This presentation enumerates about Composition Scheme under GST, registration under GST and composition scheme, invoicing, filing of returns through various forms and payment of tax under GST.
Composition Scheme Registration Invoicing Returns Payment of Tax under GST.GST Law India
The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
The document compares normal tax payers under Section 9 of the CGST Act to composition levy tax payers under Section 10. Composition levy is an option for small businesses with turnover less than Rs. 1 crore to pay tax at a concessional rate instead of the normal rates. Composite and mixed supplies are classified based on their principal supply, while normal and composition levy taxpayers are distinguished based on aggregate turnover.
The document provides an overview of key aspects of the Integrated Goods and Services Tax (IGST) Act in India. It notes that IGST is levied on all inter-state supplies of goods and services at a rate not exceeding 40%. Zero-rated supplies that allow for input tax credit include exports and supplies to special economic zones. Advance rulings under the IGST Act provide binding guidance on issues like classification and taxability. Refund provisions exist for taxes wrongly paid and for goods purchased in India by international tourists.
The document summarizes key aspects of the Integrated Goods and Services Tax (IGST) and compensation draft law in India. It discusses how IGST will be charged on all inter-state supplies of goods and services at an aggregate rate of CGST and SGST. Intra-state supplies will be charged CGST and SGST, which will be equal in rate. Place of supply rules are provided for goods and services to determine whether a supply is inter-state or intra-state. Input tax credit provisions and treatment of zero-rated supplies are also summarized briefly.
The document discusses concepts related to input tax credit under GST including definitions of key terms, eligibility criteria for availing input tax credit, utilization of input tax credits across states, and restrictions on availing input tax credit for certain goods and services. It provides illustrations of availment and utilization of input tax credit for intra-state and inter-state transactions. It also discusses special provisions related to capital goods and transition provisions for availment of credits.
GST will replace current indirect tax system in India. Brokers need to understand how GST applies to their business, including applicable rates, input tax credits, registration requirements, and compliance obligations like filing returns. Authorized persons may need to register depending on broker arrangements. Mistakes can only be rectified within annual or September return filing period. INMACS can help brokers with GST migration, compliance, advisory services, and identifying optimization opportunities.
The document discusses taxation and the Goods and Services Tax (GST) implemented in India. It provides background on taxation, including definitions of tax, objectives of taxation, and types of taxes such as direct and indirect taxes. It then focuses on GST, defining it as a comprehensive tax on the supply of goods and services that aims to replace existing indirect taxes. GST is described as a dual model with Central GST and State GST applied to intrastate transactions, and Integrated GST applied to interstate transactions. The goals of GST are outlined as creating a single, unified Indian market, reducing the cascading effect of taxes, and simplifying the tax system in India.
Composition Scheme Registration Invoicing Returns Payment of Tax under GST.GST Law India
The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
The document compares normal tax payers under Section 9 of the CGST Act to composition levy tax payers under Section 10. Composition levy is an option for small businesses with turnover less than Rs. 1 crore to pay tax at a concessional rate instead of the normal rates. Composite and mixed supplies are classified based on their principal supply, while normal and composition levy taxpayers are distinguished based on aggregate turnover.
The document provides an overview of key aspects of the Integrated Goods and Services Tax (IGST) Act in India. It notes that IGST is levied on all inter-state supplies of goods and services at a rate not exceeding 40%. Zero-rated supplies that allow for input tax credit include exports and supplies to special economic zones. Advance rulings under the IGST Act provide binding guidance on issues like classification and taxability. Refund provisions exist for taxes wrongly paid and for goods purchased in India by international tourists.
The document summarizes key aspects of the Integrated Goods and Services Tax (IGST) and compensation draft law in India. It discusses how IGST will be charged on all inter-state supplies of goods and services at an aggregate rate of CGST and SGST. Intra-state supplies will be charged CGST and SGST, which will be equal in rate. Place of supply rules are provided for goods and services to determine whether a supply is inter-state or intra-state. Input tax credit provisions and treatment of zero-rated supplies are also summarized briefly.
