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1 Stuti
2
 An Overview on Indian Economy
 Present Tax Structure in India & Problems thereon
 Concept of GST
 Features of GST
 Fundamentals of GST
 Supply Chain of GST
 GST FAQs
 GST Registration Procedure
 GST Returns and Periodicity
 Overall Benefits of GST
Presentation Contents
Stuti
3
 India’s Economy is the seventh largest economy in the world
measured by nominal GDP.
 The country is classified as newly industrialized country , one of the G-
20 member, a member of BRICS and a developing economy with an
average growth rate of approximately 7% over the last two decades.
 The Indian Economy has the potential to become the world’s 3rd
Largest Economy by the next decade.
 Agriculture, Service and Industry are the major sector of Indian
Economy.
 India has one of the fastest growing service sectors in the world which
contributed to more than 57% of GDP
An Overview on Indian Economy
Stuti
4
Present Tax
Structure
Indirect Tax
Excise Duty
Taxable Event is
Manufacture
Service Tax
Taxable Event is
Provision of Service
Sales Tax /
VAT/ CST
Taxable Event is
Sale
Customs Duty
Taxable Event is
Import & Export
Other Indirect
Taxes like
Entertainment
Taxes, Lottery
Taxes
Direct Tax
Present Tax Structure in India
Stuti
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 Complex Tax System and Lacking stability.
 Multiplicity of Duties / Taxes
 Cascading Effect of Taxes
 Lack of uniformity of Provisions in State VAT Statues
 Exclusion of Services from State Taxation
Problems with Present Indirect Tax Structure
Stuti
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GST – The Solution to India’s Tax Problems
A Common Tax on
Introduction of GST
ServicesGoods
&
Stuti
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 GST is a single unified taxation system aiming to remove geographical
barriers for trading and transform the entire nation into “One Common
Market Place”.
 GST is a tax on goods and services with comprehensive and continuous
chain to setoff benefits from the Producer’s Point and Service Provider’s
Point up to Retailer Level.
 It is a Destination Tax similar to consumption tax . It is applied on the
goods & services when a consumer buys them.
 It is based on duality concept of tax system. Under this system, tax is
administered, collected and shared by both the Central and State
Governments based on the nature of transaction i.e. inter state or intra
state.
Concept of GST
Stuti
Features of GST
8
 Destination based Taxation
 Apply to all stages of the value chain
 Apply to all taxable supplies of goods or services (as against manufacture, sale or provision of
service) made for a consideration except –
o Exempted goods or services – common list for CGST & SGST
o Goods or services outside the purview of GST
o Transactions below threshold limits
 Dual GST having two concurrent components –
o Central GST levied and collected by the Centre
o State GST levied and collected by the States
Stuti
9
Fundamentals of GST
CGST
• CGST stands for Central
GST.
• It is levied by the Center
through separate statute on
all transactions.
• Tax collected will be shared
to Central Government
• Input Tax Credit of CGST is
to be adjusted with CGST
and IGST.
SGST
• SGST stands for State GST.
• It is levied by the States.
• Tax collected will be shared
to State.
• Input Tax Credit of SGST is to
be adjusted with SGST and
IGST
IGST
• IGST stands for Integrated
GST.
• This is applicable on
interstate and import
transactions.
• Tax is levied by Central
Government & the tax
collected is shared between
Central and State
Government.
• Input Tax Credit of IGST is to
be adjusted with IGST, CGST,
IGST.
Stuti
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Subsuming of Existing Taxes
• Central Excise
• Service Tax
• Additional Custom Duty
(CVD) & SAD
• Surcharges and Cess
Central Taxes
• VAT/sales tax
• Entertainment Tax
• Luxury Tax
• Lottery Tax
• Entry Tax
• Purchase Tax
State Taxes
• CST
Inter State
Taxes
Stuti
11 Stuti
Taxes which are not to be subsumed
 Basic Custom Duty
 Road & Passenger Tax
 Toll Tax
 Stamp Duty
 Electricity Duty
 Exports Duty (export of certain goods which are not available in
India in abundance)
12
Supply of Goods GST Flow GST Collected
A manufacturer of Fabric
Material sells fabric to tailor for
Rs. 100
The manufacturer pays GST of Rs. 10
(say)
10
The tailor purchases fabric at
Rs. 100 and adds value of Rs.30
and sell it to wholesaler at Gross
Value of Rs. 130
The tax on output will be 130*10%=13
but the tailor has already paid tax of Rs.
