This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
- GST is a single, destination-based tax levied on the supply of goods and services. It replaces existing indirect taxes and duties.
- GST consists of Central GST (CGST), State GST (SGST), and Integrated GST (IGST). CGST and SGST apply to intra-state supplies, while IGST applies to inter-state supplies.
- Major taxes subsumed under GST include central excise duty, services tax, VAT/sales tax, entry tax, etc. Some items like alcohol, petrol, electricity are excluded.
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
Here you will get how GST will impact you? which are the taxable events in GST regimes, what would be the time of supply in GST regime and many more things. All in all, this is the complete guide to GST.
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
Here you will get how GST will impact you? which are the taxable events in GST regimes, what would be the time of supply in GST regime and many more things. All in all, this is the complete guide to GST.
Optitax's updated sop on e way bill 30 jan 2018Nilesh Mahajan
Optitax's has prepared SOP on e-Way Bill implementation to help taxpayers to generate the eway bill. Further, we have explained legal provision also for ease of reference.
Hope this is helpful
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.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
Basic Concept and Impact Presentation on GST by RAMAKapil Bansal
India is fast moving towards one of the most critical tax reforms i.e. the Goods and Services Tax (GST). In fact, as widely acclaimed GST is not just a reform in tax structure rather it is a paradigm shift in the way business is conducted in India. Attached herewith is a brief thoughtful presentation, prepared by the team RAMA, aimed to assist in understanding the basics of GST and its wide impact on businesses. Will be delighted to have your feedback on the subject (please do share as appropriate).
Optitax's updated sop on e way bill 30 jan 2018Nilesh Mahajan
Optitax's has prepared SOP on e-Way Bill implementation to help taxpayers to generate the eway bill. Further, we have explained legal provision also for ease of reference.
Hope this is helpful
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.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
Basic Concept and Impact Presentation on GST by RAMAKapil Bansal
India is fast moving towards one of the most critical tax reforms i.e. the Goods and Services Tax (GST). In fact, as widely acclaimed GST is not just a reform in tax structure rather it is a paradigm shift in the way business is conducted in India. Attached herewith is a brief thoughtful presentation, prepared by the team RAMA, aimed to assist in understanding the basics of GST and its wide impact on businesses. Will be delighted to have your feedback on the subject (please do share as appropriate).
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
Basic overview on GST- Goods & Service Tax IndiaArpit Verma
I. Introduction.
Introduction of Goods & Service Tax (GST) in India required an amendment in the Constitution to bring concurrent powers to both the Central & State Government so that both the Government could make law & impose GST on transaction of supply of Goods and Services. For this, The Constitutional (One Hundred and Twenty Second Amendment) Bill, 2014 introducing GST received the assent of the President on 8th September, 2016 and the same has been notified as the Constitution (101st Amendment) Act, 2016.
The Draft Model GST Law was placed on Public portal by Government of India on 14th June, 2016 inviting various comments and suggestions and once again Government placed Revised Model GST Law on 25th November, 2016 with the clear intention of implementing GST by April, 2017 which is applicable to whole of India including Jammu & Kashmir.
VI. Conclusion
The Country is eagerly waiting for roll-out of GST but this is a mammoth task before the government that is to be achieved within the target date of April, 2017. Task towards implementation of GST will take our country into a new tax regime and shall also result in generating more employment opportunities and also help all the business sectors to grow.
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
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1. GOODS & SERVICE TAX –OVER VIEW
N.RAMASWAMY, B.COM., F.C.A.
KODAMBAKKAM,CHENNAI-24
PH.NO 044-24732130
MOBILE 9840446412
CA.N.RAMASWAMY 1
2. What is GST.
– GST is a tax levied on goods and Services
– GST is destination based tax on consumption of goods and services.
– It is being levied at all stages from manufacture to final consumption
with credit of previous paid tax.
– The Tax would accrue to the taxing authority, where consumption of
.goods or services happened.
– Centre is empowered to levy GST on Goods & Services upon the
Production stage, while State have the power to tax on sale of goods,
duel GST model.
– GST on both goods and services at the same gross Value at uniform
rates across the country.
