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LIST OF STATES RATIFIED GST

S.NO	State	Passed On	Government
1	Assam	12th August, 2016	BJP, CM Chief Minister Sarbananda Sonowal
2	Bihar	17TH August, 2016	RJD-JDU, CM Nitish Kumar
3	Jharkhand	17th August, 2016	BJP, CM Raghubar Das
4	Himachal Pradesh	22nd August, 2016	Congress, CM Virbhadra Singh
5	Chhattisgarh	22nd August, 2016	BJP, CM RAMAN SINGH
6	Gujrat	23rd August, 2016	BJP, CM Vijay Rupani
7	Madhya Pradesh	24th August, 2016	BJP,  CM Shivraj Singh Chouhan

-SOURCE- http://www.gstseva.com/gst-on-the-way-list-of-the-states-ratified-gst/

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UPDATES FOR GST

SUBSCRIBE GOODS AND SERVICES TAX UPDATES ( GST )

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INVOICING UNDER GST

To issue invoice for supply of Goods/Service by taxable persons is another interested and important task. Here you understand how:-

 Name of the invoices:-

TAX INVOICE:    FOR TAXABLE SUPPLY OF GOODS/ SERVICE

BILL OF SUPPLY:  FOR NON-TAXABLE SUPPLY OF GOODS/SERVICES

When to issue?

Issue of Invoices, possibilities	Supply Of Goods	Supply Of Services
After receiving of payment	Yes, Possible	Yes, Possible
Before receiving of  Payment	Yes, Possible	Yes, Possible
Before Supply of Goods/Services	Not  Possible	Yes, Possible
After Supply of Goods/Services	Not  Possible	Yes, Possible

Reasons:-

1. In case of supply of Goods -“A taxable person need to issue invoice mandatorily at the time of supply of Goods

2. In Case of supply of services – “A taxable person need to issue invoice mandatorily within the prescribed time”.  

What to include in invoice?

Apart from other things like GST registration no/Date/address etc, following are mandatory

PARTICULARS	Supply Of Goods	Supply Of Services
Description	Yes	Yes
Quantity	Yes	NA
VALUE	Yes	Yes
Tax thereon	Yes	Yes

AMOUNT OF TAX TO SHOW

Amount of tax to be indicated in tax invoice and other documents

– SECTION 23 A.

AMOUNT OF TAX SHALL prominently indicate in all documents relating to:-

• assessment,
• tax invoice and
• other like documents,

 the amount of tax which will form part of the price at which such supply is made.

 COMMENT:-  AS PER THIS PROVISIONS,  IT IS NOT POSSIBLE FOR SUPPLIERS TO MARK-

“Inclusive Of Taxes” IN TAX INVOICES

NOTE:- IN PROVISION IT IS CLEARLY STATED THAT IT IS TO MENTION ON TAX INVOICE AND OTHER DOCUMENTS.  However nothing mentioned about the- BILL OF SUPPLY.

A clarification may require-  Meaning of Other Like documents

 Or

 Is Bill of supply other like documents?

Although as per our understanding Bill of Supply should not be part for section 23A.

FOR MORE UPDATES VISIT GSTSEVA.COM

MODEL GST LAW 2016 RELEASED

With the release of  Goods and Services Tax (GST) 2016, India is very much closer to a New Indirect Tax Law which will change the whole system of tax collection and distribution.

GST LAW is available in public domain. The law will be known as GST ACT, 2016 once approved.

SOME FEATURES:-

CONTAINS 25 CHAPTERS
162 SECTIONS
4 SCHEDULES

WITH
GST VALUATION RULES 2016

With this release One more ACT :-

INTEGRATED GOODS AND SERVICE TAX ACT, 2016 ALSO RELEASED

CONTAINS 11 CHAPTERS
33 SECTIONS


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ABOUT GST

GST is a tax  on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. 

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