GST rules for MSME
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Not only that of checking bills issued by the seller but most of the small retailers will not issue Tax Invoice at all !! they say their turnover is below 20 lacs or under composite type etc., which all false, as most of traders (ie., rajasthani/gujarati or even local traders) make fast buck and make crores of properties in notime how this possible if their turnover is below threshold limit as even you calcualte 30-40% margin of 20 lacs turnover thery make meagre income like working class, so all cheaters under the nose !! more
Aug 22
There are many issues which GST website or GST Council is not addressed those issues like uploading of Invoices unto GST website, as SME clients (b2c) will upload only lumpsum details so availing ITC for those Invoices is difficult unless, whethe option of uploading part as lumpsum and part Invoices is available or not is not clear, and Expenses incurred above Rs.5000/- like freight, packing, insurance may also lead to same issues like ITC availing whether one can avail or not is not clear becos ACT says anything related to Furthernace of business is allowed as ITC like that many issues which is not addressed, and specially for SME sector which work with min manpower now they need to either hire a experienced staff paying high salary or pay higher fees to their CA's or tax consultants to do the GST filing/work. more
Aug 19
If retailers or any other charging GST they should raise the tax bill. In fact Govt. should launch a portal where any person who purchased the goods with GST bill can upload the details of the bill. because it is lot of possible that the shopkeepers like hotels, & other retailers who are raising the bill computer generated and there is no signature on the bill they can collect the GST from customers but they may not pay the GST to Govt. For example If a hotelier raise every day 200 bills but at the end of day he book only 20 bills than there is no mechanism to control it
if a portal launched by the Govt. where any person can upload a bill issued to them and if in cross check it is found that no tax paid by the seller or service provider that has to be questioned on the spot on findings of the irregularity by the tax payers and the tax authorities instead of carrying over the matter years together on litigation on incurring addiction cost on legalizing the issues and lossing out the cascading effects of interest lost etc more
if a portal launched by the Govt. where any person can upload a bill issued to them and if in cross check it is found that no tax paid by the seller or service provider that has to be questioned on the spot on findings of the irregularity by the tax payers and the tax authorities instead of carrying over the matter years together on litigation on incurring addiction cost on legalizing the issues and lossing out the cascading effects of interest lost etc more
Aug 19