10 so, net GST payable is Rs. 3 (13-10)
3
The wholesaler buys shirt for
Rs. 130 and adds value of (i.e.
min margin) Rs. 20 and sell it to
retailer for Rs. 150
The tax on output will be 150*10%=15 .
Net GST Payable = 15-13=2
2
In final stage , a retailer buys the
shirt from wholesaler for 150
and adds his margin of Rs. 10
(say) and sell to buyer at Rs.
160
The output tax will be 160*10%=16
Net GST payable=16-10-3-2=1
1
The buyer buys shirt at Rs. 160 Total GST payable by buyer=10+3+2+1=16 and no Credit is
available to him
Supply Chain of GST
Simple Structure of GST Chain
Stuti
GST Scenario At a Glance
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Input Service Provider Output Service Provider Consumer
CGST = 10
CGST = 11
ITC = (10)
1
Tax Invoice (A)
Value = 100
CGST = 10
SGST = 10
120
Tax Invoice (B)
Cost = 100
Gross Value
= 110
CGST = 11
SGST = 11
132
Central Tax = 11
( 10 + 1)
State Tax = 11
( 10 + 1)
SGST = 10
SGST = 11
ITC = ( 10)
1
Assumption
SGST = 10%
Value Addition = 10%
ITC = Input Tax
CreditStuti
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 How will GST benefit Consumers?
In GST, consumers will be benefitted mostly in two ways:-
Firstly, all taxes will be collected at the point of consumption and transparency on taxation
imposed.
Secondly, once the barrier between States are removed, consumers will not end up paying
“tax on tax”.
 Why is Dual GST required?
India is a federal country where both the Centre and the States have been assigned the
powers to levy and collect taxes through appropriate legislation. Both the levels of
Government have distinct responsibilities to perform according to the division of powers
prescribed in the Constitution for which they need to raise resources. So, Dual GST is
introduced with the Constitutional requirement of fiscal federation.
Stuti
GST - FAQS
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 Who is liable to be registered under GST?
 Under GST, every assessee shall be liable to be registered in the state from where he makes taxable
supply of Goods and Services if his aggregate turn over in a financial year exceeds RS. 20
Lakhs (threshold exemption Rs. 10 Lakhs for NE states).
 Irrespective of threshold exemption following categories of persons are required to be
compulsorily registered:-
o Persons making any inter state taxable supply;
o Casual Taxable Persons;
o Persons who are required to pay tax under reverse charge;
o Non-Resident Taxable Persons;
o Persons who supply goods/services on behalf of other taxable persons whether as agent or
otherwise;
o Input Service Distributer;
o Every Electronic Commerce Operator;
o Every Person supplying online information and database access or retrieval services from a
place outside India to a person in India, other than registered taxable person;
o Person who is required to deduct TDS u/s 37 of the ACT.
o Such other person or class of persons as may be notified by the Central Government or a State
Government on the recommendation of the Council
GST - FAQS
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 What is Aggregate Turnover under GST ACT?
 “Aggregate Turnover” means the aggregate value of :-
o All supplies whether taxable or non-taxable, made by taxable
person , whether on his account or made on behalf of all his
principals ; of a person having the same PAN.
• Aggregate Turnover does not include value of all supplies on which tax
is levied on reverse charge basis and value of inward supplies.
• What is the time limit for taking Registration?
o Any person should take a Registration, within thirty days from the date
on which he becomes liable to registration, in such manner and
subject to such conditions as may be prescribed.
GST - FAQS
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 What are the tax rates in GST?
 Tax Rates in GST:-
o Merit Rate: Essential Goods and Services
o Standard Rate: Goods or Services in general
o Special Rate: Precious Metals
o Nil Rate: Exempted Goods or Services
o Under Compounding Scheme
o Tax Rate is 1% (as decided by GST Council) and input tax credit is not claimable under
this scheme.
o There is ZERO RATE GST to exporters of Goods & Services.
GST - FAQS
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GST Registration Procedure
Stuti
Whether all assessees/dealers who are already registered
under existing Central Excise, Service Tax, VAT, will have to
obtain fresh registration of GST?