CA.N.RAMASWAMY 2
3. Subsuming of Existing Taxes
• Central Excise Duty
• Additional Customs Duty (CVD)
( in lieu of Excise)
• Special Additional Duty of
Customs (SAD 4%)
Central
Taxes
Customs (SAD 4%)
• Service Tax
• Central Sales Tax
• Central Surcharges/cesses
• Excise Duty- Medicinal
&Toileteries Preparation Act
CA.N.RAMASWAMY 3
4. Subsuming of Existing Taxes
• VAT/Sales tax
• State Entry Tax
• Purchase Tax
• State Surcharges/Cesses
• Following States Taxes (• Following States Taxes (
except levied by Local Bodies)
• -Entertainment Tax
• - Luxury Tax
• - Taxes on Lottery , Betting,
Gambling
State
Taxes
CA.N.RAMASWAMY 4
5. Model/Components of GST
CGST
(Central GST)
• Replace central Excise
Duty & service Tax.
• Cover Sale transaction
• Administered by CG
• Further it is expected
SGST
(State GST)
• Replace State Vat, Entry
Tax, Entertainment Tax, &
Luxury Tax.
• Cover taxing of Services
• Administered by SG
IGST
(Inter-State GST)
• Levied on all inter –state
supplies of goods or
services which are sold
or transferred.
• Applicable to imports of• Further it is expected
that the duty and tax
paid on closing stock
would be available as
credit.
• Levied on all intra-state
sale/supplies of goods or
services.
• Administered by SG
• Rate can be a bit higher
than CGST rate .
• It is expected that the
duty and tax paid on
closing stock would be
available as credit.
• Levied on all intra-state
sale/supplies of goods or
services.
• Applicable to imports of
goods or services.
• Expected to be equal to
CGST as well as SGST.
• It is expected that the
duty and tax paid on
closing stock would be
available as credit.
CA.N.RAMASWAMY 5
6. SCOPE OF GST
EXCLUSIONS
• 1.Alcoholic liquor for
Types of supply
• 1.Taxable and exempt
supplies
Neither supply of
goods nor
services.
• 1.Employee – Employer
• 2.Service by Court and• 1.Alcoholic liquor for
human consumption
• 2.Petroleum crude
• 3.High speed diesel (HSD)
• 4.Motor spirit (Petrol)
• 5.Natural Gas
• 6.Aviation turbine fuel
supplies
• 2.Inter state and Intra
state supplies
• 3.Composite and mixed
supplies
• 4.Zero rate supplies
• 2.Service by Court and
Tribunal
• 3.MP/MLA/MLC/MC
• 4.Funeral , burial,
crematorium or
mortuary
• 5.Sale of land
• 6.Actionable claims i.e.
lotteries, betting and
gambling.
CA.N.RAMASWAMY 6
7. Applicability & Rates
• SCHEDULE I MATTERS TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
SCHEDULE II MATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES
SCHEDULE III ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A
SUPPLY OF SERVICES
SCHEDULE IV ACTIVITIES OR TRANSACTIONS UNDERTAKEN BY THE CENTRAL GOVERNMENT, A STATE GOVERNMENT
OR ANY LOCAL AUTHORITY WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES
SCHEDULE V PERSONS LIABLE TO BE REGISTERE
Exemptions: Central Government has power to exempt goods & services based on recommendationsExemptions: Central Government has power to exempt goods & services based on recommendations
of the GST Council. This process is yet to be completed. It is expected most of the goods that are currently
exempted from Excise/ Sales tax will find a place in the Exempted list of goods and services.
Rates:- The Goods and Services Tax (GST) will be levied at multiple rates ranging from 0 %to 28 %
GST Council finalized a four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for
essential items and the highest for luxury and de-merits goods that would also attract an additional
cess. GST Council has agreed to have the maximum GST Rate at 40%.
The lowest rate of 5% would be for common use items. There would be two standard rates of 12 per
cent and 18 per cent, which would fall on the bulk of the goods and services. This includes fast-
moving consumer goods. List of goods falling under different rate schedules is under preparation.
Service tax expected to go up to 18%. Lower service tax rate will be made applicable through
Abatement routes.
