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GSTN portal is live with the cancellation of GST registration for the migrated taxpayers. All the taxpayers who have not issued any invoice after the registration can opt for this service. The individual can fill out form GST REG 16 in case he has filled any tax invoice.Steps for cancellation of GST registration for the migrated taxpayer:Login with username and password on GST portalThen click on the tab ‘Cancellation of provisional registration’After which a popup will ask that if a taxpayer has raised any tax invoice in the period of GSTSelect ‘No’After the selection, the taxpayer will have to go through verification and have to submit all the form related details along with the digital signature/EVC.I read this on google once when i had same query and i think that this explanation is better than i would have explained you :-)Source : Google

What is GST (Goods and Service Tax) and Its codes?Those are, HSN code and SAC codes.Let us first learn what GST is.GST is a newly passed bill which calls for a common tax over the nation and just one single type of tax filtering ll the extra and indirect taxes. It will replace VAT, service tax and excise in every business that will have to mandatorily register under it. The cost of tax on all commodities is expected to go down after the implementation of GST this is because GST eliminates tax on tax and provides tax credit adjustment without breaking credit chain. For example currently when a manufacturer sells to a trader he charges him excise, when the trader sells again he charges VAT but cannot adjust the excise credit against it. This causes the excise paid by him to be added to his cost. But, after GST manufacturer sells to trader and charges him GST. When the trader sells again he charges GST and avails input tax credit thereby, eliminating the taxes paid becoming a cost.How do you move from VAT to GST?All the dealers registered with VAT authorities and valid pan will be auto migrated along with provisional certificate in GGT registration form 21.Within 6 months the dealers are to submitted the GST registration form 20 along with information requiredIf all the data provided are not accepted the provisional form provided will be cancelled by registration form 22What is the procedure to move from service tax to GSTAll the dealers registered with service tax authorities and having a valid pan number will be automatically moved to GST with provisional certificate for it in GST registration form 21.Within six months the dealers are supposed to submit the registration GST form in the GST portal along with required information.Once all the data and information provided is accepted you will be provided with a final GST registration certificate in registration form 6.In case the information is not satisfactory a notice in form 23 will be issued and a hearing will be taken before cancelling or providing the final certificate.If a hearing is not successful or the details are not provided within the given amount of time the certificate will be cancelled under form 22.How to move from excise to GST?All the dealers registered with excise authorities and having a valid pan number will be automatically moved to GST with provisional certificate for it in GST registration form 21.Within six months the dealers are supposed to submit the registration GST form in the GST portal along with required information.Once all the data and information provided is accepted you will be provided with a final GST registration certificate in registration form 6.In case the information is not satisfactory a notice in form 23 will be issued and a hearing will be taken before cancelling or providing the final certificate.If a hearing is not successful or the details are not provided within the given amount of time the certificate will be cancelled under form 22.GST code (GST identification number)Every tax payer will be assigned a state-wise PAN based GST tax payer identification number (GSTIN) which will be 15 digit long.The first two digits of GSTIN will represent the state code according to Indian Census of 2011. Each state has a unique two digit codeThe next 10 digit of GST IN will be the pan number of the tax payer(The GST code will be an alpha numeric number i.e first 1-9 and then A-Z it will be allotted on the basis of number of registrations a legal organisation, company, etc has within one state.)The fourteenth digit currently has no use and therefore will be Z by default.The last digit will be a check code which will be used for detection of errors.Click here to view GST HSN / SAC Codehttps://drive.google.com/open?id=0B4-6QmaHYpdEOFlsVi1NR3h0NkEHSN codes for GST in IndiaAll the states in the country have their own tax system for classifying the goods tax rate. But with GST regime there will be an uniformity all over the state which will harmonize the system of HSN for the goods and the service accounting code or SAC system for the services.In order to know about the GST code let us first discuss the HSN code as it is closely related to GST.HSN (harmonized commodity description)It is a multipurpose product that is for