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 No, GSTN shall migrate all such existing tax payers to the GSTN network
and department shall issue GSTIN and password.
 Existing tax payers is an entity currently registered under acts as
specified below;
Central Excise
Service Tax
VAT (except exclusive liquor dealers if registered under VAT)
Entry Tax
Luxury Tax
Entertainment Tax (except levied by the local bodies)
GSTIN
Stuti20
 Format of GSTIN
22 AAAAA0000A 1 Z 5
STATE CODE
PAN
Entity
Number of
the same
PAN holder
in a state
By default Check Digit
Each Tax Payer will be allotted a State wise PAN based 15-digit Goods and Services Tax
Payer Identification Number (GSTIN).
During Migrating Process (Enrollment) to GSTN the data of existing tax payers is
validated.
For the purpose of enrollment, GST System portal has been created and after
enrolment Assessee will be enabled as a registrant for GST Compliance requirement viz
return filing, tax payment etc.
Stuti21
 Information Required for Enrollment with GST System Portal:-
 Provisional ID received from State/ Central Authorities
 Password received from the State/Central Authorities
 Valid Email Address
 Valid Mobile Number
 Bank Account Number
 Bank IFSC
 Documents Required for Enrollment with GST System Portal:-
 Proof of Constitution of Business (Deed/Registration Certificate)
 Photograph of Promoters/Partners/Karta of HUF
 Proof of Appointment of Authorized Signatory
 Photograph of Authorized Signatory
 Opening page of Bank Passbook/ Statement containing Bank A/c Number, Branch Address, Address of Account
holder and few transaction details
Note:
* DSC is mandatory for enrollment of Companies, LLPs and for other tax payers DSC is optional.
* After enrollment Final Registration Certificate will be provided to the assesee after verification of documents
(within 6 months) by proper officer center/state of concerned jurisdiction after appointed date.
* One Pan allows one GST Registration in a state and if assessee has multiple businesses in one state then
assesee may register one business entity at first and for remaining verticals within the State assessee has to
get in touch with Jurisdictional Authority.
GST Returns
Stuti
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 Who needs to file Return in GST Regime?
 Every registered person is required to file return for the prescribed tax
period.
 A return needs to be filed even if there is no business activity (i.e. Nil
Return) during the said tax period of return.
 It does not matter whether you are a trader, manufacturer, reseller or a
service provider, you only need to file GST returns.
 What are the features of GST Returns?
o Filing of returns would only be through online mode.
o Facilities of offline generation and preparation of returns will also be
available but the returns prepared in offline mode will have to be
uploaded.
o There will be a common e- return for CGST, SGST, IGST and Additional
Tax.
o There would be no revision of Returns. Changes to be done in
subsequent returns and all unreported invoice and ITC
revision will have to be corrected using
GST Returns and Periodicity
Stuti
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 There are 19 forms for filing returns of GST by tax payers.
 For Regular Dealer
Form Type Frequency Due Date Details to be Furnished
Form GSTR-1 Monthly 10th of succeeding month Furnish details of outward
supplies of taxable and /or
services affected
Form GSTR-2A Monthly 11th of succeeding month Auto-populated details of
inward supplies made
available to the recipient
on the basis of Form
GSTR-1 furnished by the
supplier
Form GSTR-2 Monthly 15th of succeeding month Details of inward supplies
of taxable goods and/or
services claiming input tax
credit. Addition (Claims) or
modification in Form
GSTR-2A should be
submitted in Form GSTR-
2.
Form GSTR-1A Monthly 20th of succeeding month Details of outward supplies
as added, corrected or
GST Returns and Periodicity
Stuti
24
Form Type Frequency Due Date Details to be Furnished
Form GSTR-3 Monthly 20th of succeeding month Monthly return on the basis
of finalization of details of
outward supplies and
inward supplies along with
the payment of amount of
tax
Form GST-ITC-1 Monthly 11th of succeeding month Communicationof
acceptance, discrepancy
or duplication of input tax
credit claim
Form GST-3A Monthly 15th of succeeding month Notice to a registered
taxable person who fails
to furnish return under
section 27 and section
31
Form GSTR-9 Annually 31st December of Next
Fiscal
Annual Return – furnish
the details of ITC availed
and GST paid which
includes local, interstate
GST Returns and Periodicity
Stuti
25
Tax Deductor
Form Type Frequency Due Date Details to be
Furnished
Form GSTR-7 Monthly 10th of succeeding
month
Furnish details of
TDS Deducted
Form GSTR-7A Monthly TDS Certificate to be
made available for
download
TDS Certificate –
capture details of
value on which TDS
is deducted and
deposit on TDS
deducted into
appropriate Govt.