The document discusses concepts related to input tax credit under GST including definitions of key terms, eligibility criteria for availing input tax credit, utilization of input tax credits across states, and restrictions on availing input tax credit for certain goods and services. It provides illustrations of availment and utilization of input tax credit for intra-state and inter-state transactions. It also discusses special provisions related to capital goods and transition provisions for availment of credits.
GST will replace current indirect tax system in India. Brokers need to understand how GST applies to their business, including applicable rates, input tax credits, registration requirements, and compliance obligations like filing returns. Authorized persons may need to register depending on broker arrangements. Mistakes can only be rectified within annual or September return filing period. INMACS can help brokers with GST migration, compliance, advisory services, and identifying optimization opportunities.
The document discusses taxation and the Goods and Services Tax (GST) implemented in India. It provides background on taxation, including definitions of tax, objectives of taxation, and types of taxes such as direct and indirect taxes. It then focuses on GST, defining it as a comprehensive tax on the supply of goods and services that aims to replace existing indirect taxes. GST is described as a dual model with Central GST and State GST applied to intrastate transactions, and Integrated GST applied to interstate transactions. The goals of GST are outlined as creating a single, unified Indian market, reducing the cascading effect of taxes, and simplifying the tax system in India.
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. Some key points:
1. ITC aims to ensure tax is levied only on value addition at each stage of supply chain to eliminate cascading of taxes. Only registered taxpayers can claim ITC subject to certain conditions.
2. Eligible inputs/services include those used in business. Capital goods are eligible for ITC over multiple years. ITC must be claimed within prescribed time limits and supported by valid documents.
3. ITC is allowed for taxable and zero-rated supplies but not for exempt, non-taxable or personal consumption. Credit must be apportioned
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
The document provides an overview of key aspects of the proposed Goods and Services Tax (GST) model in India, including:
1) The proposed dual GST structure that would replace existing indirect taxes, with CGST and SGST charged on intra-state supply and IGST on inter-state supply.
2) Features of the model including it being a destination-based consumption tax, threshold limits for exemption, and utilization of input tax credits.
3) Transitional provisions for migration of existing taxpayers to GST, including transfer of input tax credits and treatment of pending claims and proceedings.
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)
1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
This document provides an overview of key GST concepts including levy and collection, composition levy, input tax credit, registration procedures, tax invoices, and other documentation.
The main topics covered are levy and collection of CGST and SGST, composition levy eligibility and conditions, input tax credit eligibility and components, registration procedures including application, amendment and cancellation, and requirements for tax invoices, credit/debit notes, receipt/refund vouchers, and payment vouchers.
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.
This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the problems with the current indirect tax system, why GST is being introduced, the framework of GST including which central and state taxes will be subsumed, GST registration requirements, taxes and credit utilization, invoicing under GST, time of supply, and benefits of GST. The document also provides details on present tax structure, problems with sales tax, why India needs GST, and what approach businesses should take to prepare for the transition to GST.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
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IGST is levied on inter-state supply of goods and services to monitor inter-state trade and ensure SGST accrues to the consuming state. IGST rate is equal to CGST plus SGST rate and is collected by the central government on inter-state transactions. Export of goods or services are considered zero-rated supplies under IGST and the exporter can claim refund of IGST paid or supply under bond without paying tax and claim refund of unutilized ITC. Import of goods is subject to IGST in addition to customs duty, while import of services where supplier is outside India, recipient within India and place of supply is India are liable to IGST on reverse charge.
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
The document outlines Goods and Services Tax transition provisions, including allowing existing taxpayers to provisionally register for GST and carry forward input tax credits from prior taxes, as well as provisions for works contracts, stock transfers, and price revisions between the prior and GST tax regimes. It also addresses issues around determining the eligible carried forward amounts based on admissibility under both prior and GST laws.
