The government has warned manufacturers that non-compliance of printing the revised price on unsold and new products will attract a maximum fine of Rs. 1,00,000 penalty and jail term for 1 year. This move mandates manufacturers to act soon to get the new rates enforced at all levels, as soon as possible. Source : http://www.business-standard.com/article/economy-policy/gst-impact-cos-face-jail-term-for-not-reprinting-revised-mrp-on-inventory-117070700552_1.html
GST Registration is mandated for certain persons. There is a list of documents that are mandatorily required at the time of registration. Following are the 10 things needed for GST registration: Valid PAN (Permanent Account Number). Valid Indian mobile phone number. Valid email address. Jurisdiction details Valid bank account number from India. IFSC Number of the same bank and branch. At least one Partner/Proprietor/Director/Trustee/Karta/Member with corresponding PAN An authorised signatory who is an Indian resident with valid details including PAN. Place of business Prescribed documents and information on all mandatory fields of the Registration Application. Click to Tweet this INFOGRAPHIC Note: this information is only a presentable data retrieved from the below mentioned sources. Please read the guidelines from the gst.gov.in website before proceeding. Source: https://tutorial.gst.gov.in/userguide/registration/#t=faq.htm https://tutorial.gst.gov.in/userguide/registration/#t=m...
GST Benefits, Rates Explained Goods and Services Tax is an indirect tax implemented on July 1st, 2017 throughout India. This replaced all the existing taxes that governed Goods and services across India. These were collectively called as cascading taxes levied by the State and Central Governments. This Act is formulated and governed by the GST Council whose Chairman is the Finance Minister of India. What taxes did GST replace: GST replaced several existing taxes including: services tax, customs duty, surcharges, octroi, central excise duty, inter-state transportation of goods. There are 4 different GST rates: 0%, 5%, 12%, and 18%. There is also a special rate of 0.25% on rough precious and semi-precious stones. The GST rate on Gold is 3%. In addition a cess of 15% or other rates on top of 28% GST applies on some items that aren't used by everyone in the society like aerated drinks, luxury cars, and tobacco products. What are the GST Rates on different products? Soaps 18% Washi...
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