The document provides an overview of key concepts and provisions under the Goods and Services Tax (GST) law in India, including:
1. GST subsumes many indirect taxes and was introduced through a constitutional amendment to empower both the central and state governments to collect taxes.
2. A dual GST model is implemented to respect India's federal structure where both central and state governments collect taxes.
3. Key concepts covered include registration requirements, meaning and scope of supply, time and place of supply rules, valuation methods, input tax credit provisions, return filing requirements and transitional provisions.
4. The composition scheme provides an option for small taxpayers to pay a simplified tax at a concessional rate without
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
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST AUDIT and its Impact on Statutory Audit/Tax AuditGST Law India
The following presentation enumerates the Auditor’s Comments on the correctness of Valuations including transaction value, Section 15 provisions, Valuation Rules, Value of supply of services in case of pure agent, Reimbursement of expenses and Margin scheme and other special valuations.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
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
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST AUDIT and its Impact on Statutory Audit/Tax AuditGST Law India
The following presentation enumerates the Auditor’s Comments on the correctness of Valuations including transaction value, Section 15 provisions, Valuation Rules, Value of supply of services in case of pure agent, Reimbursement of expenses and Margin scheme and other special valuations.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
GST returns types, applicability of returns with due date to different assessees, CGST, IGST, SGST, Returns for regular Dealer, Composition Dealer, Annual return,Monthly return, Quarterly Return
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
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.
There are various problematic areas which will make the road of GST difficult for the assessees to ride upon. We have summarized some of the problems in the draft Model GST Law in this article.
GST returns types, applicability of returns with due date to different assessees, CGST, IGST, SGST, Returns for regular Dealer, Composition Dealer, Annual return,Monthly return, Quarterly Return
Article is about when to apply GST Refund when goods or services are exported out of India. Legal provisions for process of GST refund scheme. GST is a destination based consumption tax where in the levy of tax moves along with goods and /or services.where a goods exporter is not in position to utilize the GST paid in inputs such as raw material , inputs etc. which are used for export of goods shall apply for refund of GST paid by goods exporter. By taking GST Refund Exporter of Goods can increase its business working capital.
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.
From wood and sail to iron and steam, screw propellors, armor, heavy ordnance. The USN from 1815-1860. The Mexican War, 1846-48; Europe's Crimean War. The stage is set for America's experience of war in the industrial age.
Lição_1232016_Ministério urbano no tempo do fim_GGRGerson G. Ramos
A lição original com os textos bíblicos tem como finalidade; facilitar a leitura ou mesmo o estudo, os versos estão na sequência correta, evitando a necessidade de procurá-los, o que agiliza, para os que tem o tempo limitado, vc pode levá-la no ipad, no pendrive, celular e etc, ler a qualquer momento e em qualquer lugar que desejar, até sem a necessidade de estar conectado na internet.
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Digital English Language Lab for Schools
Words Worth English Lab is designed for India and is a highly researched initiative of the ACTUniv Group, an ISO 9001: 2008 company certified enterprise and a trusted education company with 2 decades of service in technology education and training. It's expertise in technology, multimedia and content development has been instrumental in presenting a world class Digital Language Lab solution for the academia in India.
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
A 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.
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.
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.
Short Term Course on GST- Input Tax CreditSandeep Gupta
This module deals with Input Tax Credit, an important element of GST. This module states the eligibility to avail ITC and events when ITC can not be availed.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
2. Coverage Today
1. Introduction 11. Composition Scheme
2. Why Dual GST ? 12. Peculiar Features
3. Registration 13. Transitional Provisions
4. Meaning & Scope of Supply 14. Revised Model GST(Misc)
Provisions
5. Timing of Supply
6. Transaction Value
7. Input Tax Credit
8. Payments
9. Returns
10. Place of Provision rules
3. Introduction
GST Subsumes certain current Indirect taxes like Excise duty , Service Tax ,
VAT, CST etc.
Currently fiscal powers B/w center & states are demarcated in constitution.
Introduction of GST requires amendment to Constitution to simultaneously
empower center & states to collect taxes.
Constitutional amendment was passed to empower the center & states to
collect GST(Article 246A).
IGST Act passed through constitutional amendment Article 269A.
4. Why Dual GST ?
India is a federal country where center & state both collect taxes.
Both have distinct responsibilities for which they need to raise funds.
Hence Dual GST is implemented keeping in constitutional requirement.
Though IGST is a separate act it consists of only 31 sections & has similar
provisions as that of CGST,SGST.
5. Registration
Persons whose Aggregate turnover exceeds a threshold limit of 10 Lacks. 5
Lacks for persons of NE states.
Inter state suppliers , Persons liable under RCM, Persons required to collect
TCS or TDS, ISD, Aggregator etc. are required to be registered compulsorily .
Persons with same PAN operating in different states are required to obtain
separate registration.