The following presentation enumerates E-way Bill -jurisprudence, the constitutional validity of E-Way bill, governing sections, modes of e-way bill generation, registration, validity, verification, offenses, and penalties. It also states about grievance redressal and documents to be carried during movement.
This document discusses the meaning of "supply" under the Integrated Goods and Services Tax (IGST) Act of 2016 in India. It defines supply as the levying of tax on the supply of any goods and/or services in the course of inter-state trade or commerce. A supply includes various forms of supply of goods and services for consideration during the course of business. It also discusses what types of transactions are considered a supply, including those in Schedules II and I of the IGST Act, and those that are specifically excluded from being a supply under Schedules III and IV. Composite and mixed supplies are also summarized.
The document provides information on electronic way (e-way) bills under the Goods and Services Tax (GST) regime in India. Some key points:
- E-way bills are required to be generated for the movement of goods of over Rs. 50,000 in value.
- Various notifications provide details on the nationwide implementation of the e-way bill system from January 2018.
- CGST Rules specify the procedures for generating e-way bills, including which parties are responsible for Parts A and B, validity periods, transfer procedures and exemptions.
- Non-compliance can attract penalties, and e-way bills help verify movement of goods and prevent tax evasion.
concept of input tax and input service distributorGST Law India
The document provides an overview of input tax credit under GST, including:
1) The concept of input tax, conditions for claiming credit, restrictions, and apportionment of credit for mixed supplies.
2) Provisions for transfer of credit during business reorganizations and reversal of credit when supplies become exempt.
3) The manner of taking credit including a two-step process of provisional credit and final matching, and restrictions for excess or duplicate claims.
4) The role of input service distributors and utilization of credits against different tax types.
The document discusses the preparedness required by the textile industry for implementing GST by July 1st, 2017. It outlines the indicated GST rates for various textile products and provides 21 steps that the textile industry needs to take immediately, such as taking stock of raw materials and finished goods, finalizing software and invoice/order formats, updating supplier details, and understanding return filing requirements. It also notes that in July 2017, the GST rate on merchant services was sharply cut to 5% from 18% for textile manufacturers.
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
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.
The document provides information on the due dates for filing annual GST returns and audit for the 2018-19 financial year. It discusses the applicability of audit requirements based on aggregate turnover, which is the total value of taxable, exempt and export supplies across all registrations with the same PAN. It also summarizes the key parts and tables in form GSTR-9 for filing the annual return and highlights important points about filing, consequences of late or non-filing, and how to analyze the details required in the different sections.
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. Some key points:
1. ITC aims to ensure tax is levied only on value addition at each stage of supply chain to eliminate cascading of taxes. Only registered taxpayers can claim ITC subject to certain conditions.
2. Eligible inputs/services include those used in business. Capital goods are eligible for ITC over multiple years. ITC must be claimed within prescribed time limits and supported by valid documents.
3. ITC is allowed for taxable and zero-rated supplies but not for exempt, non-taxable or personal consumption. Credit must be apportioned
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
The document provides an overview of key aspects of the proposed Goods and Services Tax (GST) model in India, including:
1) The proposed dual GST structure that would replace existing indirect taxes, with CGST and SGST charged on intra-state supply and IGST on inter-state supply.
2) Features of the model including it being a destination-based consumption tax, threshold limits for exemption, and utilization of input tax credits.
3) Transitional provisions for migration of existing taxpayers to GST, including transfer of input tax credits and treatment of pending claims and proceedings.
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)
1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
This document provides an overview of key GST concepts including levy and collection, composition levy, input tax credit, registration procedures, tax invoices, and other documentation.
The main topics covered are levy and collection of CGST and SGST, composition levy eligibility and conditions, input tax credit eligibility and components, registration procedures including application, amendment and cancellation, and requirements for tax invoices, credit/debit notes, receipt/refund vouchers, and payment vouchers.
