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Overview of Goods
and Services Tax
(GST)
Ca. Dhruv Seth
Partner
Seth & Associates | Chartered Accountants
www.sethspro.com | dhruv@sethspro.com
Coverage of this presentation
• What is GST and why is it important to you
• Levy and Exemption from GST
• Meaning, Timing and Scope of “supply”
• Valuation under GST
• Input Tax credit
• Overview of IGST Act
• Place of Supply of Goods and Services
• Getting ready for GST
• Unanswered Questions
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Why is this important to you ?
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Tax and
Information
Technology
Systems
Supply
Chain
Business
Objectives
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Why is this important to you ?
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Why is this important to you ?
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Opportunities and Benefits
WHAT is GST ?
What is GST ?
Structure of GST
Dual GST with the Centre and States simultaneously
levying it on a common tax base
• IGST – Integrated Goods and Services Tax
• CGST – Central Goods and Services Tax
• SGST – State Goods and Services Tax
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST ?
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST ?
Migration from Origination based to
Destination Based Tax on consumption
It is proposed to be levied at all stages right from
manufacture up to final consumption with credit
of taxes paid at previous stages available as
setoff.
In a nutshell, only value addition will be taxed
and burden of tax is to be borne by the final
consumer
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST ?
Destination Based Tax on consumption
It is proposed to be levied at all stages right from
manufacture up to final consumption with credit
of taxes paid at previous stages available as
setoff.
In a nutshell, only value addition will be taxed
and burden of tax is to be borne by the final
consumer
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST ?
What gets merged in GST
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Central Levy State Levy
Central Excise and allied Duties State VAT
Additional Duties of Customs (CVD) Central Sales tax
Service Tax Luxury Tax
Central Surcharges and Cesses so far as
they relate to supply of goods and
services
Entry tax
Entertainment and Amusement Tax
Purchase Tax
Taxes on Lotteries, betting and gambling
What is GST ?
What will exist after enactment of GST
• Alcohol for human consumption
• Basic Customs Duty
• Petroleum Products
• Electricity
• Aviation Fuel
• Natural Gas
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST council ?
• Constituted comprising of Union FM with MOS (Finance)
• Also includes state Finance ministers
• Would decide upon the following
• Tax, Cess etc to be levied
• Goods and Services which ought to be taxed
• Model GST Law, levy, Valuation and taxability
• Basic Threshold limit
• The rates including floor rates for taxation
• Special provisions for J&K and North Eastern states.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST council ?
How will the council vote
• 3/4th of the weighted votes of the members present
• Central Government weightage at 1/3rd
• All states combined to have weightage of 2/3rd
• 50% of the members of the council to be present to make
eligible quorum
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST?
Scope of composition scheme for small scale
• Defined as those with turnover of less than Rs. 50 lakhs
• Benefit of credit would not be available.
• Applied to the PAN hence combined for all businesses
• Floor rate shall not be less than 1%
• Those doing Inter-state sales shall not be eligible for the
scheme
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
What is GST?
Miscellaneous points
• Basic Exemption limit (estimated at Rs. 10 lacs)
• HSN code and Services Accounting Code (SAC)
• Imports into country to be taxed as IGST
• Exports are at nil rate of duty
• GSTN and its importance
• Suitable legislations need to be passed at Central and
State level to actually enact GST
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Levy and
Exemptions
Levy & Exemptions
Taxable Event
The taxable event under GST shall be the supply of
goods and / or services made for consideration in the
course or furtherance of business. The taxable events
under the existing indirect tax laws such as
manufacture, sale, or provision of services shall stand
subsumed in the taxable event known as ‘supply’.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Levy & Exemptions
Taxable Event
In order to constitute a “supply” following required –
• Supply of Goods / Services
• Supply is for a consideration
• Supply in the course or furtherance of business
• Supply is made in the taxable territory
• Supply is a taxable supply
• Supply is made by a taxable person
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Levy & Exemptions
Definition – Supply – Sec 3
INCLUDES All forms of Supply of Goods and / or Services
such as
• Sale
• Transfer
• Barter
• Exchange
• License
• Rental and Lease
• Disposal
• Agreed to be made for a consideration
In the course or furtherance of business
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Levy & Exemptions
Taxable Point
At the juncture when both title and possession are
transferred…. EXCEPT
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Levy & Exemptions
Definition – Supply – Sec 3
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Agent transaction
Existing VAT Laws GST Law
Under the existing provisions in the
law such transfers in which the Agent
is merely acting as a forwarding agent
and does not deal on a principal to
principal basis was not taxable.