CA.N.RAMASWAMY 7
8. Time of supply
• Time of supply: time of supply fixes the point when the liability to
charge GST arises. For goods & services, earliest of the following:
– 1.Date of issue of invoice or the last date on which he is required to
issue invoices (before the (a) at the time of removal in case of
movement (b) delivery of goods)
– 2.The date on which the supplier receives the payment (earliest of– 2.The date on which the supplier receives the payment (earliest of
book entry or cheque credited in bank) of supply.
• In case of vouchers:
– 1.The date of issue of voucher if the supply identifiable
– 2.The date of redemption of voucher in other cases
In case of reverse charge (Goods), earliest of the following:
• 1.Date of receipts of goods
• 2.Date on which payment is made
• 3.30 days from the issue of invoices
CA.N.RAMASWAMY 8
9. Place of supply
Determining the place of supply on the basis of following:
• 1.Location of service provider
• 2.Location of service receiver
• 3.Place where the activity takes place/place of
performanceperformance
• 4.Place it is consumed
• 5.Place/Person to which actual benefit flows
• 6.Depend on B2B & B2C transaction
• 7.If consideration is combine, based on proportion of
value of services
CA.N.RAMASWAMY 9
10. Examples of place of supply
Case/facts Place of supply
• Where goods movement or removed Movement terminates
• Supply of goods on direction of 3rd person Place of 3rd Person
• Where goods or service supplied on board,
• vessel, aircraft, train and motor vehicle For goods place will be board For
services point of departureservices point of departure
• For unregistered recipients Place of recipient
• Road constructed from Delhi to Mumbai Each state based on proportion
• Goods/services by mail or courier
• Domestic registered – recipient place
• Domestic unregistered – goods handed over
• International other courier –destination of goods
• International courier - place of handed over
CA.N.RAMASWAMY 10
11. Valuations in GST
• 1.Value for levy of GST = “Transaction Value”= “Arm’s Length price”
• 2.Valuation rules are notified
• 3.In case of contract price, when the price is influenced by factor
like relationship of parties or where certain transaction do not have
a price then transaction value to be determined under GST Rule.a price then transaction value to be determined under GST Rule.
• 4.Post supply discounts or incentives ( Price increase and Decrease)
, if as per the agreement and such discount specifically linked to the
relevant invoice, than allowed as deduction.
• 5.No pre-supply discount allowed unless it is in the course of
normal trade practice and shown on invoices.
• 6.Valuation rules are applicable when (i) consideration partly or
wholly in money terms (ii) parties are related (iii) declared value is
not reliable
CA.N.RAMASWAMY 11
13. GST INPUT TAX CREDIT.
• 1. Credit of all input tax charged on supply of goods or services allowed under
GST, which are used or intended to be used in the course or furtherance of
business.
• 2.Credit of input tax will be allowed under reversed charge basis.
• 3.The recipient can take credit if he will pay the consideration within 180 days,
this condition will be applicable in case of reversed charge basis.
• 4.If goods have been delivered to person under “bill to” – “ship to” scenario, than• 4.If goods have been delivered to person under “bill to” – “ship to” scenario, than
credit will be available to the person on whose order the goods are delivered to
third person.
• 5.Credit will be available till filling or due date of annual return filed . Also be
noted that no revision will be allowed after filling of annual return.
• 6.Credit will not be allowed for goods which are destroyed or lost due to various
reason and goods given as gifts or free samples.
• 7.No input credit allowed on construction of building for business purpose.
• 8.Input Credit will be allowed on zero rated supply.
• 9.In case of new registration, change from composition to normal scheme, from
exempt to taxable supplies, Input credit will be allowed only within 1 years from
the date of invoice.
CA.N.RAMASWAMY 13
14. GST INPUT TAX CREDIT.
10. In case of mismatch, the communication would be made to both parties, if not than
recovered as output liability of recipient in the return for the month succeeding the
month in which discrepancy is communicated.
11. Input tax credit is allowed provisionally for two months, but can be utilized only to
pay self assessed output tax.
12. Input tax credit will be reduced by prescribed % or tax on the transaction value, which
ever is higher , in case of capital goods sold.
13. In case of refactory bricks, mould and dies, jigs and fixtures when these are supplied13. In case of refactory bricks, mould and dies, jigs and fixtures when these are supplied
as scrap, tax will be paid on Transaction value.
14. Input service distributor concept is also under GST.
15. Input credit is allowed as refund in case of zero rated supply and where credit has
accumulated on account of rate of tax on input being higher than the output tax rate.
