Basics: GST Laws and Rules Part -2 - Imprezz

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Basics GST Laws and Rules Part -2

• https//www.imprezz.in/ Imprezz

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The Goods and Services Tax (GST) is an indirect
tax regime that has replaced several indirect
taxes in India. The GST laws and rules on goods
and services were approved in the Parliament on
March 29th, 2017, and came into force on July
1st, 2017. Any supply of goods or services is
subject to GST. It is a comprehensive,
multi-stage, destination-based tax that is
applied to every value addition. Under the GST
system, the tax is applied at each point of sale.
The central goods and services tax and the state
goods and services tax apply for sales within the
country. All interstate sales are subject to an
integrated goods and services tax. This article
is part of our basic GST guide Part-2 briefly
explains various Revised Rules under GST.
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Revised Invoice Rules Revised tax invoices under
GST must be modified under the specified GST
rules and format. While providing invoices for
the supply of services or goods, suppliers might
want to modify or revise the tax invoice. In such
cases, a supplier must adhere to the following
GST tax laws while invoicing. Revised Tax
Invoice under GST Format A revised tax invoice
must contain the following specifications as per
the GST invoice format in India
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• The invoice has to be titled Revised Invoice.
• GSTIN, name, and address of the supplier.
• Nature of the invoice.
• A consecutive serial number not exceeding 16
  characters.
• The date of issue of the tax invoice.
• GSTIN, UIN, name, and address of the recipient
  (if registered).
• The recipients name, address, and delivery
  details, including the states name and code (For
  non-registered recipient).
• The date and a serial number of the corresponding
  tax invoice (applicable to supply invoices only).
• The value of a taxable supply of goods or
  services, the tax rate, the amount of tax
  credited or deducted to the recipient.
• A signature or digital signature of the supplier
  or authorized representative.

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• Supplementary Invoice
• According to the GST invoice rules, if the
  taxable value or tax amount charged in a tax
  invoice is less than the payable amount or value
  of supply, taxpayers can issue either a credit or
  debit note. Credit or debit notes must be titled
  Supplementary Invoice.  Later, supplementary
  invoices must be included in the monthly returns,
  during which debit or credit notes were issued,
  to adjust tax liabilities.
• Revised Payment Rules
• CBEC released revised payment rules it provides
  the methodical aspects relating to the following

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Electronic Tax Liability Ledger As specified in
subsection (7) of section 49, the electronic tax
liability ledger must be kept in FORM GST PMT-01.
It applies to all taxpayers liable to pay
interests, fines, late fees, tax, or any other
taxable amount on the common portal. All the tax
payable amount will be debited to the ledger, as
mentioned above. Electronic Credit Ledger The
electronic credit ledger should be maintained in
FORM GST PMT-02. It applies to the taxpayers
eligible for the ITC (input tax credit) under the
GST ACT. Every ITC claim will be added to a
credit ledger as per the GST law.
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Electronic Cash Ledger The electronic cash
ledger should be maintained under Subsection (1)
of Section 49 in FORM GST PMT-05. It applies to
taxpayers liable to pay taxes, late fees, fines,
interests, and other payable amounts on the
common portal for the deposited amount credited
and debited towards the payables, as mentioned
above. Identification Number for Each
Transaction The portal generates a Unique
Identification Number (UIN) for each debit or
credit reported in the e-cash or credit ledger.
The UIN concerning any liability discharge is
indicated in the corresponding entry of the tax
liability ledger.
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Revised Refund Rules

• Revised refund rules under GST specifies the laws
  to be followed by taxpayers to request a refund
  of tax, interests, fine fees, or any other
  amount. Taxpayers, except for those that fall
  under section 55, requesting the refund of tax
  and any aforementioned additional amount must
  submit their request through FORM GST RFD-01.
  They can upload the form either directly on the
  GST portal or through the facilitation center, as
  notified by the commissioner.

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Revised Registration Rules

• Taxpayers who are subject to registration under
  subsection (1) of section 25 and subsection (3)
  of section 25 must provide their PAN (Permanent
  Account Number), mobile number, e-mail address,
  and state or union territory information before
  registration in FORM GST REG-01 on the common
  portal. They can either upload these particulars
  directly or through the facilitation center.
• The revised registration rule does not apply for
  the non-resident taxpayers, taxpayers providing
  online information and data access to a person
  abroad under section 14 of Integrated Goods and
  Services Tax (IGST), taxpayers subject to deduct
  taxes under section 51, and taxpayers subject to
  collection of taxes under section 52. Taxpayers
  from special economic zones or SEZ developers
  must submit a separate registration application
  as a business sector distinct from other units
  outside their zone.

