Description
Taxmann GST Mini Ready Reckoner edition 2024 by Akhil Singla and Pavan Kumar Gaur
This book serves as a concise and comprehensive guide that simplifies the complexities of Goods and Services Tax (GST) for newcomers and seasoned professionals. It offers a step-by-step approach to understanding the GST framework, covering essential topics such as tax levy and collection, input tax credit, registration, compliance, and procedural tasks like filing returns and managing e-way bills.
By incorporating practical tools like examples, FAQs, flow charts, and diagrams, the book makes even the most complex concepts easy to grasp. It is designed to provide a clear and straightforward pathway through GST laws; it equips readers with the knowledge and practical skills to navigate GST confidently, whether for personal learning or professional use.
This guide is beneficial for beginners, students, and professionals who seek to understand GST concepts in a simplified and accessible manner.
The Present Publication is the 5th Edition and has been amended by the Finance (No. 2) Act, 2024. It covers the recommendations of the 54th GST Council Meeting held on 09-09-2024 and is authored by CA. Akhil Singla and Adv. Pavan Kumar Gaur, with the following noteworthy features:
[Comprehensive Coverage] The book provides in-depth coverage of all key aspects of GST, including levy and collection, input tax credit, registration, compliance, returns, payment procedures, and e-way bills
[Simplified Explanations] Uses clear and simple language to break down complex GST concepts, making them accessible to all readers, including those with no prior knowledge of tax laws
[Practical Tools] Enriched with practical examples, FAQs, flow charts, diagrams, and compliance calendars that aid in understanding and applying GST provisions effectively
[Step-by-Step Guidance] Offers a structured approach, guiding readers through the entire GST mechanism from the basics of supply to advanced compliance processes and penalties
[User-Friendly Format] Designed as a handy reference guide, the book is organised into concise, easy-to-navigate sections, allowing readers to find and refer to specific topics quickly
[Focus on Compliance] Provides detailed insights into compliance requirements, including filing deadlines, registration criteria, payment rules, and procedures for claiming refunds
[Visual Aids for Better Understanding] Incorporates visual aids like flow charts and diagrams, which help readers visualise processes and improve retention of complex information
[Chapter-Wise Breakdown] The book is organised into chapter-specific topics that discuss detailed aspects such as the nature of supply, time and value of supply, offences and penalties, and the composition scheme, making it an all-in-one guide
The structure of the book is as follows:
GST Compliance Calendar for the Financial Year 2024-25
Key compliance dates and deadlines
Amendments in GST
Changes introduced through the Finance (No. 2) Act, 2024
GST Amnesty Scheme 2023
Details of the amnesty scheme and its implications
Compliance Related Relief Measures
Recent relief measures to ease compliance burdens
Chapter 1 – Levy and Collection on Supply
Introduction to GST levy and collection
Detailed sections on reverse charge mechanisms for goods and services
Scope of supply and related schedules under the CGST Act
Chapter 2 – Nature of Supply
Importance of determining the nature of supply
Guidelines for inter-state, intra-state, and territorial waters supply
Chapter 3 – Time and Value of Supply
Time of supply for goods, services, and vouchers
Determination of taxable value and relevant rules
Chapter 4 – Input Tax Credit (ITC)
Definitions, eligibility, and conditions for claiming ITC
Provisions for ITC in special circumstances and distribution by Input Service Distributor
Chapter 5 – GST Registration & Types of Taxpayers
Who needs to register, exemptions, and types of taxpayers
Processes for GST registration, cancellation, and revocation
Chapter 6 – Composition Scheme under GST
Eligibility, tax rates, and conditions for the composition scheme
Differences between regular taxpayers and composition dealers
Chapter 7 – Tax Invoice, Credit & Debit Notes
Definitions and requirements for tax invoices, credit notes, and debit notes
Specifics on export invoices and e-invoice systems
Chapter 8 – E-Way Bill
Overview and provisions of the e-way bill system
Benefits and compliance requirements
Chapter 9 – Accounts & Records
Requirements and methods for maintaining accounts and records under GST
Retention periods and governing provisions
Chapter 10 – GST Returns
Definition, types, and filing requirements for GST returns
Benefits, due dates, and penalties for late filing
Chapter 11 – Payment of Tax & Other Dues
Guidelines for payment of tax, interest, and penalties
Use of electronic liability, credit, and cash ledgers
Chapter 12 – Zero Rated Supply & Refund
Understanding zero-rated supplies and eligibility for refunds
Step-by-step process for claiming refunds
Chapter 13 – Assessment and Audit
Types of assessments under GST and their procedures
Overview of GST audit types and requirements
Chapter 14 – Offences & Penalties
List of offences under GST and corresponding penalties
Rules and disciplines related to penalties
Chapter 15 – Demands & Recovery
Determination of tax liabilities in both fraud and non-fraud cases
Recovery proceedings and related provisions