A complete guide from NAAPBOOKS for GST. GOODS AND SERVICES TAX REFUNDS AND EXEMPTIONS, ACCOUNTS AND RECORDS & PAYMENT MECHANISM.
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The document summarizes the rules regarding maintenance of accounts and records as per the GST Act. Some key points:
- Registered persons must maintain accounts of imports, exports, reverse charge supplies and maintain separate accounts for each activity. They must also maintain stock accounts and accounts for advances, tax payments, input tax credit.
- Accounts must contain names and addresses of suppliers/recipients. Goods locations must be documented. Failure to do so can result in tax payability.
- Accounts must be kept at principal and additional places of business. Corrections require scoring out and re-writing. Books must be serially numbered.
- Agents and those involved in transport/storage of goods also have record keeping
1) The document discusses the key requirements for maintaining accounts and records under the GST law in India, including the purpose of maintaining books of accounts, relevant provisions under the GST Act, and types of audits.
2) It explains that under GST, registered persons must maintain accounts and supporting documents for 6 years and in certain cases where tax proceedings are ongoing, for 1 year after their completion. They must record production, purchases, sales, input tax credit, and output tax regularly.
3) The document outlines the processes for tax authority audits as well as special audits that can be ordered, and the powers of inspection, search, seizure and arrest granted to officers in case of suspected tax
This document discusses the accounting and record keeping requirements for Goods and Services Tax (GST) in India. It outlines that registered persons must maintain accounts and records including invoices, bills of supply, delivery challans, payment and refund vouchers. Records must include details of suppliers, customers, goods in transit and stock. Manufacturers and job contractors have additional record keeping for production, raw materials used, and works contracts. Transporters and warehouse operators must also maintain records of goods, consigners and consignees. The accounting structure captures tax on inputs and outputs separately. Transactions like advances, reverse charge and missing payments require specific documentation and tax treatment.
Guidance Note On Tax Audit Under Section 44 Ab Of The Income Tax Act, 1961Shiva Shankara
The document provides guidance on changes made to the Guidance Note on Tax Audit under Section 44AB of the Income Tax Act of 1961. It outlines 4 key changes made by the Finance Act of 2007 relating to Section 40A(3), Rule 6DD, valuation of purchases/sales/inventory under Section 145A, and fringe benefits tax. It then provides detailed examples and adjustments to be made in accordance with Section 145A for trading concerns, manufacturing concerns, and on valuation of closing stock.
This document summarizes the key accounts and records that must be kept under the Goods and Services Tax (GST) in India. It outlines the requirements for tax invoices, credit notes, debit notes, and other documents. It also specifies the accounts and records that must be maintained, including production, inventory, supplies, taxes, and other required documents. All accounts and records must be kept for 5 years or longer if under audit or legal proceedings.
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.
This document provides an overview of key concepts related to income tax assessment in Pakistan. It defines income tax and outlines the types of income that are taxable. It discusses the different types of taxpayers including individuals, associations of persons, companies, and governments. It also defines resident and non-resident taxpayers. The document then explains the different tax years and the process of universal self-assessment where tax returns are treated as assessment orders. It discusses the commissioner's powers to amend assessments, make provisional assessments, and rectify mistakes. Key points covered include the timeline to amend assessments, treatment of provisional assessments, and assessments for disputed property ownership.
The document provides guidance on filing VAT returns in the United Arab Emirates. It explains that VAT returns must be filed every tax period, usually monthly or quarterly, to report output tax due on sales and input tax recoverable on purchases. It outlines the key sections of the VAT return, including taxpayer details, sales and purchase amounts, net VAT due, and additional reporting requirements. It also provides instructions on where to find the VAT return format online and how to complete each section of the return step-by-step.
The document summarizes the rules regarding maintenance of accounts and records as per the GST Act. Some key points:
- Registered persons must maintain accounts of imports, exports, reverse charge supplies and maintain separate accounts for each activity. They must also maintain stock accounts and accounts for advances, tax payments, input tax credit.
- Accounts must contain names and addresses of suppliers/recipients. Goods locations must be documented. Failure to do so can result in tax payability.
- Accounts must be kept at principal and additional places of business. Corrections require scoring out and re-writing. Books must be serially numbered.
- Agents and those involved in transport/storage of goods also have record keeping
1) The document discusses the key requirements for maintaining accounts and records under the GST law in India, including the purpose of maintaining books of accounts, relevant provisions under the GST Act, and types of audits.
2) It explains that under GST, registered persons must maintain accounts and supporting documents for 6 years and in certain cases where tax proceedings are ongoing, for 1 year after their completion. They must record production, purchases, sales, input tax credit, and output tax regularly.
3) The document outlines the processes for tax authority audits as well as special audits that can be ordered, and the powers of inspection, search, seizure and arrest granted to officers in case of suspected tax
This document discusses the accounting and record keeping requirements for Goods and Services Tax (GST) in India. It outlines that registered persons must maintain accounts and records including invoices, bills of supply, delivery challans, payment and refund vouchers. Records must include details of suppliers, customers, goods in transit and stock. Manufacturers and job contractors have additional record keeping for production, raw materials used, and works contracts. Transporters and warehouse operators must also maintain records of goods, consigners and consignees. The accounting structure captures tax on inputs and outputs separately. Transactions like advances, reverse charge and missing payments require specific documentation and tax treatment.
