0GST Updates:
1) PAN is mandatory for taking registration under GST. PAN will be validated by CBDT. After successful validation, registration will be granted.
2) If a person has a SEZ unit, then he is required to make separate registration application for that unit. Similarly, a separate application of registration is required for becoming Input Service Distributor.
3) A non- resident seeking registration under Non-Resident Taxable Person has to appoint an authorized signatory who will sign the application of registration. That person must be resident of India having a valid PAN.
4) A person registered under GST is required to display his certificate of registration at a prominent location at his principal place of business and GST Number on the name board at entry of his principal place of business.
5) Physical verification of place of business will not be conducted to grant registration under GST. But officer can do physical verification after granting of registration, if he is satisfied that it is necessary to do the same. He must upload verification report on GST Portal within 15 working days after verification.
6) Tax invoice in case of supply of taxable services must be issued within 30 days of date of supply of services. However, time limit for banking company, insurance company or financial institutions is 45 days.
7) The invoice shall be in triplicate for Supply of Goods and in duplicate for Supply of Services.
8) The serial number of invoices issued will be furnished electronically on GST Portal.
9) On receiving advance, Receipt Voucher will be issued. If rate is not determinable, tax is to be paid at 18%. If nature of supply is not determinable, it will be treated as Inter-State Supply.
10) If reverse charge is applicable, the recipient will issue Payment Voucher.
11) Electronic Liability Register shall be maintained for each person liable to pay tax on the GST Portal.
12) Electronic Credit Ledger and Electronic Cash Ledger shall also be maintained on the GST Portal for the person eligible for input tax credit and for person liable to pay tax respectively.
13) Tax will be paid only through internet banking, RTGS, NEFT or Debit and Credit Cards. However, over the counter payment is allowed through authorized banks for the amount up to Rs.10,000 per challan per tax period.
14) A separate formula is prescribed for Maximum Refund in case of inverted duty structure, i.e., GST rate is higher on Inputs than on Output Supply.
15) Refund application shall be filed electronically on GST Portal.
16) The grant of provisional refund shall be made if person clamming refund has not been prosecuted during any period of 5 years preceding the tax period for which refund is claimed. However, the following 2 condition mentioned in Draft Refund rules have been deleted:
a) The assessee should have a GST compliance rating of not less than 5.
b) The assessee should not have any pending proceeding or appeal on any issue.
17) If Commissioner wants to withhold refund, order must be issued along with reasons of withholding refund.
