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With GST [url=http://www.cheapairmaxaustralia.net/nike-air-m
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MessaggioInviato: 10 Ago 2019 05:22:14    Oggetto:  With GST [url=http://www.cheapairmaxaustralia.net/nike-air-m
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With GST
, there has been a fundamental shift in how your books are maintained. Till now in the entire tax regime, the only version of the truth was how you maintained your books. All your filings flowed from that.聽
In the GST era, there is one set of reporting that you are doing, but there are several parties who are reporting what their transactions with you are. GSTN as a common database consolidates and has unified view of what your business is. It also has connections with the customs, banking channels, income tax and so on. And it gives the taxman a full view of what you are reporting to each entity.聽
What this eventually means is that it was easier to be a non-compliant earlier. I could rely on my chartered accountant and tell him, 鈥淥kay, this year I want to pay this much tax, please prepare my books accordingly.鈥?But, now this would become very difficult because others have reported to GSTN and hence tax authorities know all the details.
One of the fundamental shifts that companies need is to ensure that the books of account that they maintain are fully in sync with GSTN has and they are reconcilable to an external third party. Every transaction that flows into your bank should be aligned to some other transaction which is reported by someone else.聽
Beyond the filing and the IT part of things it is very important that you know your supplier and your customer well. If your supplier has not paid their tax you will not get input credit. For example, let us take a very simple three party transaction between A, B and C.
Let us say they are transacting and A sells Rs 1 crore worth of goods every month and B works on it further for Rs 1.2 crore and the next party C sells it at Rs 1.5 crore. At an 18% tax rate the overall tax liability for the government would be 18% of Rs 1.5 crore. But, in between if B defaults, then A has already paid his 18%, which is Rs 18 lakh taxes to the government, but B is not able to pass that credit to the next party in chain, which is C. In this transaction, C who was earlier required to pay only 18% of the value he was adding, that is 18% of Rs 30 lakh amounting to Rs 5.4 lakh, will now end up paying tax on the entire Rs 1.5 crore, which means an outflow of Rs 27 lakh. And the tricky part with GST is that C will get to know about B鈥檚 default only two months down the line.
In this case if B has defaulted, his credit will only be reversed after two months, which means C is already transacting with him for two months post his default. If there are further defaults by B, an outflow of about Rs. 40鈥?0 lakh additional could potentially kill a business. This means it becomes very important to know who your vendor is, how well compliant they are and if they are not compliant then you need to change your vendor.
This also means you as a business owner need to ensure that you have sufficient credit at all times. If you are running your business on a tight budget, which most SMEs do, it may be time to reconsider how you run your business. If there is ever a situation where instead of Rs 5.4 lakh your tax liability suddenly becomes Rs 27 lakh you need enough headroom to cough up that amount to remain GST compliant.
If you are not compliant, your GST ratings will suffer. When that happens, you will eventually not be able to find new buyers or your existing buyers will get away from you.
Discover More About GST Filing Utility.
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Wine can be best used in all the occasions. But even more than that, it can be best used to gift someone on their special occasion. One of the most special occasions for each one of us would be the perfect wedding celebration. Wine itself is the best gift, but the look of it could definitely be enhanced by wrapping it with wonderful looking papers and placing it carefully in a beautiful bag.


Even though wine is bought for personal use, it is always kept at a place viewable by all. Try making it look elegant and decorative by keeping it in an elegant wine bag. There are a variety of bags available in the market which could enhance the whole look of the gift and add more to the way of presenting it to your friends. Custom wine gift bags helps in setting your style statement a step up from the rest. Use your imagination to create styles and combinations of colours with the wine gift bags to make it fit any occasion including Christmas. Well, and to personalize it even more, add a personalised wedding sticker onto it. This will add on to providing a customised seal to approving the wedding favours.


The wedding sticker can have proud declarations of the names, cute pictures of the newly wedded couple and signatures. Some are simple stickers with just a symbol of personalization, while others are more elaborate and specifically themed. And yes, there is a whole set of floral collection add to these wedding stickers with lilies, orchids and roses all over. These are the most popular ones because of its easy incorporation into most weddings.


Most of the stickers, especially if it is one among the wedding collection will have lots of colours and flower prints to enable you to better coordinate with your wedding theme. Two standard round size options are available in the market, along with those cute heart shaped stickers. And even though the heart shaped ones best suit the occasion, the round ones too make for a wonderful compliment. Then there are those rectangular wedding stickers which are generally used as labels. And, the greatest thing with these stickers is that you can use it on gifts, flavours, drinks and food.


Well, there are many creative ways of using these wedding stickers. The wedding stickers would very well compliment the wedding papers or invitation cards. Use them as seals on your wedding card and give a fresh look to the invitation. You could al.
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