This document discusses India's Goods and Services Tax (GST) composition scheme. It provides:
1) An overview of the composition scheme, which allows eligible small businesses to pay tax at 1% of their annual turnover in lieu of regular tax.
2) Eligibility requirements to opt for the composition scheme, including an annual turnover limit of 50 lakhs.
3) Conditions for opting into the scheme, such as restrictions on inter-state supplies and inability to claim input tax credits.
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
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
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
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
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 provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
EWAY Bill a complete guide by GSTSEVA.COM
This slides specifically prepared for logistics, transport, registered users under gst and students to understand eway bill concept in GST with examples.
Thanks
Team www.gstseva.com
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
Composition levy GST ( Composition Scheme GST )CA-Amit
Only taxable persons whose ‘aggregate turnover’ does not exceed Rs. 50 lacs in a financial year will be eligible to opt for payment of tax under the composition scheme.As per Section 16, Goods and/or services on which composition tax has been paid under Section 8 is not eligible for input tax credit.
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
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 provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
EWAY Bill a complete guide by GSTSEVA.COM
This slides specifically prepared for logistics, transport, registered users under gst and students to understand eway bill concept in GST with examples.
Thanks
Team www.gstseva.com
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
Composition levy GST ( Composition Scheme GST )CA-Amit
Only taxable persons whose ‘aggregate turnover’ does not exceed Rs. 50 lacs in a financial year will be eligible to opt for payment of tax under the composition scheme.As per Section 16, Goods and/or services on which composition tax has been paid under Section 8 is not eligible for input tax credit.
Composition Scheme in Revised GST Model Law
Eligibility & Conditions for Composition Scheme in GST Law
Rate of Tax in Composition Scheme
Restrictions to opt Composition Scheme
Return Form & Due dates in Composition Scheme
Late fees
What do you think are the challenging issues, immediately affecting a person covered under earlier laws?
The objective of this presentation is to impart understanding on various issues which a business unit/service provider shall face in this change over from earlier law to 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.
KEY FEATURES OF THE BOOK • Highlights of changes in Revised Model GST Law for easy understanding • Constitutional Amendments and likely date of GST Implementation • GST - Need & Necessity, Overview and Model for India • Discussion/analysis on Revised Model GST Law along with its comparison with First Model GST Law • Analysis of meaning of the terms 'Supply','Goods' and 'Services' in GST. • Gist of documents, information, procedure, etc., required for migration of existing registrants in GST • Discussion on various domains - intra-state supply and inter-state supply of goods and/or services, principles of place of supply & time of supply, valuation of goods and/or services, GST ITC, taxable person, appeals and revision, offences and penalties, demand and recovery, GST rate, e-commerce operator, etc., along with transitional provisions. • Discussion on contentious issues under Revised Model GST Law which requires reconsideration • Discussion on flow of input tax credit in GST with illustrations and negative list for GST ITC • Discussion on Draft Rules and procedural aspect of GST- Registration, Payment, Invoice, Returns and Refund • Impact of GST on business and specifically on manufacturers, traders and service sectors and preparation required for smooth migration • Transitional issues under GST along with effective tools for planning. • Likely challenges ahead for GST implementation • Way forward and Procedural changes in GST • Contains complete Revised Model GST Law, ModeI IGST Law and Draft GST Compensation Law along with Draft Rules and Formats on Registration, Payment, Invoice, Returns and Refund as released by the Government
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
If you are a GST payer and have not claimed your GST refund. We can help, We are GST Refund consultants in delhi of GST and know how to get your refund quickly. You can use our services to claim your gst return
If you are a GST payer and have not claimed your GST Refund . We can help. We are GST Refund on exports of GST and know how to get your refund quickly. You can use our services to claim your gst refund services.
If you are a GST payer and have not claimed your GST refund. We can help, We are GST Refund consultants in delhi of GST and know how to get your refund quickly. You can use our services to claim your gst return.
Singapore is known to have one of the lowest taxes globally.
Among the taxes levied by the city-state is the Goods and Services Tax (GST). This type of tax is paid when money is spent on goods and services including imports. A multi-stage tax, the GST is collected at all stages of the production and distribution chain.
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What all has been covered in this Presentation:-
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a. What are ESOPs?
b. How ESOPs Work?
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2. Taxation of ESOPs
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b. Determination of Fair Market Value of Listed Shares
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d. Deduction of Tax
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a. Amendments by the Finance Act, 2020
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c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
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4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
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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.
