There is only 3 days left to implement GST. But even then the businessmen of the country have many kinds of worries and fears about GST. However, people are afraid of GST or Confusion will not be a good fit to say it. Because many things about GST are not clear yet. GST, now will change life. In this special series, we have with us to solve some unsettling things again, Deloitte Haskins Senior Director MS Mani, CAIT President Praveen Khandelwal and Textile trader Bhanwarlal Jain.
Textile traders across the country have announced a 3-day bandh against GST. This movement of textile traders will start from today till June 29. Textile traders are demanding to eliminate 5 percent GST on clothes.
The country’s cotton market is closed, including Surat, Ahmedabad. Over 50 thousand traders in Gujarat are involved in the movement. Let us know that Gujarat’s textile industry has a turnover of Rs 1,500 crore per day.
Here, most of the country’s market will remain closed on June 30 against GST. This band, which started from Madhya Pradesh, has now also got the business of Rajasthan businessmen. The traders argue that GST’s preparation on their behalf has not been completed yet. At the same time, 5 percent GST on pulses are also opposed to getting pulses. The shutdown will also include lentils, oils and flour-grease.
GSTN i.e. Goods and Services Tax Network is IT infrastructure and services company. But still there remains a scam in the business of GST. Because the businessmen still do not know the complete information related to GST. There is a fear of not having computer information. Businesses are afraid of increasing the cost of GST accountancy. Also, it is also difficult to fill more returns.
On the other hand, 5% GST and open grain tax free on branded grains. Businessmen who sell branded grains at local level are upset with this arrangement. They fear that if the price has increased due to the price rise, they will not be able to stand in front of the big brands. It has come to discontinue the branded business.
The retailer should look at the Turnover of last year before GST. Because registering over 2 million turnovers is necessary. Weights will have to migrate to GST. The GST Migration window has been open since June 25. Provisional certificate will be received from GSTN. There is nothing more to do by August 10.
Wholesellar about GST First of all, see GST’s accounting rules. Take the GSTIN number of wholesaler who has sold the goods. Also keep the receipt of the goods sold out.
At the same time small companies must first complete their registration process for GST and pay the tax only. Also, pay attention to receipt. The e-commerce vendor should also register the vendor running the company and also register if there are only vendors. Keep in mind that e-commerce vendors do not require more than 1 registration. Registration from the state where goods are supplied.
GST will not be applicable on less than 20 lakh turnover under composite scheme in GST. Businessmen with 20-75 lakh turnover will have to pay 1 percent tax and 20-75 lakh turnover, MSME 2 percent tax. Register for composite scheme. The composite scheme in the service sector is only for the restaurant.
There will be no loss at the time of GST being implemented, if there is a mistake, the government can also give concession. If the stock has a VAT voucher, then 100 percent of the credit will be received. For input credit, just fill out a form. GST has the advantage of giving companies a discount.