GST record keeping requirements

01-05-2017
1
GST
Accounts
Invoices
Returns
e-Way Bills
East End CPE Study Circle
April 29, 2017
1SSAR & Associates, Chartered Accountants 29-04-2017
2SSAR & Associates, Chartered Accountants
Accounts Dept. is going to play
MAJOR ROLE in the SUCCESS of GST / BUSINESS
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01-05-2017
2
Important Sections you need to Remember
CGST
7 – Supply (Sch I – w/o Consideration) /
(Sch II – Goods or Services)
8 - Tax liability on Composite and Mixed
supplies
9 – Levy and collection 12 / 13 – Time of Supply of Goods /Services
15-Value of Taxable Supply +Related Person 16 / 17 – ITC / Blocked ITC
24 – Compulsory Registration 29 – Cancellationof Registration
31 – Tax Invoice 25 – Distinct Person / Establishment
IGST
5 – Levy & Collection 7 / 8 – Inter-State/ Intra-State Supply
10 / 11 – Place of Supply of Goods 12 / 13 – Place of Supply of Services
16 – Zero-rated Supply
SOS (As and when required)
CGST: 10 – Composition Levy (+ Rules) CGST: 11/ IGST:6 – Exemption
CGST:14 – Change in Rate of Tax CGST: 19 – ITC – Job work
CGST: 20 – ISD IGST: 9 – TerritorialWater Supply
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Important Sections you need to Remember
CGST (26/119)
2(47) / (108) – Exempt / Taxable Supply
2(6) – Aggregate Turnover
2(94) / (107)– Registered/ Taxable Person
2(20) – Casual Taxable Person
2(52) / (102) – Goods / Services
2(19) – Capital Goods
2(59) – Input / 2(60) – Input Service
2(62) – Input Tax
2(68) – Job Work / Job Worker
2(119) – Works Contract (Immovable Prop.)
2(30 ) / (90)– Composite / Principal Supply
2(74) – Mixed Supply
2(31) – Consideration(Deposit) 2(96) – Removal
2(32)/(33) – Cont. supply of Goods/Services
2(93) / (105)– Recipient / Supplier 2(42) – Drawback (Mfrg + Exports)
2(89) / (85) – Principal / Place of Business 2(49) – Family
IGST (6/23)
2(5) / (6) – Export of Goods / Services 2(10) / (11) – Import of Goods / Services
2(13) – Intermediary 2(17)-onlineinformation and database
access or retrieval services
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Accounts &
Records
Every registered person to keep and maintain,
• a true and correct account
• at the principal place of business +
• accounts relating to each place of business at such place of business
Records to Maintain
Sec 35 – GST Law ; Rule 1 - Draft GST Accounts & Records Rules
Inward supply
Goods or services
imported or
exported
Supplies attracting
payment of reverse
charge tax
ITC availed
Production or
manufacture of
goods
Outward supply Output tax
Stock of
goods
Documents
Invoices Bill of Supply Delivery Challans Cr./Dr. Note
Receipt Voucher Payment Voucher Refund Voucher e-Way bills
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Sec 2 (89) – GST Law “principal place of business” means the
place of business specified as the principal place of business in
the certificate of registration.
Sec 2 (85) – GST Law “place of business” includes
(a) a place from where the business is ordinarily carried on,
o and includes a warehouse, a godown or any other place
o where a taxable person stores his goods, provides or
receives goods and/or services; or
(b) a place where a taxable person maintains his books of
account; or
(c) a place where a taxable person is engaged in business
through an agent, by whatever name called
Records to Maintain
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If…. Then…
more than one
place of businessin
RC
o keep accounts relating to each place of business
at such place of business
o include any electronic form of data stored on any
electronic device (Records distribution)
not in a position to
keep accounts as
per provisions of law
approach Commissioner for relaxation
Commissioner
notifies to maintain
additional accounts
/ documents
maintain additional records as per order/notification
turnover during a
financial year > INR
1 crores
o get accounts audited by a chartered accountant/
cost accountant
o submit a copy of Audited annual accounts
o along with reconciliation statement & other
prescribed documents
Records to Maintain
SSAR & Associates, Chartered Accountants
8
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More than one
Activity
Separate Accounts and Records for
o Manufacturing,
o Trading, and
o Provision of services, etc
Stock Records o Every Registered person (Composition tax person)
o Each commodity Received and Supplied
o Raw materials, Finished goods
o Opening Balance, receipt, supply and closing
Balance
o Goods lost, stolen, destroyed, written off or
disposed of by way of gift or free samples
o Scrap and wastage
Advances Separate Account of
o Advances received,
o Advances paid,
o Adjustments made
Records to Maintain
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Suppliers Names and complete addresses of suppliers from
whom he has received the goods or services (unregd.)
Customers Names and complete addresses of the persons to
whom he has supplied the goods or services,
Place of
Business
Complete addresses of the premises:
o where the goods are stored
o where goods stored during transit along with the
particulars of the stock stored therein
Undeclared
Place
o taxable goods found to be stored at any place(s)
other than declared places in RC
o without the cover of any valid documents,
o Determination of tax payable by PO as if such goods
have been supplied by the registered person
Records to Maintain
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Computation of
Tax
[Rule 1(5)]
o Every Registered person (Compositiontax person)
o Tax payable on outward supplies,
o Tax payable on reverse charge basis under sec 9(3) & (4)
of the Act,
o Tax collected and paid,
o Input tax, input tax credit claimed,
o A register of tax invoice, credit note, debit note, delivery
challan issued or received during any tax period
Manufacturers
[Rule 1(13)]
o Monthlyproduction accounts, showing the quantitative
details of raw materials or services used in the
manufacture
o Quantitative details of the goods so manufactured,
including the waste and by products thereof.
Service Provider
[Rule 1(14)]
o Quantitative details of goods used in the provision of
each service
o Details of input services utilized, and
o Details of the services supplied
Records to Maintain
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Works
Contractor
[Rule 1(15)]
FOR EACH WORKS CONTRACT SEPARATELY
o Separate account
o Names and addresses of Contractor / Contractee
o Description, value and quantity of goods / services utilized in
the execution
o Details of payment received
FOR RECEIPT OF EACH GOODS / SERVICES
o Description, value and quantity of goods / services received
o Names and addresses of suppliers from whom he has received
goods / services (what about Unregistered !!!)
Agent
[Rule 1(12)]
FOR EACH PRINCIPAL SEPARATELY
o Authorization to receive or supply goods/services
o Description, value, quantity, etc. of goods/servicesreceived /
supplied
o Details of accountsfurnished
o Tax paid on receipts or on supply of goods/services effected
Records to Maintain
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Carrier or
C&F Agent
[Rule 1(18)]
o Person having custody over the goods in the capacity of a
carrier (OR) C&F agent for delivery or dispatch thereof to a
recipient on behalf of any registered person
o Maintain true and correct records in respect of goods handled
on behalf of such registered person.
o To produce the details as and when required by the PO
Books in
other Law
[Rule 1(19)]
o Every registered person shall, on demand, produce the books
of accounts which he is required to maintain under any law
in force
Books at
undeclared
place
[Rule 1(11)]
o Unless proved otherwise, if any documents, registers, or any
books of account belonging to a registered person are found
at any premises other than those mentioned in the RC
Presumption to be maintained by the said registered person.
Records to Maintain
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Owner or operator of warehouse or godown or any other place used for
storage of goods and Transporter (whether Regd. or not)
Records of consigner Records of consignee
Other prescribed
particulars of goods
Records to Maintain
Unregd.
[Rule 3]
o Submit the details regarding business online in GST ENR-01
o Generation of unique enrollment number
o person enrolled in any other State or UT shall be deemed to be
enrolled in the State or UT
o Amendment of GST-ENR-01 details online
Records o Transporter: records of goods transported, delivered and goods
stored in transit by him and for each of his branches
o Owner or operator of a warehouse or godown: the period for
which particular goods stored;
• dispatch, movement, receipt, and disposal of such goods
Manner of
Storing Goods
o Can be identified item-wise and owner wise
o Facilitate any physical verification / inspection by PO on
demand 29-04-2017