Under GST law all transfers from
principals to agents shall be
considered to be Supply and hence
taxable.
However full credit of the tax paid
shall be eligible to the agent upon
further supply.
Levy & Exemptions
Definition – Supply – Sec 3
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Other transaction
Particulars GST Law
Any transfer in title of Goods Taxable as Goods
Any Transfer of right to use Taxable as Service
Hire Purchase or Finance Lease Taxable as Goods
Lease, License or easement Taxable as Service
Renting of residential premises Taxable as Service
Job Working Taxable as Service
Transfer of Assets upon business close Taxable as Goods
Construction of premises Taxable as Service
Levy & Exemptions
Definition – Supply – Sec 3
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Other transaction
Particulars GST Law
Software Taxable as Service
Works Contract Taxable as Service
Agreeing to do an act or to refrain Taxable as Service
Restaurant Taxable as Service
Free supplies Taxable as Goods
Club and its members Not Taxable
Services put to private or non business Not Taxable
Levy & Exemptions
Date of Levy – Sec 12
• The date on which goods are removed;
• The date on which goods are made available when
removal is not required;
• The date supplier issues invoice where the above two are
not required to be done;
• The date when the recipient shows the receipt of the
goods in his books of accounts.
• For goods on approval – 6 months or the date of approval
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Levy & Exemptions
Miscellaneous points
• Inter state stock transfers liable for IGST whereas Intra
state to be exempt
• “Occasional” supplies even if made for consideration
would not be liable for GST (E.g. Old car sale)
• Clubs and associations also to be liable for GST
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Valuation
Valuation
Transaction Value
• Refers to the price actually paid or payable;
• for the supply of goods and or services where the;
• supplier and the recipient are not related;
• price is the sole consideration for the supply;
• Includes any amount which the supplier is liable to pay but which
has been incurred by the recipient of the supply
• shall not include refundable deposit, discount allowed before or at
the time of supply provided already declared in invoice issued.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Valuation
Transaction Value – Special Situations (Sec 15(4))
Reference to valuation rules in case of
• Where consideration payable is not in money terms
• Parties to the transaction are related
• Transaction value declared is not reliable
Methods used to determine in such scenario
• Comparative
• Computation
• Residual
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Valuation
Transaction Value – What to be include (Sec 15(2))
• Any amounts paid by the recipient which were to be paid by the
provider
• Goods or services provided free by the service recipient
• Taxes levied under any other law
• Subsidy realized by the supplier on the supply
• Reimbursements claimed separately by the supplier
• Discount allowed after supply if not documented in original invoice
• Royalties or License fees paid by the recipient as a condition of sale
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Valuation
Payment of Tax
• Electronically weather through
• Cash balance maintained in common ledger
• Input credit available
• Every 20th of the succeeding month is the due date to pay
• Composition tax payers to pay quarterly
• Date of credit of amount to Government would be the actual date of
payment and not the date on which challan was tendered
• Input Tax credit can only used to set off tax liability and not interest
or penalty
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Input Credit
Definition – Sec 2(57) of MGL ; 2(1)(d) of IGST
Means
• IGST and CGST in case of CGST law
• IGST and SGST in case of SGST law
• IGST, CGST and SGST in case of IGST law
• Also includes tax paid on reverse charge
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Mandatory conditions for availing Input
• Should be in possession of tax paying document
• Should have received the goods / services
• Tax paid on such supply should have been paid to
the government
• Should have filed their return
• In case of “lots” credit shall be available at the
receipt of the last installment
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Denied on
• Motor vehicles unless used in the business of running
them on hire
• Expenses incurred on personal expenses of employees
• Those used in construction of immovable property
• Goods bought from those under composition scheme
• Goods / services used for personal consumption
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Monthly return to be filed by supplier
Based on the following details filed by the supplier the
credit shall be available (GSTR-1)
• Outward supplies to registered dealers
• Outward supplies to unregistered dealers
• Details of debit / credit notes
• Zero rates sales (Exports)
• Exempted and non-GST supplies
• Advances received in relation to future sales
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Fields to be filled to enable seamless credit
• HSN or SAC
• Value of Invoice
• Taxable Value
• Recipient can also upload from his end if the supplier has
not uploaded the same (though subject to matching). If
mismatch still continues then action to be taken against
supplier.