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2. MEANING OF COMPOSITION SCHEME
Composition scheme is an scheme where supplier has option to pay in lieu of the tax payable by him , an amount
calculated at such rate as may be prescribed not less than 1% of turnover during the year.
In this presentation we will learn:
Eligibility of composition scheme.
Condition for claiming composition scheme.
Process to opt composition scheme
ITC under composition scheme
Cancellation of permission to opt composition scheme.
R/m-------FP
Sales the
Dutiable FP
FACTORY
MR. Y
SELLER
Paid Tax on such R/M
purchased by Mr. Y from
Mr. X of say Rs. 10,000
Mr. X
Removal of FP
@ Rs.100000
Mr. Z
Provides Raw
Material/
Capital
Goods/ Input
Services
GST 100000*1% ( @composition scheme = 1000
Less: Tax allready paid on R/M =NIL
GST to be Paid =1000
3. ELIGIBILITY FOR COMPOSITION SCHEME
Following persons are eligible to opt composition scheme under GST:
Taxable person whose “aggregate turnover” does not exceed Rs. 50 Lakhs in financial year.
“Aggregate Turnover” = Value of all taxable + non-taxable + exempt supplies + exports.
Aggregate turnover does not include value of supplies taxable under Reverse Charge Mechanism.
Applicable to goods as well as services.
CONDITIONS FOR OPTING COMPOSITION SCHEME (1/2)
1. Restriction from effecting inter-state supplies:
Composition scheme is not applicable to person who undertake inter-state supplies i.e. export goods to other
state and/or imports from other states
2. Collection of taxes:
Person opting for composition scheme cannot collect taxes from recipient of service or goods.
4. CONDITIONS FOR OPTING COMPOSITION SCHEME (2/2)
3. Applicable to all the transaction under same PAN:
If taxable person has multiple business and has opted for different registration for each business,
composition scheme would be applicable to all business, it can’t be applied for selected businesses only.
4. Not eligible to input tax credit:
To pay tax under composition scheme, the assessee cannot utilize the input tax credit.
e.g. Mr. X has businesses namely:
i. Sale of footwear (goods)
ii. Sale of mobiles (goods)
iii. Giving tuition classes (service)
So in this case, Whether Mr. X has to opt composition scheme for all the business including services.
Ans: YES. Aggregate turnover of 50 lakhs would be aggregate of footwear, mobile & tuition classes.
5. PROCESS TO OPT COMPOSITION SCHEME
Assessee has to opt the composition scheme from the 1ST day of Financial year i.e. from 1st April
onwards.
Application for opting such composition scheme have to given to the Department by the assessee.
Such application must be filled with the Department on or before 31st March of Previous year.
The law allows the assessee to shift from the composition scheme to normal scheme voluntarily even
during the year.
If the turnover of assessee opting composition scheme exceeds Rs.50 Lakhs during the year, he will be
shifted to normal Scheme automatically.
E.g.: If Mr. X has to opt for composition scheme from 1st April, 2018, he has to fill the application on or before 31st
March, 2018.
If during the year, Mr. X’s turnover exceeds 50 lakhs at any point of time, his opted composition scheme will lapse
and he will be shifted to the Normal scheme automatically.
6. INPUT TAX CREDIT UNDER COMPOSITION SCHEME
When taxable person switches over from normal scheme to composition scheme, he would have to pay
an amount equivalent to input tax credit utilize
Out of input tax credit of stock or semi-finished goods/finished products held in stock
On the day immediately preceding date of switch over from normal scheme to composition
scheme.
The balance Input-tax credit of goods lying in stock will lapse.
On switchover from composition scheme to normal scheme or when he become ineligible to opt
composition scheme,
Person will be eligible to book credit of input lying in stock & semi-finished/finished goods held
in stock, on the day immediately preceding the date from which he become liable to pay tax under
regular scheme.
7. CANCELLATION OF PERMISSION TO OPT COMPOSITION SCHEME
If proper officer believes that person opting composition scheme is not eligible for the same OR
permission granted to opt composition scheme was granted incorrectly,
he may cancel the permission to opt composition scheme and demand the following amount:
Differential tax i.e. tax payable under normal
scheme if the person would not opt the composition
scheme.
Penalty equivalent to the tax or any higher amount
as may be prescribed by the Govt from time to time.