Cancellation of registration under CGST means cancellation of registration
under the SGST also & vice versa.
There is no provision to take centralized registration.
6. Contd…
Existing dealers who are registered shall be migrated in to GSTN & shall be
issued GSTIN & password which is provisional & finalized only after
submission of requisite documents with the time limit allowed.
However service tax assesses having centralized registration shall obtain afresh
registration in respective states of operation.
Principal manufacturer may declare Job workers place as his place of business
or job worker may obtain separate registration.
GST registration certificate can downloaded from GST common portal.
The act lays down procedure for cancellation of registration, refusal for grant
of registration etc.
7. Meaning & Scope Of Supply
Taxable event is supply of goods or service. Taxable events under earlier acts
shall be subsumed under definition of Supply.
Supply INCLUDES import of Goods or services , sale, transfer, exchange ,
lease , barter etc.
To Get taxed Supply should be firstly a Taxable supply from Taxable
person within the Taxable territory( certain transactions are taxed even if
there is no consideration).
Import of Goods is dealt by Customs Act, where in IGST shall be levied as
Additional duty of customs in addition to BCD.
Inter state self supplies are taxable because registration is state wise.
8. Time Of Supply
Needed for fixing Point Of Taxation where GST liability arises.
In case of supply of goods –
a) Date of invoice or last date prescribed for issue of invoice ; or
b)date of receipt of payment by supplier
Earliest of the above shall be treated as POT.
In case of supply of services -
a) Date of invoice or last date prescribed for issue of invoice ; or
b)date of receipt of payment by supplier
In case liability is on recipient –
Date of receipt of goods or payment date or Date immediately following 30 days
from the date of invoice
which ever is earlier.
9. In case of change in Tax rate
Provision Of Supply
Before After
Pymt Invoice POT Pymt Invoice POT
After After Earlier of the Two Prior Prior Earlier of the Two
After Prior Date Of invoice After Prior Date of Payment
Prior After Date of Pymt Prior After Date of Invoice
10. Transaction Value
GST is levied on ‘’Transaction Value ‘’ if price is sole consideration & parties are
not related. Valuation rules for IGST, CGST, SGST are one & the same.
3 Rules are notified for determining Transaction value – Residual , computed
method , comparative method .
Certain inclusions in transaction value are required under the GST which are
similar to adjustments under the old laws like Royalty etc.
CGST , SGST or IGST are levied on the same price or value unlike state vat
which was levied on value of goods inclusive of Excise.
For Inter state supply – IGST which includes components of CGST & SGST are
levied.
For Intra state supply – CGST , SGST are levied.
11. Input Tax Credit
CGST, SGST & IGST credits are available.
Credit of capital goods can also be utilized in one installment.
Conditions for availing ITC –
1. Possession of Invoice.
2. Receipt of goods.
3. Furnishing of return.
4. Tax charged on such input should be paid in cash or utilizing ITC by supplier.
No ITC credit after furnishing return for the month of sept of relevant F.Y or
annual return which ever is earlier.
12. Contd..
Return furnished is treated invalid unless tax due is paid. Only valid return is
considered for ITC for recipient.
Input of CGST against payment of SGST & vice versa are not allowed. Input of
IGST should be utilized towards IGST, CSGT,SGST in the same order.
Where recipient fails to pay supplier Invoice amount & tax amount with 3
months from date of issue of invoice an amount of ITC availed & interest shall
be payable by recipient.
No ITC is available on certain goods like motor vehicles , insurance etc.
No ITC after 1 year from the date of invoice.
13. Example of ITC on Inter state supply
1. X of State 1 makes supply to A of state 1.
Value of Supply = 10,000
Add: CGST@8% = 800
Add: SGST@8% = 800
Total = 11,600
2. A of state 1 further makes supply to B of state 2 for Rs. 12000/- charging IGST@16%
amounting to Rs. 1920 /-.
3. A will remit IGST to Central Govt (CG) of Rs. 320/- after utilizing ITC as under.
IGST payable = 1920
less: CGST ITC = 800
less: SGST ITC = 800
4. B will avail credit of IGST of Rs. 1920 paid on his purchase & SG will remit Rs. 800/-
to CG utilized by A for paying IGST.
5. Further B supplies to C of the state 2 as under
14. Contd..
Value of supply = 14,400
Add: CGST @8% = 1,152
Add: SGST@8% = 1,152
Computation of CGST & SGST payable by C
CGST payable = 1,152
Less : ITC of IGST = 1,152 (utilized from IGST Credit Rs.1920)
Payable CGST = Nil
SGST payable = 1,152
Less : ITC of IGST = 768 ( 1,920 – 1,152)
Payable SGST = 384
15. Payments
Payment not later than last date fixed for filing return.
In some cases recipient or in some cases third party like E-Commerce operator/
Govt Dept is liable to pay under RCM.