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Accounts and Records in NON - Electronic Form
• Incorrect Entries [Rule 1(9)]
o Any entry in registers, accounts and documents
o shall not be erased, effaced or overwritten
o all incorrect entries shall be scored out under attestation
o thereafter correct entry shall be recorded
• Each volume of books of account shall be serially numbered
[Rule 1(10)]
Non-Electronic Records
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Accounts and Records in Electronic Form
• Electronic registers and other documents log of every entry
edited or deleted shall be maintained [Rule 1(9)]
• Electronic records authentication by means of a digital
signature [Rule 1(16)]
• Back-up: [Rule 3(1)]
o Proper electronic back-up of records to be maintained and
preserved
o in the event of destruction of such records due to accidents
or natural causes, the information can be restored within
reasonable period of time.
Electronic Records
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Accounts and Records in Electronic Form
• To produce, on demand, the relevant records or documents,
duly authenticated by him, in hard copy or in any electronically
readable format.
• To provide, on demand,
o Audit trail and inter-linkages
o The source document, whether paper or electronic,
o The financial accounts,
o Record layout,
o Data dictionary and explanation for codes used
o Total number of records in each field
o Sample copies of documents.
Electronic Records
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• All invoices, debit notes, credit notes and their supporting
documents related to inward supplies of goods/services received,
o on which GST has been charged by the supplier.
o on which tax has been paid under reverse charge.
• Imported Goods
o Bills of entry including courier bills of entry and their supporting
documents
o Certificate issued by appraiser of customs in post office related to
goods imported through post office
• Records related to goods/services diverted for non-business
purposes.
Records for claiming ITC
Rule 1 (ITC Rules)
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• Records related to goods/services falling in the negative list of ITC.
• ISD Invoice clearly indicating in such invoice that it is issued only for
distribution of input tax credit
• Input tax credit available only:
o all the applicable particulars as prescribed in Invoice Rules are
contained in the said document, and
o Evidence of receipt of goods/services like gate pass.
o Tax paid by Supplier
o the relevant information, as contained in the said document, is
furnished in FORM GSTR-2 by such person
Records for claiming ITC
Rule 1 (ITC Rules)
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Courtesy: Indirect Taxes Committee, ICAI
Input Credit Adjustment
CGSTIGST
CGST - ITC
SGST
IGST
SGST - ITC
IGSTCGST
IGST- ITC
SGST
Accounting entries to Match the order of Input Credit Adjustment
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• What to retain?
• Accounts maintained by the registered person
• All invoices,
• All bills of supply,
• All credit and debit notes,
• All delivery challans relating to stocks, deliveries, inward
supply and outward supply
• Where to retain?
• At every related place of business mentioned in the RC !!!
Records Retention
Sec 36 – GST Law
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• Period of retention
• Until the expiry of 72 months(6 years) from the due date of filing of
Annual Return for the year pertaining to such accounts and records.
• In case an appeal or revision or any other proceeding is pending before
any Appellate Authority or Revisional Authority or Tribunal or Court or is
under investigation for an offence under Chapter XIX,
o retain the books of account and other records pertaining to the
subject matter of such appeal or revision or proceeding or
investigation
o Later of :
for a period of 1 year after final disposal of such appeal or
revision or proceeding or investigation, or
for the period specified records under sec. 54(1), i.e. 60 months
• For example, if the annual return for the FY 2017-18 is filed on, say,
30.11.2018, then the books of account and other records shall be
maintained till 31.12.2024.
Records Retention
Sec 36 – GST Law
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Penalties
Sec Nature of Fault Penalty
35
(6)
• Fails to account for the goods and/or services in
his books of account as per Sec 35(1)
• Goods other than lost, stolen, destroyed,
written off or disposed of by way of gift or free
samples
Determination of tax payable on
the goods and/or services that
are not accountedfor
Sec 73: tax, interestand a penalty
equivalent to 10% of tax or INR
10,000/, whichever is higher
(Max.)
Sec 74: tax , interest and a
penalty equivalent to 50% of such
tax (Max.)
122 • Falsifies or substitutesfinancial records or
produces fake accounts or documents or
furnishes any false informationor return with
an intentionto evade payment of tax due
• Fails to keep, maintain or retain books of
account and other documents
• Suppresses of turnover leading to evasion of tax
INR 10,000/- or an amount
equivalent to the tax evaded,
whichever is Higher
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Penalties
Sec Nature of Fault Penalty
125 General Penalty
Contravenes any of the
provisions of this Act / Rules for
which no penalty is separately
provided
Max. 25,000/-
132 Punishment
Falsifies or substitutesfinancial
records or produces fake
accounts or documents or
furnishes any false information
with an intention to evade
payment of tax due under this
Act
Tax Involved
> 5 Cr. - Imprisonment – 5 yrs (max.)
(Cognizable + Non-Bailable) + Fine
> 2 Cr. and < 5 Cr. - Imprisonment– 3 yrs (max.)
(Non- Cognizable + Bailable) + Fine
> 1 Cr. and < 2 Cr. - Imprisonment– 1 yr. (max.)
(Non- Cognizable + Bailable) + Fine
Accounts falsification, etc.
Imprisonment– 6 Months (max.) or fine or Both
(Non- Cognizable + Bailable)
Subsequent Faults- Imprisonment – 5 yrs (max.)
In absence of adequate reasons – not less than 6
Months Imprisonment 29-04-2017