• Last chance to avail Input for any year the subsequent
September month in which annual return would be filed.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Miscellaneous points
• Those registering would be allowed inputs of goods with
them as on the date of registration.
• In case of exempted sales / services partial input would
be available.
• In case of change in constitution transfer of credit is
permissible.
• Credit is available for a maximum period of 1 year
• In case of electronic mismatch of credit the supplier
needs to rectify within 2 months else credit lapses
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Input Credit
Fields to be filled to enable seamless credit
• HSN or SAC
• Value of Invoice
• Taxable Value
• Recipient can also upload from his end if the supplier has
not uploaded the same (though subject to matching). If
mismatch still continues then action to be taken against
supplier.
• Last chance to avail Input for any year the subsequent
September month in which annual return would be filed.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Registrations and
Returns
Registrations and Returns
Registrations
Any supplier who carried on business in India and whose
aggregate turnover exceeds basic exemption limit (as may
be prescribed) is liable to get registered under the act
apart from those m in Sch III of the MGL –
a.) Person making Inter-State sales
b.) Casual taxable person
c.) Persons who are required to pay under reverse charge
d.) Non Resident taxable persons
e.) Persons liable to deduct TDS
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Registrations and Returns
Aggregate Turnover
Includes combined value of below services provided across
India -
a.) All taxable and non taxable supplies
b.) Exempt supplies
c.) Export of Goods
Does not include those values on which tax is paid on
reverse charge basis and value of inward supplies
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Registrations and Returns
Registration – Miscellaneous
• Every person who is liable to take a registration will have
to get separately registered for each of the state.
• If the dealer wishes then for each business vertical also
different registration can be obtained.
• PAN under Income tax Act is mandatory for registration
• There exists no mechanism of centralized registration as
was in Excise / Service tax
• Input Service distributor required to be registered
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Registrations and Returns
Returns
• Regular dealer to file monthly returns by 20th of following
month
• Dealers under composition scheme to file within 18 days
of quarter end
• WCT/TDS returns to be filed 10 days of month end
• Annual return to be filed by 30th Sept of the following
year
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Overview of IGST
IGST
What is IGST
“Integrated Goods and Services Tax” (IGST) means tax levied
under the IGST Act on the supply of any goods and/or services
in the course of inter-State trade or commerce.
What are inter-state supplies?
A supply of goods and/or services in the course of inter-State
trade or commerce means any supply where the location of the
supplier and the place of supply are in different States. (Section
3(1) and 3(2) of the IGST Act)
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
IGST
How to determine place of supply of goods
In case of Supply of goods –
•Place where the movement of goods is terminated
In case there is no movement of goods –
•Location of the goods at the time of delivery to the
recipient
In case there assembling or installation –
•Place of such assembly or installation
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
IGST
• All imports/exports will be deemed to be IGST sales
• Borrows significant amount of sections from CGST act
• IGST to be paid using IGST/CGST/SGST/Cash in that order
• The exporting state would transfer the ITC of SGST used by
the supplier to the center. In turn Center would pay to the
importing state the credit of IGST used by the state.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Place of Supply of Goods and Services
• The place of supply determines whether a transaction is intra-state
or inter-state. In other words, the place of Supply of Goods is
required to determine whether a supply is subject to SGST plus
CGST in a given State or else would attract IGST if it is an inter-state
supply.
• Set of rules predominately needed for services provided rather
than for goods since there is no tangible space where services are
located.
• In case location of unregistered recipient is not known then
location of the supplier shall be the place of provision.
• In case of courier if the recipient is registered then that shall be the
place of provision else the place where the goods are handed over
to the transportation agency.
