GST Implementation in India

Location: Thiruvananthapuram, Kerala, India

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INTRODUCTION FOR SLABS

INTRODUCTION FOR SLABS In India,  income tax  is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. Such tax slabs tend to undergo a change during every budget. Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year. There are three categories of individual taxpayers: 1.Individuals (below the age of 60 years) which includes residents as well as non-residents 2.Resident Senior citizens (60 years and above but below 80 years of age) 3.Resident Super senior citizens (above 80 years of age) Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I Income Tax Slabs Tax Rate Health and Education Cess Income up to Rs 2,50,000* No tax   Income from Rs 2,50,000 – Rs 5,00,000 5% 4% of Inco...
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Offenses & Penalties aster billing

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Offenses & Penalties Offenses There are  21 offenses under GST .  We have mentioned a few here. For the entire list of 21 offenses please go to our main article on  offenses . The major offenses under GST are: Not registering under GST, even though required by law. (Read our article for the list of those  who have to register mandatorily under GST ) Supply of any goods/services without any invoice or issuing a false invoice The issue of invoices by a taxable person using the GSTIN of another bona fide taxpayer Submission of false information while registering under GST Submission of fake financial records/documents or files, or fake returns to evade tax Obtaining refunds by fraud Deliberate suppression of sales to evade tax Opting for composition scheme even though a taxpayer is ineligible Penalty If any of the offenses are committed then a penalty will have to be paid under GST.  The principles on which these  penalties  ...
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GST Procedure

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1. Audits Audit under GST  is the  examination of records maintained by a  registered dealer . The aim is to verify the correctness of information declared, taxes paid and to assess the compliance with GST. a. Audit by Registered Dealer Every registered dealer whose turnover during a financial year exceeds the Rs 2 crore has to get his accounts audited by a CA or a CMA. ICAI clarifies through an announcement dated 28th September 2018 that an Internal Auditor cannot undertake GST Audit simultaneously b. Audit by GST Tax Authorities General Audit:  The commissioner or on his orders an officer may conduct an audit of any registered dealer. Special Audit:  The department may conduct a special audit due to the complexity of the case and considering the interest of revenue. The CA or a CMA will be appointed to conduct the audit. 2. Assessment Assessment under GST  means the determination of tax liability under GST.  A...
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