simplify tax returns and enable a fairer taxation system, the GST council has put their best foot forward effective April 1, 2019. Now as the fiscal year 2018-19 approaches its end, a new page awaits to be written.
Advance Ruling under GST refers to a decision provided by the authority or the appellate authority to an applicant on matters or on questions specified in sub-section (2) of section 97 or sub-section (1) of section 100 in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant.
As per the proposed plan, a lottery scheme shall be introduced to lure taxpayers to pay their GST. For the initial period, the GST panel shall hold daily and monthly lotteries for customers who indulge in a B2C transaction and take a copy of the bill after paying applicable GST.
1st April 2019, any person who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees is exempt from obtaining the registration under GST Act except for the following
GST Applicable on the activities performed by employees at corporate office in the course of or in relation to employment such as accounting, other administrative and IT system maintenance for the units located in the other states
It is important to compare invoices, which itself could run into large numbers, and identify the matches and differences. It is also necessary that the differences itself are analysed so that the corrective actions can be taken.