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Getting ready for
GST
Getting Ready for GST
• Start preparing from today
• Streamline purchases during Jan-Mar ‘17
• Re-engineer entire supply chain
• Unnecessary depots to be closed down
• Obtain Digital signatures
• Correcting any mistakes in PAN
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Getting ready for GST
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
• Domestic Supplies v. Imports
• Intra v. Inter state procurement
• Service Locations
Transactions
• Treatment of Accumulated credit
• Mechanism between CGST/SGST
• Taxable v. Exempt
Input Tax
Credit
• Accounting and IT systems
• Books of Accounts & Stock record
• Input Tax credit accounting
Compliance
Unanswered
questions
Unanswered Questions
• Sales made during current VAT laws and returns in GST
• Transitions entries in books of accounts and its impact on
Income tax
• Pending Refund claims under VAT
• Filing of Annual VAT returns of FY 2016-17
• Completion of pending VAT Assessments
• Treatment of supplies to SEZ/STP
• Transition for those already availing incentives in states
• Free Supplies
Seth & Associates, Chartered Accountants
New Delhi | Lucknow | www.sethspro.com
Thank You
Ca. Dhruv Seth
Partner
Seth & Associates | Chartered Accountants
www.sethspro.com | dhruv@sethspro.com

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Overview of Goods and Services Tax (GST)

  • 1. Overview of Goods and Services Tax (GST) Ca. Dhruv Seth Partner Seth & Associates | Chartered Accountants www.sethspro.com | dhruv@sethspro.com
  • 2. Coverage of this presentation • What is GST and why is it important to you • Levy and Exemption from GST • Meaning, Timing and Scope of “supply” • Valuation under GST • Input Tax credit • Overview of IGST Act • Place of Supply of Goods and Services • Getting ready for GST • Unanswered Questions Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 3. Why is this important to you ? Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Tax and Information Technology Systems Supply Chain Business Objectives
  • 4. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Why is this important to you ?
  • 5. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Why is this important to you ?
  • 6. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Opportunities and Benefits
  • 8. What is GST ? Structure of GST Dual GST with the Centre and States simultaneously levying it on a common tax base • IGST – Integrated Goods and Services Tax • CGST – Central Goods and Services Tax • SGST – State Goods and Services Tax Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 9. What is GST ? Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 10. What is GST ? Migration from Origination based to Destination Based Tax on consumption It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 11. What is GST ? Destination Based Tax on consumption It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 12. What is GST ? What gets merged in GST Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Central Levy State Levy Central Excise and allied Duties State VAT Additional Duties of Customs (CVD) Central Sales tax Service Tax Luxury Tax Central Surcharges and Cesses so far as they relate to supply of goods and services Entry tax Entertainment and Amusement Tax Purchase Tax Taxes on Lotteries, betting and gambling
  • 13. What is GST ? What will exist after enactment of GST • Alcohol for human consumption • Basic Customs Duty • Petroleum Products • Electricity • Aviation Fuel • Natural Gas Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 14. What is GST council ? • Constituted comprising of Union FM with MOS (Finance) • Also includes state Finance ministers • Would decide upon the following • Tax, Cess etc to be levied • Goods and Services which ought to be taxed • Model GST Law, levy, Valuation and taxability • Basic Threshold limit • The rates including floor rates for taxation • Special provisions for J&K and North Eastern states. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 15. What is GST council ? How will the council vote • 3/4th of the weighted votes of the members present • Central Government weightage at 1/3rd • All states combined to have weightage of 2/3rd • 50% of the members of the council to be present to make eligible quorum Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 16. What is GST? Scope of composition scheme for small scale • Defined as those with turnover of less than Rs. 50 lakhs • Benefit of credit would not be available. • Applied to the PAN hence combined for all businesses • Floor rate shall not be less than 1% • Those doing Inter-state sales shall not be eligible for the scheme Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 17. What is GST? Miscellaneous points • Basic Exemption limit (estimated at Rs. 10 lacs) • HSN code and Services Accounting Code (SAC) • Imports into country to be taxed as IGST • Exports are at nil rate of duty • GSTN and its importance • Suitable legislations need to be passed at Central and State level to actually enact GST Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 19. Levy & Exemptions Taxable Event The taxable event under GST shall be the supply of goods and / or services made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as ‘supply’. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 20. Levy & Exemptions Taxable Event In order to constitute a “supply” following required – • Supply of Goods / Services • Supply is for a consideration • Supply in the course or furtherance of business • Supply is made in the taxable territory • Supply is a taxable supply • Supply is made by a taxable person Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 21. Levy & Exemptions Definition – Supply – Sec 3 INCLUDES All forms of Supply of Goods and / or Services such as • Sale • Transfer • Barter • Exchange • License • Rental and Lease • Disposal • Agreed to be made for a consideration In the course or furtherance of business Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 22. Levy & Exemptions Taxable Point At the juncture when both title and possession are transferred…. EXCEPT Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 23. Levy & Exemptions Definition – Supply – Sec 3 Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Agent transaction Existing VAT Laws GST Law Under the existing provisions in the law such transfers in which the Agent is merely acting as a forwarding agent and does not deal on a principal to principal basis was not taxable. Under GST law all transfers from principals to agents shall be considered to be Supply and hence taxable. However full credit of the tax paid shall be eligible to the agent upon further supply.
