The biggest ever indirect tax reforms to be implemented ever since 1947 is the GST bill. Execution of this bill is expected to bring economic integration of the Indian economy. Among the group that is highly overwhelmed with the introduction of this form of tax are the start-ups and SME’s. Expectations are that the organizations will benefit the most out of the GST implementation.

1. Comprehensive Solutions for Complex Matters www.ascgroup.in

2. Passage of the Constitutional Amendment Bill for GST in the upper house of the
parliament is not an overnight success story of the Biggest Tax reform of the
Country.
GST bill has gone through many ups and downs thought-out the Journey since the
first discussion in the report of Kelkar Task Force on Indirect Taxes.

3. The Journey is not over yet…..
The Constitutional
Amendment Bill has been
Passed in the upper House of
the Parliament
Now Lok Sabha will have to clear
the amendments in the Bill Okayed
by RS
At least 50% of the state
assemblies (15) have to pass the
Constitution amendment bill with
two thirds majority
After this the Bill will be sent for
Presidential Assent.
Union FM must start negotiation
with the empowered committee of
State FMs’ to arrive at a consensus
on GST Rate.
The Sates have to pass their own
GST Laws.
Government is hopeful to bring
GST & IGST Bill in Winter Session.

4.  Goods and service tax (GST) is a comprehensive tax on domestic consumption levied on
manufacture, sale and consumption of goods & services at a national level.
 GST shall be based on destination principle i.e. the end consumer has to bear this tax and so, in
many respects, GST is like a last-point retain tax.
 To avoid cascading effect, tax is paid on only on the value addition at each stage.
DUAL GST
MODEL
INTRA STATE
CGST
Levied by the Centre
SGST
Levied by the State
INTER - STATE
IGST
Covering Inter state
transactions
About GST

5. Extent of the Act
Whole of India excluding the
State of J&K
Levy and collection of Central/ State Goods and Service Tax
Central/ State GST shall be levied
on all the Intra State Supplies of
goods and services at the rate
specified in Schedule
GST on supplies in course of Inter
state trade shall be levied and
collected by Government and such
shall be apportioned between
Union and state
Provisions of Model GST Law discussed in Brief

6. Composition Levy
Aggregate Turnover in a year < INR 50 Lakh – Opt for composition @ at least
1% of turnover
Threshold limit for
Registration and Tax
Payment
Registration - Aggregate Turnover in a year > INR 9 Lakh
Tax Liability - Aggregate Turnover > INR 10 Lakh
North Eastern States
Registration - Aggregate Turnover in a year > INR 4Lakh
Tax Liability - Aggregate Turnover > INR 5 Lakh
Input Tax Credit
CGST
SGST
IGST
CGST IGST
SGST IGST
IGST CGST SGST

7. Tax
Deducted
at Source
Tax
Collection
at Source
CG or SG may mandate Specified Persons to deduct Tax at Source @1% if
Total Value of Notified Goods/services exceeds Rs. 10 Lakh
Every E Commerce operator engaged in supply of goods/ services required to collect
TCS at the time of credit or payment whichever is earlier.
Operator to furnish a statement of all the amounts collected within 10 days after the
end of month
Refunds
Refund of tax and interest by making an application before expiry of 2 years from relevant
date.
Refund available under following cases
Taxpayer is engaged in exports
Taxpayer unable to utilize credit on account of rate of tax on inputs higher than rate of tax
on output
Refund Order to be issued within 90 days of receipt of application
Provisional refund for export – 80% of amount so claimed excluding ITC
- 20% after due verification of documents

8. Returns
Registered taxable person to file electronically monthly return within 20 days from
the end of such month
Registered taxable person to file electronically quarterly return within 18 days from
the end of such quarter
Dealer to file electronically monthly return within 10 days from the end of such
month
ISD to file electronically monthly return within 13 days from the end of such month
Monthly Returns
Composition Levy
TDS Return
Input Service
Distributor
First Return
Annual Return Dealer to file electronically annual return before 31 December following the end of
such F.Y
Final Return Dealer – applies for cancellation of registration, shall furnish a final return within 3
months of date of cancellation or date of cancellation order which ever is later
Dealer shall have to furnish first return from the date of registration till the end of the
month in which registration is granted

