A Guide To Traders For Shifting From Mvat To Gst Regime All Provisions

A Guide to Traders for Shifting from MVAT to GST Regime – All Provisions. GST will be applicable from 1st July 2017 so here we provide The Significant differences between M-VAT Provisions & GST Explained in very easy to understand way. Check How to Shift from M-VAT to GST For Traders.

A Guide to Traders for Shifting from MVAT to GST Regime

Other Important Aspects to be Taken Care of before Implementation of GST:

Motor Vehicles
Goods/Service for Personal Consumption
ITC For Exempted Supplies
Goods Lost/Stolen or distributed as free samples
GSTR-1 – Details of outward supplies of taxable goods (10th of Subsequent Month)
GSTR-2 – Details of inward supplies of taxable goods and/or services claiming input tax credit (15th of the subsequent month)
GSTR-3 – Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the Payment of Tax (20th of the next month)
GSTR-9 – Annual Return (31st D

Form 231/232/233/III-E: Quarterly VAT/CST Return along with Payment of Tax (21st of Month Succeeding Quarter)

Due Date: 31st December of next Financial Year

Due Date: 15th January of next Financial Year

Payment to Supplier must be made within 180 days
Every single Purchase Invoice must be matched with Invoice of Supplier while uploading return for the month and Supplier must make payment of Tax

However, filing of Annexures J1 & J2 was to be made and mismatch in J1 & J2 in subsequent yearsled to payment of Credit Amount.

Penalty @ 0.25% of Annual Turnover will be levied for Late Filing of Annual Return

Interest @ 1.25% for 30 days of delay,
Interest @ 1.5% for next 60 days of delay,
Interest @ 2% for further delay was charged
Name, Address, GST TIN of Supplier
Name, address, GST TIN of Recipient (If recipient is registered Person under GST)
Product Details such as HSN Code, Rate of GST applicable on it, Quantity Sold, Rate and Amount
CGST/SGST/IGST must be reflected separately

Please Note that such Rating of every dealer will be made reflected on GST Portal. So, it is advisable to maintain your rating good to avoid loss of Business Reputation

SGST – SGST

IGST ⇒ IGST – CGST – SGST

Note: CGST & SGST Cannot be Set-Off against each other

CST ⇒ CST

Gear up to Issue Invoices with Important Details and Charge GST from 1st July, 2017 itselfGet Ready with your Closing Stock Working as on 30th June, 2017 and Match it with Purchase your InvoicesClaim of Excise will be made available @ 100% on closing stock where Excise paid is reflected in Invoice. If Excise paid is not Reflected then 60%(where GST Rate is >= 18%) or 40% (Where GST Rate < 18%)Inform your GST Provisional ID & ARN to all Your Suppliers and also Collect it from your CustomersDetermine HSN Codes of Products you are dealing in and Tax Rate Applicable on itThe Payment of GST can be made through RTGS/NEFT/Debit Card/Credit Card/Cash (Amount < Rs. 10,000)

Annexure-I

Example 1: Supplier A of Maharashtra sold Goods to Buyer B of Maharashtra worth Rs. 100 (Applicable Tax Rate on Goods was 18%)

In both cases the Buyer of Goods B will get set off of Rs. 18Therefore, Cost of Purchase for B of Maharashtra will be Rs. 100

Example 2: Supplier A of Maharashtra sold Goods to Buyer B of Gujarat worth Rs. 100 (Applicable Tax Rate on Goods was 18%)

Compiled by Lakhan Fatehchandani

The above Information Provided is summarized and contains only Relevant Data for Traders of Maharashtra. For Complete understanding of Law, other Books and Act may be referredSubstantial amount of Time and Efforts are devoted by Publisher in compiling this document and to avoid errors and In spite of that, errors may creep in. Any errors or omissions noted can be brought to notice of publisher at lsfedudocs@gmail.com. Any Feedback or Queries can also be sent on same E-Mail ID.

A Guide to Traders for Shifting from MVAT to GST Regime#

A Guide to Traders for Shifting from MVAT to GST Regime