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.
This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
This document provides an overview of the Goods and Services Tax (GST) that is being implemented in India. It discusses the problems with the current indirect tax system, why GST is being introduced, the framework of GST including which central and state taxes will be subsumed, GST registration requirements, taxes and credit utilization, invoicing under GST, time of supply, and benefits of GST. The document also provides details on present tax structure, problems with sales tax, why India needs GST, and what approach businesses should take to prepare for the transition to GST.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
IGST is levied on inter-state supply of goods and services to monitor inter-state trade and ensure SGST accrues to the consuming state. IGST rate is equal to CGST plus SGST rate and is collected by the central government on inter-state transactions. Export of goods or services are considered zero-rated supplies under IGST and the exporter can claim refund of IGST paid or supply under bond without paying tax and claim refund of unutilized ITC. Import of goods is subject to IGST in addition to customs duty, while import of services where supplier is outside India, recipient within India and place of supply is India are liable to IGST on reverse charge.
Input tax credit & matching with return under gstNikhil Malaiyya
Input tax credit under GST, Matching with return under GST, Annual Return, Final Return, Monthly return, late filing fees under GST, Transitional Provision
The document outlines Goods and Services Tax transition provisions, including allowing existing taxpayers to provisionally register for GST and carry forward input tax credits from prior taxes, as well as provisions for works contracts, stock transfers, and price revisions between the prior and GST tax regimes. It also addresses issues around determining the eligible carried forward amounts based on admissibility under both prior and GST laws.
The following presentation enumerates E-way Bill -jurisprudence, the constitutional validity of E-Way bill, governing sections, modes of e-way bill generation, registration, validity, verification, offenses, and penalties. It also states about grievance redressal and documents to be carried during movement.
This document discusses the meaning of "supply" under the Integrated Goods and Services Tax (IGST) Act of 2016 in India. It defines supply as the levying of tax on the supply of any goods and/or services in the course of inter-state trade or commerce. A supply includes various forms of supply of goods and services for consideration during the course of business. It also discusses what types of transactions are considered a supply, including those in Schedules II and I of the IGST Act, and those that are specifically excluded from being a supply under Schedules III and IV. Composite and mixed supplies are also summarized.
The document provides information on electronic way (e-way) bills under the Goods and Services Tax (GST) regime in India. Some key points:
- E-way bills are required to be generated for the movement of goods of over Rs. 50,000 in value.
- Various notifications provide details on the nationwide implementation of the e-way bill system from January 2018.
- CGST Rules specify the procedures for generating e-way bills, including which parties are responsible for Parts A and B, validity periods, transfer procedures and exemptions.
- Non-compliance can attract penalties, and e-way bills help verify movement of goods and prevent tax evasion.
concept of input tax and input service distributorGST Law India
The document provides an overview of input tax credit under GST, including:
1) The concept of input tax, conditions for claiming credit, restrictions, and apportionment of credit for mixed supplies.
2) Provisions for transfer of credit during business reorganizations and reversal of credit when supplies become exempt.
3) The manner of taking credit including a two-step process of provisional credit and final matching, and restrictions for excess or duplicate claims.
4) The role of input service distributors and utilization of credits against different tax types.
The document discusses the preparedness required by the textile industry for implementing GST by July 1st, 2017. It outlines the indicated GST rates for various textile products and provides 21 steps that the textile industry needs to take immediately, such as taking stock of raw materials and finished goods, finalizing software and invoice/order formats, updating supplier details, and understanding return filing requirements. It also notes that in July 2017, the GST rate on merchant services was sharply cut to 5% from 18% for textile manufacturers.
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
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.
The document provides information on the due dates for filing annual GST returns and audit for the 2018-19 financial year. It discusses the applicability of audit requirements based on aggregate turnover, which is the total value of taxable, exempt and export supplies across all registrations with the same PAN. It also summarizes the key parts and tables in form GSTR-9 for filing the annual return and highlights important points about filing, consequences of late or non-filing, and how to analyze the details required in the different sections.
