- HSN code is not link with tax Rate till every buddy understand HSN code. And for turn over below 1.5 Cr. No need to mention HSN code in invoice, from 1.5 Cr. – 5 Cr only mention 2 digit of HSN code and above 5 Cr mention only 4 Digit of HSN code.
- For invoice No format and no colour Specified by departments. You can design your own invoice. Only thing some details are mandatory is to mention on Invoice.
- If our supplier register under composite scheme (below turnover of 75 lacs) he could not take credit of GST or he could not pass GST credit. He has to pay only 2% of turn over as GST if he is manufacturer and 1% if He is Traders. And 5% if he is restaurant.
- If our GST input is more then GST output (ie for E rickshaw industries most of items input credit of 28% and output GST is 12%) in that case after every month return files person can apply for refunds (RDF1) and that refund will be obtain within 60 days otherwise departments is liable to pay interest on it. and refund application can be done up to 2 years. So worries of Capital block is remove.
- There is anti-profiting Rules. – Every one is can take modvat credits of Excise , services tax , VAT , octroy , Entry tax on its stock items and it has to pass to customers. For example I am buying today iron pipe at 62 Rs. Kg plus 5% VAT ( which included 12.5% excise , 2% CST and 3.5% Octroi.) after 1st july supplier can credit of all the tax and he has to reduce its basic price. He could not charge 62 + 18% GST but he has to reduce its price by tax amount and decide new base price if any supplier not doing these we can complain against him and department will put penalty on such suppliers.
- No need of E way bill till next 6 months.
- If we does not received payments in 60 days from customers then we can claim for GST amount charge on it. so most people worried remove if customers fail to pay us then we lose our Tax amount also. And if customers paid after six months then we can again pay GST which we have taken back as credit.
- All people worried there is 37 Returns in year. And there is no revise return. But its not 100% truths. Every month we have to files our output ( sales or services) we add our invoice day to day base to GST portal. And save it. we can edit also that invoice. On 10th or before 10th we just have to upload all edited sales invoice. Since we have edited invoice before uploading no need of revise return. Till 15th you can check all your purchase and verified (no need to files return its only verification) on 20th you just need to update your final return after correction if any. And if there is any mistake found we can rectified that mistake in next months return.
So it become more simple then before. Thus GST is very easy and it remove all headache of C form , Deal with different departments like Excise, Sale tax , octroy, entry tax and many others.
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With thanks! Valuable information!