16. If a person has paid IGST/CGST/SGST mistakenly, but the nature of which is
subsequently clarified, in this case tax paid can be CLAIMED as refund only.
17. Refund of input tax credit can be claimed before 2 years from the relevant date.
18. Refund will be sanctioned within 60 days from the date of application, some cases
90% of refund has to be given within 7 days of acknowledgement for notified
person/category on provisional basis.
CA.N.RAMASWAMY 14
16. GST Payment .
• 1.All payment under GST would be online/RTGS/NEFT ,even you can pay by debit/credit card.
• 2.Payment of taxes by the normal tax payer is to be done on monthly basis till 20th day of next
month.
• 3.Under composition scheme tax required to pay on quarterly basis.
• 4.Return will not be valid if tax has not been paid.
• 5.In case of cheuqes date of payment will be clearance date.
• 6.E-Ledgers shall be maintained on GSTN i.e. cash ledger, input tax credit ledger and tax liability
ledger.
• 7.Challan can be generated in multiple sitting i.e. challan can be “save” and can be edited before
finalization.finalization.
• 8.Challan will be valid for 15 days after its generation thereafter it will be purged. And CIN no. will
be allotted to each challan.
• 9.FIFO method will be applicable on all payments.
• 10.Penalty and Interest will not be adjusted against ITC, but have to be paid separately.
• 11.TDS will be applicable @ 1% if payment to contractor more than 2.5 lakh, applicable in case of
Govt. and Govt. undertaking and notified entities.
• 12. TDS will be deposited by 10th of next month on GSTR 7.
• 13. TDS certificate will be issued to deductee within 5 days, otherwise 100 Rs. Per day subject to
maximum Rs. 500.
• 14. TCS will be applicable only for E-Commerce operator, TCS required to be deposited by 10th day
of next month.
• 15. Registration necessary on GSTN for making GST payment with banking detail.
CA.N.RAMASWAMY 16
17. Job work.
• 1.Job worker required to take registration under GST.
• 2.Two method under GST are available for job work
– (i) Normal supply i.e. take credit of GST on receipts of material and pay GST on return of material
after completion of job work
(ii) pay GST only on value of job work and returned the goods within 1 years and 3 years for capital
goods.
• 3.Principal can send the goods directly to job worker without bringing into his• 3.Principal can send the goods directly to job worker without bringing into his
premises.
• 4.Principal can supply the goods directly from the premised of job worker if
principal declare as his additional place of business and job worker is registered
under GST. Principal can take credit of these inputs.
• 5.If goods has not been returned within prescribed time (1 years/3 years) than
principal required to pay GST.
• 6.The condition of bringing back capital goods within 3 year is not applicable to
moulds, dies,jigs and fixtures or tools.
• 7.Principal shall be responsible to maintain proper records regarding job work.
CA.N.RAMASWAMY 17
19. GST- Return compliance
RETURN WHAT TO FILE BY WHOM WHEN TO FILE
GSTR- 1 Outward supply of goods
and services
Registered supplier 10th of following month
GSTR – 2 Inward supply of goods
and services
Registered recipient 15th -- do --
GSTR- 3 Monthly return Registered person 20th -- do --
GSTR- 4 Quarterly return Composition dealer 18thGSTR- 4 Quarterly return Composition dealer 18th
GSTR- 5 Return for NR Non resident TP 20th
GSTR- 6 Return for ISD Registered ISD 13th
GSTR - 7 Return for authority
deducting tax
Tax Deductor 10th
GSTR- 8 Supplies through E-
commerce supplier
E commerce supplier 10th
GSTR- 9 Annual Return Registered taxable person 31st Dec
GSTR-10 Final Return TP Surrendering
Registration
With 3 months of
surrender
GSTR- 11 Inward supply by UNI UNI claiming refund 28thCA.N.RAMASWAMY 19
20. GST- Return compliance
GsT supplier
invoice
upload from
1st july to 10
Aug TN
supplier invoice submit to
Tax payer
supplier invoice submit to
GSTN 10th Aug.17
Auto Populated data in GSTR 2
for correction and confirmation
by recipient by 15 th Aug 17
Supplier and recipient to
reconcile details by 17th
Aug 2017 and file GSTR-3
by 20 th Aug & pay tax
CA.N.RAMASWAMY 20
21. GST- Return compliance
1) Compulsory electronic filing of returns.