GST Returns and Periodicity
Stuti
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Aggregate Turnover Exceeds 1 Crore
Aggregate Turnover Exceeds 1 CroreForm Type Frequency Due Date Details to be
Furnished
Form GSTR-9B Annually Annual, 31st Dec of
next fiscal
Reconciliation
Statement – audited
annual accounts and
a reconciliation
statement, duly
certified.
Form Type Frequency Due Date Details to be
Furnished
Form GSTR-8 Monthly 10th of succeeding
month
Details of supplies
effected through e-
commerce operator
and the amount of tax
collected on supplies
E-Commerce
GST Returns and Periodicity
Stuti
27
Foreign Non-Resident Tax Payer
Aggregate Turnover Exceeds 1 CroreForm Type Frequency Due Date Details to be
Furnished
Form GSTR-5 Monthly 20th of succeeding
month or within 7 days
after the expiry of
registration
Furnish details of
imports, outward
supplies, ITC availed,
tax paid, and closing
stock.
Form Type Frequency Due Date Details to be
Furnished
Form GSTR-11 Monthly 28th of succeeding
month
Details of inward
supplies to be
furnished by a person
having Unique
Identification number
Government Departments and UN Bodies
GST Returns and Periodicity
Stuti
28
Composite Tax Payer
Form Type Frequency Due Date Details to be
Furnished
Form GSTR-4A Quarterly 10th of succeeding
month
Details of inward
supplies made
available to the
recipient registered
under composition
scheme on the basis
of Form GSTR-
1 furnished by the
supplier
Form GSTR-4 Quarterly 18th of succeeding
month
Furnish all outward
supply of goods and
services. This
includes auto-
populated details
from Form GSTR-4A,
tax payable and
GST Returns and Periodicity
Stuti
29
Input Service Distributor
Aggregate Turnover Exceeds 1 CroreForm Type Frequency Due Date Details to be
Furnished
Form GSTR-5 Monthly 20th of succeeding
month or within 7 days
after the expiry of
registration
Furnish details of
imports, outward
supplies, ITC availed,
tax paid, and closing
stock.
Form Type Frequency Due Date Details to be
Furnished
Form GSTR-11 Monthly 28th of succeeding
month
Details of inward
supplies to be
furnished by a person
having Unique
Identification number
Government Departments and UN Bodies
GST Returns and Periodicity
Stuti
30
Final Return
For Taxable Person Whose Registration has been surrendered or
cancelled
Aggregate Turnover Exceeds 1 Crore
Form Type Frequency Due Date Details to be
Furnished
Form GSTR-10 Monthly Within 3 months of
cancellation of
registration
Furnish details of
inputs and capital
goods held, tax paid
and payable.
How to File Your GST
Returns???
Stuti31
Let Us take Example of a Dummy Company
Out Ward and Inward Supply Details of Furniture Ltd. For April
Bill No. Customer
Bill 1 A B Ltd
Bill 2 Q P Ltd.
Bill 3 C-02 Ltd.
Bill 4 J K Ltd.
Bill No. Supplier
Bill 25 R J Ltd
Bill 45 D Ltd.
Bill 02 Z Ltd.
Bill 50 D Ltd.
Stuti32
On 10th May – F Ltd. Uploads
GSTR-1 with its outward supply
bills .
Also the suppliers RJ, D and Z
also uploaded GSTR-1
Stuti33
On 11th May, F Ltd.
View their inward
bills through Form
GSTR-2A which is
auto populated
Stuti34
On 11th to 15th of May, F Ltd reconciles the bills shown in
Form GSTR-2A by his suppliers, with their books
During Verification, F Ltd finds that Bill 50 (purchase from
D Ltd. ) is not reflecting in Form GSTR-2A
35 Stuti
On 15th May, F Ltd.
Uploads the missed
out bill (Bill No.50)
in Form GSTR-2
which will be made
available to D Ltd.
