GST Bill Cabinet approves amendments
- be ready for 36 to 49 returns per year.
- lumpsum turnover limit 50 lacs
- input tax credit available only if Electronic data matches.
- 15 digit pan based GST no.
- Penalty for return Per day Rs.100 and maximum Rs.5000
- Output,input and summary based returns submission.
- Tax credit only available if sellers tax shows online.
- Liquors,petroleum products out of GST net.
- Return filling limit 10,15,20 days after due date for type of return.
- threshhold turnovrr limit is 10 lacsvand for north east 5 lacs.
- Jammu and kashmir is also included in GST regime.
- TDS limit 10 lacs.
- Existing TIN will be migrated and issue Provisional GST is valid for 6 months..if docu submitted within 6 months than Final GST will be allotted.
- Tax audit figure and GST data has to be reconciled in annual return.
- if any mismatch in data than data will be transferred to IT dept.
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