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
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.
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
OBJECTIVE
Goods and Services Tax (GST) is the 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. In this webinar, we shall analyse and understand the forms GSTR-1 and GSTR-3B.
Gst registration provisions including business processCA L Gopal Shah
1. The document discusses provisions related to GST registration including who is required to register, the registration process, amendments, cancellation, and revocation of registration. It also covers transitional provisions for existing taxpayers and registration requirements for casual/non-resident taxpayers and composition scheme.
2. Key points include that registration is required if aggregate turnover exceeds Rs. 9 lakhs (Rs. 4 lakhs for North East states), the structure of the 15-digit GSTIN number, online application process and approval within 3 days, and that registration is not transferable between persons.
3. Special provisions are discussed for casual/non-resident taxpayers requiring advance tax deposit and maximum 90 day registration validity, and
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
GST overview presentation ca vichar manch 12-05-2017 vinod jainAnu Insan
The document discusses the passage of the key GST bills in India and provides details on the implementation of GST. It notes that four acts were passed - the Central GST Act, Integrated GST Act, Union Territory GST Act, and the Compensation Act. It also outlines some of the draft GST rules issued and states that the government aims to roll out GST on July 1st, 2017. Further, it describes aspects of the new GST framework such as the types of taxes subsumed, registration requirements, taxation of supplies, input tax credit mechanics, and definitions under the CGST Act.
A comprehensive presentation on the various aspects and law relating to registrations under Goods and service Act ( GST ) in India including amendment and cancellation provisions
GST is a single tax on the supply of goods and services that will replace multiple taxes. It is composed of Central GST (CGST) and State GST (SGST) which will simultaneously be levied on all transactions. Input tax credit can be claimed at each stage to avoid double taxation. Key aspects include exemptions, tax rates of 5%, 12%, 18% and 28%, registration requirements, return filing process and special provisions for e-commerce.
This document summarizes key aspects of GST registration in India based on draft rules released by the government. It notes that registration will be required if annual aggregate turnover exceeds Rs. 9 lakhs (Rs. 4 lakhs in North Eastern states). It outlines the registration procedure and discusses provisions for migrating existing taxpayers. It also discusses the impact of GST on the manufacturing sector, including opportunities for improved sourcing and credit availability, as well as challenges related to multiple proposed GST rates and potential differences in rates between goods and services.
Transitional provisions-under GST in Indiasanjay gupta
Coming July,1 2017 GST will be implemented in India. Transitional phase will be very painful for Registered dealers. This presentation deals with the Transitional provision under GST Act in India
The document provides information about an upcoming 3-day workshop on GST, ROC, and income tax annual returns for students. It will cover recent changes, dos and don'ts, and the student perspective. The workshop will be organized by the Student Committee of the Chamber of Tax Consultants and led by CA Karan Lodaya. It will include sessions on annual return filing and audit requirements, details on filing GSTR-1 and GSTR-3B returns, as well as an analysis of the annual return.
The document provides information on key concepts related to GST including levy and collection of GST, taxable events, place of supply for goods and services, time of supply, valuation, exemptions, and classification of goods and services. Specifically, it covers:
- Levy and collection of CGST, SGST, and IGST on intra-state and inter-state supplies of goods and services.
- Taxable events under GST include all supplies of goods or services made for a consideration in the course of business.
- Place of supply rules for determining whether a supply is intra-state or inter-state.
- Time of supply rules for determining when tax is payable on
The document discusses GST invoice requirements and procedures. Key points include:
- Taxpayers must issue tax invoices or bills of supply before or within a specified time of supply under GST. Invoices are required to claim input tax credits.
- Tax invoices must be issued for all taxable supplies by registered taxpayers and include certain mandatory information. Bills of supply are issued for exempt or composition supplies.