In GSTR-1A
36 Stuti
Between 16th to 20th May, D Ltd. Verifies and accepts
Bill 50.
The accepted bill will be amended in Form GSTR-
1accordingly
37 Stuti
On 20th May, Automated Return Form GSTR-3 is
available to F Ltd. For Submission and Payment
38
In overall what Benefits we are going to achieve by application
of GST???
 Easy Compliance
 Simple to Administer
 Uniformity of tax rates and structures
 Removal of Cascading
 Better Control on Leakage
 Improved Competitiveness
 Gain to Manufacturers and Exporters
 Relief in overall tax burden of consumers
Stuti
39 Stuti

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Gst presentation

  • 2. 2  An Overview on Indian Economy  Present Tax Structure in India & Problems thereon  Concept of GST  Features of GST  Fundamentals of GST  Supply Chain of GST  GST FAQs  GST Registration Procedure  GST Returns and Periodicity  Overall Benefits of GST Presentation Contents Stuti
  • 3. 3  India’s Economy is the seventh largest economy in the world measured by nominal GDP.  The country is classified as newly industrialized country , one of the G- 20 member, a member of BRICS and a developing economy with an average growth rate of approximately 7% over the last two decades.  The Indian Economy has the potential to become the world’s 3rd Largest Economy by the next decade.  Agriculture, Service and Industry are the major sector of Indian Economy.  India has one of the fastest growing service sectors in the world which contributed to more than 57% of GDP An Overview on Indian Economy Stuti
  • 4. 4 Present Tax Structure Indirect Tax Excise Duty Taxable Event is Manufacture Service Tax Taxable Event is Provision of Service Sales Tax / VAT/ CST Taxable Event is Sale Customs Duty Taxable Event is Import & Export Other Indirect Taxes like Entertainment Taxes, Lottery Taxes Direct Tax Present Tax Structure in India Stuti
  • 5. 5  Complex Tax System and Lacking stability.  Multiplicity of Duties / Taxes  Cascading Effect of Taxes  Lack of uniformity of Provisions in State VAT Statues  Exclusion of Services from State Taxation Problems with Present Indirect Tax Structure Stuti
  • 6. 6 GST – The Solution to India’s Tax Problems A Common Tax on Introduction of GST ServicesGoods & Stuti
  • 7. 7  GST is a single unified taxation system aiming to remove geographical barriers for trading and transform the entire nation into “One Common Market Place”.  GST is a tax on goods and services with comprehensive and continuous chain to setoff benefits from the Producer’s Point and Service Provider’s Point up to Retailer Level.  It is a Destination Tax similar to consumption tax . It is applied on the goods & services when a consumer buys them.  It is based on duality concept of tax system. Under this system, tax is administered, collected and shared by both the Central and State Governments based on the nature of transaction i.e. inter state or intra state. Concept of GST Stuti
  • 8. Features of GST 8  Destination based Taxation  Apply to all stages of the value chain  Apply to all taxable supplies of goods or services (as against manufacture, sale or provision of service) made for a consideration except – o Exempted goods or services – common list for CGST & SGST o Goods or services outside the purview of GST o Transactions below threshold limits  Dual GST having two concurrent components – o Central GST levied and collected by the Centre o State GST levied and collected by the States Stuti
  • 9. 9 Fundamentals of GST CGST • CGST stands for Central GST. • It is levied by the Center through separate statute on all transactions. • Tax collected will be shared to Central Government • Input Tax Credit of CGST is to be adjusted with CGST and IGST. SGST • SGST stands for State GST. • It is levied by the States. • Tax collected will be shared to State. • Input Tax Credit of SGST is to be adjusted with SGST and IGST IGST • IGST stands for Integrated GST. • This is applicable on interstate and import transactions. • Tax is levied by Central Government & the tax collected is shared between Central and State Government. • Input Tax Credit of IGST is to be adjusted with IGST, CGST, IGST. Stuti
  • 10. 10 Subsuming of Existing Taxes • Central Excise • Service Tax • Additional Custom Duty (CVD) & SAD • Surcharges and Cess Central Taxes • VAT/sales tax • Entertainment Tax • Luxury Tax • Lottery Tax • Entry Tax • Purchase Tax State Taxes • CST Inter State Taxes Stuti
  • 11. 11 Stuti Taxes which are not to be subsumed  Basic Custom Duty  Road & Passenger Tax  Toll Tax  Stamp Duty  Electricity Duty  Exports Duty (export of certain goods which are not available in India in abundance)