9. PAYMENT OF TAX, INTEREST, PENALTY & OTHER AMOUNTS
Deposit Made towards Tax,
interest, Penalty & other
amount
Through Internet Banking,
credit/debit cards, NEFT or RTGS
Credit to Electronic
Cash Ledger
Input Tax Credit Self Assessed Credit to Electronic
Credit Ledger
Electronic Cash Ledger
Electronic Credit Ledger
TAX
INTEREST
PENALTY
FEE
Any other amount

10. “Electronic Cash Ledger”
means the cash ledger in
electronic form maintained at
the common portal for each
registered taxable person in
the manner as may be
prescribed in this behalf;
“Electronic Credit Ledger”
means the input tax credit
ledger in electronic form
maintained at the common
portal for each registered
taxable person in the manner
as may be prescribed in this
behalf;
PAYMENT OF TAX, INTEREST, PENALTY & OTHER AMOUNTS
“Common Portal”
means the common GST
electronic portal approved by
the CG and SG, on the
recommendation of the Council,
for the specified purposes, as
may be notified

11. Transfer of unutilized CENVAT credit and VAT input credit to be availed subject to following –
Amount of such credit shall be shown as carry forward
Credit shall be availed under earlier law as well as GST law.
 CENVAT Credit already unavailed on Capital Goods shall be allowed under situations as prescribed
Each and every person registered under any earlier law shall be issued a certificate on provisional basis - Validity 6 Months
Transitional provisional

13. • A direct beneficiary under new system.
• Tax Compliance Reduced.
• Reduction in transit time.
• Benefit transporter and manufacturer.
• Interstate trade barriers will be reduced.

14. • At least 8% reduction in tax rates expected.
• On road Vehicle cost expected to drop.
• Margin of manufacturer may expand.
• Logistic hurdles to be minimized.

15. • Saving 30% of logistics Cost.
• Reduced inter state barrier and compliances.
• Average indirect tax to reduce to proposed 18%
from current average of 25%.
• Lower price to consumer.

16. • Increase in tax rate.
• Increased working capital requirement.
• Opportunity of more business as impact
of growth in other industry.
• Eliminate multiple levies.

17. • Uniform market in India
• Taxation system at par with international standard.
• Free movement of supply.
• Reduced state-specific rigmarole.
• Ease in compliances.

18. Impact of Input Tax
and their credit to
affect Working
Capital
Initial Cost to
Organization in
response to change
Cost of training personnel
Cost of refresh IT set up
Indirect Tax impact
analysis
Restructured accounting
and reporting
Change in Rate of
Tax to hit liquidity
directly
Higher rate (18%) is
Proposed.
Higher output tax rate
means low liquidity till
recovery.
Higher rate than current
tax means lower margin
available for business if
price is unchanged
If GST Rate exceeds
present applicable rates
Low input available against output
liability affects liquidity.
If present applicable Rate
exceeds GST rates, positive
impact on liquidity.

19. When India is looking forward towards the Biggest Tax reform(GST Bill),
Implementation of the same is going to be a cumbersome task for both the business
entities and immense support of professionals will be required.
Information Technology will have a very Important role to play to cope with the
issues that may arise with the enactment of the GST Act.

20. At
Taxpayers/Professional
End
At Governments End
Why Government Needs
IT Infrastructure?
Information Technology
Why
Taxpayer/professional
Needs IT Infrastructure?

21. Why Government Needs IT Infrastructure?
The Government is looking forward to be Tech savvy and will require strong IT
enabled services to deal with the following:
- Control & administration of flow of credit
- Online Registration Mechanism.
- Online Return Filing.
- Online Refund Claims.
- Other process like Issuing of Notice, acceptance of records, etc. are also expected
to be automated.
- Cross verification of data furnished under GST regime i.e CGST, SGST or IGST.

22. Why Taxpayer/professionals Needs IT Infrastructure?
Since the Government has decided to go for Automation, the Taxpayer cannot be
spared. It will have to make necessary adjustment accordingly.
Benefits of robust IT infrastructure:
- Ease of procedural aspect like registration, amendment in registration etc.
- Simplified procedure for Return Filing, Payment of taxes, filing of refund claims.
- Reduced departmental visits.