Guidance Note On Tax Audit Under Section 44 Ab Of The Income Tax Act, 1961Shiva Shankara
The document provides guidance on changes made to the Guidance Note on Tax Audit under Section 44AB of the Income Tax Act of 1961. It outlines 4 key changes made by the Finance Act of 2007 relating to Section 40A(3), Rule 6DD, valuation of purchases/sales/inventory under Section 145A, and fringe benefits tax. It then provides detailed examples and adjustments to be made in accordance with Section 145A for trading concerns, manufacturing concerns, and on valuation of closing stock.
This document summarizes the key accounts and records that must be kept under the Goods and Services Tax (GST) in India. It outlines the requirements for tax invoices, credit notes, debit notes, and other documents. It also specifies the accounts and records that must be maintained, including production, inventory, supplies, taxes, and other required documents. All accounts and records must be kept for 5 years or longer if under audit or legal proceedings.
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.
This document provides an overview of key concepts related to income tax assessment in Pakistan. It defines income tax and outlines the types of income that are taxable. It discusses the different types of taxpayers including individuals, associations of persons, companies, and governments. It also defines resident and non-resident taxpayers. The document then explains the different tax years and the process of universal self-assessment where tax returns are treated as assessment orders. It discusses the commissioner's powers to amend assessments, make provisional assessments, and rectify mistakes. Key points covered include the timeline to amend assessments, treatment of provisional assessments, and assessments for disputed property ownership.
The document provides guidance on filing VAT returns in the United Arab Emirates. It explains that VAT returns must be filed every tax period, usually monthly or quarterly, to report output tax due on sales and input tax recoverable on purchases. It outlines the key sections of the VAT return, including taxpayer details, sales and purchase amounts, net VAT due, and additional reporting requirements. It also provides instructions on where to find the VAT return format online and how to complete each section of the return step-by-step.
Income tax-notes PUNJAB UNIVERSITY LAW COLLEGENOMI BRO
The document discusses various aspects of income tax assessment in Pakistan, including:
1) Section 120 discusses self-assessment, where a complete tax return is deemed to be the assessment order issued by the Commissioner.
2) Section 121 allows the Commissioner to make a best judgment assessment if a person fails to file a return or provide required information.
3) Section 122 allows the Commissioner to amend an assessment within 5 years to ensure correct tax liability. Amended orders are treated as assessment orders.
The document discusses various sections of Pakistan's Income Tax Ordinance related to assessments. It explains key concepts like self-assessment under Section 120, best judgment assessments under Section 121 when a return is not filed, amendment of assessments under Section 122, provisional assessments under Section 122C, and assessment of disputed property under Section 125. Rectification of mistakes under Section 221 is also mentioned. Comparison points between Pakistan and India's types of assessments and income are provided.
The document provides an overview of refund provisions under GST including situations where refunds may arise, legal provisions, refund procedures and time limits, refund scenarios, and basic features of the refund process. Key points include:
- Refunds can arise from excess payments, exports, deemed exports, provisional assessments, and other situations.
- The CGST and IGST Acts contain provisions regarding refund of tax, interest, and other amounts paid.
- The time limit to claim a refund is 2 years from the relevant date, and refunds must generally be sanctioned within 60 days.
- Various scenarios where refunds may be claimed are described, along with required documents and restrictions.
-
PAN intimation and new AIR reporting requirementsDK Bholusaria
This document discusses new rules regarding PAN intimations and annual information reporting (AIR) under sections 139A(5) and 285BA(1) of the Income Tax Act. Key points:
- New rules expand the scope of transactions requiring PAN to be quoted, such as purchase of life insurance, debentures, mutual funds, and transactions over Rs. 50,000.
- Specified persons like banks and brokers are responsible for ensuring PAN is quoted and submitting half-yearly statements of declarations received on Form 60 for transactions without PAN.
- AIR reporting now requires additional information from banks on cash transactions over Rs. 50,000, including deposits, withdrawals and purchase of bank
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
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. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
OBJECTIVE
Job work sector constitutes a significant industry in Indian economy. The concept of job work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi finished goods to a job worker for further processing. After the introduction of the Goods and Services Act (GST), it made special provisions in this regard, giving some leniency for the job workers in complying with the discrete provisions with a motive to make the principal responsible for the same. In this webinar we will be learning the provisions of the GST Act relating to goods sent on job work, rates applicable for services by way of job work and transitional provisions.
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.
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
This document discusses income escaping assessments and best judgment assessments under the Indian Income Tax Act. It provides an overview of the types of assessments, procedures for best judgment assessments, time limits, requirements for income escaping assessments, and key principles from judicial precedents. The key points are:
1) A best judgment assessment can be made if a taxpayer fails to file a return or comply with notices, and the assessment is made based on the assessing officer's best judgment using limited available materials.
2) An income escaping assessment can be made if the assessing officer has reason to believe income has escaped assessment, and notice must be issued and reasons recorded before such an assessment.
