GST : Highlights Of Speech Of Dr Hasmukh Adhia

GST : HIGHLIGHTS OF SPEECH OF DR HASMUKH ADHIA   No registration will be made without PAN. If one has to do business, he has to obtain

CA Deepak Gupta

Apr 28, 2017

Last update on Apr 28, 2017

GST : HIGHLIGHTS OF SPEECH OF DR HASMUKH ADHIA

No registration will be made without PAN. If one has to do business, he has to obtain PAN. If any issue is there related to PAN, one can contact CT and CT will be in touch with him.
All 4 Acts have received the consent of the President and have been notified.
Set of rules are ready and are available on site. Whole machinery of GST will visit nooks and corner to aware the public regarding GST. Starting has been done from Guwahati by him.
Only Sales related details has to be uploaded by 10 th of next month. Purchases will be auto populated subject to correction . One return for both CGST, SGST or IGST.
In case of refund, no need to meet any one in person or to persue the case.
On the basis of RISK BASED PARAMETERS only 5 % cases will be selected for audit.
One person (dealer) will be monitored / assessed by one authority only either by State authorities or by Central authorities. No dual control will be there.
Even in case of Audit only one authority will adjudicate the case.
Suvidha Centres will be open in every town where a person can visit to file his return. To have internet facility with every person is not compulsory.
In case of Exemption availing industries, 58% of CGST payable will be refunded online. No misuse will be allowed.
For incentive by State government, formula of refunds will be framed by the state government only but no remission or Exemption in any case will be allowed.
In case of ITC under CGST, Where there is no excise invoice available, on 40% Value ITC will be allowed.
For works contract, some policy may be framed in future.
Presently Health and Education Industry are outside GST.
ITC will not be available for construction of building for self use or renting.
If a building is sold after availing completion certificate , no GST will be applicable.
Persons (dealers) will be given rating by the GSTN which may be seen at GSTN Site so that before buying sellers rating of compliance may be checked.
In case of inter state B2C having transaction more that Rs. 50000, full address of the buyer has to be mentioned.
In case of interstate transactions forRs. 50000 or more, e way bill has to be obtained.
No state border check gates will exist but may be checked any where by mobile squads.
For turnover up to 1.5 crore, two digit HSN Code is sufficient, above that 4 digit and after another slab 8 digit or so.
TDS will be deducted @1% of value of supply.
Hotel industry will get ITC on furniture, air conditioners, equipment etc but not on building.

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CA Deepak Gupta

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CA Deepak Gupta,is Co-founder of Studycafe. He is Microsoft Office Specialist and Corporate Trainer of AI Tools, Microsoft Excel. He is Finance Influencer having more than 250K followers on Social Media. CA Deepak Gupta, is Having more than 14 plus years of experience, and he has Worked with best brands Like, Hero, Wipro, Ericsson before Starting Studycafe. He has Trained more than 20000 Persons in Microsoft Excel, PowerPoint, Power BI, Google Sheet, Google Forms and Other Tools.