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DAY-TO- DAY TRANSACTIONS
1. Keeping the Accounts RECONCILED and under CONTROL
2. Discharge of Liability Correctly on:
• Outward Supply:
Correct segregation of Supplies:
o Taxable Supply;
Normal Taxable Supply;
Composite & Mixed Supply
Import of Services with consideration whether or not in the course or
furtherance of business (Sec 9: CGST)
Without Consideration Supplies (Sch I)
Date of Receipt OR Payment as per Books of Account (Sec 12 & 13)
o Zero-rated Supply;
o Exempt Supply (Exemption thru Notification; Nil-Rated; Non-Taxable
Supply)
Challenges before Accounts
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• Reverse Charge
o Notified Goods & Services Sec 9(3) (CGST); Sec 5(3) (IGST)
o Inward Supply from Unregistered Persons Sec 9(4) (CGST); Sec
5(4) (IGST)
• TDS (Sec 51: CGST)
• TCS (Sec 52: CGST)
3. Correct claim of ITC {Sec 16 – 21 (CGST)}
• Condition for ITC claim Apportionment and Blocked ITC
• Separate accounts for Suppliers not depositing Tax ITC not allowed
• Goods received in Installments
• Partial Non-Business& Exempt usage
• Non-Payment in 180 days
• Non-receipt of Goods / Service
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4. Liability and ITC claim in correct State
5. Books to mirror GSTIN records (Matchingof State-wise liability and ITC)
6. Multiple AccountingPractices due to Time of Supply (Sec 12 & 13: CGST)
• Memorandum: (Receipt of Good Reverse Charge)
(Date of Service if invoice not raised within 30 days Forward Charge)
• Receipt (Advance collection Forward Charge)
(Advance payment Reverse Charge)
• Accrual (Normal Supply without advance Forward Charge)
• Defermenttill collection(Interest, Late Fee and Penalty Forward
charge)
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YEAR-END
1. Provision of Service but Invoice yet to be raised (30 days’ grace period)
(AS-9; ICDS-IV)
2. Reconciliationof Accounts vis-à-vis GST (ReconciliationStatement)
(Sec 44)
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Books to Maintain
Books Trader Manufacturer Comp-
osition
Service
Provider
Delhi–1
(SO)
Delhi–2
(SO)
Delhi
(HO)
UP
(Factory)
Purchase (Regd. Person)
- Tax Invoice with all informationas per
Invoice Rules
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- GRN for receipt of Goods / Services √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- GSTIN of Suppliers + Branches – Physical
copies for records
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Debit Note / Credit Note / Delivery
Challan / Bill of Supply / Suppl. Invoice
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
Purchase (URD Person) – Reverse Charge
Invoice Rules
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Payment Voucher √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Name and Address documents (KYC) √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
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Books to Maintain
osition
Service
Provider
Delhi–1
(SO)
Delhi–2
(SO)
Delhi
(HO)
UP
(Factory)
Imports
- Bill of Entry including courier bills of
entry and their supporting documents
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Certificateissued by appraiser of
customs in post office related to goods
imported through post office
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Import of Services w/o consideration
from related person / establishment
√√√√ √√√√ √√√√ √√√√ √√√√ √√√√
ITC (Invoice- level Identification)
Invoice Rules
√√√√ √√√√ √√√√ √√√√ - √√√√
- GRN for receipt of Goods / Services √√√√ √√√√ √√√√ √√√√ - √√√√
- Non-payment to Suppliers >180 days √√√√ √√√√ √√√√ √√√√ - √√√√
- Non-creditable Goods √√√√ √√√√ √√√√ √√√√ - √√√√29-04-2017

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Books to Maintain
osition
Service
Provider
Delhi–1
(SO)
Delhi–2
(SO)
Delhi
(HO)
UP
(Factory)
ITC (Invoice- level)
- Other than Business use √√√√ √√√√ √√√√ √√√√ - √√√√
- Usage for Exempt supply √√√√ √√√√ √√√√ √√√√ - √√√√
- Tax Invoice from ISD √√√√ √√√√ - √√√√ - -
- Tax Invoice for Branch Transfer √√√√ √√√√ √√√√ √√√√ - -
Production
- Production records (Taxable Supply) - - - √√√√ √√√√ -
- Production records (Exempt Supply) - - - √√√√ √√√√ -
- Job – worker (Goods Movement) - - - Del.
Challan
Del.
Challan
-
Stock
- Stock records √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Goods lost, stolen, destroyed,w/off √√√√ √√√√ √√√√ √√√√ √√√√ √√√√29-04-2017
Books to Maintain
osition
Service
Provider
Delhi–1
(SO)
Delhi–2
(SO)
Delhi
(HO)
UP
(Factory)
Sales
- GSTIN of Customers + Branches √√√√ √√√√ - √√√√ √√√√ √√√√
Invoice Rules
√√√√ √√√√ - √√√√ Bill of
Supply
√√√√
- Tax Invoice by ISD - - √√√√ - - -
- Tax Invoice for Branch Transfer of
Goods / Services
Del.
Challan
Del.
Challan
√√√√ √√√√ - -
Output Tax
- Matching of Tax as per Books vs. GSTN √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
Other Documents
- Trial Balance √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Annual Accounts √√√√ √√√√ √√√√ √√√√ √√√√ √√√√
- Audit under GST if Agg. T/o > 1 cr. √√√√ √√√√ √√√√ √√√√ - √√√√29-04-2017

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GST – Invoice,
Debit / Credit Notes
Sections Rules
2(66): Invoice
Revised Goods And Services Tax -
Invoice Rules - (31.03.2017)
31: Tax Invoice
32: Prohibition of unauthorised
collection of tax
33: Amount of tax to be indicated in
tax invoice and other documents
34: Credit & debit notes
Law
S 2(66): “invoice” or “tax invoice” means
the tax invoice referred to in section 31
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o Regular supply of goods and/or services
• Supply of services by banking co. or Insurer or a FI including a NBFC
• Supply of services by banking co. / Insurer / FI including NBFC /
Telecom operator / notified suppliers Distinct persons (Sec 25)
o Receipt of goods or services from an Unregistered person to issue tax
invoice + Payment Voucher
o Revised invoice for period between effective date and date of certificate of
registration (New Registration)
o Bill of Supply (Composition + Non-taxable)
o Receipt Voucher for receipt of advance (you can’t issue tax invoice)
o Continuous supply or goods or services
o Cessation of services Invoice + Refund Voucher
o Sent or taken on approval or sale or return basis
o ISD
o Credit or debit note or supplementary invoice
o Delivery Challan
35
Invoices / Other Documents
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Goods
One Time
Movement
Removal
of goods
No
Movement
Delivery OR
making
available
Continuous
Issuance of
Successive
Statement of
Account OR
Receipt of
successive
payment
Services
One time
Provision of
service
Continuous
Due date
ascertainable:
payment is
liable to be
made
Due date not
ascertainable:
Supplier
received the
payment
Due date not
ascertainable:
Supplier
received the
payment
Linked to
completion of
event:
Completion of
event
Linked to
completion of
event:
Completion of
event
Govt. may
notify
Goods /
Services +
Time
When to Issue the Invoice (Sec 31)
36
Tax Invoice before or at the time of
Before or after …… but within a
period prescribed (30 days) (Rule 2)
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• “Removal’’, in relation to goods, means –
(a) despatch of the goods for delivery by the supplier thereof or by any
other person acting on behalf of such supplier, or
(b) collection of the goods by the recipient thereof or by any other person
acting on behalf of such recipient
• “Continuoussupply of goods” means –
a supply of goods which is provided, or agreed to be provided,
continuously or on recurrent basis, under a contract,
whether or not by means of a wire, cable, pipeline or other conduit,
and
for which the supplier invoices the recipient on a regular or periodic
basis.
includes supply of such goods as the Government may, subject to such
conditions, by notification, specify
• “Continuoussupply of services” means
a supply of services which is provided, or agreed to be provided,
continuously or on recurrent basis, under a contract, for a period
exceeding 3 months with periodic payment obligations, and
includes supply of such services as the Government may, subject to
such conditions, by notification, specify
Definitions
Sec 2(96) - GST Law
Sec 2(32) - GST Law
Sec 2(33) - GST Law
29-04-2017
• On or before when it becomes known that the
supply has taken place OR 6 months from the
date of removal, whichever is earlier
Goods sent / taken on
Approval / Sale / Return basis
• When the supply ceases to the extent of the
supply effectedbefore such cessation(No 30
days’ period)
Supply of services ceases
under a contract before the
completionof the supply
• Within 45 days from the date of supply of
service (Rule 2)
Supply of services by banking
co. or Insurer or a FI including
a NBFC
• Before or at the time of recording in books of
account OR before the expiry of the quarter
during which the supply was made (Rule 2)
Supply of services by banking
co. / Insurer / FI including
NBFC / Telecom operator /
notified suppliers Distinct
persons (Sec 25) : Sch I
When to Issue the Invoice - Other Cases
Sec 31
Sec 31
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• On receipt of advance paymentAdvance Collection
• At the time of refund of Advance
Advance Collection
thereafter no Supply
• On the date of receipt of goods or services from
Unregisteredperson
Reverse Charge u/s
9(3), 9(4)
• Within 1 month from the date of issuance of
certificateof registration(CoR), issue revised invoice
against the invoice already issued during effective
date of registration till the date of issuance of CoR
New Registration
Sec 31
Sec 31
29-04-2017
• Issue tax invoice > INR 200/--
• Supply value < INR 200/- Not reqd. if
Recipient unregistered+ does not require
Consolidated Tax Invoice at the end of day (Rule 1)
Supply of taxable
goods /services
• Issue Bill of Supply
• Supply value < INR 200/- Issue when
requested
• For < INR 200/- Consolidated Bill of supply at
the end of day
Supply of non-taxable
goods and/or services
or paying
Composition Tax
• No Tax Invoice has been issued
• Issue Refund Voucher
Advance Collection
thereafter no Supply
Which Documents to issue?
Sec 31
Sec 31
29-04-2017

