Hello friends..!! From this article, you can get updates about “Rains of GST, enjoyment to registered and punishment to unregistered”. So, just read the article carefully for more updates.
Arjuna (Fictional Character): Krishna, rainy season has come. GST is also applicable from 1st July. So, in the rain of GST which people are going to wet and how?
Krishna (Fictional Character): Arjuna, in this rainy season at some places torrential rain is falling and because of this floods are coming, at some places drizzling rain is coming, and at some places no raining at all. In GST somehow is similar. GST is applicable to all traders. But some taxpayers wholly wet in the rain of GST and some are totally dry. So in the rain of GST which taxpayers and how preparations to be made that we will discuss.
Arjuna: Krishna, in the torrential rain of GST, how the taxpayer should make preparations?
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Krishna: Arjuna, at many places torrential rain is falling, similarly on large enterprises heavy rain of GST is falling. Some businessman started doing superfast work after understanding provisions of GST. GST law has been applicable from 1st July, so all the traders have updated their systems as per GST and their purchases and sales also have been started. Government has introduced the concept of summary return for all the taxpayers for first two months. Every taxpayer have to file the summary return of the month of July before 20thof August in Form 3B. In Form 3B taxpayer have to give information about total amount of inward supply, outward supply, output tax liability, input tax credit and GST will have to be paid. After that up to 5th September details of sales will have to be given and up to 10thSeptember information about purchases will have to be verified. Similarly, these taxpayers have to do preparations for transition. Because Form of transition have to be submitted within 90 days.
Arjuna: Krishna, how the preparations for drizzling rain to be done and by which traders?
Krishna: Arjuna, drizzling rain of GST is falling on traders, small businessmen, etc. These taxpayer are trying to understand provisions of GST somehow. They are preparing bill books as per GST law. They are doing working of closing stock. Some traders are busy in computerization. Similarly small traders also have been registered under the composition scheme. The last date of registration under the composition scheme is extended up to 16th August. It means small traders can be registered under composition scheme up to 16th of August. But traders doing interstate supply cannot opt for composition scheme. Composition taxpayer have to submit quarterly return.
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Arjuna: Krishna, How the raining of GST will be affected on the taxpayers which were not in the ambit of indirect taxes before this?
Krishna: Arjuna, Because of Strike of 15 days dealers in textile industry didn’t do any preparations. But now government is not going to give any exception to them from GST. It means they didn’t have faced raining of GST yet. But black clouds of rain are wondering on them. Textile dealer have to pay 5% GST on the Sale of cloth. But if the readymade cloths are sold and the sales value is less than Rs. 1000 then 5% GST and if the sales value is more than Rs. 1000 then 12% GST have to be paid. If the traders have not obtained registration then they should immediately take the GSTN. It means the black clouds of GST are wondering upon these all traders.
Arjuna: Krishna, What lesson the taxpayer should take from this?
Krishna: Arjuna, GST is the law. The taxpayers who will take registration, trading for them will be easy. The taxpayers who are unregistered and yet doing trading they may face the problems. Before this there was no any system with Government to catch unregistered persons but now they cannot come outside the net of GST. It means to take registration in GST is just like a raincoat or an umbrella in the rain of GST.
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