(52)levy of exemption from tax ppt hari master piece
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The document discusses various aspects of the Goods and Services Tax (GST) in India such as: 1) Exemption from tax can be granted by the proper officer to registered taxable persons with an aggregate turnover of up to Rs. 1.5 crores, by permitting payment of an amount not less than 1% of turnover in lieu of tax payable. 2) The Central/State Government can grant exemption from tax, absolutely or conditionally, on any goods or services if satisfied it is in public interest. 3) The Central/State Government may insert an explanation within 1 year of issuing a notification/order to clarify its scope, if considered necessary.
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Pma 4 tax invoice
This document discusses Goods and Services Tax (GST) invoices and bills of supply in India. It provides details on the content requirements for tax invoices for goods and services, export invoices, bills of supply, transportation documents, and delivery challans. It also discusses HSN code requirements for invoices based on business turnover amounts. Invoices for goods must be prepared in triplicate and invoices for services must be prepared in duplicate. Transportation documents like delivery challans must contain details of the supplier, recipient, goods, tax amounts, and signatures.
9.tax invoice-debit-and-credit-note
1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
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This document discusses transitional provisions under the Goods and Services Tax (GST) in India. It summarizes that under GST, various central and state taxes will be subsumed. It outlines the taxes that will be replaced and transitional provisions that allow transition from existing laws to GST. It discusses GST registration procedures for existing taxpayers, availability of credits for taxes paid previously, and treatment of returns, capital goods and inventory during the transition period to GST.
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This document discusses various GST concepts related to invoicing such as tax invoices, debit notes, credit notes, and bills of supply. It provides details on:
- When tax invoices must be issued for goods and services, including for continuous supplies.
- The mandatory contents of tax invoices and bills of supply.
- How invoices must be issued, including requirements for original, duplicate, and triplicate copies.
- Situations where delivery challans can be issued instead of invoices when transporting goods.
- What debit notes and credit notes are used for and examples of when they would be issued to increase or decrease the tax amount on a previous invoice.
Payment of GST
This document discusses the payment of GST (Goods and Services Tax) in India. It provides examples of the different types of GST (CGST, SGST, UTGST, IGST) that are applicable in various situations like inter-state supplies, intra-state supplies, and supplies between states and union territories. It also discusses the concept of input tax credit, the order in which input tax credit must be utilized (IGST first, then CGST, then SGST), and provides an example to illustrate this. Additionally, it briefly explains the compensation cess that is levied on luxury and demerit goods to compensate states for potential loss of revenue under GST.
Analysis of Proposed Amendments in GST Law in Budget 2021
The document summarizes key proposed amendments to GST law in the Indian Budget 2021. Some of the major changes proposed include:
1. Making supplies by clubs and member societies taxable retrospectively from 2017 to overrule high court judgments.
2. Adding a new condition for availing input tax credit that the supplier must disclose the invoice in their outward supplies.
3. Replacing the requirement for GST audits by professionals with a self-attested reconciliation statement by the taxpayer.
4. Enhancing powers for tax authorities to attach bank accounts and properties in certain proceedings.
Gst Alert 10 : Changes in registration and return filing norms
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
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This document discusses Goods and Services Tax (GST) invoices and bills of supply in India. It provides details on the content requirements for tax invoices for goods and services, export invoices, bills of supply, transportation documents, and delivery challans. It also discusses HSN code requirements for invoices based on business turnover amounts. Invoices for goods must be prepared in triplicate and invoices for services must be prepared in duplicate. Transportation documents like delivery challans must contain details of the supplier, recipient, goods, tax amounts, and signatures.
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1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
GST Transtional Provisions
This document discusses transitional provisions under the Goods and Services Tax (GST) in India. It summarizes that under GST, various central and state taxes will be subsumed. It outlines the taxes that will be replaced and transitional provisions that allow transition from existing laws to GST. It discusses GST registration procedures for existing taxpayers, availability of credits for taxes paid previously, and treatment of returns, capital goods and inventory during the transition period to GST.