3) Time limits for completion of assessments are generally
The document provides a user guide for completing and submitting Value Added Tax (VAT) returns in the UAE. It outlines important details about VAT returns, including tax periods, understanding tax liability, and calculating output tax and input tax. It then provides a step-by-step guide to completing the online VAT return form, including entering details on sales, purchases, and calculating the net VAT payable or refund amount. Key sections of the VAT return form are explained, such as reporting standard rated supplies, adjustments, and corrections to previous periods.
1) A registered person is required to file periodic returns with details of outward supplies, inward supplies, input tax credit, and tax payable. Different returns include GSTR-1, GSTR-2, GSTR-3, and an annual return.
2) The first return filed after registration must include transaction details from the date of liability to register until the end of the month registration was granted.
3) Non-resident foreign taxpayers must file GSTR-5 within seven days of the expiry of their registration period in India.
Under GST, goods can be taxed at the point of utilization rather than production, avoiding double taxation. It is important to make the refund process smoother under GST since delays in refund could hurt exporters' working capital and cash flow. Situations where refunds may be available under GST include export of goods or services, excess tax payments due to mistakes, refunds to embassies or UN bodies, and accumulated credits due to inverted duty structures or tax-exempt/nil-rated outputs.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
To understand the rationale and purpose for which tax audit report is being prepared, the contents which the professional certifies in that and the gray areas which needs to be appropriately considered by the assessee and the professionals. The session shall cover the guidance note issued by Institute of Chartered Accountants of India ("ICAI") for better clarity and understanding, the recent amendments in the reporting format and the practical advices in relation to certification for professionals as well as assessee.
“Most awaited GST Annual Return (Form GSTR 9) and Audit Reconciliation Statement (Form GSTR 9C) are notified by Government vide Notification 39/2018 CT dated 4th Sep 2018 and 49/2018 CT dated 13th Sep 2018. Due date for filing of the same for F.Y. 2017-18 is 31st Dec 2018. Enclosing herewith Master Guide on GST Annual Return and Audit, covering:
§ How to Go Head with Annual Return and GST Audit
§ Important Provisions
§ Analysis of GSTR 9 Form and How to fill the same
§ Analysis of GSTR 9C Form and How to fill the same
Professional should plan their work and ensure to file the said forms before due date, without waiting for extension.”
Thanks & Regards
CA Swapnil Munot
+91 90212 65137
This document provides information on invoicing requirements under the Goods and Services Tax (GST) in India. It discusses what documents (tax invoices or bills of supply) must be issued, when they must be issued, and what information they must contain. Key points include:
- Tax invoices must be issued for taxable supplies, while bills of supply are for exempt or composition supplies. Tax invoices allow input tax credit claims while bills of supply do not.
- Invoices must generally be issued before or at the time of supply, removal of goods, or payment due date for continuous supplies.
- Invoices must contain details like supplier/recipient names and GST numbers, item descriptions, quantities, values
1. The document discusses various aspects of GST assessment including tax invoices, credit and debit notes, returns, audits, and special provisions.
2. It covers the process of self-assessment, summary assessment, and scrutiny assessment under GST.
3. Key points covered include the taxability of e-commerce, anti-profiteering measures, issues in return filing, and GST Council meetings.
Books-of accounts-and GST linkage and relation.pdfnehabhagat111204
1) Registered persons must maintain proper books of accounts and supporting documents under the GST law. This includes production and stock records, invoice and payment details, and input tax credit records.
2) Books must be kept at the principal place of business and additional locations listed on the GST registration. They can be maintained electronically but must be accessible and authenticated digitally.
3) Records must be kept for 72 months after the due date of the annual return for the relevant period or longer if involved in dispute proceedings. Proper books must be produced upon demand by tax authorities.
Income tax-notes PUNJAB UNIVERSITY LAW COLLEGENOMI BRO
The document discusses various aspects of income tax assessment in Pakistan, including:
1) Section 120 discusses self-assessment, where a complete tax return is deemed to be the assessment order issued by the Commissioner.
2) Section 121 allows the Commissioner to make a best judgment assessment if a person fails to file a return or provide required information.
3) Section 122 allows the Commissioner to amend an assessment within 5 years to ensure correct tax liability. Amended orders are treated as assessment orders.
The document discusses various sections of Pakistan's Income Tax Ordinance related to assessments. It explains key concepts like self-assessment under Section 120, best judgment assessments under Section 121 when a return is not filed, amendment of assessments under Section 122, provisional assessments under Section 122C, and assessment of disputed property under Section 125. Rectification of mistakes under Section 221 is also mentioned. Comparison points between Pakistan and India's types of assessments and income are provided.
The document provides an overview of refund provisions under GST including situations where refunds may arise, legal provisions, refund procedures and time limits, refund scenarios, and basic features of the refund process. Key points include:
- Refunds can arise from excess payments, exports, deemed exports, provisional assessments, and other situations.
- The CGST and IGST Acts contain provisions regarding refund of tax, interest, and other amounts paid.
- The time limit to claim a refund is 2 years from the relevant date, and refunds must generally be sanctioned within 60 days.
