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IMPACT OF GST ON YOUR
BUSINESS
ONE NATION
ONE TAX
1
Introduction to GST
GST (Goods and Service Tax) proposed to be implemented
from 01st day of July 2017 in all over India except the state of
Jammu and Kashmir.
Normally these questions come before a Businessman:
1) What is GST?
2) How to get ready for GST?
3) How to get registered under GST?
4) What will be the treatment of stock in hand as on 01st day
of July 2017?
5) What will be the invoice format under GST?
6) What will be the proposed tax structure?
7) What will be the tax rates on my products?
8) Composition Scheme
2
1) What is GST?
GST, as the name suggests, is a combination of Excise Duty,
Value Added Taxes (VAT), Entertainment Taxes and Service
Tax, as earlier leviable by different states, union territories and
Central Government.
Types of levies under GST Regime:
1) Union Territory/State Goods and Service Tax
(UTGST/SGST)
2) Central Goods and Service Tax (CGST)
3) Integrated Goods and Service Tax (IGST)
3
Applicability of different types of
GST
 If Goods sold within the state – SGST/UTGST + CGST
 If Goods sold outside the state - IGST
4
Migration to GST – For existing
Taxpayers
If already have Excise/VAT/Service Tax Registration:
 Apply for Migration to GST
 Prepare a list of stock items
 Calculate Input credit allowable as per GST transitional
provisions
 Apply for final registration under GST Act till 30th September
2017.
5
Registration under GST – New
Taxpayers
If NOT registered Excise/VAT/Service Tax:
 Apply for registration on GST portal (www.gst.gov.in)
 The registration will be granted within 3 days from the date of
application
 Physical verification of business premises can be conducted by
the Proper Officer as per his discretion.
6
Treatment of Stock-in-hand as on
30.06.2017
Under the new GST regime, the taxpayers are eligible to claim
balance of input tax credit under the existing law.
The sale of stock on or after 01.07.2017 will be taxed as per new
GST Act.
Excise Duty paid on stock-in-hand as on 01.07.2017 will be
available to the assesse, subject to production of excise paid
invoices, Bill of Entry or any other admissible documents. Such
invoice, bill of entry or any other document shall not be older
than 12 months from 01.07.2017.
7
If the Taxpayer doesn’t have proof regarding payment of duty on
the stock in hand as on 30.06.2017.
A credit of 40% on CGST payable on that product shall be
allowed after payment of such CGST.
8
Input Tax Credit (SGST)
SGST
SGST (First Charge)
IGST
9
Input Tax Credit (CGST)
CGST
CGST (First Charge)
IGST
10
Input Tax Credit (IGST)
IGST
IGST (First Charge)
SGST
CGST
11
An Invoice shall contain the following particulars:
1) Name, Address, GSTIN and state code of the Seller
2) Name, Address, GSTIN and state code of the Purchaser
3) Name of the Item (HSN Code it turnover > 1.5 Crore)
4) Quantity, Rate and Value of the Item
5) SGST, CGST or IGST Rates and amount (as applicable)
6) Total Invoice Value
Invoice Format
12
Invoice
Format
13
Five types of tax rates are defined under GST Act:
1) 0 %
2) 5 %
3) 12 %
4) 18 %
5) 28 %
To know the rates applicable on your product, logon to CBEC
website www.cbec.gov.in
Tax Rates
14
Eligibility:
For availing registration under composition scheme, the taypayer
is required to fulfil the following conditions:
1) Turnover should not exceed Rs. 75 Lakhs
2) Not engaged in selling through E-Commerce portals
3) Not engaged in interstate outward supply
Composition Scheme
15
Presentation by:
Amit Kumar Aggarwal
B.Com, ACA
Can be reached at:
Contact: 91-9711544142
91-11-45574142
Email: expertchartered@gmail.com
amit.aggarwal@hotmail.com
Disclaimer: The use of presentation depends on the circumstances. The Author will not be responsible for any action taken on behalf of
this presentation.