Tax invoice , credit ntote and debit note
This document discusses various GST concepts related to invoicing such as tax invoices, debit notes, credit notes, and bills of supply. It provides details on:
- When tax invoices must be issued for goods and services, including for continuous supplies.
- The mandatory contents of tax invoices and bills of supply.
- How invoices must be issued, including requirements for original, duplicate, and triplicate copies.
- Situations where delivery challans can be issued instead of invoices when transporting goods.
- What debit notes and credit notes are used for and examples of when they would be issued to increase or decrease the tax amount on a previous invoice.
Payment of GST
This document discusses the payment of GST (Goods and Services Tax) in India. It provides examples of the different types of GST (CGST, SGST, UTGST, IGST) that are applicable in various situations like inter-state supplies, intra-state supplies, and supplies between states and union territories. It also discusses the concept of input tax credit, the order in which input tax credit must be utilized (IGST first, then CGST, then SGST), and provides an example to illustrate this. Additionally, it briefly explains the compensation cess that is levied on luxury and demerit goods to compensate states for potential loss of revenue under GST.
Analysis of Proposed Amendments in GST Law in Budget 2021
The document summarizes key proposed amendments to GST law in the Indian Budget 2021. Some of the major changes proposed include:
1. Making supplies by clubs and member societies taxable retrospectively from 2017 to overrule high court judgments.
2. Adding a new condition for availing input tax credit that the supplier must disclose the invoice in their outward supplies.
3. Replacing the requirement for GST audits by professionals with a self-attested reconciliation statement by the taxpayer.
4. Enhancing powers for tax authorities to attach bank accounts and properties in certain proceedings.
Gst Alert 10 : Changes in registration and return filing norms
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
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The document summarizes key aspects of the GST electronic way bill (e-way bill) system in India. It explains that under GST, an e-way bill must be generated prior to transporting goods over Rs. 50,000 in value, and provides details on who can generate e-way bills, the information required, validity periods, documents that must be carried during transport, and procedures for inspection and verification of goods in transit. Unique e-way bill numbers are issued electronically on the common GST portal to the supplier, recipient, and transporter. E-way bills can generally be generated by suppliers, recipients, and transporters using the GST portal.
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1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
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1. The document outlines the procedures for issuing tax invoices and maintaining electronic ledgers for payment of goods and service tax (GST) in India. It specifies that registered taxable persons must issue tax invoices before or after supplying goods or services and what information must be included. 2. It also describes how payment of GST is made through electronic cash and credit ledgers that are maintained on a central portal. Any tax, interest, penalties or other amounts are recorded in these ledgers. 3. Specified forms are used to maintain electronic records of tax liabilities, input tax credits, and deposits made in the cash ledger.
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The document provides an overview of key aspects of the proposed Goods and Services Tax (GST) model in India, including:
1) The proposed dual GST structure that would replace existing indirect taxes, with CGST and SGST charged on intra-state supply and IGST on inter-state supply.
2) Features of the model including it being a destination-based consumption tax, threshold limits for exemption, and utilization of input tax credits.
3) Transitional provisions for migration of existing taxpayers to GST, including transfer of input tax credits and treatment of pending claims and proceedings.
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The document discusses provisions under the Central Goods and Services Tax Act (CGST Act) relating to the determination of tax not paid or short paid and the recovery process. It notes that officers have challenging timelines to issue orders within 3-5 years of the annual return filing date. It summarizes key sections of the CGST Act pertaining to the determination of tax in normal cases within 3 years [Section 73], and for fraud/suppression within 5 years [Section 74]. The document also discusses provisions for issuing show cause notices, paying tax to avoid penalties, and the definition of "suppression" under the Act.
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1. GST is levied on intra-state and inter-state supply of goods and services, except for alcoholic liquor, petroleum products, and real estate.
