The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
GST TRAINING ON VARIOUS CONCEPTS OF GST-2GST Law India
This presentation enumerates about Composition Scheme under GST, registration under GST and composition scheme, invoicing, filing of returns through various forms and payment of tax under GST.
concept of input tax and input service distributorGST Law India
This presentation provides a detailed information on input tax credit, when and in which manner ITC could be taken, restrictions in taking ITC, reversal, transfer, utilization of ITC and about input service distributor under GST.
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST AUDIT and its Impact on Statutory Audit/Tax AuditGST Law India
The following presentation enumerates the Auditor’s Comments on the correctness of Valuations including transaction value, Section 15 provisions, Valuation Rules, Value of supply of services in case of pure agent, Reimbursement of expenses and Margin scheme and other special valuations.
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
GST TRAINING ON VARIOUS CONCEPTS OF GST-2GST Law India
This presentation enumerates about Composition Scheme under GST, registration under GST and composition scheme, invoicing, filing of returns through various forms and payment of tax under GST.
concept of input tax and input service distributorGST Law India
This presentation provides a detailed information on input tax credit, when and in which manner ITC could be taken, restrictions in taking ITC, reversal, transfer, utilization of ITC and about input service distributor under GST.
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST AUDIT and its Impact on Statutory Audit/Tax AuditGST Law India
The following presentation enumerates the Auditor’s Comments on the correctness of Valuations including transaction value, Section 15 provisions, Valuation Rules, Value of supply of services in case of pure agent, Reimbursement of expenses and Margin scheme and other special valuations.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
The govt. is trying to move towards ONE NATION ONE TAX- GOODS & SERVICE TAX. Through this presentation we have tried our best to give a clear insight about the biggest tax reform.
What is GST, Framework, Benefits, Highlights of GST, Rate classification of Services, Rate classification of Goods, Payment by credit, Conditions for claiming credit, Features of registration process, Meaning of Supply, Salient features of supply(deemed supply), Time of supply-NCM, Time of supply-RCM, Content of Invoice, Returns, Records Import, Impact on Business
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various periodic compliance requirements and filings under GST. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
A comprehensive presentation on the various aspects and law relating to registrations under Goods and service Act ( GST ) in India including amendment and cancellation provisions
The Goods & Service Tax regime is most likely to become a reality from April 2017. The Government of India has been taking a number of steps at unbelievable speed to implement the new regime. Following the Model Law, the Draft Rules for registration, payment, invoice, returns and refunds were released. The Government has also released an FAQ on GST.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
GST TRAINING ON VARIOUS CONCEPTS OF GSTGST Law India
This presentation enumerates the constitutional aspect of GST with amendments, GST levy on goods and services in inter-state and intra-state supply, what is supply, types of supply, the supply of goods or services, persons liable to pay tax under GST, taxable and distinct persons under GST and reverse charge mechanism under GST.
Show Cause Notices, Adjudication & Introduction to Appeals under GSTGST Law India
This presentation gives a detailed information on show cause notices, reply to SCN, identification of deficiencies in SCN, the scope of writ, the procedure for adjudication under GST and lastly how to file appeal - drafting, its effect, and remedy.
Case Studies of Place of Supply Including Exports-Imports and RefundsGST Law India
the following presentation enumerates a brief study on GST in case of Cross-border Air Travel, work contracts, Hotel Accommodation, Event Organization ,Immovable Property – Place of Supply & ITC Eligibility, Cross-Border Logistic Services, Cross-Border Intermediary Services, Whether Foreign Company can procure goods from India on Bill to-Ship to basis where ship to Location is India, Supply of FOC promotional material to related and unrelated parties outside India, Use of Trademark owned by Foreign-Related Company, Refund of unutilized credit accumulated due to inverted duty structure and lastly Refund of unutilized credit on zero-rated supply
The following presentation enumerates E-way Bill -jurisprudence, the constitutional validity of E-Way bill, governing sections, modes of e-way bill generation, registration, validity, verification, offenses, and penalties. It also states about grievance redressal and documents to be carried during movement.
Issues in Export & Import of Goods & Services vis-a-vis Foreign Trade PolicyGST Law India
The following presentation enumerates various issues related to import and export of goods under GST like modes of exports, zero-rated supply, supplies to SEZ and others, how to claim refund of ITC and IGST by using different forms. Further, it deals with methods to rectify mistakes in the respective refund forms under GST.
