In the course of Intra-State Supply (Intra-UT Supply), CGST and SGST shall be payable, these two components shall be collected and segregate by taxpayers, collect GST on the other hand in the course of Interstate transactions IGST.

The Statement of financial transactions need to be prepared by the person required to be audited in the income tax act 1961.

GST Council specifies rates 5%, 12%, 18% & 28% and categorised 1211 items under various tax slabs.

The transitional provisions are made part of GST Act, to ensure a smooth and logical transition of Credits of Input Tax for taxpayers who are transforming from the existing tax regime to GST regime.

It is generally issued by the supplier notifying the purchaser of the obligation to make payment in respect of any transaction.

E-Way Bill will be required for movement of all goods, whether within the state or across states and shall be generated where value of goods exceeds Rs 50,000

GST Transition provision- section 139 of CGST Act, 2017 read with Rule 16 of GST registration, prescribes the process of migration which can be summarized in the following manner.

Goods and Services Tax (GST) portal has initiated a portal to check the status of conversion of an existing registration to GST.

GST is an indirect taxation in India which is supposed to merge most of the existing taxes into a single system of taxation.

GST is a Value-added Tax (VAT) is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.

In GST there are 19 forms for filing of returns by tax payers. All these forms are required to be filled online on the GST portal.

GST will replace all Central level taxes such as excise, service tax, customs duty as well as state level taxes like VAT, CST, entertainment tax among others.

CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN).

CBEC has released 2nd edition of FAQ clarifying Central Goods and Service Tax (CGST) Bill, Integrated Goods and Service Tax (IGST) Bill, Union Territory Goods and Service Tax (UGST) Bill and the Goods and Service Tax (Compensation to the States) Bill passed in the Lok Sabha.