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1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
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The document discusses the GST Council's decision to allow registered persons with an aggregate turnover up to Rs. 5 Cr to file quarterly tax returns along with a monthly tax payment. Taxpayers can opt into the quarterly return filing scheme starting from the first day of the second month of the preceding quarter. They must have filed their last monthly return on time and their turnover must remain below Rs. 5 Cr. The tax can be paid by the 25th of the month following the quarter. Taxpayers will file 4 returns per year and can upload invoices up to Rs. 50 lakhs for the first two months of the quarter. The scheme aims to reduce compliance burden and make it easy to opt-in and opt-out
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1. The document outlines the procedures for issuing tax invoices and maintaining electronic ledgers for payment of goods and service tax (GST) in India. It specifies that registered taxable persons must issue tax invoices before or after supplying goods or services and what information must be included. 2. It also describes how payment of GST is made through electronic cash and credit ledgers that are maintained on a central portal. Any tax, interest, penalties or other amounts are recorded in these ledgers. 3. Specified forms are used to maintain electronic records of tax liabilities, input tax credits, and deposits made in the cash ledger.
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Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
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This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
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The document provides an overview of key aspects of the proposed Goods and Services Tax (GST) model in India, including:
1) The proposed dual GST structure that would replace existing indirect taxes, with CGST and SGST charged on intra-state supply and IGST on inter-state supply.
2) Features of the model including it being a destination-based consumption tax, threshold limits for exemption, and utilization of input tax credits.
3) Transitional provisions for migration of existing taxpayers to GST, including transfer of input tax credits and treatment of pending claims and proceedings.
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This document discusses key aspects of the Goods and Services Tax (GST) implemented in India, including:
1. GST is levied on intra-state and inter-state supply of goods and services, except for alcoholic liquor, petroleum products, and real estate.
2. Under GST, tax credits can be utilized across state borders to avoid double taxation, ensuring a seamless flow of credits.
3. The document provides examples to illustrate how tax credits flow between suppliers and purchasers within and across states.
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The document compares normal tax payers under Section 9 of the CGST Act to composition levy tax payers under Section 10. Composition levy is an option for small businesses with turnover less than Rs. 1 crore to pay tax at a concessional rate instead of the normal rates. Composite and mixed supplies are classified based on their principal supply, while normal and composition levy taxpayers are distinguished based on aggregate turnover.
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This document provides an introduction to Goods and Services Tax (GST) in India. It begins with definitions of direct and indirect taxes, explaining that GST is an indirect tax that is destination-based and replaces existing indirect taxes. It then discusses the genesis of GST in India and the framework of the dual GST model consisting of CGST, SGST, IGST and cess. Key features of GST like tax credit set-off, value-added taxation, and it being a destination-based tax are also highlighted.
TDS under GST
The document discusses TDS under GST in India. It outlines who is liable to deduct TDS, when the liability is triggered (over Rs. 250,000 contract value), the TDS rates of 1-2%, how to calculate the TDS amount, registration requirements, payment due dates within 10 days of the month, providing a TDS certificate within 5 days, and how deductees can claim a refund of the TDS amount.
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This document discusses advance tax payments in India. It explains that advance tax must be paid in installments by individuals and companies on estimated annual income. For individuals, tax is due in 3 installments on June 15, September 15, and December 15. For companies, tax is due in 4 installments on June 15, September 15, December 15, and March 15. The document outlines interest rates for late or missing advance tax payments under sections 234A, 234B, 234C, and 234D of the Indian tax code. It also discusses interest receivable by taxpayers under section 244A if advance taxes paid exceed the due amount.
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3. The deducted TDS amount must be deposited in the government account by the 10th of the next month and details filed in GSTR-7 return along with issuing GSTR-7A certificates to suppliers. Non-compliance can attract penalties including 18% interest.
GST DRAFT key points by CA Firm Challani Agarwal & Associates, Pune.
The document outlines key points from India's Model GST Law, including details on registration requirements, taxable events, utilization of credits, returns, and transitional provisions. Specifically, it notes that the threshold for registration is annual turnover of Rs. 9 lakhs, except in North Eastern States where it is Rs. 4 lakhs. It also describes various methods for valuation of goods and services under GST and specifies that registered entities will need to file monthly, quarterly, annual and other returns detailing their supplies, input tax credits, tax payable and paid.