- Invoices must be issued before or at certain times depending on if the supply involves goods or services. There are also exceptions for low value and continuous supplies.
- Invoices must include details like business names and GSTIN, invoice numbers, tax rates, quantities, and HSN/SAC
The document discusses various provisions around tax invoices, credit notes, and debit notes under GST law in India. Some key points:
- Only registered persons can issue tax invoices. Unregistered persons and composition dealers cannot issue tax invoices.
- Tax invoices must be issued before or at the time of removal of goods, or at the time of delivery of goods. For services, invoices must generally be issued within 30 days of supply.
- Invoices must contain certain details like supplier information, serial number, date, recipient information, HSN code, tax amount, etc. as specified in the rules.
- There are special provisions for revised invoices, invoices for small value supplies, bills of
What is GST?
How GST works?
Concept of GST
Major taxes that are Subsumed.
Section 3 – Meaning and Scope of Supply
Levy of, and Exemption from Tax
Time and Value of supply
Input Tax Credit
Utilization of Input Credit
Registration
Returns
Section 29A - Matching, reversal and reclaim of input tax credit
Levy of late fee
Payment of Tax
Offences And Penalties
Benefits of GST
Similar to GST TRAINING ON VARIOUS CONCEPTS OF GST-2 (20)
GST TRAINING ON VARIOUS CONCEPTS OF GSTGST Law India
This presentation enumerates the constitutional aspect of GST with amendments, GST levy on goods and services in inter-state and intra-state supply, what is supply, types of supply, the supply of goods or services, persons liable to pay tax under GST, taxable and distinct persons under GST and reverse charge mechanism under GST.
Show Cause Notices, Adjudication & Introduction to Appeals under GSTGST Law India
This presentation gives a detailed information on show cause notices, reply to SCN, identification of deficiencies in SCN, the scope of writ, the procedure for adjudication under GST and lastly how to file appeal - drafting, its effect, and remedy.
Case Studies of Place of Supply Including Exports-Imports and RefundsGST Law India
the following presentation enumerates a brief study on GST in case of Cross-border Air Travel, work contracts, Hotel Accommodation, Event Organization ,Immovable Property – Place of Supply & ITC Eligibility, Cross-Border Logistic Services, Cross-Border Intermediary Services, Whether Foreign Company can procure goods from India on Bill to-Ship to basis where ship to Location is India, Supply of FOC promotional material to related and unrelated parties outside India, Use of Trademark owned by Foreign-Related Company, Refund of unutilized credit accumulated due to inverted duty structure and lastly Refund of unutilized credit on zero-rated supply
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.
Issues in Export & Import of Goods & Services vis-a-vis Foreign Trade PolicyGST Law India
The following presentation enumerates various issues related to import and export of goods under GST like modes of exports, zero-rated supply, supplies to SEZ and others, how to claim refund of ITC and IGST by using different forms. Further, it deals with methods to rectify mistakes in the respective refund forms under GST.
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The following presentation enumerates how valuation is to be done during inter-unit transactions especially during stock transfer, job work and e-way bill along with their tax treatment under GST.
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Real estate transactions Under taxing lawGST Law India
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Enrolment of existing taxpayers under GSTGST Law India
Greetings from GST Law India!
Goods and Service Tax (GST) is now a near reality and government is making fast moves for implementing it from the proposed date of 1st of April 2017.
W.e.f. 08.11.2016, the GST Network has initiated GST migration/ enrollment proceedings of existing taxpayers under the current Indirect tax regime to the GST portal.
Please find attached herewith a brief presentation on the process of migration/ enrollment as well as the paramount considerations during the whole migration activity.
It is noteworthy, that paramount consideration at this juncture must be to determine the nature of registration and optimum locations for registration in terms of present and future business transactions as separate registrations shall be required at each state from where supply of goods/ services are being made.