VALUATION OF STOCK TRANSFER,JOB WORK, E-WAY BILL UNDER GSTGST Law India
The following presentation enumerates how valuation is to be done during inter-unit transactions especially during stock transfer, job work and e-way bill along with their tax treatment under GST.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
Real estate transactions Under taxing lawGST Law India
The following presentation enumerates the taxing structure for real estate transactions and gst rates along with a comparison of the previous tax structure with the present structure under GST. it also discusses service tax on work contracts, service tax on renting, credit linked subsidy scheme, valuation of taxable supply, input tax credit, exemptions for builders, housing society.
Enrolment of existing taxpayers under GSTGST Law India
Greetings from GST Law India!
Goods and Service Tax (GST) is now a near reality and government is making fast moves for implementing it from the proposed date of 1st of April 2017.
W.e.f. 08.11.2016, the GST Network has initiated GST migration/ enrollment proceedings of existing taxpayers under the current Indirect tax regime to the GST portal.
Please find attached herewith a brief presentation on the process of migration/ enrollment as well as the paramount considerations during the whole migration activity.
It is noteworthy, that paramount consideration at this juncture must be to determine the nature of registration and optimum locations for registration in terms of present and future business transactions as separate registrations shall be required at each state from where supply of goods/ services are being made.
Find out the detailed explanation of the provisions related to Offences and Penalties under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions related to E-commerce under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions related to Filing of returns under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Provisions related to Assessment, Audit, Demand and Recovery under GSTGST Law India
Find out the detailed explanation of the provisions related to Assessment, Audit under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions related to Place of Supply under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions related to registration under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
4. Aggregate Turnover: Section 2(6)
All
taxable
Supplies
All
exempt
supplies
Exports
of
Goods/
Services
Interstate
supply of
persons
having
same PAN
Aggregate
Turnover
Exclusions:
• Value of inward supplies on which tax is payable by a
person on reverse charge basis
• CGST, SGST, UTGST, IGST, Compensation Cess
To be
computed on
all-India basis
6. Composition Levy (S. 10)
• Aggregate Turnover not exceeding Rs. 1 Crore may opt for this scheme. [Rs. 75
Lakh in special category states]
• Restrictions:
– Shall not provide any service (except restaurants)
– Shall not engage in supplies not leviable to tax.
– Shall not provide any inter-state outward supply of goods (can receive)
– No outward supply through e-commerce operator
– Not a manufacturer of goods as notified (ice-cream, pan masala, tobacco
and tobacco substitutes)
• Validity of Composition Levy:
– Remains valid so long as he satisfies the conditions of a composition
dealer.
– Such registration shall lapse the day on which the aggregate turnover
during the FY exceeds the specified limit.
7. Rate of Composition Levy
S.No. Category of Registered Persons Rate of Tax
1.
Manufacturers, other than manufacturers of
such goods as may be notified by the
Government
half per cent. of the turnover in
the State or Union territory
2.
Suppliers making supplies referred to in clause
(b) of paragraph 6 of Schedule II
two and a half per cent. of the
turnover in the State or Union
territory
3.
Any other supplier eligible for composition
levy under section 10 and the provisions of
this Chapter
half per cent. of the turnover of
taxable supplies of goods in the
State or Union territory
9. Registration under GST
CHAPTER VI (Section 22-30) of the CGST Act, 2017 and Chapter VI
of the CGST Rules, 2017 (Rule 8-26) deals with Registration under
GST.
Liability to register:
Supplier – aggregate turnover in a FY > Rs. 20 Lakh – in every state
from where he makes a taxable supply.
For the purpose of registration, “aggregate turnover” includes all
supplies made by the taxable person, whether on his own account,
or on behalf of his principal(s).
10. Persons not liable for registration (S. 23)
Agriculturist – to the extent
of supply of produce out of
cultivation of land.
Any person making only
exempt supplies/ supplies
not leviable to tax under
GST.
Any other person/ category
of persons as notified by the
government.
11. Compulsory Registration (S. 24)
• Persons making inter-state supplies
• Casual taxable persons making taxable supply;
• Persons who are required to pay tax under reverse charge;
• Person who are required to pay tax under sub-section (5) of section 9;
• Non-resident taxable persons making taxable supply;
• Persons who are required to deduct tax under section 51, whether or not separately registered
under this act;
• Persons who make taxable supply of goods or services or both on behalf of other taxable persons
whether as an agent or otherwise;
• Input service distributor, whether or not separately registered under this act;
• Persons who supply goods or services or both, other than supplies specified under sub-section (5)
of section 9, through such electronic commerce operator who is required to collect tax at source
under section 52;
• Every electronic commerce operator;
• Every person supplying online information and database access or retrieval services from a place
outside India to a person in India, other than a registered person; and
• Such other person or class of persons as may be notified by the government on the
recommendations of the council.