01-05-2017
21
• Issue Revised Invoice within 1 month from the
date of Cert. of Regn.
• Consolidatedrevised tax invoice for all taxable
supplies to a unregisteredrecipient
• Consolidatedrevised invoice for Inter-state
supplies to unregisteredrecipients in a State <=
2.5 lakhs
New Registration
[Rule 6(2)]
• Issue Receipt voucherAdvance Collection
• Issue invoice when receipt of goods / services from
unregistered person u/s 9(3) or 9(4)
• Issue payment voucher at the time of making
payment to the supplier
Reverse Charge
• Issue Tax InvoiceISD
Sec 31
Sec 31
29-04-2017
• the original copy being marked as
ORIGINAL FOR RECIPIENT
• the duplicatecopy being marked as
DUPLICATE FOR TRANSPORTER;
• the triplicate copy being marked as
TRIPLICATE FOR SUPPLIER
Supply of Goods
• the original copy being marked as ORIGINAL
FOR RECEIPIENT
• the duplicatecopy being marked as
DUPLICATE FOR SUPPLIER
Supply of Services
Number of CopiesNumber of Copies
Rule 3 – Revised GST Invoice Rules
29-04-2017

01-05-2017
22
43
Invoice Contents
1 Type of invoice (tax invoice, revised invoice or supplementary invoice)
2 Name, address and GSTIN of the supplier.
3 A consecutive serial no. in one or multiple series, containing alphabets
or numerals or special charactershyphen or dash and slash symbolised
as “-” and “/” respectively,and any combination thereof, unique for a
financial year
4 Date of issue of invoice
5 HSN code of goods or accounting code of services
6 Description of goods or services
7 Quantity of goods or unit quantity code
8 Total value of supply of goods/services
9 Taxable value of supply of goods or services taking into account discount
or abatement,if any
10 Rate of tax separately for Central tax,State tax ,Integratedtax,UT Tax/Cess
ABC/DEL(State/UT)/17-18/G(oods)/S(ervice)/AA(Unit)/1; Note
- No Space; No special character other than “-”, “/”; Series for Mfg./ Service
/ Trading; Invoice Series used during tax period detail in the GSTR-1SSAR & Associates, Chartered Accountants 29-04-2017
11 Amount of tax charged separately for Central tax, State tax , Integrated
tax, UT Tax or Cess
12 Place of supply along with name of state, in case of inter-state supply
13 Place of delivery if same is different from place of supply
14 Applicabilityof reverse chargeis mentioned wherever applicable
15 Signature or digital signature of supplier or his authorized signatory
When Then
supply is meant for a registered
recipient
name, address and GSTIN/UID no. of
the registered recipient
supply is meant for an unregistered
recipient and taxable value of supply
> = Rs. 50,000/-
name & address of the recipient and
the address of delivery, name of state
& its code.
More Information
Invoice Contents
29-04-2017

01-05-2017
23
When Then
supply is for export • Endorsement on the top “supply meant for
export on payment of IGST” or “supply
meant for export under Bond or Letter of
Undertakingwithout payment of IGST”
• Name & address of the recipient and the
address of delivery, name of country of
destination & no. & date of application for
removal of goods for export
any invoice or debit note
issued in pursuance of any
tax payable in accordance
with the provisions of section
74 or section 129 or section
130 [Rule 6(3)]
prominently contain the words “INPUT TAX
CREDIT NOT ADMISSIBLE”
Invoice Contents
29-04-2017
/
SAC/ Services
Taxable
Value
Declaration:
Signature /Digital signature of the supplier or Authorised Signatory
Name of the Signatory :
Designation / Status:
A consecutive serial no. in one or multiple series, containing alphabets or numerals or special characters
hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a
financial year
If recipient is unregisteredand taxable value of
supply >= INR 50,000
Name and address of the recipient and the address
of delivery, name of State and its code
/
Unique
Quantity
Code
In case of a Inter-state supply
- Place of supply along with the name of
State
- Place of delivery if different from the
place of supply
Tax Invoice
Tax Amount
• Intra- State: To show CGST and SGST
• Inter-State: To show IGST
Rule 1
/
UTGST/ Cess
Details of HSN/ SAC:
(i) If gross turnover in previous year between
INR 1.5 Cr. and INR 5 Cr: Minimum 2
digit HSN/SAC, Mandatory from 2nd year
of GST implementation;
(ii) If gross turnover in previous year> INR 5
Cr: Minimum 4 digit HSN/SAC
mandatory;
(iii) Exports and Imports: 8 digit HSN/SAC
mandatory.
29-04-2017