- Various scenarios where refunds may be claimed are described, along with required documents and restrictions.
-
PAN intimation and new AIR reporting requirementsDK Bholusaria
This document discusses new rules regarding PAN intimations and annual information reporting (AIR) under sections 139A(5) and 285BA(1) of the Income Tax Act. Key points:
- New rules expand the scope of transactions requiring PAN to be quoted, such as purchase of life insurance, debentures, mutual funds, and transactions over Rs. 50,000.
- Specified persons like banks and brokers are responsible for ensuring PAN is quoted and submitting half-yearly statements of declarations received on Form 60 for transactions without PAN.
- AIR reporting now requires additional information from banks on cash transactions over Rs. 50,000, including deposits, withdrawals and purchase of bank
Reconciliation Statement and Certification under GST - Form GSTR 9CDVSResearchFoundatio
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. There are various periodic compliance requirements and filings under GST. Under the Act, certain registered persons are required to carry out GST Audit and in such cases a reconciliation statement in Form GSTR 9C has to be filed. In this webinar, we shall analyse and understand the said form under the Act.
OBJECTIVE
Job work sector constitutes a significant industry in Indian economy. The concept of job work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi finished goods to a job worker for further processing. After the introduction of the Goods and Services Act (GST), it made special provisions in this regard, giving some leniency for the job workers in complying with the discrete provisions with a motive to make the principal responsible for the same. In this webinar we will be learning the provisions of the GST Act relating to goods sent on job work, rates applicable for services by way of job work and transitional provisions.
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.
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
This document discusses income escaping assessments and best judgment assessments under the Indian Income Tax Act. It provides an overview of the types of assessments, procedures for best judgment assessments, time limits, requirements for income escaping assessments, and key principles from judicial precedents. The key points are:
1) A best judgment assessment can be made if a taxpayer fails to file a return or comply with notices, and the assessment is made based on the assessing officer's best judgment using limited available materials.
2) An income escaping assessment can be made if the assessing officer has reason to believe income has escaped assessment, and notice must be issued and reasons recorded before such an assessment.
3) Time limits for completion of assessments are generally
The document provides a user guide for completing and submitting Value Added Tax (VAT) returns in the UAE. It outlines important details about VAT returns, including tax periods, understanding tax liability, and calculating output tax and input tax. It then provides a step-by-step guide to completing the online VAT return form, including entering details on sales, purchases, and calculating the net VAT payable or refund amount. Key sections of the VAT return form are explained, such as reporting standard rated supplies, adjustments, and corrections to previous periods.
1) A registered person is required to file periodic returns with details of outward supplies, inward supplies, input tax credit, and tax payable. Different returns include GSTR-1, GSTR-2, GSTR-3, and an annual return.
2) The first return filed after registration must include transaction details from the date of liability to register until the end of the month registration was granted.
3) Non-resident foreign taxpayers must file GSTR-5 within seven days of the expiry of their registration period in India.
Under GST, goods can be taxed at the point of utilization rather than production, avoiding double taxation. It is important to make the refund process smoother under GST since delays in refund could hurt exporters' working capital and cash flow. Situations where refunds may be available under GST include export of goods or services, excess tax payments due to mistakes, refunds to embassies or UN bodies, and accumulated credits due to inverted duty structures or tax-exempt/nil-rated outputs.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
To understand the rationale and purpose for which tax audit report is being prepared, the contents which the professional certifies in that and the gray areas which needs to be appropriately considered by the assessee and the professionals. The session shall cover the guidance note issued by Institute of Chartered Accountants of India ("ICAI") for better clarity and understanding, the recent amendments in the reporting format and the practical advices in relation to certification for professionals as well as assessee.
“Most awaited GST Annual Return (Form GSTR 9) and Audit Reconciliation Statement (Form GSTR 9C) are notified by Government vide Notification 39/2018 CT dated 4th Sep 2018 and 49/2018 CT dated 13th Sep 2018. Due date for filing of the same for F.Y. 2017-18 is 31st Dec 2018. Enclosing herewith Master Guide on GST Annual Return and Audit, covering:
§ How to Go Head with Annual Return and GST Audit
§ Important Provisions
§ Analysis of GSTR 9 Form and How to fill the same
§ Analysis of GSTR 9C Form and How to fill the same
Professional should plan their work and ensure to file the said forms before due date, without waiting for extension.”
Thanks & Regards
CA Swapnil Munot
+91 90212 65137
This document provides information on invoicing requirements under the Goods and Services Tax (GST) in India. It discusses what documents (tax invoices or bills of supply) must be issued, when they must be issued, and what information they must contain. Key points include:
- Tax invoices must be issued for taxable supplies, while bills of supply are for exempt or composition supplies. Tax invoices allow input tax credit claims while bills of supply do not.
- Invoices must generally be issued before or at the time of supply, removal of goods, or payment due date for continuous supplies.
- Invoices must contain details like supplier/recipient names and GST numbers, item descriptions, quantities, values
1. The document discusses various aspects of GST assessment including tax invoices, credit and debit notes, returns, audits, and special provisions.
2. It covers the process of self-assessment, summary assessment, and scrutiny assessment under GST.
3. Key points covered include the taxability of e-commerce, anti-profiteering measures, issues in return filing, and GST Council meetings.