12. Other Provisions
• Section 25: Procedure for Registration
• Section 26: Deemed Registration
• Section 27: Special Provisions relating to CTP/
NRTP
• Section 28: Amendment of Registration
• Section 29: Cancellation of Registration
• Section 30: Revocation of cancellation of
registration
13. Other important points
• Distinct Person: S. 25(5)
• Voluntary Registration: S. 25(3)
• Unique Identity Number: S. 25(9)
15. Invoice
“S. 2(66) “invoice” or “tax invoice” means the tax invoice referred to in
section 31;”
CHAPTER VII (Section 31-34) of the CGST Act, 2017 and Chapter VI of the
CGST Rules, 2017 (Rule 46-55A) deals with Tax Invoice, Credit Note and Debit
Note.
In case of Goods In case of Services
Issue an invoice, with prescribed
particulars, before or at the time
of,—
(a) removal of goods for supply to
the recipient, where the supply
involves movement of goods; or
(b) delivery of goods or making
available thereof to the recipient, in
any other case,
Issue an invoice, with prescribed
particulars, before or after the
provision of service but within a
prescribed period.
16. Manner of issuing Invoice
• The invoice shall be prepared in triplicate, in case of supply of goods, in the following
manner–
a) the original copy being marked as ORIGINAL FOR RECIPIENT;
b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.
• The invoice shall be prepared in duplicate, in case of supply of services, in the following
manner:
a) The original copy being marked as ORIGINAL FOR RECIPIENT; and
b) The duplicate copy being marked as DUPLICATE FOR SUPPLIER.
• The serial number of invoices issued during a tax period shall be furnished electronically
through the Common Portal in FORM GSTR-1.
17. Contents of Tax Invoice
Particulars required to be maintained in the tax invoice: (Rule 46 CGST Rules, 2017)
a. Name, address, GSTIN of supplier
b. A serial No. in multiple series containing alphabets/numerals/special characters/hyphen/dash and slash/ any unique
combination.
c. Date of issue of such invoice
d. Name, address, GSTIN or UIN, if registered of recipient.
e. If the recipient is un-registered and value of taxable supply is Rs. 50,000 or more---Name and address of recipient,
Address of delivery, Name of state and its code. (However, in case of exports name and address of recipient, address of
delivery and name of the country of destination should be mentioned instead of details mentioned in point e.)
f. Name and address of the recipient and the address of delivery, along with the name of the State and its code, if such
recipient is un-registered and where the value of the taxable supply is less than fifty thousand rupees and the recipient
requests that such details be recorded in the tax invoice;
g. HSN codes of goods or Accounting code of services.
h. Description of Goods or Services.
i. Quantity in case of Goods and unit or unique quantity code.
j. Total value of supply of goods or services or both.
k. The value taking in account the discount or abatement if any.
k. Rate of tax (CT, ST, IT, UT, or Cess)
l. Amount of tax charged
m. Place of supply along with name of state, in case of a supply in course of inter state trade or commerce.
n. Address of delivery where same is different from place of supply
o. If tax is paid on reverse charge basis.
p. Signature/digital sign of supplier or his representative
18. Invoice for Export
• In case of export sale and export leasing, the invoice
shall carry the following endorsement:
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF
INTEGRATED TAX” or
“SUPPLY MEANT FOR EXPORT UNDER BOND OR
LETTER OF UNDERTAKING WITHOUT PAYMENT OF
INTEGRATED TAX”
• The invoice, instead of the details of the state (along
with code), shall provide the name of the country of
destination.
19. Invoice for Composition Levy
• In case of supply by a composition dealer, the
invoice shall carry the following endorsement:
“COMPOSITION TAXABLE PERSON, NOT ELIGIBLE
TO COLLECT TAX ON SUPPLIES”
20. Continuous Supply of Services
Under Section 2(33) of CGST Act, 2017, “continuous supply 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 three months with periodic payment obligations
and includes supply of such services as the Government may, subject to such conditions, as
it may, by notification, specify.
Time of supply in case of a continuous supply shall be:
i. Where the due date of payment is ascertainable from the contract, on or before
due date of payment as per the contract; or
ii. When not (i), before or at the time of actual receipt of payment; or
iii. Where payment is linked to the completion of an event, on or before completion
of event.
21. Contd…
In case of Continuous Supply of Services: [Section 31(5)]
i. Where the due date of payment is ascertainable from the contract, on or before
due date of payment as per the contract; or
ii. When not (i), before or at the time of actual receipt of payment; or
iii. Where payment is linked to the completion of an event, on or before completion
of event.
