GST Updates
Introduction
GST updates are all about the latest news of GST forms, policy, norms. In India, GST comes in existence in 2017. Any updates regarding GST forms, the policy will be done by GST Council.GST council does all the updating in GST. Finance minister of the country is the chairman of the GST Council.
GST is one tax for all the direct & indirect tax except income tax. GST Council is a government body to make decision, Functions, Quorum and regulate & direct at each step in the implementation of goods & service.
About GST
GST is a single tax for all the Goods & service providers. People who deal in Goods & Services registered their organization or firm for GST. It is a comprehensive multistage tax. GST paid at two levels central & state (CGST & SGST).
GST came into effects India in year 1st July 2017. Every person registered under the GST Act has to periodically furnish the details of sales and purchases along with tax collected and paid thereon, respectively, by filing online returns.
GST return done with the help of GSTIN Number. This gets after GST the registration. The first 2 digits of the 15 digit GSTIN will represent the state code. GST divided into four different slabs.
GST Latest Updates
GST updating their norms, policy & forms.When GST council has done their meeting.GST council meeting held after every one-two months interval. The latest meeting of GST Council held on 21st June 2019 by the present finance minister Smt. Nirmala Sitharaman. This is 34th Annual GST Council held on 21st June 2019. The highlights of the 34th GST Council meeting are given below.
- GST Annual return date extended for the Financial Year (FY) 2018-2019 till 31st August 2019.
- Now In GST registration is enabled with the use of Aadhaar.
- 10% Penalty is applied when there is a delay in depositing of tax.
- From January 2020 E-invoicing facility is ready to use.
- E-ticketing is also a part of GST. It is mandatory for all the multiplexes.
- The important update in GST is the rate cut decision on an electric vehicle, chargers.
- NAA tenure is extended up to 2 years.
FAQs
Q: How GST will work?
Ans: GST is applicable to all the goods & services. There are four slabs under which the government of India divided services & goods. If people start his/her own business then he/she has to register his/her business in GST, if their business tenure is 20lac.
Q: Who will pay GST?
Ans: If you are doing any kind of business in services & goods and the tenure of the particular business is around 20lacs. Then you are liable to pay GST.
Q: Is VAT still applicable after GST?
Ans: No, VAT is not applicable to any kind of services & goods. Because on 1st July 2017 the government of India makes one tax for all kind of service & goods. And this taxes divided into four slabs.
Q: How is GST applied?
Ans: GST registration is a simple registration process. For the application, you have to visit on the official site of GST. On that site, you have to fill all the mandatory details regarding your business.
Q: Why has GST changed VAT?
Ans: VAT has changed in GST. Because there are so many indirect taxes like sales tax, customs duty and many more, which people have to pay before GST comes into existence?. In 1st July 2017 Government of India introduce GST.