Books-of accounts-and GST linkage and relation.pdfnehabhagat111204
1) Registered persons must maintain proper books of accounts and supporting documents under the GST law. This includes production and stock records, invoice and payment details, and input tax credit records.
2) Books must be kept at the principal place of business and additional locations listed on the GST registration. They can be maintained electronically but must be accessible and authenticated digitally.
3) Records must be kept for 72 months after the due date of the annual return for the relevant period or longer if involved in dispute proceedings. Proper books must be produced upon demand by tax authorities.
Different types of GST Invoices- An Overview.pptxtaxguruedu
An invoice or tax invoice is a document issued by the supplier of goods or services to the addressee/recipient specifying, amongst other things, the description of taxable goods or services or both as well as value of taxable supply.
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. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall understand and analyse the provisions related to Refund under the GST law.
The document discusses refunds under the CGST Act. It states that refunds shall be allowed for tax paid on supplies where invoices have not been issued, tax paid but not passed on to others, and unutilized input tax credit. Refund of input tax credit is allowed for zero-rated supplies or when input tax rate is higher than output tax rate. The process for claiming refund requires filing form GST RFD-01 within two years along with supporting documents. Refunds must be granted within 60 days, with interest for delays. Provisional refund of 90% is allowed for zero-rated supplies pending final settlement.
Tax can be confusing. At the basic, there is Percentage Tax or Value Added Tax; VAT registered and a Non-VAT registered tax payer. In the Philippines, managing tax matters can be really complicated. Several individuals and companies even hire Consultants/Accounting Firms to manage compliance reporting.
This document discusses various types of documents that can be issued under the GST Act, including invoices, vouchers, debit notes, credit notes, and delivery challans. It provides details on the purpose and required contents of each type of document. It specifies the timelines for issuing invoices and vouchers and clarifies when revised invoices or consolidated invoices would be required. The document aims to help registered persons understand their documentation obligations under the GST Act.
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
When the taxable value or tax charged in a tax invoice is more than the actual amount payable or goods are returned, the supplier must issue a credit note. When the taxable value or tax charged is less than the actual amount, the supplier must issue a debit note. Details of credit notes and debit notes must be declared in the GSTR-1 return for the month in which they are issued. There is a time limit to issue credit notes by September following the financial year or date of annual return, whichever is earlier, but no such time limit for debit notes.
The document discusses import and export procedures under India's foreign trade laws. It outlines requirements for importers such as submitting evidence of import and remitting payment within six months. Exporters must realize the full export value through an authorized bank and repatriate proceeds within nine months. Advance payments against imports or exports up to certain limits are allowed. The document also provides definitions and GST provisions related to imports, exports, and special economic zones. Refund procedures for exporters paying integrated GST are described requiring documents like shipping bills and valid tax returns.
Presentation on Goods and Services Tax by Taxpert ProfessionalsTAXPERT PROFESSIONALS
This document provides an overview of Goods & Services Tax (GST) compliance in India. It begins with a summary of the present indirect tax system, which includes both central and state levies on goods and services. It then outlines the key aspects of GST compliance, including registration, invoicing, logistics like e-way bills, payment of taxes, and returns. Specific topics covered in more depth include the concept of supply as the taxable event, time and place of supply, registration requirements, contents of tax invoices, transportation documents, and the concept of e-way bill generation. Overall, the document aims to explain the end-to-end flow of transactions and compliance requirements under the GST regime in India
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. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
Indian Cable Net Co. Ltd presents GST Guide for LCOs registration, returns, payment and penalty for non-compliance under GST Act, 2017. This presentation is exclusively a property of ICNCL and no part of it can be reproduced and copied, with accrediting the source.
1. The document discusses various transitional provisions under the GST law regarding migration of existing taxpayers, availability of CENVAT/VAT credits, treatment of inputs in stock or semi-finished goods, and other tax-related matters during the transition period.
2. It provides details on the migration process for existing taxpayers, conditions for carrying forward CENVAT/VAT credits, availability of credits for inputs in stock, and timelines for availing credits on capital goods and inputs for manufacturers.
3. The treatment of various tax-related processes during the transition like refunds/appeals/assessments from previous laws, goods sent on approval basis, and TDS provisions are
This is about the understanding of the provisions applicable in GST. This Presentation talks about the complete practical understanding. There is a series of presentation available but for now we are providing our first PPT free of cost.
(52)levy of exemption from tax ppt hari master pieceHariMasterpiece
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.
Registration under the Goods and Services Tax (GST) involves obtaining a unique GST identification number (GSTIN) from tax authorities. This allows businesses to legally collect tax from customers, claim input tax credits, and seamlessly transfer credits nationally. Section 22 requires registration for businesses with aggregate annual turnover over Rs. 20 lakh, or Rs. 10 lakh for certain states. Exemptions apply for agriculture, low-turnover businesses, and those exclusively providing exempt supplies. Section 24 mandates registration for interstate suppliers and other special cases regardless of turnover. The registration procedure involves verification, application filing, examination, and issuance of a certificate including the GSTIN and effective date.