22. Contd…
For a registered person liable to pay ta
under RCM
Issue an invoice in respect of
goods/ services received from
an unregistered supplier - on
the date of receipt of goods or
services or both
issue a payment voucher at
the time of making payment
to the supplier.
23. Payment Voucher and its contents
• Payment voucher (Rule 53 CGST Rules, 2017) shall contain the following particulars
mainly:
a) Name, address and GSTIN of the supplier if registered;
b) A serial no. In multiple series containing alphabets/numerals/special
characters/hyphen/dash and slash/ any unique combination
c) Date of its issue;
d) Name, address and GSTIN of the recipient;
e) Description of goods or services;
f) Amount paid;
g) Rate of tax (CT, ST, IT, UT, or cess)
h) Amount of tax payable in respect of taxable goods or services (CT, ST, IT, UT, or cess)
i) Place of supply along with the name of state and its code, in case of a supply in the
course of inter-state trade or commerce; and
j) Signature or digital signature of the supplier or his authorised representative.
24. Contents of “Receipt Voucher”
The receipt of voucher evidencing the advance payment shall contain the following details:
a. Name, address and GSTIN of the supplier;
b. A consecutive serial number containing alphabets or numerals or special characters -hyphen
or dash and slash symbolized as “-” and “/”respectively, and any combination thereof, unique
for a financial year
c. Date of its issue;
d. Name, address and GSTIN or UIN, if registered, of the recipient;
e. Description of goods or services;
f. Amount of advance taken;
g. Rate of tax (central tax, state tax, integrated tax, union territory tax or cess);
h. Amount of tax charged in respect of taxable goods or services (central tax, state tax,
integrated tax, union territory tax or cess);
i. Place of supply along with the name of state and its code, in case of a supply in the course of
inter-state trade or commerce;
j. Whether the tax is payable on reverse charge basis; and
k. Signature or digital signature of the supplier or his authorized representative.
25. Issuance of ‘Refund Voucher’
• On receipt of advance payment in respect to any supply of goods or
services or both the registered person issues a receipt voucher.
• But when no supply is made and no tax invoice is issued, the registered
person may issue to the person who made the payment, a refund
voucher against such payment.
• Refund voucher is issued under Rule 51 of CGST Rules, 2017.
26. Contents of Refund Voucher
Refund voucher shall contain the following particulars mainly:
a) Name, address and GSTIN of the supplier;
b) A serial no. In multiple series containing alphabets/numerals/special
characters/hyphen/dash and slash/ any unique combination
c) Date of its issue;
d) Name, address and goods and services tax identification number or unique identity
number, if registered, of the recipient;
e) Number and date of receipt voucher issued in accordance with the provisions of Rule
50;
f) Description of goods or services in respect of which refund is made;
g) Amount of refund made;
h) Rate of tax (CT, ST, IT, UT, or cess)
i) Amount of tax paid in respect of such goods or services (CT, ST, IT, UT, or cess)
j) Whether the tax is payable on reverse charge basis; and
k) Signature or digital signature of the supplier or his authorised representative.
27. Contents of Revised Tax Invoice, Credit or Debit Notes
Such an invoice shall contain the following particulars: (Rule 53, CGST Rules 2017)
(a) The word “revised invoice”, wherever applicable, indicated prominently;
(b) Name, address and GSTIN of the supplier;
(c) Nature of the document;
(d) A consecutive serial number containing alphabets or numerals or special characters -hyphen
or dash and slash symbolized as “-” and “/”respectively,, and any combination thereof, unique
for a financial year
(e) Date of issue of the document
(f) Name, address and GSTIN or UIN, if registered, of the recipient;
(g) Name and address of the recipient and the address of delivery, along with the name of state
and its code, if such recipient is un-registered;
(h) Serial number and date of the corresponding tax invoice or, as the case may be, bill of supply;
(i) Value of taxable supply 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
(j) Signature or digital signature of the supplier or his authorized representative.
29. Returns under GST
Covered under Chapter IX of the CGST Act, 2017 (Sections 37–48) and Chapter VIII of the
CGST Rules, 2017 (Rules 59–84).
Sections
Section 37: Furnishing details of Outward Supplies
Section 38: Furnishing details of Inward Supplies
Section 39: Furnishing of returns
Section 40: First Return
Section 41: Claim of ITC & provisional acceptance
Section 42: Matching, reversal & reclaim of ITC
Section 43: Matching, reversal & reclaim of reduction in output tax liability
Section 44: Annual Return
Section 45: Final Return
Section 46: Notice to return defaulters
Section 47: Levy of Late fee
Section 48: Goods and Services tax practitioners
30. Reasons For Filing Returns
• Procure information relating to input tax credit
from returns of supplier to that of recipient,
• Invoice level information matching and auto-
reversal of input tax credit in case of mismatch.
