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.
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.
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.
Goods and Services Tax (GST) is a tax reform that will eliminate India’s major indirect taxes – Excise, Service Tax, and VAT. However, record-keeping and reporting requirements under GST contain elements from each of these, and they are far from simple.
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.
Goods and Services Tax (GST) is a tax reform that will eliminate India’s major indirect taxes – Excise, Service Tax, and VAT. However, record-keeping and reporting requirements under GST contain elements from each of these, and they are far from simple.
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.
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.
Goods and services tax refunds and expemtionsABHISHEK JAIN
A complete guide from NAAPBOOKS for GST. GOODS AND SERVICES TAX REFUNDS AND EXEMPTIONS, ACCOUNTS AND RECORDS & PAYMENT MECHANISM.
For further guide, contact us at
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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.
Goods and Service Tax (GST)- Patparganj Study Circle of CA Institute- 01.05.17Sandeep Garg
Patparganj Study Circle_01.05.2017: Goods and Service Tax (GST) is going to bring a leap change in Indirect Tax Regime of India w.e.f. July 01, 2017 (expected). Understanding of law relating to Accounts and Records maintenance; raising / issuance of Invoice and other documents alongwith issuance of E-way bills for movement of goods, is very essential to make GST successful in the Organisation.
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.
Goods and Service Tax (GST) India - East End Study Circle of CA Institute 29....Sandeep Garg
East End Study Circle_29.04.2017: Goods and Service Tax (GST) is going to bring a leap change in Indirect Tax Regime of India w.e.f. July 01, 2017 (expected). Understanding of law relating to Accounts and Records maintenance; raising / issuance of Invoice and other documents; submission of returns alongwith issuance of E-way bills for movement of goods, is very essential to make GST successful in the Organisation.
Transitional provisions and CTD draft rules under GST in Indiasanjay gupta
Transitional provisions and rules notified in GST in India for migration and availing credits on stock in hand and draft rules for CTD ( Credit transfer document)
The goods and services tax regime in india an accounting perspective protectedVartika Sahu
Abstract: This paper presents an accounting perspectives under a country-wide ambitious indirect tax
regime, the GST. The GOI has introduced a single tax regime for both goods and services for the
entire country (except J&K) with the roll out the GST w.e.f. July 1, 2017. The GST is a comprehensive
consumption based tax on supply of goods or of services or both and subsumed the majority of indirect
taxes into a single tax basket. In view of the majority of indirect taxes being merged into one tax,
impact is expected to be almost every business operation in India. The main goal of the GST regime is
‘one tax one market’, which aims at providing a cohesive tax approach across country. Previously, we
would have maintained individual accounts for each. But from an accounting perspective under the
GST regime, entities will have to make certain changes to their accounting system and processes
including charts of accounts (COA).
Keywords: Goods and Services Tax, Accounting Treatment: Financial records and Journal
entries.
JEL Classification: M4
An invoice is the primary document used to assess the levy of any tax related to the transfer of goods or services. Under the new Goods and Services Tax (GST) regime, government is implementing a new, comprehensive invoicing format that should facilitate the computation of taxes on invoiced goods or services
Checklist on GST Audit step by step guide on how to conduct GST Audit. Main emphasis on
1. Approaching Audit place
2. Checking Invoice
3. Input Tax Credit
4. Time of Supply
etc...
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Improving profitability for small businessBen Wann
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Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
3. GST 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 ;
• Accounts relating to each place of business shall be kept at such places of business:
• It may be maintained in prescribed electronic form.
• 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 as prescribed.
• Accounts and records to be retained until the expiry of seventy-two months from the due
date of furnishing of annual return for the year pertaining to such accounts and records
1. Production or manufacture of goods;
2. Inward and outward supply of goods or services or both;
3. Stock of goods;
4. Input tax credit availed;
5. Output tax payable and paid; and
6. Such other particulars as may be prescribed
4. GST - Records to be maintained
A true and correct account of the goods or services imported or
exported or of supplies attracting payment of tax on reverse charge
along with relevant documents such as;
1. Invoices
2. Bills of supply
3. Delivery challans
4. Credit notes
5. Debit notes
6. Receipt vouchers
7. Payment vouchers
8. Refund vouchers and
9. E-way bills
Particulars of ;
a) Names and complete addresses of suppliers from
whom he has received the goods or services;
b) Names and complete addresses of the persons to
whom he has supplied the goods or services;
c) 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.
• Each volume of books of account maintained by the registered person
shall be serially numbered.
• 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.
• A log of every entry edited or deleted in electronic records to be
maintianed.
5. GST - Manufacturer (Accounts & Records)
1. Invoices
2. Bills of supply
3. Delivery challans
4. Credit notes
5. Debit notes
6. Debit notes
7. Receipt vouchers
8. Payment vouchers
9. Refund vouchers and
10. E-way bills
• Monthly production accounts, showing the quantitative details of raw
materials or services used in the manufacture;
• Quantitative details of the goods so manufactured;
• Quantitative details Waste and by products.
6. GST - Job Contractor (Accounts & Records)
1. Invoices
2. Bills of supply
3. Delivery challans
4. Credit notes
5. Debit notes
6. Debit notes
7. Receipt vouchers
8. Payment vouchers
9. Refund vouchers and
10. E-way bills
• Registered person executing works contract shall keep separate accounts for
each works contract.
• The names and addresses of the persons on whose behalf the works contra
ct 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.
7. GST - Godown/Transport Operator
• If not already registered under the Act, shall submit the details regarding his
business electronically on the Common Portal in FORM GST ENR-01,
upon validation of the details furnished, a unique enrollment number shall be
generated and communicated to the said person.
• 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.
• 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
• Shall store the goods in such manner that they can be identified item wise and
owner wise and shall facilitate any physical verification or inspection by the
proper officer on demand.
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
9. GST Accounting of Transactions
Accounting structure
for Tax on input credits
of goods and services.
Accounting structure
for Tax liability on the
outward movement of
goods & Services.
10. GST Accounting of Transactions
1. Invoice system need to have flexibility to capture transaction as per above structure.
2. Movement of goods is of importance in case of billing and delivery address is different
3. Customer accounts to capture GSTIN and state code of each delivery location of customer and
vendors.
4. HSN/SAC codes to be mapped for each of the product received/supplied for seamless input
credit and discharge of tax liability
11. GST Accounting of Transactions
Other Transaction which calls for attention by a registered person:
1. GST is payable on advance received which is applied against supply made/to be made.
2. Receipt voucher is to be generated for such advance received.
3. If no supply is made against advance received, refund voucher is to be generated.
4. If tax is payable on reverses charge basis, issue an invoice in respect of goods or services
received by him from the supplier who is not registered on the date of receipt.
5. Issue a payment voucher at the time of making payment to the supplier of point 4.
6. Reversal of ITC in case of no payments against supplies received within 180 days from
invoice date, credit can be taken again after making payments.
7. Appropriate GST is applicable on all Debits Notes generated.
8. For invoices issued to end user (B2C) consolidated entries can be done into return.
12. Thank You !
CMA Prakash Mishra
prakash@pmishra.in
Disclaimer: The information contained herein is provided to generate a basic understanding of the GST
provision and may not be complete, error & omission is expected. Please consult before taking your decisio
n/action based on the information given through this presentations.