates) and Individual sponsorship service providers (including players).

GST – Migration of Registration

For those of you who missed the earlier timeline to migrate your registration under the present law to GST, the window to migrate would be open from June 1 to 15,2017

GST Rate Schedule for Goods

Here are the highlights of the rate of GST decided

   Footwear below Rs.500 to be liable for GST at 5% and all other Footwear including leather footwear at 18%.

   All biscuits to be taxed at 18%.

   Beedi liable to GST at 28% without Cess. Beedi leaves to be taxed at 18%.

   Apparel below Rs.1000 to be taxed at 5% and remaining to liable to GST at 12%.

   Jute fiber and Silk Fiber – Exempt, Natural Fiber Yarn at 5% and Synthetic Yarn at 18%. Fabric to be liable to GST at 5%.

   GST on Bullion and Gold Jewellery decided at 3%.

   Diamonds to be liable to GST at 3% and Rough Diamonds at 0.25%.

   Agricultural Machinery fitted in 12% and 5%.

   Sales to CSD Canteen to be taxed at normal rate of tax. 50% of tax would be refunded to CSD canteen.

   Packaged Food sold under a registered Trademark to be liable to GST at 5%.

   Handmade Matches categorized under Pooja items. http://starisales.com/Account

https://www.quora.com/What-are-the-services-provided-by-application-servers-to-build-enterprise-applications/answer/Kavindra-Singh-19?share=523ac6fc&srid=hdcUm