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• Revised Return Rules
• GST has integrated various returns under a
  single tax calculation system. However, GST
  entails categories of return filing. Any taxpayer
  has to adhere to these revised return rules to
  avail ITC.
• Outward Supplies
• Taxpayers must provide details of outward supply
  of goods and services, or both, under section 37.
  These details must be furnished in FORM GSTR-1.
  Taxpayers must file the form electronically on
  the portal as per the new GST law. They can
  either file returns directly or through the
  facilitation center.

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• Inward Supplies
• Registered persons are required to provide
  details of inward supply of goods and services,
  or both, received during a tax period as per
  subsection (2) of section 38. They are supposed
  to furnish the details based on Part A, Part B,
  Part C, and Part D of the GSTR-2A FORM.
• Taxpayers must furnish the details specified in
  subsection (1) of the previous section and submit
  it through FORM GSTR-2 electronically through the
  common portal. They can either upload it directly
  or through the facilitation center. Once
  taxpayers mention the inward supply details
  mentioned above, other information can be
  uploaded under subsection (2) of section 38.

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• Monthly Return
• Taxpayers who are not distributors, non-resident
  taxable individuals, businesses taxable under
  section 10 or section 51 must file a specific
  return under subsection (1) of section 39 in the
  FORM GSTR-3 electronically through the common
  portal. They can either upload it directly or
  through the facilitation center.
• Quarterly Return
• Taxpayers subject to pay tax under section 10,
  after the amendment of details in the FORM
  GSTR-4A, must file quarterly returns on the FORM
  GSTR-4 electronically through the common portal.
  They can either upload it directly or through the
  facilitation center.

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• Revised GST Laws and Rules for Non-Resident
  Taxpayers
• Non-resident taxpayers must submit FORM GSTR-5
  electronically through the common portal. They
  can either upload it directly or through the
  facilitation center. They must also include the
  details of overseas supplies received, interests,
  fines, late fees, or any other amount payable
  under GST rules and regulations. Taxpayers must
  submit the form 20 days after the end of the
  taxation period or within seven days before the
  registration validity period ends (whichever
  applicable).
• Revised GST Laws and Rules for Input Service
  Distributors
• Registered Input Service Distributors must
  provide information on services, amend necessary
  details submitted in the FORM GSTR-6A (if any)
  and submit the FORM GSTR-6. They must also
  include tax invoices on which credits are
  collected and issued under section 20. They can
  either upload it directly or through the
  facilitation center.

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• Revised GST Laws and Rules for Taxpayers Required
  to Deduct Tax at Sources
• Taxpayers required to deduct taxes at the source
  under Section 51 must file returns through the
  FORM GSTR-7 electronically through the common
  portal. They can either upload it directly or
  through the facilitation center.
• Revised GST Laws and Rules for E-Commerce
  Operators
• E-commerce operators in India collect taxes
  through sources under section 52 these taxpayers
  must submit statements in the FORM GSTR-8
  electronically through the common portal. They
  can either upload it directly or through the
  facilitation center. The form must also contain
  details of supplies carried out through these
  operators and the tax amount collected under
  subsection (1) of section 52.

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Conclusion

• The new GST laws and rules were implemented
  earlier this year. Documents related to GST rules
  have been shared by the GST Council and CBEC
  authorities. These documents deal with taxable
  events under the new GST laws and rules. GST
  Rules 2020 aims to simplify the Revised GST
  rules, GST returns filling, and more.
• Imprezz is fully-featured, integrated accounting
  software that helps taxpayers and businesses
  comply with GST rules. With the Imprezz billing
  and invoicing system, you can create quotes,
  invoices, proforma invoices, sales, and purchases
  adjustments and send GST returns based on the GST
  billing rules.
• We offer a 14-days free trial software
  program for small businesses, freelancers, and
  accountants in India. You dont need to be an
  accounting expert to manage your finances at
  Imprezz. Log in to get started!

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