  • 24. Levy & Exemptions Definition – Supply – Sec 3 Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Other transaction Particulars GST Law Any transfer in title of Goods Taxable as Goods Any Transfer of right to use Taxable as Service Hire Purchase or Finance Lease Taxable as Goods Lease, License or easement Taxable as Service Renting of residential premises Taxable as Service Job Working Taxable as Service Transfer of Assets upon business close Taxable as Goods Construction of premises Taxable as Service
  • 25. Levy & Exemptions Definition – Supply – Sec 3 Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com Other transaction Particulars GST Law Software Taxable as Service Works Contract Taxable as Service Agreeing to do an act or to refrain Taxable as Service Restaurant Taxable as Service Free supplies Taxable as Goods Club and its members Not Taxable Services put to private or non business Not Taxable
  • 26. Levy & Exemptions Date of Levy – Sec 12 • The date on which goods are removed; • The date on which goods are made available when removal is not required; • The date supplier issues invoice where the above two are not required to be done; • The date when the recipient shows the receipt of the goods in his books of accounts. • For goods on approval – 6 months or the date of approval Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 27. Levy & Exemptions Miscellaneous points • Inter state stock transfers liable for IGST whereas Intra state to be exempt • “Occasional” supplies even if made for consideration would not be liable for GST (E.g. Old car sale) • Clubs and associations also to be liable for GST Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 29. Valuation Transaction Value • Refers to the price actually paid or payable; • for the supply of goods and or services where the; • supplier and the recipient are not related; • price is the sole consideration for the supply; • Includes any amount which the supplier is liable to pay but which has been incurred by the recipient of the supply • shall not include refundable deposit, discount allowed before or at the time of supply provided already declared in invoice issued. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 30. Valuation Transaction Value – Special Situations (Sec 15(4)) Reference to valuation rules in case of • Where consideration payable is not in money terms • Parties to the transaction are related • Transaction value declared is not reliable Methods used to determine in such scenario • Comparative • Computation • Residual Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 31. Valuation Transaction Value – What to be include (Sec 15(2)) • Any amounts paid by the recipient which were to be paid by the provider • Goods or services provided free by the service recipient • Taxes levied under any other law • Subsidy realized by the supplier on the supply • Reimbursements claimed separately by the supplier • Discount allowed after supply if not documented in original invoice • Royalties or License fees paid by the recipient as a condition of sale Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 32. Valuation Payment of Tax • Electronically weather through • Cash balance maintained in common ledger • Input credit available • Every 20th of the succeeding month is the due date to pay • Composition tax payers to pay quarterly • Date of credit of amount to Government would be the actual date of payment and not the date on which challan was tendered • Input Tax credit can only used to set off tax liability and not interest or penalty Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 34. Input Credit Definition – Sec 2(57) of MGL ; 2(1)(d) of IGST Means • IGST and CGST in case of CGST law • IGST and SGST in case of SGST law • IGST, CGST and SGST in case of IGST law • Also includes tax paid on reverse charge Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 35. Input Credit Mandatory conditions for availing Input • Should be in possession of tax paying document • Should have received the goods / services • Tax paid on such supply should have been paid to the government • Should have filed their return • In case of “lots” credit shall be available at the receipt of the last installment Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 36. Input Credit Denied on • Motor vehicles unless used in the business of running them on hire • Expenses incurred on personal expenses of employees • Those used in construction of immovable property • Goods bought from those under composition scheme • Goods / services used for personal consumption Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 37. Input Credit Monthly return to be filed by supplier Based on the following details filed by the supplier the credit shall be available (GSTR-1) • Outward supplies to registered dealers • Outward supplies to unregistered dealers • Details of debit / credit notes • Zero rates sales (Exports) • Exempted and non-GST supplies • Advances received in relation to future sales Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 38. Input Credit Fields to be filled to enable seamless credit • HSN or SAC • Value of Invoice • Taxable Value • Recipient can also upload from his end if the supplier has not uploaded the same (though subject to matching). If mismatch still continues then action to be taken against supplier. • Last chance to avail Input for any year the subsequent September month in which annual return would be filed. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 39. Input Credit Miscellaneous points • Those registering would be allowed inputs of goods with them as on the date of registration. • In case of exempted sales / services partial input would be available. • In case of change in constitution transfer of credit is permissible. • Credit is available for a maximum period of 1 year • In case of electronic mismatch of credit the supplier needs to rectify within 2 months else credit lapses Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 40. Input Credit Fields to be filled to enable seamless credit • HSN or SAC • Value of Invoice • Taxable Value • Recipient can also upload from his end if the supplier has not uploaded the same (though subject to matching). If mismatch still continues then action to be taken against supplier. • Last chance to avail Input for any year the subsequent September month in which annual return would be filed. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 42. Registrations and Returns Registrations Any supplier who carried on business in India and whose aggregate turnover exceeds basic exemption limit (as may be prescribed) is liable to get registered under the act apart from those m in Sch III of the MGL – a.) Person making Inter-State sales b.) Casual taxable person c.) Persons who are required to pay under reverse charge d.) Non Resident taxable persons e.) Persons liable to deduct TDS Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 43. Registrations and Returns Aggregate Turnover Includes combined value of below services provided across India - a.) All taxable and non taxable supplies b.) Exempt supplies c.) Export of Goods Does not include those values on which tax is paid on reverse charge basis and value of inward supplies Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 44. Registrations and Returns Registration – Miscellaneous • Every person who is liable to take a registration will have to get separately registered for each of the state. • If the dealer wishes then for each business vertical also different registration can be obtained. • PAN under Income tax Act is mandatory for registration • There exists no mechanism of centralized registration as was in Excise / Service tax • Input Service distributor required to be registered Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 45. Registrations and Returns Returns • Regular dealer to file monthly returns by 20th of following month • Dealers under composition scheme to file within 18 days of quarter end • WCT/TDS returns to be filed 10 days of month end • Annual return to be filed by 30th Sept of the following year Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 47. IGST What is IGST “Integrated Goods and Services Tax” (IGST) means tax levied under the IGST Act on the supply of any goods and/or services in the course of inter-State trade or commerce. What are inter-state supplies? A supply of goods and/or services in the course of inter-State trade or commerce means any supply where the location of the supplier and the place of supply are in different States. (Section 3(1) and 3(2) of the IGST Act) Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 48. IGST How to determine place of supply of goods In case of Supply of goods – •Place where the movement of goods is terminated In case there is no movement of goods – •Location of the goods at the time of delivery to the recipient In case there assembling or installation – •Place of such assembly or installation Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 49. IGST • All imports/exports will be deemed to be IGST sales • Borrows significant amount of sections from CGST act • IGST to be paid using IGST/CGST/SGST/Cash in that order • The exporting state would transfer the ITC of SGST used by the supplier to the center. In turn Center would pay to the importing state the credit of IGST used by the state. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 50. Place of Supply of Goods and Services • The place of supply determines whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods is required to determine whether a supply is subject to SGST plus CGST in a given State or else would attract IGST if it is an inter-state supply. • Set of rules predominately needed for services provided rather than for goods since there is no tangible space where services are located. • In case location of unregistered recipient is not known then location of the supplier shall be the place of provision. • In case of courier if the recipient is registered then that shall be the place of provision else the place where the goods are handed over to the transportation agency. Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 52. Getting Ready for GST • Start preparing from today • Streamline purchases during Jan-Mar ‘17 • Re-engineer entire supply chain • Unnecessary depots to be closed down • Obtain Digital signatures • Correcting any mistakes in PAN Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 53. Getting ready for GST Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com • Domestic Supplies v. Imports • Intra v. Inter state procurement • Service Locations Transactions • Treatment of Accumulated credit • Mechanism between CGST/SGST • Taxable v. Exempt Input Tax Credit • Accounting and IT systems • Books of Accounts & Stock record • Input Tax credit accounting Compliance
  • 55. Unanswered Questions • Sales made during current VAT laws and returns in GST • Transitions entries in books of accounts and its impact on Income tax • Pending Refund claims under VAT • Filing of Annual VAT returns of FY 2016-17 • Completion of pending VAT Assessments • Treatment of supplies to SEZ/STP • Transition for those already availing incentives in states • Free Supplies Seth & Associates, Chartered Accountants New Delhi | Lucknow | www.sethspro.com
  • 56. Thank You Ca. Dhruv Seth Partner Seth & Associates | Chartered Accountants www.sethspro.com | dhruv@sethspro.com