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The Art and Science of Cryptoforensic Investigation: Best Practices and Tools
Goods and services tax refunds and expemtions
1. GOODS AND SERVICES TAX
REFUNDS AND EXEMPTIONS,
ACCOUNTS AND RECORDS
& PAYMENT MECHANISM
CA Abhishek Jain
2. Who can Claim Refund ?
Any Person other than those covered under section 55
(Job work).
Refund of tax paid into cash ledger but not utilisedr.
Exporters can take refund of tax paid of goods
exported.
Suppliers to a Special Economic Zone unit or a Special
Economic Zone developer.
Suppliers supplying goods or and services Deemed
Export as notified by GOI.
Persons whose Input Goods and or Services rate of tax
is higher than Output rate of tax.
CA ABHISHEK JAIN | +91 9016808671
3. When To Claim Refund ?
Refund shall be
claimed within
two years from
the relevant date.
Refund from
Electronic Cash
Ledger can be
Claimed in the
Returns itself.
Refund
Elec. Cash
Ledger
Any Time in
Return
Elec. Credit
Ledger
Within 2
Years from
relevant Date
CA ABHISHEK JAIN | +91 9016808671
4. How to Claim Refund?
Refund of balance in the electronic cash ledger may be
made through the return furnished for the relevant tax
period in FORM GSTR-3, FORM GSTR-4 or FORM
GSTR-7.
In Case of Export : Application for refund shall be filed
only after the export manifest or an export report, is
delivered.
In Case of SEZ: Application for refund shall be filed by
the supplier of goods and or services only after
endorsement of utilisation by the specified officer of the
SEZ.
In Case Of Deemed Export: Application shall be filed by
the recipient of deemed export supplies.
CA ABHISHEK JAIN | +91 9016808671
5. Refund of Deposit / Advance Tax
Refund of any amount, after adjusting the tax
payable by the applicant out of the advance tax
deposited by him under section 27 at the time of
registration, shall be claimed either in the last
return required to be furnished by him or only
after furnishing of the said last return.
CA ABHISHEK JAIN | +91 9016808671
6. Documentary Evidences for Claiming
Refunds
The reference number of the order and a copy of the
order passed.
Export of Goods: A statement containing the number
and date of shipping bills or bills of export and the
number and date of relevant export invoices.
Export of Services: A statement containing the number
and date of invoices and the relevant Bank Realization
Certificates or Foreign Inward Remittance Certificates.
SEZ Goods: A statement containing the number and date
of invoices and Endorsement by SEZ Specialised Officer.
SEZ Services: A statement containing the number and
date of invoices, the details of payment and the evidence
regarding Endorsement by SEZ Specialised Officer.
CA ABHISHEK JAIN | +91 9016808671
7. Continued...
Deemed Export: A statement containing the number and date of
invoices along with such other evidence as may be notified in this
behalf.
A statement in Annex 1 of FORM GST RFD-01 containing the number
and date of invoices received and issued during a tax period in a case
where refund of any unutilized input tax credit under sub-section (3)
of section 54.
The reference number of the final assessment order and a copy of the
said order in a case where the refund arises on account of finalisation
of provisional assessment.
In Case Refund below 2 Lakhs: A declaration to the effect that the
incidence of tax, interest or any other amount claimed as refund has
not been passed on to any other person.
In Case of Refund above 2 Lakhs: A Certificate in Annex 2 of FORM
GST RFD-01 issued by a chartered accountant or a cost accountant.
CA ABHISHEK JAIN | +91 9016808671
8. Zero-Rated Supplies
In case of zero-rated supply of goods and/or services without payment
of tax under bond or letter of undertaking , refund of input tax credit
shall be granted as per the following formula:
Refund Amount = (Turnover of zero-rated supply of goods + Turnover
of zero-rated supply of services) x Net ITC /Adjusted Total Turnover
Where,-
"Refund amount" means the maximum refund that is admissible;
"Net ITC" means input tax credit availed on inputs and input services during
the relevant period;
"Turnover of zero-rated supply of goods" means the value of zero-rated supply
of goods made during the relevant period without payment of tax under bond
or letter of undertaking;
"Turnover of zero-rated supply of services" means the value of zero-rated
supply of services made without payment of tax under bond or letter of
undertaking,
CA ABHISHEK JAIN | +91 9016808671
9. Acknowledgement of Refund
An acknowledgement in FORM GST RFD-02
through Common Portal if refund application is
complete.
Where any deficiencies are noticed, the proper
officer shall communicate the deficiencies to the
applicant in FORM GST RFD-03 through Common
Portal.
Where deficiencies have been communicated in
FORM GST RFD-03 under the CGST Rules, the same
shall also deemed to have been communicated
under GST Rules of the State, and Vice Versa
CA ABHISHEK JAIN | +91 9016808671
10. Interest on Refund
If any Refund not paid within 60 days to the
applicant from the date of receipt of application
or order for refund proper officer have to give
order for refund and interest thereon in Form
GST RFD -05
CA ABHISHEK JAIN | +91 9016808671
11. Exemptions
There are currently around 300 items in the
exemption list from central excise duty and 90
from the states value added tax.