23. What Changes are expected for organizations?
Upgrade the
Existing Software.
Organize training
for the Employees
Update Master Data (TIN
will be replaced with
GSTIN)
Taxes to be segregated as :
- CGST
- SGST
- IGST
Major Tax transactions are
to be adjusted in
accordance with
CGST/SGST/IGST
Data required for reporting
or return filling will undergo
change.
Financial Data shall
Incorporate all elements of
GST , GST
recoverable/payable,
recovered but not paid etc
Ask employees to attend
seminars.
Internal Training to be
conducted.
Regular updation till
implementation.

24. ASC EXPERTISE
All India
VAT
Excise Service Tax
Other Indirect
Tax Services.
Registration in every
state.
Return Filling &
Issuance of Statutory
Forms
Representation in
Assessment & Appeals
Day to day consultancy.
Registration & Return
Filling
Import/Export
Documentations
Representation in Audit
& Appeals
Day to day consultancy.
Registration & Return
Filling
Consultancy Regarding
applicability of ST on a
particular transaction
Representation in Audit
& Appeals
Service Tax Refund.
- Registration &
Return Filling for
Professional Tax,
Entry Tax,
- SAD Refund, etc.

25. WHAT ASC IS DOING REGARDING GST ?
Post GST
Implementation,
Documentation,
Or record Keeping.
GST
Impact
Analysis
IT Support

26. GST Impact Analysis
Following
questions
arises
At what point
of time, the tax
will be levied?
Will it not
involve new
language and
terminology?
Will Taxable
Event covers
both i.e. supply
of goods and
rendering of
services?
What impact
the change in
Taxable Event
can have?
What will be
the nature of
Taxable
Event?
The Indirect Tax Division at ASC is full of Experienced People and is all set to conducted GST Impact
Analysis for their clients. There are certain common queries that has been received and handled quite
comfortably by our team from various clients. The team will also be conducting Working capital analysis for
their clients. The team is looking forward to serve you.

27. IT Support
ASC group will provides a set of principles that government wants to see incorporated in the development
of accounting software.
ASC is working on GST return preparation software which will allow users to easily obtain the necessary
information required for periodic filing of GST tax returns. For example, the software will be able to
generate report containing all the data elements required for the GST electronic submission.
Dedicated IT
Support Team
IT Restructuring Data Migration

28. GST-registered Taxable person must keep proper business and accounting records for a period of 60
Months.
ASC will look forward for proper documentation and record keeping in Manual and Electronic form.
Manual
•Manual record keeping is the recording of your business transactions in a physical form. Examples of
manual records are record books, receipts and physical invoices. Business transactions must be supported by
source documents such as invoices / receipts from your suppliers, and carbon / duplicate copies of invoices /
receipts issued to your customers.
Electronic
•Records can be kept electronically using a computer and / or accounting software. This includes using
Microsoft Office applications, off-the-shelf accounting software and customized accounting software.
Physical copies of source documents need not be kept to substantiate your business transactions if the source
documents are kept electronically.
Post GST Implementation /Documentation/Record keeping

29. Head Office
Delhi Office:
73, National Park, Lajpat Nagar IV,
New Delhi -110024(INDIA)
Tel: +91-11-41729056/7
+91-11-41601289
Branch Office
International
Branch
C
O
N
T
A
C
T
U
S
Gurgaon:
605 Suncity Business Tower
Golf Course Road, Sector 54,
Gurgaon, Haryana - 122002
Tel: +91-1124-4245110/116
Mumbai:
12A/401, Farm Society,
Koparkhairne – 400709
Tel: +91-9022131399
Noida:
C -106, Sector 2,
Noida-201301
Tel: +91-120 4354696
New York:
303,5th Avenue Suite 1007,
New York, NY 10016
Singapore:
#10-09 High Street Centre
1 North Bridge Road
Singapore-179094

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Call@: +91-11-41729056-57, 41729656/57, 91- 9069142245