01-05-2017
24
/
SAC/ Services
Taxable
Value
Declaration:
(i) name and address of the recipient;
(ii) address of delivery;
(iii) name of the country of destination; and
(iv) number and date of application for removal
of goods for export
/
Unique
Quantity
Code
- Place of supply along with the nameof State
- Place of delivery if different from the place of
supply
Tax Invoice
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER
BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST”, as the case may be
Export
Rule 1
financial year
/
UTGST/ Cess
29-04-2017
/
SAC/ Services
Taxable
Value of
Goods
Declaration:
/
Unique
Quantity
Code
Bill of Supply
“Revised Bill of Supply” or “SupplementaryBill of Supply”, along with the date and
document number of the original BOS
Document
Document
• Supply of Non-taxable goods / services
• Composition Suppliers
Rule 4
financial year
Details of HSN/ SAC:
To be specified by Commissioner on
recommendation of GSTC
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER
BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST”, as the case may be
29-04-2017

01-05-2017
25
/ Services
Advance Taken
Declaration:
financial year
RECEIPT VOUCHER
Tax Amount
Rule 5
/
UTGST/ Cess
- Place of supply along with the name of State
- Place of delivery if different from the place of supply
No HSN /
SAC reqd.
29-04-2017
/
SAC/ Services
Taxable
Value
Declaration:
financial year
/
Unique
Quantity
Code
Tax Invoice
“Revised Invoice” or “SupplementaryInvoice”, along with the date and invoice number of
the original invoice (Sec 31) / Credit and Debit Note (Sec 34)
Tax Amount
Rule 6
/
UTGST/ Cess
29-04-2017

01-05-2017
26
(a) Name, address and GSTIN of the Input Service Distributor;
(b) a consecutive serial number containing alphabets or numerals or special
characters hyphen or dash and slash symbolised as , “-”, “/”, respectively,
and any combination thereof, unique for a financial year;
(c) Date of its issue;
(d) Name, address and GSTIN of the recipient to whom the credit is
distributed;
(e) Amount of the credit distributed; and
(f) Signature or digital signature of the supplier or his authorized
representative
• Tax invoice to include ticket in any form
• Whether or not containing the address of the recipient
• Whether or not serially numbered (serial number is not reqd. !!!)
• Rule 1 information(Tax Invoice format) - GST Invoice Rules
Contents – Tax invoice – Input Service Distributor (ISD)
Rule 7(1) – Revised GST Invoice Rules
Contents – Tax invoice – Passenger Transportation Service
Rule 7(4) - Revised GST Invoice Rules
Bank / NBFC / FI
- Document in lieu
thereof, by whatever
name called,
- Whether or not
serially numbered
29-04-2017
Applicable
• Goods transport agency supplying services in relation to
transportation of goods by road in a goods carriage
To Issue tax invoice or any other document in lieu thereof, containing –
o The gross weight of the consignment,
o Name of the consignor and the consignee,
o Registration number of goods carriage in which the goods are
transported,
o Details of goods transported,
o Details of place of origin and destination,
o GSTIN of the person liable for paying tax whether as consignor,
consignee or GTA, and
o Information as per rule 1 (TaxInvoiceformat)of the GST Invoice Rules
Contents – Tax invoice – GTA
29-04-2017

01-05-2017
27
Tax invoice to include
• any document in lieu thereof
• whether or not serially numbered
• but containing the information as prescribed above
Contents
• To issue a tax invoice or any other document in lieu thereof, by
whatever name called,
• Whether or not serially numbered, (serial number is not reqd. !!!)
• Whether or not containing the address of the recipient of taxable
service
• Containing information as per rule 1 (Tax Invoice format) of the GST
Invoice Rules.
Insurer, Banks, FI & NBFC
29-04-2017
Circumstances
• Supply of liquid gas (quantity at the time of removal not known);
• transportation of goods for job work;
• Transportationof goods for reasons other than by way of supply;
• Other notified supplies.
Delivery Challan to contain
• Serially numbered, in lieu of invoice for transportation;
• Date and number of the delivery challan;
• Name, address and GSTIN of the consigner, if registered;
• Name, address and GSTIN or UIN of the consignee, if registered;
• HSN code and description of goods;
• Quantity (provisional, where the exact quantity being supplied is not known);
• Taxable value;
• Tax rate and tax amount – central tax, State tax, integrated tax, Union territory
tax or cess, where the transportation is for supply to the consignee;
• Place of supply, in case of inter-State movement;
• Signature.
Transportation without issue of Invoice
Rule 8 - Revised GST Invoice Rules
29-04-2017

01-05-2017
28
Circumstances
• Supply of liquid gas (quantity at the time of removal not known);
• transportation of goods for job work;
• Transportationof goods for reasons other than by way of supply;
• Other notified supplies.
Delivery Challan to contain
• Serially numbered, in lieu of invoice for transportation;
• Date and number of the delivery challan;
• Name, address and GSTIN of the consigner, if registered;
• Name, address and GSTIN or UIN of the consignee, if registered;
• HSN code and description of goods;
• Quantity (provisional, where the exact quantity being supplied is not known);
• Taxable value;
• Tax rate and tax amount – central tax, State tax, integrated tax, Union territory
tax or cess, where the transportation is for supply to the consignee;
• Place of supply, in case of inter-State movement;
• Signature.
29-04-2017
Number of Copies (Delivery Challan)
• the original copy being marked as ORIGINAL FOR CONSIGNEE
• the duplicate copy being marked as DUPLICATE FOR TRANSPORTER;
• the triplicatecopy being marked as TRIPLICATE FOR CONSIGNER
Declaration for using Delivery Challan instead of Invoice
• To be declared in declared in FORM [WAYBILL]
Post Delivery (if for the purpose of Supply)
• Issue a tax invoice after delivery of goods
Transportationof CKD and Semi-knocked down Goods
• Complete invoice before dispatch of the first consignment;
• Original copy of the invoice along with the last consignment
• Each consignment
o Delivery challan to give reference of the invoice number;
o To be accompanied by Deliverychallan + duly certified copy of the Invoice
29-04-2017

01-05-2017
29
Credit/ Debit Notes– Sec 34
Where Taxable
value and/or tax
- Charged in Tax
Invoice > Amount
Payable ;or
- goods returned
by recipient; or
- services found
deficient
Taxable Person
to issue CREDIT
Note
Earlier of:
- 30th September
following end of
FY of supply; or
- date of annual
return
No Credit Note if
incidence of tax
and interest on
supply has been
passed to any
other person
Charged in Tax
Invoice < Amount
Payable
Taxable Person to
issue DEBIT Note
To declare the details of Debit/ Credit notes in the return:
• for the month during which such notes are issued /received; or
A debit note includes a supplementaryinvoice
Tax liability adjustment in the manner specified under GST Law.
Sec 34, 37, 38, 42
& 43 - GST Law
29-04-2017
(a) Name, address and GSTIN of the supplier;
(b) Nature of the document;
(c) a consecutive serial number containing alphabets or numerals or special
characters -hyphen or dash and slash symbolised as “-” and
“/”respectively, and any combination thereof, unique for a financial year;
(d) Date of issue of the document;
(e) Name, address and GSTIN/Unique ID Number, if registered, of the
recipient;
(f) Name and address of the recipient and the address of delivery, along with
the name of state and its code, if such recipient is unregistered;
(g) Serial number and date of the corresponding tax invoice or, as the case
may be, bill of supply;
(h) Taxable value of goods or services, rate of tax and the amount of the tax
credited or, as the case may be, debited to the recipient; and
(i) Signature or digital signature of the supplier or his authorized
representative.
Contents – Debit / Credit Notes
29-04-2017