  • 12. 12 Supply of Goods GST Flow GST Collected A manufacturer of Fabric Material sells fabric to tailor for Rs. 100 The manufacturer pays GST of Rs. 10 (say) 10 The tailor purchases fabric at Rs. 100 and adds value of Rs.30 and sell it to wholesaler at Gross Value of Rs. 130 The tax on output will be 130*10%=13 but the tailor has already paid tax of Rs. 10 so, net GST payable is Rs. 3 (13-10) 3 The wholesaler buys shirt for Rs. 130 and adds value of (i.e. min margin) Rs. 20 and sell it to retailer for Rs. 150 The tax on output will be 150*10%=15 . Net GST Payable = 15-13=2 2 In final stage , a retailer buys the shirt from wholesaler for 150 and adds his margin of Rs. 10 (say) and sell to buyer at Rs. 160 The output tax will be 160*10%=16 Net GST payable=16-10-3-2=1 1 The buyer buys shirt at Rs. 160 Total GST payable by buyer=10+3+2+1=16 and no Credit is available to him Supply Chain of GST Simple Structure of GST Chain Stuti
  • 13. GST Scenario At a Glance 13 Input Service Provider Output Service Provider Consumer CGST = 10 CGST = 11 ITC = (10) 1 Tax Invoice (A) Value = 100 CGST = 10 SGST = 10 120 Tax Invoice (B) Cost = 100 Gross Value = 110 CGST = 11 SGST = 11 132 Central Tax = 11 ( 10 + 1) State Tax = 11 ( 10 + 1) SGST = 10 SGST = 11 ITC = ( 10) 1 Assumption SGST = 10% Value Addition = 10% ITC = Input Tax CreditStuti
  • 14. 14  How will GST benefit Consumers? In GST, consumers will be benefitted mostly in two ways:- Firstly, all taxes will be collected at the point of consumption and transparency on taxation imposed. Secondly, once the barrier between States are removed, consumers will not end up paying “tax on tax”.  Why is Dual GST required? India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. So, Dual GST is introduced with the Constitutional requirement of fiscal federation. Stuti GST - FAQS
  • 15. Stuti 15  Who is liable to be registered under GST?  Under GST, every assessee shall be liable to be registered in the state from where he makes taxable supply of Goods and Services if his aggregate turn over in a financial year exceeds RS. 20 Lakhs (threshold exemption Rs. 10 Lakhs for NE states).  Irrespective of threshold exemption following categories of persons are required to be compulsorily registered:- o Persons making any inter state taxable supply; o Casual Taxable Persons; o Persons who are required to pay tax under reverse charge; o Non-Resident Taxable Persons; o Persons who supply goods/services on behalf of other taxable persons whether as agent or otherwise; o Input Service Distributer; o Every Electronic Commerce Operator; o Every Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than registered taxable person; o Person who is required to deduct TDS u/s 37 of the ACT. o Such other person or class of persons as may be notified by the Central Government or a State Government on the recommendation of the Council GST - FAQS
  • 16. Stuti 16  What is Aggregate Turnover under GST ACT?  “Aggregate Turnover” means the aggregate value of :- o All supplies whether taxable or non-taxable, made by taxable person , whether on his account or made on behalf of all his principals ; of a person having the same PAN. • Aggregate Turnover does not include value of all supplies on which tax is levied on reverse charge basis and value of inward supplies. • What is the time limit for taking Registration? o Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed. GST - FAQS
  • 17. Stuti 17  What are the tax rates in GST?  Tax Rates in GST:- o Merit Rate: Essential Goods and Services o Standard Rate: Goods or Services in general o Special Rate: Precious Metals o Nil Rate: Exempted Goods or Services o Under Compounding Scheme o Tax Rate is 1% (as decided by GST Council) and input tax credit is not claimable under this scheme. o There is ZERO RATE GST to exporters of Goods & Services. GST - FAQS
  • 19. Whether all assessees/dealers who are already registered under existing Central Excise, Service Tax, VAT, will have to obtain fresh registration of GST? Stuti 19  No, GSTN shall migrate all such existing tax payers to the GSTN network and department shall issue GSTIN and password.  Existing tax payers is an entity currently registered under acts as specified below; Central Excise Service Tax VAT (except exclusive liquor dealers if registered under VAT) Entry Tax Luxury Tax Entertainment Tax (except levied by the local bodies)
  • 20. GSTIN Stuti20  Format of GSTIN 22 AAAAA0000A 1 Z 5 STATE CODE PAN Entity Number of the same PAN holder in a state By default Check Digit Each Tax Payer will be allotted a State wise PAN based 15-digit Goods and Services Tax Payer Identification Number (GSTIN). During Migrating Process (Enrollment) to GSTN the data of existing tax payers is validated. For the purpose of enrollment, GST System portal has been created and after enrolment Assessee will be enabled as a registrant for GST Compliance requirement viz return filing, tax payment etc.