Payment can be made through Credit ledger (only Tax amount)or Cash ledger.
There are 3 types of E ledgers i.e. tax liability ledger reflects Total tax liability
after netting off ITC, Cash ledger reflects all deposits made in cash ,TDS/TCS
& ITC as self assessed in return will be reflected in ITC ledger.
TDS @1% shall be made by Govt authorities/undertakings while making
contractual payments above 5 lacks to suppliers.
Similarly E commerce operators are require to deduct TDS in certain cases.
16. Returns
A supplier who crosses aggregate turnover of 9 lacks is liable registration but
becomes taxable persons only on crossing 10 lacks.
Liability to file return arises when taxable turnover crosses 10 lacks. Apart from
these E commerce operators, TDS deductors, Inter state suppliers are compulsorily
required to file returns.
Types of Returns
1. GSTR 1 – Outward suppliers to registered/un registered persons. To be filed
with in 10th of succeeding month.
2. GSTR 2 – Supplies received. Auto populated from GSTR -1 of Supplier.
Certain purchases which are omitted by supplier in GSTR 1 can be filled by recipient.
To be filed with in 15th of succeeding month.
Last date for finalizing Supply & receipt details in GSTR 1 & 2 is 17th of next month.
17. Contd..
If invoices as per GSTR 2 do not match with GSTR 1 of counter part credit is to
be reversed if not rectified within time limit.
Supplier can upload invoices maximum within September of next F.y.
3. GSTR 3 - Auto populated From GSTR 1 & 2. Due date 20th of next month
4. GSTR 4 – Person opting for composition scheme. Quarterly return.
5. GSTR 6 – Input service distributor. To be filed within 13th of succeeding
month.
6. GSTR 7 – TDS deductors. To be filed within 10th of succeeding month.
A total of 27 types of returns have been prescribed under GST.
18. Place Of Provision Rules
GST is destination based taxation system so place of provision of service is
important to decide applicability of CGST & SGST or IGST .
For Goods requiring movement POP is Place of recipient with some exceptions.
For Services POP could be -
1. Place of recipient of service ( Default rule )
2. Place of provider of service ( In case Place of recipient is N/A )
3. Place of consumption of service. ( Immovable property services )
4. Place of person who derives benefit from service.
19. Composition Scheme
Small taxpayers with a aggregate turnover of 50 lacks in previous F.Y eligible to
opt for composition scheme.
No ITC shall be available & not eligible to levy output tax.
Tax shall be payable @ not less than 2.5% in case of manufacturer & 1% in any
other case on turnover for the respective F.Y without ITC.
Tax payers paying under reverse charge or making inter state supplies are not
eligible for composition scheme.
Payment on Quarterly basis.
Return on or before 18 th after the end of quarter.
20. Schedules
Schedule I – Matters to treated as supply even if there is no consideration.
Schedule II – Matters to be treated as supply of goods or services.(declared
services & deemed sale.)
Schedule III – Certain activities which shall not be treated as supply of goods or
service.( Negative list)
Schedule IV – Certain activities by CG,SG, Local authorities not treated as
supply of goods or service. ( As appearing in negative list & mega exemption
notification)
Schedule V – Persons liable for registration.
21. Peculiar features
Real time uploading of invoices & modifying at later point of time before final
submission.
Retention of records for a period of 6 months from due date of filing annual
return.
GSTN provides separate User ID’s & passwords for professional to enable them
to work on behalf of their clients if so authorized.
A manufacturer enjoying SSI exemption earlier will now have to get registered.
Similarly Vat trader having turnover below exemption limit will now have to get
registered if operates through E -Commerce operator.
22. Transitional Provisions
Cenvat / ITC from earlier laws can be carried forward in to GST regime.
Person paying tax under composition scheme earlier & taxable under GST can take
credit on inputs in stock on that date. Similarly taxable person under earlier law
having ITC & opting for composition scheme under GST will need to reverse ITC on
stock held on that date.
Pending appeals ,revisions & refunds under earlier laws will be dealt therein.
Service / supply is made under earlier law but if part of consideration is received
under GST regime then no tax is payable if Liability is discharged.
Goods sent on approval to be received back within 6 months (+ 2 months) from
appointed date or else are liable for GST.
23. • Definition of Taxable Person is revised.
• Limit of registration for taxable person increased from 9 lacks to 20 lacks. However
for N E states, J & K , H.P & Uttarakhand limit is increased from 4 lacks to 10 lacks.
• A new special category of states ( To be notified) are added for whom limit for
registration shall be 10 lacks.
• Value of non taxable supplies removed from definition of Aggregate turnover.
• Definition of capital assets is deleted from Revised GST.
• Definition of Capital Goods is revised to mean all those capital goods the value of
which are capitalized in books of accounts.
• First stage & second stage dealer is defined under revised GST.
• Definition of Goods revised to exclude Securities.