N & N Co.,

26/07/2018

02/10/2017

Finance Minister Arun Jaitley on Sunday hinted that there was scope for fewer slabs under the goods and services tax (GST) once there is revenue buoyancy.

“We are in first two-three months (of GST implementation). We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned,” he said.


“We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as fewer slabs, but for that, we have to become revenue neutral...,” he said at an event organized.

Currently, the GST regime slots items under rates of 5, 12, 18 and 28 percent. An additional GST compensation cess is also levied on certain products.

Emphasising that indirect tax burden was borne by all sections of the society, the minister said it was always the endeavor of the government to bring down tax rates on mass consumption commodities.

“Direct tax is paid by more by the more affluent, somewhat by the others and certainly not by the weaker section but the impact of indirect tax places burden on all.

“Therefore, an effort is always as part of the fiscal policy... to ensure that the commodities which are consumed more by the common people are least taxed compared to others,” he said.

Noting that India has conventionally been a tax noncompliant society, he said when people have the right to demand development, they also have the responsibility to pay what is required for the development.

The finance minister said revenue is the lifeline of governance and all the developmental activities.

“You don't have to extort taxes from those who are not liable to pay...as tax people, you are not entitled to invite fear, you have to invite a respect that you are somebody who (wants) people to comply with the national duty,” he said.

He also said there are never grey areas in taxation law and it is a duty of tax officer to be firm and fair.

19/09/2017

Website:

Home

15/09/2017

Managing All of Your Accounting Needs
N & N Co., offers clients a wide range of accounting services, along with outstanding support. Commitment and dedication are two values that influence all my actions as a Auditor. From to Haircut and more, I can take care of all your accounting needs.

14/09/2017

12/09/2017

AUDITORS & TAX CONSULTANTS

12/09/2017

N & N Co.,
AUDITORS & TAX CONSULTANTS
Office @ NR Mohalla, Mysore 570007
M:+91 8088853773
Email:[email protected]
Site: https://auditorsnnco.wixsite.com/website

GOODS AND SERVICE TAX [G.S.T]
Returns {www.gst.gov.in}
10th Sales – Upload
15th Purchases –Approve
17th Re-Cancelation Details
20th Payment of Tax / Input Tax Credit

TAX PAYER’S
G.S.T.R
Step 1 [GSTR-1] SUPPLIERS – Invoice details upload from 1th To 10th of Every Month
Step 2 [GSTR-2] RECIPIENT – Amend or Modify and file by 15th of Every Month (Auto Populate of Invoice)
SUPPLIER’S & RECIPIENTS- To Re- Cancellation Details By 17th of Every Month
Step 3 [GSTR-3] SUPPLIER’S – Fill Returns By 20Th of Every Month & Payments of Taxes
[GSTR-4] -18th Of April, July, October & January {Persons Registered Under Composition Scheme}
[GSTR-5] -10th Of Every Month {E-Commerce Operators}

Within The State- Purchases /Sales
S.GST & C.GST (State & Center)
Rate Of Tax will be shared equally to the state & Center {Eg:- Rate of Tax-18% -C.GST- 9% & S.GST- 9%}
Interstate- Purchases /Sales
I.GST (Integrated)
-Same Tax Rate as C.GST & S.GST

COMPOSITION TAX :
Annual T.O -Less Than 75* Lakhs
Traders –COT -1% Tax
Manufacturer-COT- 2% Tax
Restaurants –Below 50 Lakes under 5% Tax
COMPOSITION TAX PAYERS
Quarterly Returns On Turnover

UNDER G.S.T
-B To C – Total Turnover {B To C Small / B To C Large}
(B To C ‘S’-Less Than -2,50,000) (B To C ‘L’- More Then +2,50,000)
-B To B – Invoice Matching For Credit Input
-Should Maintain the invoice -Matching Of Invoice –For Input Credit
-Job Work – Just Maintain Bills
- URD Purchases, If the registered dealer is purchasing goods from URD dealer the registered dealer should pay the tax ( If Taken Into Accounts )
- Trade Record Of The Dealer will be recorded in the G.S.T Site

E-Way Bill-TRANSFER Of Goods (E-Sugam)
50,000 And Above Amounted Goods Within Or Out Side The State, You Have to fill details (invoice Details) in the GST Petal, You will be getting the Unique ID Number. The unique ID Number Should be given to the transporting vehicle From SMS Or Add it in The Bill Invoice.

TRANSACTIONAL ROUL
Total Tax Credit will be taken from the VAT

Rate Of Tax In G.S.T
5% Basic Items
12% & 18% Daily Products
28% Luxury Items

No Cascading of Tax Under G.S.T (Single Tax)
-No Excise Duty
-No Entry Tax
-No Services Tax

DEEMED REGISTRATION
1) PAN CARD (MUST) – Individual / Co.,
2) All the documents have to be uploaded online
3) Within 3 days you will get the A.R.N (Application Registration Number)
4) If it is a Company LLP its mandatory To Submit The Application using DSC Class 2 / Class 3
5) EVC (Electronic Verification Code)- Phone no & E-mail I.D

• Doc Required For G.S.T Registration:
 Pan Card
 Adhar Card / Voters I.D
 Bank Pass Book / Statement
 Shop Rent Agreement/N.O.C
 Shop Power Bill/Khata
 Photos

BENEFITS Of G.S.T
- No Security Deposits ‘For GST Registration’
- No Entry Tax
- No CST Tax (C Forms)
- No Excise Duty
- No Tax Casketing
- For Small Tax Payers Composition scheme *Annual T.O Less Than 75 Lakes For Registration
- Composition 50 Lakhs Benefit For Traders & Manufacturer

PRECIOUS METALS
Gold & Platinum -3% Tax

Not Coming In G.S.T
-Custom Duty Is not Coming in GST
-Alcohol
-Petrol, Diesel & Gas’s

PAYMENTS OF TAX - G.S.T
1. Net banking
2. Debit Card / Credit Card
3. Cash up to 10,000 Deposit in the bank
4. Cheque at the Counter

{Infuses Has Developed The Software of G.S.T.R}

..END..