About 80 items are likely to make it to the
exemption list under the proposed goods and
services tax (GST).
As Per Section 11 of the CGST Act, Government
is empowered to give exemptions to such kind of
persons or goods as it may thinks fit.
CA ABHISHEK JAIN | +91 9016808671
12. Accounts and Records
Every registered person shall keep and maintain, at his
principal place of business, as mentioned in the certificate of
registration, a true and correct account of—
Production or manufacture of goods;
Inward and outward supply of goods or services or both;
Stock of goods;
Input tax credit availed;
Output tax payable and paid;
Such other particulars as may be prescribed.
Where More than one place of business is specified in the
certificate of registration, the accounts relating to each place of
business shall be kept at such places of business.
The account or records specified above shall be maintained
separately for each activity including manufacturing, trading
and provision of services, etc.
CA ABHISHEK JAIN | +91 9016808671
13. Continue..
Every Registered Person other than those under composition
scheme shall maintain accounts of stock in respect of each
commodity received and supplied by him, and such account shall
contain particulars of the opening balance, receipt, supply, goods
lost, stolen, destroyed, written off or disposed of by way of gift or
free samples and balance of stock including raw materials,
finished goods, scrap and wastage.
Every registered person shall keep and maintain a separate
account of advances received, paid and adjustments made
thereto.
Every Registered Person other than those under composition
scheme shall maintain an account, containing the details of tax
payable, tax collected and paid, input tax, input tax credit
claimed, together with a register of tax invoice, credit note, debit
note, delivery challan issued or received during any tax period.
CA ABHISHEK JAIN | +91 9016808671
14. KYC Records
Every registered person shall keep the
particulars of
names and complete addresses of suppliers from
whom he has received the goods or services;
names and complete addresses of the persons to
whom he has supplied the goods or services;
the complete addresses of the premises where the
goods are stored by him, including goods stored
during transit along with the particulars of the
stock stored therein.
CA ABHISHEK JAIN | +91 9016808671
15. Requirement of Accounts
Every registered person shall keep the books of
account at the principal place of business and at
every related place(s) of business mentioned in his
certificate of registration and such books of account
shall include any electronic form of data stored on
any electronic device.
Every owner or operator of warehouse or godown
or any other place used for storage of goods and
every transporter, irrespective of whether he is a
registered person or not, shall maintain records of
the consigner, consignee and other relevant details
of the goods in such manner as may be prescribed.
CA ABHISHEK JAIN | +91 9016808671
16. Audit
The Commissioner may notify any class of
person to keep additional records or lesser
records after recording reason for the same.
Every registered person whose turnover during
a financial year exceeds the prescribed limit
shall get his accounts audited by a chartered
accountant or a cost accountant
CA ABHISHEK JAIN | +91 9016808671
17. Period of maintenance of Accounts
Every registered person required to keep and
maintain books of account or other records until the
expiry of 72 months from the due date of furnishing
of annual return for the year pertaining to such
accounts and records:
Provided that a registered person, who is a party to
an appeal or revision or any other proceedings shall
retain the books of account and other records
pertaining to the subject matter of such appeal or
revision or proceedings or investigation for a period
of 1 year after final disposal of such appeal or
revision or proceedings or investigation, or for the
period specified above, whichever is later.
CA ABHISHEK JAIN | +91 9016808671
18. Rules Relating to Book Keeping
Any entry in registers, accounts and documents shall
not be erased, effaced or overwritten, and all incorrect
entries shall be scored out under attestation and
thereafter correct entry shall be recorded, and where
the registers and other documents are maintained
electronically, a log of every entry edited or deleted shall
be maintained.
Each volume of books of account maintained by the
registered person shall be serially numbered.
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 certificate
of registration, they shall be presumed to be maintained
by the said registered person.
CA ABHISHEK JAIN | +91 9016808671
19. Manufacturer, Service supplier
Every Registered manufacturer of goods shall
maintain monthly production accounts, showing the
quantitative details of raw materials or services
used in the manufacture and quantitative details of
the goods so manufactured including the waste and
by products thereof.
Every registered person supplying services shall
maintain the accounts showing the quantitative
details of goods used in the provision of each
service, details of input services utilised and the
services supplied.
CA ABHISHEK JAIN | +91 9016808671
20. Works Contractor
Every registered person executing works contract shall
keep separate accounts for each works contract showing
the names and addresses of the persons on whose behalf the
works contract is executed;
description, value and quantity(wherever applicable) of
goods or services received for the execution of works
contract;
description, value and quantity(wherever applicable) of
goods or services utilized in the execution of each works
contract;
the details of payment received in respect of each works
contract; and
the names and addresses of suppliers from whom he has
received goods or services.
CA ABHISHEK JAIN | +91 9016808671
21. Electronic records and Accounts
Proper electronic back-up of records shall be
maintained and preserved for Recovery in case of
Unavoidable Circumstances
The registered person maintaining electronic
records can produce documents in hard copy or in
any electronically readable format as and when
demanded.
An account of the audit trail and inter-linkages
including the source document, whether paper or
electronic, and the financial accounts, sample copies
of documents as and when demanded.
