VM Associates

WELCOME TO GST.

Please follow the necessary steps for maintaining the healthy accounts hereafter:-

1. Make Rubber stamp of GSTIN.

2. Affix GSTIN stamp for all your invoices.

3. Take new bill book and start the beginning number from 1, 01 or 001.

4. If you have no printed bill book then you will print it to NEW GST MODEL BILL.

5. Give your GSTIN to all your suppliers.

6. Receive GSTIN from all your customers.

7. We will take ITC (Input Tax Credit) from business oriented expenses i.e., Telephone bill, Courier Bill, Stationery Bill, etc. Thus, hereafter you must receive the bills for all your business oriented expenses after mentioning your GSTIN.

8. You will place tax in bills for Local (Intra-State) as SGST – 9% and CGST – 9%. For outside state (Inter-State) as IGST-18%

9. Mostly online cash transactions are advisable and issue the DEBIT CARD for all your small expenses.

10. Tax must be paid for ADVANCE RECEIVED AMOUNT. Hence, don’t receive or paid any amount either without raising bills or collect bills.

11. No expenses have being written for more than Rs.10000/- in cash. If you receive more than 2 Lakhs from one person or company then that whole amount taken as PENALTY (Income Tax rule)

12. Please make bill wise closing stock as on 30.06.2017 for receiving ITC from our Sales Tax Department (Not for Service unit)

13. You have to pay tax for receiving bills from unregistered dealer. (Not for Service unit)

14. Please be ready of all Purchase, Sale, Expense Bills and Bank Statement on second day of each calendar month.

15. We must to file Sales transaction bills on or before 10th, and Purchase transaction bills on or before 15th and Final transaction ( Sales and Purchases) return on or before 20th of every month.

16. In GST portal, they have compliance rating method for GENUINE BUSSINESS MAN. Please follow the rules and get GENUINE BUSINESS MAN

I hope and wish you to get top compliance rate for increasing business as well as profit. BE PROUD OF INDIAN

GST- GOODS AND SERVICE TAX

GENUINE SIMPLE TAX

State Codes in GST
01 – Jammu & Kashmir
02 – Himachal Pradesh
03 – Punjab
04 – Chandigarh
05 – Uttranchal
06 – Haryana
07 – Delhi
08 – Rajasthan
09 – Uttar Pradesh
10 – Bihar
11 – Sikkim
12 – Arunachal Pradesh
13 – Nagaland
14 – Manipur
15 – Mizoram
16 – Tripura
17 – Meghalaya
18 – Assam
19 – West Bengal
20 – Jharkhand
21 – Orissa
22 – Chhattisgarh
23 – Madhya Pradesh
24 – Gujarat
25 – Daman & Diu
26 – Dadra & Nagar Haveli
27 – Maharashtra
28 – Andhra Pradesh
29 – Karnataka
30 – Goa
31 – Lakshdweep
32 – Kerala
33 – Tamil Nadu
34 – Pondicherry
35 – Andaman & Nicobar Islands
36 - Telengana⁠⁠⁠⁠

Transition to GST

Every business is waiting to make the transition to the new laws under GST as we get closer to the appointed day. Taxpayers already registered under VAT/Service tax also need to register under GST. Each entity registered under the previous indirect tax laws shall get a certificate of registration on the provisional basis.

The tax rate under GST may be nominal or zero rated for the time it charged. It has been proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government has assured states of compensation for any revenue losses incurred by them from the date of introduction of GST for a period of five years www.vmassociates.net.in

The tax rate under GST may be nominal or zero rated for the time being. It has been proposed toinsulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government hasassured states of compensation for any revenue losses incurred by them from the date of introduction of GST for a period of five years.8 mob- 9818973895