These are the Main Features of the GST Act

gst main features
  • GST to be levied on supply of goods or services.
  • All transactions and processes only through electronic mode – Non-intrusive administration.
  • PAN Based Registration.gst act, gst form, gst rebate, service tax act, goods and services, gst return, good and service tax, goods service tax, gst bill explained, gst website,
  • Registration only if turnover more than Rs. 20 lac.
  • Option of Voluntary Registration.
  • Deemed Registration in three days.
  • Input Tax Credit available on taxes paid on all procurements (except few specified items).
  • Credit available to recipient only if invoice is matched – Helps fight huge evasion of taxes.
  • Set of auto-populated Monthly returns and Annual Return.
  • Composition taxpayers to file Quarterly returns.
  • Automatic generation of returns.
  • GST Practitioners for assisting filing of returns.
  • GSTN and GST Suvidha Providers (GSPs) to provide technology based assistance.
  • Separate electronic ledgers for cash and credit.
  • Tax can be deposited by internet banking, NEFT / RTGS, Debit/ credit card and over the counter.gst act, gst form, gst rebate, service tax act, goods and services, gst return, good and service tax, goods service tax, gst bill explained, gst website,
  • Cross utilization of IGST Credit first as IGST and then as CGST or SGST /UTGST.
  • Concept of TDS for Government Departments.
  • Concept of TCS for E-Commerce Companies.
  • Refund to be granted within 60 days.
  • Provisional release of 90% refund to exporters within 7 days.
  • Interest payable if refund not sanctioned in time.
  • Refund to be directly credited to bank accounts.
  • Comprehensive transitional provisions for smooth transition of existing tax payers to GST regime.
  • Special procedures for job work.
  • System of GST Compliance Rating.
  • Anti-Profiteering provision.

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