Life Style,News

GST – All You Need To Know

admin,   29 May , 2017  

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India is ready for GST, are you? Know every thing about GST here and stay updated to avoid any loss.

  • GST is now on the path to be implemented from July 1st, 2017.
  • Types of taxation in GST
    • IGST : Integrated GST
    • CGST : Central GST which with replacement CST
    • SGST : State GST which will replace VAT
  • WEF from June 1st, 2017 : Migration towards enrolment of GST will start till June 1st, 2017.
  • Registration certificates will be issued online
  • There will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.
  • 5 forms on different dates have to be submitted every month
    • R1 form on 10th
    • R2 form on 13th
    • R3 form on 15th
    • R4 form on 17th &
    • R5 form or final returns on 20th
      You cannot file revised returns at all. Once filed on 20th is final.
  • Tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.

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  • In the present VAT system you upload sales & purchases every Quarter. In GST you have to upload every sale & purchase bill every month.
  • Be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake!!!
  • Your firm rating will be done by the system. Based on the rating audit trials will be conducted.
  • Proposed e-sugam for ₹50,000 & above value only.
  • Proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40
  • 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services.
  • You need to submit 17 documents for migration to GST.
  •  Most products MRP to come down.

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  • Distribution and C&F channel under threat of becoming redundant
  • All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from a shop for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.
  • All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C&F agent, godown to shop.
  • All books & records to be maintained on daily basis.
  •  The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, wholesalers, distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.
  • You will need a full time accountant in your shop/office to maintain books under GST.
  • All travel & tour expenses related to business have to be claimed under firm name.

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  • If your vendor does not upload his bills within 180 days , you will not get tax credit.
  • You cannot claim credit for material in stock beyond one year.
  • They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.
  • All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.

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News

Mystery Behind Occurrence of Disasters on 26th Day of The Month

Sanyam Mittal,   28 Oct , 2015  

30 May 1960, Valdivia, Chile --- Damage from the 1960 Chile earthquake, the largest earthquake of the 20th century --- Image by © Bettmann/CORBIS

Recently, Afghanistan, Pakistan and parts of India and Tajikistan were shaken up by an earthquake. With its epicentre in Afghanistan, it was a critical one having magnitude of 7.5. Being dated 26, it was in news due to some irrational arguments. In retrospect, numerous disasters were found to occur on 26th day of the month. Some vacuous people raised certain questions while some presented unjustifiable stories as the answers. Although, no justification was established, one will be forced to think upon it as he/she goes through the past figures mentioned below. More…

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News,Tech

Enjoy Free Cab Rides (Uber & Ola)

Rupesh Pandey,   8 Oct , 2015  

free-ride

Ola And Uber Free Cab Rides

Hello our dear readers, we are back with a very beneficial offer for all you readers. You might have heard about the cab companies Ola and Uber. They are offering free cab rides as a promotional offer for upto ₹ 300. Everyone with a smart phone is eligible for these offers. You just need to signup using their app and apply promo code given in this post below. So get ready to enjoy free rides. More…

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News

Volkswagen Scam : Voilation of Clean Air Act

Sanyam Mittal,   26 Sep , 2015   Video

Volkswagen Scam

Volkswagen, a German car manufacturer, headquartered in Wolfsburg, Lower Saxony, Germany, and established in 1937, has left the world dumbfounded. On Friday last, the US Environmental Agency (EPA) stated that Volkswagen had very flagrantly violated the Clean Air Act.  Since 2009, Volkswagen had been installing elaborate software algorithm, dubbed as “defeat device”, to cheat emission tests. Accordingly, the cars’ pollution controls worked when being tested for emissions while the rest of the time, the vehicles could freely spout hazardous, smog-forming compounds.


 

Clean Air Act

The Clean Air Act-1963 designed to control air pollution on a national level is a United States federal law. It is administered by the U.S. Environmental Protection Agency (EPA), in coordination with state, local, and tribal governments. The law encourages prevention of regional air pollution and control programs. It also provides technical and financial assistance for air pollution prevention at both state and local governments.

Under this act, every automobile vehicle has to undergo an emission test to ensure low pollution level. After clearing the test, can only be vehicles launched. More…

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News,Tech

Huwei Honor Power Bank Review

Rupesh Pandey,   20 Sep , 2015  

Honor Power bank

Hello Readers,

I recently purchased a power bank from flipkart. It was so good that I thought I must write a review about it.

There are many power banks available in the market like Mi 10400 mAh, Asus Zen Power 10050 mAh and many others. But then there is Huwei Honor Power Bank 13000 mAh which is so nice and value for money.

Features of Huwei Honor Power Bank 13000 mAh

  • 13000 mAh Power Backup
  • Brand like Huwei
  • Double charging port
  • Sleek Design
  • 4 Led lights for level check
  • High Quality Circuits
  • Fast Charging Speed

More…

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News

Miraculous Indian Boy Anirudh Triumphs Australian Contest

Sanyam Mittal,   9 Sep , 2015  

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Anirudh Kathirvel, a nine-year-old Indian-origin boy is Australia’s new spelling champion after he won the 50,000 dollars ‘The Great Australian Spelling Bee’ competition.

Anirudh KathirvelAnirudh Kathirvel

Anirudh, born in Melbourne to a Tamilian couple won 50,000 dollars education scholarship along with an impressive 10,000 dollars’ worth goods for his school yesterday.
More…

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