international purpose as well to develop world customs organisation better known as WCO. WCO has 181 members and three quarters of it are developing countries. The developing countries are responsible for managing more than 98 percent of world trade. HSN standardize the classification of merchandise under section, chapters, headings which results in six code for each commodity. Every two digits in the code represents the chapter, heading and subheading.India has been a member of WCO since the year 1971 and has been using HSN codes since 1986 to classify the commodities for the customs and central excise. The customs and central excise then added two more codes to make the codes more differentiable which gave 8 digit classification.With GST taking control most of the business owners will have to take up two to four or eight digits HSN codes for their goods and services depending on their turnover for a year.Dealers who have a turnover of Rs 1.5 crores up to 5 crores will have to use two digit HSN code.Dealers with turnover less than 1.5crores will not have to use it.The dealers who crosses the 5 crores margin will have to use 4 digit HSN codes.In case of business that deals with import and export they will have to use 8 digit code which will be compulsory.How is HSN code classified?It has 21 sections with 99 chapters, 1,244 headings and 5,224 subheadings. They are arranged based on the product degree od manufacture or in terms of its technological complexity. The natural products that include plants and animals comes under the beginning of the section. While the man made or technologically advanced products that include machinery comes later.Every section is a collection of various chapters. The sections represent broader classification of the goods and chapters that represent a smaller section that comes down to particular product section. Section XV relates to base metals and articles of base metals while section XV’s chapter 72 deals with iron and steel specifically.Every chapter is divided into many headings which depends upon the type of goods that belong to the same niche. For example a chapter with heading 2 that deals with metal alloys will also have a chapter say 24 which will deal with metallic wires made from alloys.Now coming down from the chapter is the heading which contains products that are unlimitedly assigned an HSN code. The ferro manganese under ferro alloys for example bears the HSN code 72.02.01-01 begins the product code in heading 02 under chapter 72. The HSN code for other chapter products under ferro alloys in 72.02.99.In order to identify the goods better India and some of the countries use this 8 digit code for easier and more number of classification. Some of the HSN codes uses dashes in the beginning of description which denotes an article that belongs to a group covered under a heading. A double dash indicates that the article is sub-classification of the preceding article that has a single dash. And triple dash indicates that the article is a sub classification of the preceding article that has a double dash or triple dash.Classifying goods under HSNIn formatting a classification for a particular item, dealers must apply the general interpretative rules. Once a classification is complete, there’s no requirement of applying the remaining rules. Moving on to the next rule is only necessary if a complete classification does not result from applying the previous rule. Classification is final once there is no doubt.For the classification purposes a word should be built in its popular sense and not in the strict or technical words.SAC code in GST (GST codes)SAC and HSN are the similar codes under GST. In case of services, for each type of service provided is given an unified code for recognition, measurement and taxation. These are known as SAC codes. In the current service tax regime, SAC codes are already defined for each type of service.When it comes to being under GST the majority of the dealers will need to adopt two- four or eight digit HSN codes for their commodities, depending on their turnover the previous year.Business with turnover less than 1.5 crores will not require SAC codes for their goods and commodities.Businesses with turnover between Rs. 1.5 crores and Rs 5 crores shall be required to use two digit SAC codes for their commodities.Businesses that have a turnover of 5 crores and above will require to use 4 digit SAC codes.In case of imports and exports the SAC codes will be 8 digits.The small dealers under composition scheme will not require to mention SAC codes in their invoices. The codes will be mentioned in invoice and in the GST tax return details which will be uploaded on the GST portal.The small business under composition scheme will not be required to mention SAC codes in their invoice.At the time of registration, migration the business taxpayer will be required to mention HSN codes of the goods he deals with during registrationServices will be classified as per the services accounting code SAC there service accounting codes issued by the govt. for service tax. This is expected to remain stable in GST regime.Hope you got the idea what is GST all about!