16

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GST impact on common businessman

  • 1. IMPACT OF GST ON YOUR BUSINESS ONE NATION ONE TAX 1
  • 2. Introduction to GST GST (Goods and Service Tax) proposed to be implemented from 01st day of July 2017 in all over India except the state of Jammu and Kashmir. Normally these questions come before a Businessman: 1) What is GST? 2) How to get ready for GST? 3) How to get registered under GST? 4) What will be the treatment of stock in hand as on 01st day of July 2017? 5) What will be the invoice format under GST? 6) What will be the proposed tax structure? 7) What will be the tax rates on my products? 8) Composition Scheme 2
  • 3. 1) What is GST? GST, as the name suggests, is a combination of Excise Duty, Value Added Taxes (VAT), Entertainment Taxes and Service Tax, as earlier leviable by different states, union territories and Central Government. Types of levies under GST Regime: 1) Union Territory/State Goods and Service Tax (UTGST/SGST) 2) Central Goods and Service Tax (CGST) 3) Integrated Goods and Service Tax (IGST) 3
  • 4. Applicability of different types of GST  If Goods sold within the state – SGST/UTGST + CGST  If Goods sold outside the state - IGST 4
  • 5. Migration to GST – For existing Taxpayers If already have Excise/VAT/Service Tax Registration:  Apply for Migration to GST  Prepare a list of stock items  Calculate Input credit allowable as per GST transitional provisions  Apply for final registration under GST Act till 30th September 2017. 5
  • 6. Registration under GST – New Taxpayers If NOT registered Excise/VAT/Service Tax:  Apply for registration on GST portal (www.gst.gov.in)  The registration will be granted within 3 days from the date of application  Physical verification of business premises can be conducted by the Proper Officer as per his discretion. 6
  • 7. Treatment of Stock-in-hand as on 30.06.2017 Under the new GST regime, the taxpayers are eligible to claim balance of input tax credit under the existing law. The sale of stock on or after 01.07.2017 will be taxed as per new GST Act. Excise Duty paid on stock-in-hand as on 01.07.2017 will be available to the assesse, subject to production of excise paid invoices, Bill of Entry or any other admissible documents. Such invoice, bill of entry or any other document shall not be older than 12 months from 01.07.2017. 7
  • 8. If the Taxpayer doesn’t have proof regarding payment of duty on the stock in hand as on 30.06.2017. A credit of 40% on CGST payable on that product shall be allowed after payment of such CGST. 8
  • 9. Input Tax Credit (SGST) SGST SGST (First Charge) IGST 9
  • 10. Input Tax Credit (CGST) CGST CGST (First Charge) IGST 10
  • 11. Input Tax Credit (IGST) IGST IGST (First Charge) SGST CGST 11
  • 12. An Invoice shall contain the following particulars: 1) Name, Address, GSTIN and state code of the Seller 2) Name, Address, GSTIN and state code of the Purchaser 3) Name of the Item (HSN Code it turnover > 1.5 Crore) 4) Quantity, Rate and Value of the Item 5) SGST, CGST or IGST Rates and amount (as applicable) 6) Total Invoice Value Invoice Format 12
  • 14. Five types of tax rates are defined under GST Act: 1) 0 % 2) 5 % 3) 12 % 4) 18 % 5) 28 % To know the rates applicable on your product, logon to CBEC website www.cbec.gov.in Tax Rates 14
  • 15. Eligibility: For availing registration under composition scheme, the taypayer is required to fulfil the following conditions: 1) Turnover should not exceed Rs. 75 Lakhs 2) Not engaged in selling through E-Commerce portals 3) Not engaged in interstate outward supply Composition Scheme 15
  • 16. Presentation by: Amit Kumar Aggarwal B.Com, ACA Can be reached at: Contact: 91-9711544142 91-11-45574142 Email: expertchartered@gmail.com amit.aggarwal@hotmail.com Disclaimer: The use of presentation depends on the circumstances. The Author will not be responsible for any action taken on behalf of this presentation. 16