01-05-2017
30
Returns
Sections Rules
37. Furnishing details of outward supplies
Revised Draft GST-
Return Rules
38. Furnishing details of inward supplies
39. Furnishing of Returns
40. First Return
41. Claim of input tax credit and provisional acceptance
thereof
42. Matching, reversal and reclaimof input tax credit
43. Matching, reversal and reclaimof reduction in output tax
liability
44. Annual return
45. Final return
46. Notice to return defaulters
47. Levy of late fee
48. Goods and services tax practitioners
Law
29-04-2017

01-05-2017
31
Returns - Features
• Every registered taxable person to furnish returns
• Return to be filed even if there is no business activity during the
return period
• Totally electronic without any requirement of physical submission
• To be filed for each GSTIN
• If more than one GSTIN in one state (Business Verticals / ISD / TDS)
file multiple returns
• Common e-Return for CGST, SGST & IGST
• Filing of return
o The filing of return shall be only through online mode;
o Facility of offline generation and preparation of returns shall be
available but offline returns shall have to be uploaded before the
due date.
29-04-2017
Returns - Features
• Return without payment of self-assessed tax
o The return may be filed; however, such return shall be treated as
an invalid return;
o Not to be taken into consideration for matching of invoices and
for inter-governmental fund settlement among states and the
centre
• Error or omission may be rectified - No specific provision for revision
prescribed
• B2B transactions proposed on invoice level – GSTIN, Invoice No. &
date, Value, Description, rate of tax and value of Tax.
• B2C invoice wise only for transaction above specified limit
• HSN Codes – Goods and Accounting Codes - Services
• Separate Tables for Debit / Credit Notes / Input Service Distributor
Credit / TDS etc.
29-04-2017

01-05-2017
32
Returns under GST
RETURN
FORM
PARTICULARS DUE DATE APPLICABLE FOR
GSTR – 1 Outward Supplies 10th of the next month
Normal/
Regular
Taxpayer
(other than
compounding
taxpayer, non-
resident tax
payer, TDS u/s
51, TCS u/s 52,
and ISD)
GSTR -
1A
Details of outward supplies as
added, corrected or deleted by
the recipient
Auto generated at
common portal
GSTR – 2 Inward Supplies 15th of the next month
GSTR-2A Details of inward supplies made
available to the recipient on the
basis of Form GSTR-1 furnished
by the supplier
Auto generated at
common portal
GSTR – 3 Monthly return [periodic] 20th of the next month
GSTR – 4
Return by compounding tax
payers
18th of the month next to
the quarter
Compounding
TaxpayerGSTR –
4A
Details of inward supplies made
available to the Composition
dealer on the basis of Form
GSTR-1 furnished by supplier
Auto generated at
common portal
Source: HandbookofGST in India – Concepts& Procedures 29-04-2017
Returns under GST
RETURN
FORM
PARTICULARS DUE DATE
APPLICABLE
FOR
GSTR – 5
Return by non resident tax payers
[foreigners]
Earlier of:
- 20 days after the end
of a tax period
- Within 7 days of the
last day of registration
Foreign Non-
Resident
Taxpayer
GSTR – 6
Return by input service distributors
(ISD)
13th of the next month
Input Service
Distributor
GSTR – 6A
Details of inward supplies made
available to the ISD recipient on the
basis of FORM GSTR-1 furnished by
the supplier
Auto generated at
common portal
GSTR – 7 TDS return 10th of the next month
Tax Deductor
GSTR – 7A TDS Certificate 5 days of depositing TDS
GSTR ITC-1 Communication of acceptance,
discrepancy or duplication of input
tax credit claim
Not specified in the Rules.
GSTR – 8 Details of supplies effected through
e-commerce operator and the
amount of tax collected u/s 52(1)
E- Commerce
operator29-04-2017

01-05-2017
33
Returns under GST
RETURN
FORM
PARTICULARS DUE DATE APPLICABLE FOR
GSTR – 9 Annual return
31st December of next FY
Normal/ Regular
Taxpayer
GSTR-9A Simplified Annual return Compounding Taxpayer
GSTR-9B Reconciliation Statement
GSTR –
10
Final Return
Later of:
- 3 months of the date of
cancellation
- date of cancellation
order,
Taxable person who
applies for cancellation
of registration
GSTR –
11
Details of inward supplies
28th of the next month (as
specified in the Return
format)
Person having UIN
Ledgers
ITC ledger, cash ledger, tax
ledger
On a continuous basis
First Return along with
GSTR – 1/2
End of the month in which
registration has been
granted
New Registration
Person-wise Returns
PARTICULARS DUE DATE
Normal/regular taxpayers – single
registration
• GSTR-1, GSTR-2 and GSTR-3;
• Annualreturn(GSTR-9,GSTR-9B)
Normal/regular taxpayers – Multiple
registration(for business verticals)within a
state
• GSTR-1, GSTR-2 and GSTR-3 for each of
the registrations separately;
• Annualreturn(GSTR-9,GSTR-9B)
Compounding/compositiontaxpayers • GSTR-4;
• Annual return (GSTR-9A)
Casual taxpayers GSTR-1, GSTR-2 and GSTR-3 returns for the
period for which they have obtained
registration
Non-residenttaxpayers (Foreigners) GSTR-5
Input Service Distributor (ISD) GSTR-6
Persons deducting TDS GSTR-7
E-commerce operator GSTR-8

01-05-2017
34
Outward & Inward Supplies – Return (GSTR 3)
Consolidated Return of Outward Supplies and Inward Supplies Return
OUTWARD SUPPLIES includes
[goods &/or services]
Zero Rated
Supplies &
exports
Inter-
state/Intra
-state
supplies &
goods
return
Debit
notes,
credit
notes and
supplemen
tary
invoice
Details to
be
furnished
by 10th day
succeeding
the tax
period
INWARD SUPPLIES includes
[goods &/or services]
Credit
notes,
debit
notes
Inward
supplies of
goods
&/or
services
subject to
RCM
Inward
supplies of
goods
&/or
services
subject to
IGST
Details to
be
furnished
by 15th day
succeeding
the tax
period
Note: Non resident taxable person, ISD & registered person opting composition scheme - not required
to file return of Inward Supplies
29-04-2017
Returns Process
Source: HandbookofGST in India – Concepts& Procedures
RECIPIENT
GSTR-1
Returns of
Outward
Supplies
Part A-GSTR-2A/GSTR-
4A
Inward Supplies made
available on the basis of
GSTR-1 after 10th of
next month
Early uploading of
invoices shall be
allowed
Submission of
return by 10th of
next month
Able to see the
invoices uploaded by
their suppliers
Auto-populationafter
10th of next month
Addition / correction /
deletion of invoices
• From 11th to 15th of
the next month
month next to quarter
(composition)
Final GSTR-2
Submission before
Final GSTR-4
Submission before
18th of month next to
quarter
GSTR-1A
Inward supplies
added / corrected /
deleted by
recipient made
available before
17th of the next
month
GSTR-1
Amended after
accepted
changes
SUPPLIER
Accept or reject
modifications
GSTR-3
General net tax:
Pay / carried
forward
29-04-2017