2) The Board/Commissioner may, for valid and sufficient reasons, by notification,
extend the time limit for furnishing such details.
3) Rectification of error/omission in respect of returns filed can be done before filing
of return for the month of September following the year of which the details pertain
or before furnishing of Annual return, whichever is earlier. Hence the existing time
limit of revision of 30 days from the date of filing original return is extended to such
extended period.extended period.
4) There will be separate tables for submitting details relating to import of
Goods/Capital Goods from outside India and for the services received from outside
India unlike the current system where only the value of imports are provided.
5) Upon preparation of GSTR-2, details of supplies shown by the relevant suppliers
will be auto populated in assessee’s return. The assessee is required to verify,
validate, modify or even delete – the details furnished by the suppliers.
6) Separate field to capture ITC on Capital goods to be availed on installment basis.
7) Auto-Population in this return from GSTR-1 will be done on or after 11th of the
succeeding month. Addition or Deletion of the invoice by the taxpayer will be
permitted between 12th and 15th of the succeeding month. Adjustments would be
permitted on 16th and 17th of the succeeding month.
CA.N.RAMASWAMY 21
22. GST- Return compliance
8) Late filing would be permitted on payment of late fees only. Hence late filing of
return will not be possible without payment of fees.
9) A return furnished without payment of full tax due as per such return shall not be
treated as a valid return for allowing input tax credit in respect of supplies made by
such person.
10) Input tax credit is eligible only after filing a valid GST return.
11) Refund of interest on mismatch is receivable as interest by the recipient of
goods if the supplier later on revises his return and reconciles the sales. Howevergoods if the supplier later on revises his return and reconciles the sales. However
refund of interest cannot exceed the interest paid by the supplier of goods.
12) Annual return to be furnished by 31st December following the respective year.
13) Input Service distributor, deductor of tax, casual taxable person and Non-
Resident taxable person are not required to furnish annual return.
14) Final return to be furnished by supplier within 3 months of cancellation of
registration or receipt of cancellation order, whichever is later.
15) Late filing fees shall be Rs. 100 per day of delay (maximum INR 5000/-). For
annual return, late filing fees shall be Rs. 100 per day of delay (maximum 0.25% of
aggregate turnover) 16) The taxpayer can authorize any GST practitioner to file
return on his behalf
CA.N.RAMASWAMY 22
23. Important points
1.Purchase only from registered vendors. Vendor appraisal- reduce unregistered
vendor.
2.Ensure Tier 1/2 vendors compliance with GST provision and uploading correct data on
GSTN.
3.Watch on GSTN rating for vendors, any black listed vendor, immediately stop the
business.
4.Invoices will issued triplicate in case of goods and duplicate in case of services.
5.If value of supplied goods more than 50000/-, E-Way bill has to be submit and ensure to5.If value of supplied goods more than 50000/-, E-Way bill has to be submit and ensure to
carry with the vehicle. Validity of E-Way bill as under: No. Distance Validity Period 1 Less
than 100 km One day 2 100 km or more but less than 300km Three days 3 300 km or
more but less than 500km Five Days 4 500 km or more but less than 1000km Ten Days 5
1000 km or more Fifteen Days
6.Supply can be on delivery challan in case of liquid gas and job work.
7.Govt. may issue RFID“RadioFrequencyIdentificationDevices” for certain class of
transporters.
8.Any price increase/decrease, ensure to close within 30 days.
9.Any mismatch between vendor & customer, ensure to close within next month.
10.Warehouse mechanism need to be check with cost effectiveness, many vendors moved
with central warehousing system instead to maintain state wise warehouse.
11.Transit goods must be entered in books and upload on GSTN within 30 days.
CA.N.RAMASWAMY 23
24. TRANSITIONAL PROVISION
1.Cenvat credit and VAT credit will be carry forward as credit under GST based on the last return filed on
30th June 2017, except for composition scheme. GST Form GST TRAN -1.
2.Registered person required to file all return under existing law for the period of 6 month immediately
preceding the 1st July 2017.