Find out the detailed explanation of the provisions related to Offences and Penalties under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
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Find out the detailed explanation of the provisions related to Assessment, Audit under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Basic Concept of Goods and Services Tax (CGST,SGST,IGST,Levy and Exemption)GST Law India
Find out the detailed explanation of the basic concept and overview of CGST, SGST, IGST under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions related to Place of Supply under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions related to registration under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Find out the detailed explanation of the provisions relating to Input Tax Credit under the dual GST Law from the presentation . Give it a read and we would love to know your feedback!
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4. Aggregate Turnover: Section 2(6)
All
taxable
Supplies
All
exempt
supplies
Exports
of
Goods/
Services
Interstate
supply of
persons
having
same PAN
Aggregate
Turnover
Exclusions:
• Value of inward supplies on which tax is payable by a
person on reverse charge basis
• CGST, SGST, UTGST, IGST, Compensation Cess
To be
computed on
all-India basis
6. Composition Levy (S. 10)
• Aggregate Turnover not exceeding Rs. 1 Crore may opt for this scheme. [Rs. 75
Lakh in special category states]
• Restrictions:
– Shall not provide any service (except restaurants)
– Shall not engage in supplies not leviable to tax.
– Shall not provide any inter-state outward supply of goods (can receive)
– No outward supply through e-commerce operator
– Not a manufacturer of goods as notified (ice-cream, pan masala, tobacco
and tobacco substitutes)
• Validity of Composition Levy:
– Remains valid so long as he satisfies the conditions of a composition
dealer.
– Such registration shall lapse the day on which the aggregate turnover
during the FY exceeds the specified limit.
7. Rate of Composition Levy
S.No. Category of Registered Persons Rate of Tax
1.
Manufacturers, other than manufacturers of
such goods as may be notified by the
Government
half per cent. of the turnover in
the State or Union territory
2.
Suppliers making supplies referred to in clause
(b) of paragraph 6 of Schedule II
two and a half per cent. of the
turnover in the State or Union
territory
3.
Any other supplier eligible for composition
levy under section 10 and the provisions of
this Chapter
half per cent. of the turnover of
taxable supplies of goods in the
State or Union territory
9. Registration under GST
CHAPTER VI (Section 22-30) of the CGST Act, 2017 and Chapter VI
of the CGST Rules, 2017 (Rule 8-26) deals with Registration under
GST.
Liability to register:
Supplier – aggregate turnover in a FY > Rs. 20 Lakh – in every state
from where he makes a taxable supply.
For the purpose of registration, “aggregate turnover” includes all
supplies made by the taxable person, whether on his own account,
or on behalf of his principal(s).
10. Persons not liable for registration (S. 23)
Agriculturist – to the extent
of supply of produce out of
cultivation of land.
Any person making only
exempt supplies/ supplies
not leviable to tax under
GST.
Any other person/ category
of persons as notified by the
government.
11. Compulsory Registration (S. 24)
• Persons making inter-state supplies
• Casual taxable persons making taxable supply;
• Persons who are required to pay tax under reverse charge;
• Person who are required to pay tax under sub-section (5) of section 9;
• Non-resident taxable persons making taxable supply;
• Persons who are required to deduct tax under section 51, whether or not separately registered
under this act;
• Persons who make taxable supply of goods or services or both on behalf of other taxable persons
whether as an agent or otherwise;
• Input service distributor, whether or not separately registered under this act;
• Persons who supply goods or services or both, other than supplies specified under sub-section (5)
of section 9, through such electronic commerce operator who is required to collect tax at source
under section 52;
• Every electronic commerce operator;
• Every person supplying online information and database access or retrieval services from a place
outside India to a person in India, other than a registered person; and
• Such other person or class of persons as may be notified by the government on the
recommendations of the council.