CA ABHISHEK JAIN | +91 9016808671
22. Records to be kept by transporter,
Warehouse/ Godown owner or operator
Every person required to maintain records and
accounts, if not already registered under the Act, shall
submit the details regarding his business electronically
on the Common Portal in FORM GST ENR-01.
Any person engaged in the business of transporting
goods shall maintain records of goods transported,
delivered and goods stored in transit by him and for
each of his branches.
Every owner or operator of a warehouse or godown
shall maintain books of accounts, with respect to the
period for which particular goods remain in the
warehouse, including the particulars relating to
dispatch, movement, receipt, and disposal of such goods.
CA ABHISHEK JAIN | +91 9016808671
23. E- Waybill
Every registered person who causes movement of
goods of consignment value exceeding fifty
thousand rupees —
In relation to a supply; (Supplier)
for reasons other than supply; (Transporter)
due to inward supply from an unregistered person,
(recipient)
shall, before commencement of movement, furnish
information relating to the said goods in Part A of
FORM GST INS-01, electronically, on the common
portal
CA ABHISHEK JAIN | +91 9016808671
24. Validity of E Waybill
Sr. No. Distance Validity
1 Less than 100 km 1 day
2 100 km or more but less
than 300km
3 days
3 300 km or more but less
than 500km
5 days
4 500 km or more but less
than 1000km
10 days
5 1000 km or more 15 days
CA ABHISHEK JAIN | +91 9016808671
25. Documents to be carried with person-
in-charge of a conveyance
The person in charge of a conveyance shall carry
The invoice or bill of supply or delivery challan, as
the case may be; and
A copy of the e-way bill or the e-way bill number,
either physically or mapped to a Radio Frequency
Identification Device (RFID) embedded on to the
conveyance in such manner as may be notified by
the Commissioner.
CA ABHISHEK JAIN | +91 9016808671
26. Payment Mechanism
Electronic Liability register must be prepared in FORM GST
PMT-01 for each person liable to pay tax, interest, penalty, late
fee or any other amount on the Common Portal and all amounts
payable by him shall be debited to the said register.
The electronic tax liability register of the person shall be
debited by:-
The amount payable towards tax, interest, late fee or any other
amount payable as per the return furnished by the said person;
The amount of tax, interest, penalty or any other amount payable as
determined by a proper officer in pursuance of any proceedings
under the Act or as ascertained by the said person;
The amount of tax and interest payable as a result of mismatch
under section 42 or section 43 or section 50; or
Any amount of interest that may accrue from time to time.
CA ABHISHEK JAIN | +91 9016808671
27. Electronic Credit Ledger
The electronic credit ledger shall be maintained in
FORM GST PMT-02 for each registered person
eligible for input tax credit under the Act on the
Common Portal.
The electronic credit ledger shall be debited to the
extent of discharge of any liability in accordance
with section 49.
A registered person shall, upon noticing any
discrepancy in his electronic credit ledger,
communicate the same to the officer exercising
jurisdiction in the matter, through the Common
Portal in FORM GST PMT-04.
CA ABHISHEK JAIN | +91 9016808671
28. Electronic Cash Ledger
The electronic cash ledger shall be maintained in
FORM GST PMT-05 for each person, liable to pay
tax, interest, penalty, late fee or any other amount,
on the Common Portal for crediting the amount
deposited and debiting the payment there from
towards tax, interest, penalty, fee or any other
amount.
Any person, or a person on his behalf, shall generate
a challan in FORM GST PMT-06 on the Common
Portal and enter the details of the amount to be
deposited by him towards tax, interest, penalty, fees
or any other amount.
CA ABHISHEK JAIN | +91 9016808671
29. Deposit into Electronic Cash Ledger
The deposit under sub-rule (2) shall be made
through any of the following modes:
Internet Banking through authorized banks;
Credit card or Debit card through the authorised bank;
National Electronic Fund Transfer (NeFT) or Real Time
Gross Settlement (RTGS) from any bank;
Over the Counter payment (OTC) through authorized
banks for deposits up to ten thousand rupees per
challan per tax period, by cash, cheque or demand draft:
the challan in FORM GST PMT-06 generated at the
Common Portal shall be valid for a period of fifteen
days.
CA ABHISHEK JAIN | +91 9016808671
30. On successful credit of the amount to the concerned
government account maintained in the authorised
bank, a Challan Identification Number (CIN) will be
generated by the collecting Bank.
Where the bank account has been Debited but no
Challan Identification Number (CIN) is generated or
generated but not communicated to the Common
Portal, the said person may represent electronically
in FORM GST PMT-07 through the Common Portal
to the Bank or electronic gateway through which the
deposit was initiated.
Continue....
CA ABHISHEK JAIN | +91 9016808671
31. Identification no. for each transaction
A unique identification number will be generated at
the Common Portal for each debit or credit to the
electronic cash or credit ledger.
The unique identification number relating to
discharge of any liability shall be indicated in the
corresponding entry in the electronic tax liability
register.
A unique identification number shall be generated
at the Common Portal for each credit in the
electronic tax liability register for reasons other
than those covered above.
CA ABHISHEK JAIN | +91 9016808671