GST Model in India_2016
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
GST Returns
GST returns require various monthly, quarterly, and annual filings by different registered taxpayer types. Monthly returns include GSTR-1 for outward supply details, GSTR-2 for inward supply details, and GSTR-3 which is the final monthly return filed along with tax payment. Quarterly returns apply to composite taxpayers, while annual returns like GSTR-9 are required for audited accounts. Special returns also apply to input service distributors, non-resident foreign taxpayers, and e-commerce operators. Due dates for returns generally fall on the 10th, 15th, or 20th of the following month.
CAASA Tax Table 2nd Edition
Description Of Terms " Goods", "Services", "Supply","Taxable Person"
Levy of CGST & SGST, Composition Levy, Transitional Provisions
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The document discusses provisions related to tax deducted at source (TDS) under the Goods and Services Tax (GST) in India. It explains that TDS is applicable when supplies exceed Rs. 2.5 lakhs and the rate is 2% for inter-state and 1% each for CGST and SGST for intra-state supplies. It also discusses when TDS is not required, filing of GSTR-7 returns, issue of TDS certificates, and penalties for non-compliance.
Gst - A Door Step Away
The document provides an overview of key concepts and provisions under the Goods and Services Tax (GST) law in India, including:
1. GST subsumes many indirect taxes and was introduced through a constitutional amendment to empower both the central and state governments to collect taxes.
2. A dual GST model is implemented to respect India's federal structure where both central and state governments collect taxes.
3. Key concepts covered include registration requirements, meaning and scope of supply, time and place of supply rules, valuation methods, input tax credit provisions, return filing requirements and transitional provisions.
4. The composition scheme provides an option for small taxpayers to pay a simplified tax at a concessional rate without
Input Tax Credit under GST
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
TDS
offices
of
NSDL
within
the
due
date.
NSDL will act as intermediary and upload the
data to the Income Tax Department's central
system.
1. The document provides information on Tax Deduction at Source (TDS) and TCS, including the objectives, nature of payments subject to TDS/TCS, persons responsible for deductions, rates of deduction, deposit and filing of returns.
2. It discusses the consequences of failure to deduct or deposit TDS/TCS on time such as interest, penalties, and disallowance of expenses.
3. The mandatory requirements for electronic filing of T
TDS and TCS under GST
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
Returns
This document provides an overview of the key GST return forms and processes in India. It discusses the various monthly, annual and other periodic returns that must be filed, including GSTR-1 for outward supplies, GSTR-2 for inward supplies, and GSTR-3 for the consolidated monthly return. It outlines the returns due dates and details to be provided. It also summarizes the process for matching inward and outward supplies between buyer and seller, communicating discrepancies, and rectifying errors. Finally, it briefly discusses the first return, final return, annual return, and penalties for non-compliance.
Overview of filing return under GST
GST returns must be filed by taxpayers on a regular basis to report tax liabilities and claims. There are multiple GST return forms depending on the taxpayer category. Taxpayers must self-assess tax obligations and file monthly, quarterly, or annual returns reporting details of outward and inward supplies, input tax credit, tax payable, and tax paid. Input tax credit claims are matched against supplier returns and any discrepancies can result in credits being denied or reversed. Late fees may apply for failure to submit required returns by the due date.
TDS Under GST
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
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Final gst vth unit payments of tax interest penalty and tdd&tcs
Final gst vth unit payments of tax interest penalty and tdd&tcs
Tax Deduction or Collection at Source TDS or TCS under GST
Tax Deduction or Collection at Source TDS or TCS under GST
GST DRAFT key points by CA Firm Challani Agarwal & Associates, Pune.
GST DRAFT key points by CA Firm Challani Agarwal & Associates, Pune.
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The document is an introduction to computer software by N. Hariharan for a second year BCOMCS course. It consists of 20 slides with the title "BEST FOR You ORGANIC COMPANY" on each slide. The introduction covers the basics of computer software and is presented over multiple slides. The author and contact details are provided at the end.
