FIT Wealth Advisors LLP

How to Pat tax under GST regime....

1- Calculate tax payable in cash

2- Generate CPIN number in GST PMT-4 on portal by putting all the detail of Tax under CGST, IGST & SGST along with Interest, fees, and Penalty (Sb) etc .
Challan will have 14 digit CPIN number (Common portal identification Number)
Challan will be valid for 15 days) Once
generated challan may not be modified.

3- Make payment with above challan (CPIN) by (RTGS/NEFT etc) sb or as specified by Govt.

4- After payment of Tax, Challan Identification Number – 17 digit ( 14CPIN and 3 digit Bank Code)(Sudhir) will be generated, will be proof of Tax payment.

States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year.
With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the process of appointing consultant to help it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax.
Other states may also go in for consultants to assist the administration in the preparatory work for GST.
While the Punjab government is looking to appoint a consultant for two years, sources said other states too would be looking at a similar timeline as the hurdles in implementation of GST are expected to come down in 1-2 years.
Among other things, the consultants will be required to suggest organisation structure of the department in the GST regime, strategy for transition period and ways to mitigate risks and checklist of tasks that need to be completed before introduction of GST.
Also, the consultant will be required to frame a communication strategy for administration vis-a-vis stakeholders such as industry and traders.
Also, the consultant will be imparting training on provisions of the GST Act/Rules and processes to officers of the department.
Besides, the entity will calculate the impact of GST implementation on state revenues keeping in view the present rate of tax in the state and the proposed rate of tax under GST.

Touted as the biggest tax reform since Independence, the GST will subsume excise, service tax, cess, VAT and other local levies and create a uniform market for seamless transfer of goods and services.

The GST draft rules on payment, returns and refund have been finalised and the all-powerful GST Council will decide on the tax rate by October 20.

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👉🏿 *From next month, the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh exixting VAT TIN RC / taxpayers onto its system.*
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````Taxation & MSTD Corner```
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🖥Beginning next month, the Goods and Services Tax Network (GSTN) will start migrating over *80 lakh taxpayers onto its system.*
🖥This will facilitate the smooth implementation of the GST regime. *“The first part of our software will be ready by end October.*
🖥Existing taxpayers of value added tax, service tax and central excise will be migrated to GSTN,” said *Navin Kumar, Chairman, GSTN.*
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````Taxation & MSTD Corner```
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👉🏿 *RC to be issued*
🖥The GSTN will begin issuing GST RC numbers (TIN) and generating *passwords* for these taxpayers.
🖥“They can log on to our system, familiarise themselves [with it] as well as provide us relevant information,” he said.
🖥The GSTN, which will provide the IT infrastructure for the new indirect tax levy, has already received a list of all the taxpayers, their Permanent Account Numbers (PAN), names of the business entities, and their constitution or form from the state vat tax authorities.
👉🏿 *Requirements*
🖥On receiving their ID and passwords, taxpayers will be expected to log on to the GSTN and provide three additional inputs — *place and address of business, name(s) of directors or proprietors, and details of bank accounts* — which will become part of the GST records.
🖥“Though the taxpayers will have time up to *six months* after the roll out of GST to provide this information, ( as provided in MGL) but we thought we will give them an opportunity to come on the system now itself and familiarise themselves,” said Kumar, *adding that annually about four lakh new taxpayers are estimated to enrol on the IT network.*
🖥He also expressed confidence that the GSTN will be ready to meet the roll-out target of the indirect tax levy from April 1, 2017.
🖥 _“We will have a beta run from the end of February to end March and will go live from April 1”_
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````Taxation & MSTD Corner```
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👉🏿 *Union FM meets Infosys CEO..*
🖥Finance Minister Arun Jaitley on yesterday held a meeting where *Infosys CEO Vishal Sikka* made a presentation on the GSTN and its roadmap.
🖥 *Infosys is the technology partner for GSTN and is developing the system.*
🖥On Wednesday, Prime Minister Narendra Modi held a review meeting on the matter with Jaitley and Finance Ministry officials.
🖥Apart from the Centre, the GSTN is also building the *back-end IT infrastructure and software for 19 States and five Union Territories. Kumar said about 10 States such as Maharashtra, Gujarat and Tamil Nadu are building their own systems.*
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🍎 *GST Exemption Threshold Limit Fixed* 🍓

"For GST, the exemption threshold is fixed at *Rs 20 lakh.* So those with a turnover of below Rs 20 lakh annually will be exempted from GST. With the *north-east states*, the exemption threshold is *Rs 10 lakh,"* Finance Minister Arun Jaitley said today.

"Those who have an annual turnover of less than *Rs 1.5 crore* will be assessed by the state authorities," the Finance Minister said. Base Year to determine Threshold will by FY 2016-17