  • 21. Stuti21  Information Required for Enrollment with GST System Portal:-  Provisional ID received from State/ Central Authorities  Password received from the State/Central Authorities  Valid Email Address  Valid Mobile Number  Bank Account Number  Bank IFSC  Documents Required for Enrollment with GST System Portal:-  Proof of Constitution of Business (Deed/Registration Certificate)  Photograph of Promoters/Partners/Karta of HUF  Proof of Appointment of Authorized Signatory  Photograph of Authorized Signatory  Opening page of Bank Passbook/ Statement containing Bank A/c Number, Branch Address, Address of Account holder and few transaction details Note: * DSC is mandatory for enrollment of Companies, LLPs and for other tax payers DSC is optional. * After enrollment Final Registration Certificate will be provided to the assesee after verification of documents (within 6 months) by proper officer center/state of concerned jurisdiction after appointed date. * One Pan allows one GST Registration in a state and if assessee has multiple businesses in one state then assesee may register one business entity at first and for remaining verticals within the State assessee has to get in touch with Jurisdictional Authority.
  • 22. GST Returns Stuti 22  Who needs to file Return in GST Regime?  Every registered person is required to file return for the prescribed tax period.  A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.  It does not matter whether you are a trader, manufacturer, reseller or a service provider, you only need to file GST returns.  What are the features of GST Returns? o Filing of returns would only be through online mode. o Facilities of offline generation and preparation of returns will also be available but the returns prepared in offline mode will have to be uploaded. o There will be a common e- return for CGST, SGST, IGST and Additional Tax. o There would be no revision of Returns. Changes to be done in subsequent returns and all unreported invoice and ITC revision will have to be corrected using
  • 23. GST Returns and Periodicity Stuti 23  There are 19 forms for filing returns of GST by tax payers.  For Regular Dealer Form Type Frequency Due Date Details to be Furnished Form GSTR-1 Monthly 10th of succeeding month Furnish details of outward supplies of taxable and /or services affected Form GSTR-2A Monthly 11th of succeeding month Auto-populated details of inward supplies made available to the recipient on the basis of Form GSTR-1 furnished by the supplier Form GSTR-2 Monthly 15th of succeeding month Details of inward supplies of taxable goods and/or services claiming input tax credit. Addition (Claims) or modification in Form GSTR-2A should be submitted in Form GSTR- 2. Form GSTR-1A Monthly 20th of succeeding month Details of outward supplies as added, corrected or
  • 24. GST Returns and Periodicity Stuti 24 Form Type Frequency Due Date Details to be Furnished Form GSTR-3 Monthly 20th of succeeding month Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax Form GST-ITC-1 Monthly 11th of succeeding month Communicationof acceptance, discrepancy or duplication of input tax credit claim Form GST-3A Monthly 15th of succeeding month Notice to a registered taxable person who fails to furnish return under section 27 and section 31 Form GSTR-9 Annually 31st December of Next Fiscal Annual Return – furnish the details of ITC availed and GST paid which includes local, interstate
  • 25. GST Returns and Periodicity Stuti 25 Tax Deductor Form Type Frequency Due Date Details to be Furnished Form GSTR-7 Monthly 10th of succeeding month Furnish details of TDS Deducted Form GSTR-7A Monthly TDS Certificate to be made available for download TDS Certificate – capture details of value on which TDS is deducted and deposit on TDS deducted into appropriate Govt.
