7 Important Outcomes : First Day of GST Master Class

Hasmukh Adhia took the first day of GST Master Class. Important points discussed on first day are summarised asunder::

  • Traders with a turnover below Rs 20 lakh will have to register for the Goods and Services Tax (GST). No threshold exemption on traders below Rs 20 lakh turnover if they want to do business with other states or inter-State.

 

  • It is Compulsory for the traders and dealers to complete GST registration within the period of 90 days.

 

  • Updating minor details after registration on GST Portal like e-mail ID, phone number, bank account number can be done by the trader themselves on GST registration portal.

 

  • The provisional ID number received at the time of registration and ID number received at the completion of registration will be same.

 

  • OTP (One Time Password) can be used if a dealer is facing problems in uploading Digital Signature Certificate (DSC) which are sent to their mobile number and e-mail ID.

 

  • It is required to furnish GSTN registration numbers for all registered dealers on their signboards.

 

  • The following items are outside GST purview:
    • Stamp duty and registration charges- By state government
    • Vehicle Tax- By state government
    • 5 petroleum commodities- VAT can be levied by state government while excise duty by the centre government
    • Entertainment Tax- By state government in order to benefit local bodies
    • Alcohol for human consumption- By state government
    • Electricity Duty- By state government

 

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