• The returns mechanism is designed to assist the
taxpayer to file returns and avail ITC.
31. Returns Applicable On Date
General
GSTR 3B
(Monthly)
GSTR 1
Composition
GSTR 4
(Quarterly)
ISD
GSTR 6
(Monthly)
NRTP
GSTR 5
For RP having agg.
turnover less than
1.5 Cr. – Quarterly
For RP having agg.
turnover more than
1.5 Cr. - Monthly
Monthly
OR
Within 7 days after
the last day of
registration
33. Payment of Tax
Chapter X (Sections 49-53) of the CGST Act, 2017 and Chapter IX of
the CGST Rules 2017 (Rules 85-88).
Sections
Section 49: Payment of Tax, Interest, Penalty and other amounts
Section 50: Interest on delayed payment of tax
Section 51: Tax deduction at Source
Section 52: Collection of tax at Source
Section 53: Transfer of ITC
34. Contd…
Electronic Credit Ledger Electronic Cash Ledger
• Payment of interest, penalty, late fee
can be discharged only through this
ledger.
• Deposit to this ledger can be made
directly.
• ITC credited to this ledger
• Tax liability can be discharged from
this ledger.
• No entry can be directly made to this
ledger.
35. Order of Preference for using ITC relating to different
taxes i.e. IGST/ CGST/ SGST – Section 49(5)
• The taxable person may have ITC on account of various taxes such as IGST/
CGST/ SGST – following is the table that summaries the order of
preference for using the credit available on account of different taxes
Type of
credit
First
preference
Second
preference
Third
preference
Comments
IGST IGST CGST SGST
Credit of IGST can be used for
payment of IGST/ CGST/ SGST
CGST CGST IGST -
Credit pertaining to CGST cannot
be used for payment of SGST
SGST SGST IGST -
Credit pertaining to SGST cannot
be used for payment of CGST
36. Payment of Output Tax Liability
• Payment of tax to be made before furnishing the return u/s 39, within 20 days before
the end of the month.
• The assesse shall be required to generate a challan in Form GST PMT-06 on the
common portal for depositing amount towards payment of tax, interest, penalty, fees
or any other amount.
• Utilizing ITC for the fulfillment of Tax liability:
– IGST: After the IGST input tax credit is used for payment of IGST then the
remaining ITC can be used to pay tax liability under CGST and SGST.
– CGST: The CGST input tax credit cannot be used to pay the SGST liability but can be
used to pay the liability under CGST.
– SGST: The SGST input tax credit cannot be used to pay the CGST liability but can be
used to pay the liability under SGST.
• Deposits shall be made through Internet Banking through authorised banks; or Credit
card or Debit card through the authorised bank; or NEFT or RTGS from any bank; or
Over the Counter payment through authorised banks for deposits up to ten thousand
rupees per challan per tax period, by cash, cheque or demand draft.
37. Contd…
• The challan generated shall be valid for a period of 15 days.
• On successful credit of deposit to government account, a challan
identification number will generated.
• Where no challan identification is generated although the bank A/c of the
assesse has been debited then in such a case he shall be required to file
Form GST PMT-07.
• Where the payment is made by way of National Electronic Fund Transfer or
Real Time Gross Settlement mode from any bank, the mandate form shall be
generated along with the challan on the common portal and the same shall
be submitted to the bank from where the payment is to be made which shall
be valid for a period of 15 days from the date of generation of challan.
• Payment for output liability for TDS, TCS, reverse charge mechanism or
composition levy shall be made from deposit in electronic cash ledger only.
38. Invoice Level Matching
• Under GST Law, sale and purchase will be matched and
verified at invoice level from returns furnished by seller and
purchaser.
• Thus, it is very important that each detail of purchase invoice
is captured properly by Dealer / Distributor.
• Until and unless the invoices are matched no dealer will be
able to claim input tax credit.
39. Details to be matched
Rule 69 of the CGST Rules, 2017:
GSTIN of the Supplier
GSTIN of the recipient
Invoice/ debit note number
Invoice/ debit note date
tax amount
40. Contd…
Interest on delayed payment of tax
Levy of interest on delayed payment of tax @ 18%
Interest to be calculated from the day succeeding the day on which tax
was due to be paid.
Interest on undue/ excess claimed ITC
Interest on undue/ excess reduction in output tax liability
@ 24%