GST launch tonight: What is it? Where to register and details of items covered

From midnight today, the GST regime will take over in one of the nation's biggest economic reforms

The government is all set to roll out the goods and services tax (GST) at the stroke of the midnight on June 30, 2017.

All states/union territories, except Jammu & Kashmir, have approved the state goods & services Act (SGST) for ensuring the roll out.

 

Accounts & Records In GST Regime

1) Compliance verification in GST will be done
through examination of accounts and records maintained, only if required

2) One tax, one type of record: No need to
maintain separate records for different taxes like value added tax, Excise
& Service Tax

3) The required records are:
a) All records of goods and services that a
person supplies or receives in the course of his business;
b) All records of goods imported;
c) Any other supporting documents such as
contracts and price quotation to show liability to GST

4) Taxable persons with turnover of less than
Rs 2 crore are not required to get their accounts audited or submit
reconciliation statement with annual returns

Source: GST@GoI

 

5) Which items are covered under GST and which are not subject to GST?

Daily use consumer items such as cereals, pulses, dairy produce, fresh meat, fish, fresh vegetables and fruits are all exempt from GST, according to government data.

Education and skill development services have also been granted exemption, official data show.

Alcoholic drinks, electricity and five petroleum products (crude oil, petrol, diesel, natural gas and aviation turbine fuel) are out of the purview of GST. These will continue to attract VAT and central excise. The petroleum products have been excluded only temporarily.

Republished with permission from IndiaSpend.org, a data-driven, public-interest journalism non-profit organisation. You can read the original article here