  • 26. GST Returns and Periodicity Stuti 26 Aggregate Turnover Exceeds 1 Crore Aggregate Turnover Exceeds 1 CroreForm Type Frequency Due Date Details to be Furnished Form GSTR-9B Annually Annual, 31st Dec of next fiscal Reconciliation Statement – audited annual accounts and a reconciliation statement, duly certified. Form Type Frequency Due Date Details to be Furnished Form GSTR-8 Monthly 10th of succeeding month Details of supplies effected through e- commerce operator and the amount of tax collected on supplies E-Commerce
  • 27. GST Returns and Periodicity Stuti 27 Foreign Non-Resident Tax Payer Aggregate Turnover Exceeds 1 CroreForm Type Frequency Due Date Details to be Furnished Form GSTR-5 Monthly 20th of succeeding month or within 7 days after the expiry of registration Furnish details of imports, outward supplies, ITC availed, tax paid, and closing stock. Form Type Frequency Due Date Details to be Furnished Form GSTR-11 Monthly 28th of succeeding month Details of inward supplies to be furnished by a person having Unique Identification number Government Departments and UN Bodies
  • 28. GST Returns and Periodicity Stuti 28 Composite Tax Payer Form Type Frequency Due Date Details to be Furnished Form GSTR-4A Quarterly 10th of succeeding month Details of inward supplies made available to the recipient registered under composition scheme on the basis of Form GSTR- 1 furnished by the supplier Form GSTR-4 Quarterly 18th of succeeding month Furnish all outward supply of goods and services. This includes auto- populated details from Form GSTR-4A, tax payable and
  • 29. GST Returns and Periodicity Stuti 29 Input Service Distributor Aggregate Turnover Exceeds 1 CroreForm Type Frequency Due Date Details to be Furnished Form GSTR-5 Monthly 20th of succeeding month or within 7 days after the expiry of registration Furnish details of imports, outward supplies, ITC availed, tax paid, and closing stock. Form Type Frequency Due Date Details to be Furnished Form GSTR-11 Monthly 28th of succeeding month Details of inward supplies to be furnished by a person having Unique Identification number Government Departments and UN Bodies
  • 30. GST Returns and Periodicity Stuti 30 Final Return For Taxable Person Whose Registration has been surrendered or cancelled Aggregate Turnover Exceeds 1 Crore Form Type Frequency Due Date Details to be Furnished Form GSTR-10 Monthly Within 3 months of cancellation of registration Furnish details of inputs and capital goods held, tax paid and payable.
  • 31. How to File Your GST Returns??? Stuti31 Let Us take Example of a Dummy Company Out Ward and Inward Supply Details of Furniture Ltd. For April Bill No. Customer Bill 1 A B Ltd Bill 2 Q P Ltd. Bill 3 C-02 Ltd. Bill 4 J K Ltd. Bill No. Supplier Bill 25 R J Ltd Bill 45 D Ltd. Bill 02 Z Ltd. Bill 50 D Ltd.
  • 32. Stuti32 On 10th May – F Ltd. Uploads GSTR-1 with its outward supply bills . Also the suppliers RJ, D and Z also uploaded GSTR-1
  • 33. Stuti33 On 11th May, F Ltd. View their inward bills through Form GSTR-2A which is auto populated
  • 34. Stuti34 On 11th to 15th of May, F Ltd reconciles the bills shown in Form GSTR-2A by his suppliers, with their books During Verification, F Ltd finds that Bill 50 (purchase from D Ltd. ) is not reflecting in Form GSTR-2A
  • 35. 35 Stuti On 15th May, F Ltd. Uploads the missed out bill (Bill No.50) in Form GSTR-2 which will be made available to D Ltd. In GSTR-1A
  • 36. 36 Stuti Between 16th to 20th May, D Ltd. Verifies and accepts Bill 50. The accepted bill will be amended in Form GSTR- 1accordingly
  • 37. 37 Stuti On 20th May, Automated Return Form GSTR-3 is available to F Ltd. For Submission and Payment
  • 38. 38 In overall what Benefits we are going to achieve by application of GST???  Easy Compliance  Simple to Administer  Uniformity of tax rates and structures  Removal of Cascading  Better Control on Leakage  Improved Competitiveness  Gain to Manufacturers and Exporters  Relief in overall tax burden of consumers Stuti

Editor's Notes

  1. CGST = 10% SGST = 10% Value Addition = 10% ITC = Input Tax Credit