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- 5. CENTRAL GOODS AND SERVICES TAX STATE GOODS AND SERVICES TAX On all intra-state supplies goods/services Shall be paid by every taxable person
- 6. On the recommendation of council, Proper officer In lieu of tax payable by him, an amount prescribed but not less than 1% of turnover during year may permit A registered taxable person whose aggregate turnover is max. Rs 1.5 crores a) No permission in case of inter-state supplies b) Taxable person shall not b entitled to input tax credit.
- 10. Who can grant exemption & on what ground it can be granted? If Central/State Govt. is satisfied , in public interest, it may (by order/notification) exempt(absolutely/conditionally)an y goods/services as specified. What is the reason of inserting an explanation to order? Central/State Govt. , if considers necessary for clarifying the scope of any notification/order issued, insert an explanation within 1 year of such issue.
- 11. Registered Taxable Person, supplying Taxable goods & Services Issue a tax invoice showing description, quantity , tax charged thereon & other particulars.
- 12. Registered taxable person, shall issue at the time of supply, a tax invoice showing description, quantity and value of Goods/services, tax charged etc. If taxable value/tax charged in tax invoice < taxable value/payable, taxable person may issue DEBIT NOTE to recipient on or before 30th day of September following the end of FY or date of filing of annual return (whichever is earlier) Registered taxable person, supplying non taxable Goods/services or paying tax u/s 8, shall issue a bill of supply instead of tax invoice. If taxable value/tax charged in tax invoice > taxable value/payable, taxable person may issue CREDIT NOTE to recipient on or before 30th day of September following the end of FY or date of filing of annual return (whichever is earlier)
- 14. Electronic Cash Ledger: • Where taxable person can make deposit • In the joint account with government • maintained for the purpose of Payment of Tax, interest, Penalty, fees or any other amount Electronic Credit Ledger : • Where Credit of Tax paid on purchase is directly credited to this account • On filing of outward detail by supplier • And the same is accepted by taxable person • This credit can be utilize only for the purpose of Tax Liability and not for the purpose of Interest or penalty, etc. WHAT IS ELECTRONIC CASH LEDGER & ELECTRONIC CREDIT LEDGER?
- 15. Cash Ledger Utilisation Cash Ledger Deposit Internet Bank/Credit/Debit Cards/NEFT/RTGS/Cash- Rs. 10,000 Utilisation Tax, Interest, Penalty, Fees or Any other amount
- 16. Credit Ledger Deposit ITC as per Self-assessed Return on Provisional Basis Utilisation Only for Tax (CGST/SGST/UTGST/IGST) Cannot be used for RCM, Interest, Penalty
- 17. Order of Utilisation Nature of Tax Credit Adjusted against in the order Cannot be adjusted against 1st Utilisation Further Utilisation if balance available IGST IGST CGST then SGST/UTGST - CGST IGST CGST SGST/UTGST SGST IGST SGST CGST/UTGST UTGST IGST UTGST CGST/SGST
- 18. Sec. 50 - Interest on Delayed Payment of Tax: Sub- Section Interest When Payable? Rate% 1 Delay in payment of tax in full or part 18% p.a for the period of delay 3 Undue or excess claim of ITC u/s. 42(10) or Undue or excess reduction in output tax liability u/s. 43(10 24% p.a on such undue or excess claim or reduction Note: N.13/2017-CT dt. 28th June 2017
- 19. Dept./Establish ment of central/state govt. Local Authority Such persons as may be notified Govt. agencie s If total value of supply > 10 lakh Deduct tax @ 1% from payment made or credited to the supplier.
- 20. The amount deducted shall be paid the credit of appropriate govt. by deductor within 10 days after the end of month. Deductor shall furnish to deductee a certificate mentioning contract value, amount deducted, date etc . (if deductor fails, he shall be liable for a late fee, sum of 100 Rs / day) Deductee shall claim credit, in his E-Cash Ledger, of tax deducted & reflected in the return of deductor. If any deductor fails to pay to credit of appropriate govt. , he shall be liable to pay interest in addition to the amount deducted.
- 21. Thank You. N. Hariharan , harimasterpiece @gmail.com www.slideshare.net/Harimasterpiece/ 9345020835