01-05-2017
35
GSTR-1 - Features
Separate tables, which seek details of (i) current tax period; and (ii)
Amendments in earlier tax periods, of:
o Outward supplies to a registered person;
o Inter-stateoutward supplies and invoice value >INR2,50,000/-;
o Outward supplies to other customers;
o Debit notes, credit notes and supplementary invoices;
o Nil-rated, exempted and non-GST outward supplies;
o Exports including deemed exports;
o Tax liability arising on account of time of supply without issuance of
invoice in the same period, i.e., due to receipt of advance money or
value of supply provided without raising an invoice;
o Tax already paid (on advance receipt/on account of time of supply) on
invoices issued in the current period;
o Supplies made through e-commerce portals of other companies to
registered & unregistered persons.
29-04-2017
GSTR-1 - Features
• The supply information to have details relating to the place of supply in order to
identify the destination state
• Filing of Invoice Value and taxable value
• B2B supplies (recipient claiming input tax credit/recipient is a registered
person)
o All invoices to be uploaded (whether inter-state or intra-state);
o Line-item level data in case multiple tax rate or HSN/Service Accounting
Code (SAC, in short) in one invoice
• B2C Supplies (recipient not claiming input tax credit / recipient is not a
registered person)
o Inter-state(Invoice value more than INR 2.5 lakhs)
− All invoices to be uploaded;
− Line-item level data in case multiple tax rate or HSN/Service Accounting
Code (SAC) in one invoice
o Inter-state(Invoice value below INR 2.5 lakhs) and Intra-state(All Value)
− Aggregate taxable turnover – HSN/SAC-wise, state-wise and rate wise;
− No invoice details need to be submitted.
29-04-2017

01-05-2017
36
GSTR-1 - Features
StatingHSN/SAC
o For the 1st year of operations of GST, self-declaration of turnover of
previous financial year shall be taken as the basis;
o From the 2nd year onwards, turnover of previous financial year under
GST shall be used for satisfying this condition;
o Not mandatoryif aggregate turnover < INR 1.5 Cr.;
o If gross turnover in previous year between INR 1.5 Cr. and INR 5 Cr. –
Minimum 2 digit HSN/SAC would be Mandatoryfrom 2nd year of GST
implementation;
o If gross turnover in previous year > INR 5 Cr. : Minimum 4 digit HSN/SAC
mandatory;
o Exports and Imports : 8 digit HSN/SAC mandatory
29-04-2017

01-05-2017
37

01-05-2017
38

01-05-2017
39
GSTR – 2
Part A-GSTR-2A
available on the basis
of GSTR-1 after 10th of
next month
(Auto populated)
Addition /correction /
the next month
Final GSTR-2
Submission on or
before 15th of the
next month
Ineligibility in ITC
• at the Invoice Level
• at the Gross Level
for non-taxable /
other than Business
supplies
Part B-GSTR-2A
Invoices
furnished by
ISD
(Auto
populated)
Part C-GSTR-2A
Details of TDS
(Auto populated)
Part D-GSTR-2A
Details of TCS by e-
Commerce Operator
(Auto populated)
29-04-2017

01-05-2017
40

01-05-2017
41
Returns Process
RECIPIENT
GSTR-1
Returns of
Outward
Supplies
Part A-GSTR-2A/GSTR-
4A
available on the basis of
GSTR-1 after 10th of
next month
Early uploading of
invoices shall be
allowed
Submission of
return by 10th of
next month
Able to see the
invoices uploaded by
their suppliers
Auto-populationafter
10th of next month
Addition / correction /
the next month
month next to quarter
(composition)
Final GSTR-2
Submission before
Final GSTR-4
Submission before
18th of month next to
quarter
GSTR-1A
Inward supplies
added / corrected /
deleted by
recipient made
available before
17th of the next
month
GSTR-1
Amended after
accepted
changes
SUPPLIER
Accept or reject
modifications
GSTR-3
General net tax:
Pay / carried
forward
29-04-2017
ITC Claim Matching
No
No
Yes
ITC claim matching after submission of GSTR-3
Yes
Invoices/Debit Notes
accepted w/o amendment
in GSTR-2A/GSTR-2 by
Recipient + Valid Return by
Supplier
ITC matching
ITC Claim < = Output Tax
paid
GST-ITC-1A:
Mismatches of earlier
tax period
GST-ITC-1A: Mismatches of
current tax period
ITC claim in GSTR-2 >
Output tax in GSTR-1
Addition to Current
Month Output tax
Liability of
GSTR-3 of Recipient
GST-ITC-1A: Duplicate
Claims of ITC
Addition to Next
Month Output tax
Liability of
GSTR-3 of Recipient
Rectification
by Recipient/
Supplier
Recipient entitled to reduce output tax liability if
supplier rectifies the return within prescribed
timelines
29-04-2017

01-05-2017
42
Output Tax Liability Reduction Matching
No
YesYes
No
Output Tax Liability Reduction matching after submission of GSTR-3
Credit Notes
Accepted w/o amendment
in GSTR-2A/GSTR-1 by
Recipient + Valid Return by
Recipient
Matching
Reduction claim < = ITC
admitted on such Credit
Note by Recipient + Valid
Return by Recipient
GST-ITC-1A:
Mismatches of earlier
tax period
GST-ITC-1A: Mismatches of
current tax period
Liability Reduction claim>
Admitted by Recipient
Addition to Current
Month Output tax
Liability of
GSTR-3 of Supplier
GST-ITC-1A: Duplicate
Claims of Liability
reduction
Addition to Next
Month Output tax
Liability of
GSTR-3 of Supplier
Rectification
by Recipient/
Supplier
Supplier entitled to reduce output tax liability if
Recipient rectifies the return within prescribed
timelines
29-04-2017

01-05-2017
43
Annual Return - Features
To be filed by all taxpayers whose T/O > INR 1 cr. except
For each GSTIN
Separate tables, which seek details of:
o Details of all expenditure
− Total value of purchases on which ITC availed (inter-state, intra-state,
imports);
− Other purchases on which no ITC availed;
− Sales returns;
− Other expenditure (expenditure other than purchases).
o Details of Income
− Total value of supplies on which GST paid (inter-state, intra-state supplies,
exports);
− Total value of supplies on which no GST Paid (exports);
− Value of other supplies on which no GST paid;
− Purchase returns;
− Other income (income other than from supplies).
ISD Casual taxable
person
Person deducting
tax
Non-resident
taxable person
29-04-2017