3.Invoice of 30th June for capital goods, but goods received in July, in such a case full credit is available i.e.
100%.
4.No SSI exemption is available, limit to get registration under GST is 20 lakh.
5.Sales return under CST is allowable as deduction in turnover if goods returned within 6 month, but GST
will be paid on such return.will be paid on such return.
6.Goods sent for job work and returned within 6 month, no tax will be paid under GST, if all condition
fulfilled under existing law.
7.Finished goods can be send for testing or carrying out certain processes under existing law and returned
after GST implementation, no tax will be paid, if returned within 6 month.
8.Debit/credit note or supplementary invoice can be raised within 30 days of the price revision, if price is
downwards, only allowed to reduce tax liability only if recipient of the invoice or credit note has reduced his
input tax credit.
9.For goods in transit, ensure to enter material (GRN) within 30 days at customer end and vice versa.
10.If any refund arising from revision of returns furnished under the existing law, will be refunded in cash.
11.In case of inputs received on or after 1st July 2017, but supplier has paid tax under existing law, subject
to document must be recorded within 30 days from 1st July 2017. Commissioner may extend another 30
days with sufficient cause.
f
CA.N.RAMASWAMY 24
25. GST- DO’S & DON’T’S
Sr. No WHAT to do NOW Why to do WHEN to do
1 Prepare the quantitative details of closing
stock for the period ending 31st March 17
and 30th June 2017
To ensure that there is
no slips of the ITC credit
in returns before 30th
June
Before filing return for
30th June 2017
2 Revise your VAT returns if there is any
mismatch and do the appropriate correction
before 30th June 2017 in your excise return.
Past Period entries in
Cenvat side can not be
taken after 1st July
Before filing return for
30th June 2017
3 Collect/ settle all the VAT/CST forms such as It can reduce eligibility Before filing GST-3 Collect/ settle all the VAT/CST forms such as
C forms/H Form/ I form
It can reduce eligibility
of the ITC under GST
Before filing GST-
TRANS-1
( 90 days time as of
now)
4 Compile a full list of the purchase invoices,
bill of entry and other documents on the
basis of which the tax/ duty credit is taken.
Help determine the
source documents for
transitional credit to be
taken on closing stock of
inputs, WIP, FG on of 30-
June-17
Before filing GST-
TRANS-1 To be filed
before the due dates or
else transitional credit
will get delayed.( 90
days time as of now)
5 Aging Analysis of inventories -- do -- -- d o --
6 Collect the GSTIN registration number of all
your suppliers of Goods & Services and That
of customers.
Mandatory to mention
GSTN reference in the
Invoices POST GST
Immediately.
CA.N.RAMASWAMY 25
26. GST- DO’S & DONT’S
Sr.
No
WHAT to do NOW Why to do WHEN to do
7 Key mapping all products & service dealt with
Assign HSN/ SAC codes mandated
Statutorily required to be
mentioned in the Invoice
Immediately / Before any
way 30th June 2017
8 Review current Year Profit & loss Account to
determine Heads of Expenses that will attract
Payment of GST under R C M .
Statutorily required to be
mentioned in the Invoice
Immediately / Before any
way 30th June 2017
9 Advances received from Customers before
30.6.2017 for supply of goods/ services to be
GST is to be paid on
Advances received
Immediately / Before any
way 30th June 201730.6.2017 for supply of goods/ services to be
effected after 30.6.2017
Advances received
against supply of goods &
services based on receipt
voucher.
way 30 June 2017
10 In the event of Stock kept with Agent/ Job
worker ensure that stocks are taken as on
30.6.2017. Tally it with Stock reported by
Agents/ JOB worker.
Statutorily required to be
mentioned in the Stock
Statement to avail
transitional provisions
Physical inventory to be
completed on 30.06.2017
after reconciliation GST
TRAN 1 to be filed on line
before 90 days
11 Restrict purchases to the extent required –
No to buy & inward during june 2017
To avoid taking as
transitional Credit
Immediate
12 Keep balance IN PLA Account and ITC credit
Accounts to NIL if possible or barest minimum
after payment fo duties & taxes for June
2017.
To avoid blocking till GST-
TRAN -1 is approved.
Progressive monitoring-
but decide before 5th July
, 2017.
CA.N.RAMASWAMY 26