Lekhny composition -25-Feb-2024
GST
Good and Service Tax , or in short (GST) is implemented on 1 July 2017. An indirect tax is introduced to replace all indirect taxes in India. GST is comprehensive, multi- stage, destination- based tax. GST made possible to implement one nation one tax policy.
Production of products is a multi step process. Various steps are involved in supply till it reaches to costumer. All the steps from manufacturing to sale is termed under multi step process.
If any product is sold from state A to state B. GST is charged to state B. As GST is destination based so the entire tax revenue is transferred to state B.
Before GST was carried out in India. Some good tax was managed by states and some tax came under central tax. There was no unified and centralisation on good and services. GST submerged all the spread indirect tax into one and eased adminstration of tax by the government.
Three taxes are applicable under GST
CGST- Tax of central government On an intra state sale.
SGST- Tax collected by state government on intra state sale.
IGCT- Tax collected by Central Government on inter state sale.
New compliance under GST.
e- way bills- Manufacturers, traders and transporters can easily generate e way bills for the goods. From the production state to the consumer state. The bill on comman portal for the people with ease. The bill was introduced on 1 April 2018 for inter state movement and into existence for intra state on 15 April 2018.
E invoicing
It was started from 1 October 2020 for the business with annual turnover of more than 500 crore. Amendment from 1 January 2021and covered the individual with turnover of more than 100 crore.
Buisness gets a unique invoice refrence number for every buisness invoice uploaded on GST invoice registration portal. It verifies the genuine of the invoice and authorises using Qr code along with digital signature.
Mohammed urooj khan
29-Feb-2024 04:02 PM
👌🏾👌🏾👌🏾👌🏾
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hema mohril
28-Feb-2024 08:31 AM
V nice
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Reena yadav
26-Feb-2024 03:06 PM
👍👍
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