01-05-2017
44
Annual Return - Features
o Return reconciliation Statement
− Separately for IGST, CGST, SGST
o Other amounts
− Arrears (Audit/Assessment etc)
− Refunds.
o Profit as per the Profit and Loss Statement
− Gross profit (G.P.)
− Profit after tax (PAT)
− Net profit (N.P.)
o G.P. as per returns shall match with G.P. as per books – (shall require TIN-
wise accounting)
o Other reconciliationstatement to be certified
o Aim – 360 degree view of activities of tax-payer
29-04-2017
First, Annual and Final Return
First
Return
Every registered taxable
person who has made
outward supplies between
date of liability to register
to date of grant of
registration
Filed after grant of
registration
Annual
Return
Every registered dealer to furnish
annual return by 31st December
except:
• ISD
• casual taxable person
• Person deducting tax
• Non-resident taxable person
Reconciliation statement to be
furnished along with the statutory
audited report and annual return
Final
Return
Every registered dealer
opting for cancellation
to furnish a final return
To be furnished within 3
months from date of
cancellation or date of
cancellation order,
whichever is later
29-04-2017

01-05-2017
45
GST Return – Important Points
RECTIFICATION
Rectification allowed till
September 30 or date of filing
of annual return
NON FILLING
Cancellation of registration for
non filing of returns for 3
consecutive tax periods
BLACK LISTING OF DEALERS
Compliance rating to be
introduced. Fall below the
prescribed level would lead to
blacklisting
Late Fees: INR 100 per day subject to a maximum of INR 5,000
PENALTY- NON FILING OF RETURN
Late Fees: INR 100 per day subject to a maximum of INR 5,000
Late Fee - Annual Return INR 100 per day subject to a maximum of 0.25 %
of the aggregate turnover of the defaulter
29-04-2017
e-Way Bills

01-05-2017
46
E-Way Bill
Rule 1 - Draft GST e-Way Bill Rules
To whom Applicable
• Registered Person
Which Value Applicable?
• Consignment Value > INR 50,000/-
Which Goods?
• All Goods
Purpose
• in relation to a supply
• for reasons other than supply
• due to inward supply from an unregistered person
When to issue?
• before commencement of movement
Which Form?
• Part A of FORM GST INS-01
How to submit?
• Electronically at GSTN
Transportation By
Registered Person
• as a consignor
• or the recipient of supply as the
consignee,
• whether in his own conveyanceor a
hired one
Recipient / Supplier
Part B of FORM GST INS-01
Transportation By
Transporter
Recipient / Supplier
Details of Transporter Part B of
GST INS-01
E-way bill generation by Transporter
Optional
• Consignment Value < INR 50,000/-
• Movement caused by unregistered
person in
• his own conveyance; or
• hired one; or
• through a transporter
29-04-2017
E-Way Bill
Movement from unregistered supplier to a registered recipient
• Deemed to be caused by such recipient if the recipient is known at the time of
commencementof movement
GST INS-01 submission
• unique e-way bill number (EBN)
Transfer of goods from one conveyance to another during Transit
• New GST INS-01 EBN
Multiple consignments in one conveyance
• Select EBNs on GST site GST INS-02
Individual consignment <50K All consignments >50K
• Transporter Fill GST INS-01 EBNs Generate GST INS-02
29-04-2017

01-05-2017
47
E-Way Bill
Cancellation of EBN
• Goods not transported
• Wrong details
• Cancellation within 24 hrs of EBN generation unless verified by
Authorities
EBN Validity (from EBIN generation)
• Commissioner may extend for certain goods thru Notification
• < 100 km 1 D
• 100 - <300 km 3 D
• 300 - <500 km 5 D
• 500 - <1000 km 10 D
• > = 1000 km 15 D
• Valid in All States
29-04-2017
E-Way Bill
GST INV-01
• Optional
• Upload Tax
Invoice
• Get Inv. Ref. No.
(IRN)
• Valid for 30 D
• Produce IRN
instead of Tax Inv.
Auto
population
• Part A of GST
INV-01
• May use GST
INV-01 for
filing GSTR-1
Transportation
Details
• Part B GST INV-
01
EBN
Generation
Regd. Recipient
• Communication of
acceptance or
rejection of the
consignment
• No communication
within 72 hrs
Deemed
Acceptance
Cancellation
within 24 hrs
unless
verified
during
Transit
Generation and
cancellation of
e-way bill may
be through
SMS
Validity
period of
EBN
29-04-2017

01-05-2017
48
Commissioner’s Powers
Draft GST e-Way Bill Rules
Validity Period of EBN (thru Not.)
• Increase for certain category of Goods
Carry documents instead of the e-way bill (thru Notification)
• tax invoice / bill of supply / bill of entry
• Delivery challan (other than Supply)
RFID (thru Notification)
• Class of transporters to obtain a unique RFID
• Get RFID embeddedon to the conveyance
• Map the EBN to the RFID prior to the movementof goods
Authorise Officer
• To intercept any conveyance to verify the e-way bill/ EBN in physical form for all
inter-State / intra-State movement of goods
Installation of RFID Readers for reading EBN mapped to RFID
29-04-2017
Inspection & Verification
Rule 3 & 4 - Draft GST e-Way Bill Rules
Physical verification of conveyances
• By the persons authorised by Commissioner
Physical verification of a specific conveyance
• Specific information of Evasion of Tax
• After obtaining Approval of the Commissioner
For every inspection of goods in transit
• Online Summary report in Part A of GST INS - 03 within 24
hours of inspection
• Final report in Part B of GST INS - 03 within 3 days of
inspection
29-04-2017

01-05-2017
49
Inspection & Verification
Rule 4 & 5 - Draft GST e-Way Bill Rules
Repeat physical verification (PV) of a conveyance
• NO further PV of a conveyance if PV of transported goods on
any conveyance has been done during transit at one place
within the State or in any other State,
• Unless specific information relating to evasion of tax made
available subsequently
Detention > 30 Minutes
• Transporter may upload such information in GST INS-04 online
29-04-2017
BY TRUCK / TRAIN / HAND CART
SALE (I.E. OUTWARD SUPPLY):
o the original copy of Tax Invoice / Bill of Supply being marked as
ORIGINAL FOR RECIPIENT
o the duplicate copy of Tax Invoice / Bill of Supply being marked as
DUPLICATE FOR TRANSPORTER
o Physical copy of e-Way Bill / EBN mapped to RFID embedded on
conveyance as notified by Commissioner
MOVEMENT OTHERWISETHAN SALE (FOR APPROVAL, ETC.):
o the original copy of Delivery Challan being marked as ORIGINAL FOR
CONSIGNEE
o the duplicate copy of Delivery Challan being marked as DUPLICATE FOR
TRANSPORTER
o Physical copy of e-Way Bill / EBI mapped to RFID embedded on
conveyance as notified by Commissioner
Documents for Movement of Goods
SSAR & Associates, Chartered Accountants 9829-04-2017

01-05-2017
50
New Regime brings New Challenges
…….Unknown
Clarity is the DNA of Mastery
…….Robin Sharma
29-04-2017
THANK YOU
SANDEEP GARG, FCA, CMA
S S A R & ASSOCIATES
Ph: (011) 65960912-13, 9810020508, 9911120508
sandeepgarg@ssarca.com
www.ssarca.com
29-04-2017

GST record keeping requirements

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