Free Income Tax efiling in India: ClearTax | Upload your Form-16 to e-File Income Tax ReturnsInvoicing Under GSTUpdated onJun 28, 2017 - 12:40:43 PMUnder GST invoicing rules and formats have been notified covering details such as supplier’s name, shipping and billing address, HSN Code, place of supply, rate. In this article we will be covering all aspects of invoicing under GST.Time limit to for invoicing under GSTThe GST Model law has defined the time limit for issue of GST tax invoices, revised bills, debit notes and credit note.Following are the due dates for issuing an invoice to customers:Supply of Goods (Normal case)- On or before date of removal/ deliverySupply of Goods (Continuous Supply)- On or before date of issue of account statement/ paymentSupply of Services (General case)- within 30 days of supply of servicesSupply of Services (Banks & NBFCs)- within 45 days of supply of servicesRevise Already Issued Invoices under pre-GST regimeRevised tax invoices can be issued by a registered taxable person within one month from issuance of certificate of registration i.e. GST Registration. It will be issued against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to himWhat is Bill of Supply?Tax invoice is generally issued to charge the tax and pass on the credit. In GST there are some instances where the supplier is not allowed to charge any tax and hence a Tax invoice can’t be issued instead another document called Bill of Supply is issued.How to raise aggregate invoices?Where the value of invoice is less than Rs 200 and the recipient is an unregistered, registered taxpayer, he or she can issue an aggregate invoice for such multiple invoices on a daily basis.For example, you may have issued 3 invoices in a day of Rs.80, Rs90 and Rs120. In such a case you can issue a single invoice, totaling to Rs290, to be called an aggregate invoice.When is debit note issued?Debit note is to be issued by supplier:Original tax invoice has been issued and taxable value in the invoice exceeds actual taxable value.Original tax invoice has been issued and tax charged in the invoice exceeds actual tax to be paid.When is credit note issued?Credit note is to be issued by supplier:Original tax invoice has been issued and taxable value in the invoice exceeds actual taxable value.Original tax invoice has been issued and tax charged in the invoice exceeds actual tax to be paid.Recipient refunds the goods to the supplierServices are found to be deficientWhat are the specific mandatory fields in an GST compliant invoice?To issue and receive a GST compliant invoice is a prerequisite to claim ITC. If a taxpayer does not issue such invoice his customer loses ITC claim and the taxpayer loses its customers. Here we mention the mandatory fields in an invoice:Invoice number and dateCustomer nameShipping and billing addressCustomer and taxpayer’s GSTINPlace of supplyHSN codeTaxable value and discountsRate and amount of taxes i.e. CGST/ SGST/ IGSTItem details i.e. description, unit price, quantityWhat are the various types of invoices or supporting documents?All different types of GST compliant invoices such as:sales invoicespurchase invoicesbill of supplycredit notesdebit notesadvance receiptsrefund vouchersdelivery challans (for supply on approval, supply of liquid gas, job work and other).Manner of issuing invoicesWhat’s the diff between invoice date and due date?Invoice date refers to the date when the invoice is created on the billbook, while the due date is when the payment is due against the invoice.How to issue an invoice under reverse charge?Here, you not issue an invoice different from usual sales or purchase invoices. The only additional requirement is that you need to mention on the invoice that tax is paid on reverse charge.Is it mandatory to maintain invoice serial number?Yes, invoice serial number must be maintained strictly.For example, if invoice is being issued with serial number as INV001, the same format must be maintained. You may change the format by providing a written intimating the GST department officer along with reasons for the sameWhat all details are required to be mentioned in GSTR-1 for documents issued?For the following nature of documents issued number of documents prepared, cancelled and net issued along with serial number of each must be mentioned:Invoices for outward supplyInvoices for inward supply from unregistered personRevised InvoiceDebit NoteCredit NoteReceipt voucherPayment VoucherRefund voucherDelivery Challan for job workDelivery Challan for supply on approvalDelivery Challan in case of liquid gasDelivery Challan in cases other than by wayCan I sign my invoice through DSC?Yes, you may digitally sign your at our software through DSC and authentic your invoice. In case you do not have a DSC, we also provide an option to sign through Aadhaar number.