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Archive for April, 2017

GST – Taxpayers below Rs 1.5 Cr not required to use HSN in invoices; Supply for charity not taxable

Posted on Monday, April 3rd, 2017 at 18:20 and is filed under GST Recent Orders, RNC Updates

the GST Regime, the HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.

GST Key Highlights

Posted on Monday, April 3rd, 2017 at 00:00 and is filed under GST Whats New, RNC Updates

1) Top news: GST will be implemented from July 1: Arjun Ram Meghwal

• Union Minister of State for Finance Arjun Ram Meghwal expressed confidence that the historic tax reform Goods and Services Tax (GST) will roll out from July 1.
• Government will resolve the problems of the trade and if GST begins from July 1, there will be no loss to trade and industry.
• Meghwal said that states are been told to strengthen their IT infrastructure and focus on manpower training.
• He said government will open guidance centres including in the villages where internet is available to support the trade in getting registered with GST.