12. Other Provisions
• Section 25: Procedure for Registration
• Section 26: Deemed Registration
• Section 27: Special Provisions relating to CTP/
NRTP
• Section 28: Amendment of Registration
• Section 29: Cancellation of Registration
• Section 30: Revocation of cancellation of
registration
13. Other important points
• Distinct Person: S. 25(5)
• Voluntary Registration: S. 25(3)
• Unique Identity Number: S. 25(9)
15. Invoice
“S. 2(66) “invoice” or “tax invoice” means the tax invoice referred to in
section 31;”
CHAPTER VII (Section 31-34) of the CGST Act, 2017 and Chapter VI of the
CGST Rules, 2017 (Rule 46-55A) deals with Tax Invoice, Credit Note and Debit
Note.
In case of Goods In case of Services
Issue an invoice, with prescribed
particulars, before or at the time
of,—
(a) removal of goods for supply to
the recipient, where the supply
involves movement of goods; or
(b) delivery of goods or making
available thereof to the recipient, in
any other case,
Issue an invoice, with prescribed
particulars, before or after the
provision of service but within a
prescribed period.
16. Manner of issuing Invoice
• The invoice shall be prepared in triplicate, in case of supply of goods, in the following
manner–
a) the original copy being marked as ORIGINAL FOR RECIPIENT;
b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.
• The invoice shall be prepared in duplicate, in case of supply of services, in the following
manner:
a) The original copy being marked as ORIGINAL FOR RECIPIENT; and
b) The duplicate copy being marked as DUPLICATE FOR SUPPLIER.
• The serial number of invoices issued during a tax period shall be furnished electronically
through the Common Portal in FORM GSTR-1.
17. Contents of Tax Invoice
Particulars required to be maintained in the tax invoice: (Rule 46 CGST Rules, 2017)
a. Name, address, GSTIN of supplier
b. A serial No. in multiple series containing alphabets/numerals/special characters/hyphen/dash and slash/ any unique
combination.
c. Date of issue of such invoice
d. Name, address, GSTIN or UIN, if registered of recipient.
e. If the recipient is un-registered and value of taxable supply is Rs. 50,000 or more---Name and address of recipient,
Address of delivery, Name of state and its code. (However, in case of exports name and address of recipient, address of
delivery and name of the country of destination should be mentioned instead of details mentioned in point e.)
f. Name and address of the recipient and the address of delivery, along with the name of the State and its code, if such
recipient is un-registered and where the value of the taxable supply is less than fifty thousand rupees and the recipient
requests that such details be recorded in the tax invoice;
g. HSN codes of goods or Accounting code of services.
h. Description of Goods or Services.
i. Quantity in case of Goods and unit or unique quantity code.
j. Total value of supply of goods or services or both.
k. The value taking in account the discount or abatement if any.
k. Rate of tax (CT, ST, IT, UT, or Cess)
l. Amount of tax charged
m. Place of supply along with name of state, in case of a supply in course of inter state trade or commerce.
n. Address of delivery where same is different from place of supply
o. If tax is paid on reverse charge basis.
p. Signature/digital sign of supplier or his representative
18. Invoice for Export
• In case of export sale and export leasing, the invoice
shall carry the following endorsement:
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF
INTEGRATED TAX” or
“SUPPLY MEANT FOR EXPORT UNDER BOND OR
LETTER OF UNDERTAKING WITHOUT PAYMENT OF
INTEGRATED TAX”
• The invoice, instead of the details of the state (along
with code), shall provide the name of the country of
destination.
19. Invoice for Composition Levy
• In case of supply by a composition dealer, the
invoice shall carry the following endorsement:
“COMPOSITION TAXABLE PERSON, NOT ELIGIBLE
TO COLLECT TAX ON SUPPLIES”
20. Continuous Supply of Services
Under Section 2(33) of CGST Act, 2017, “continuous supply of services” means a supply of
services which is provided, or agreed to be provided, continuously or on recurrent basis,
under a contract, for a period exceeding three months with periodic payment obligations
and includes supply of such services as the Government may, subject to such conditions, as
it may, by notification, specify.
Time of supply in case of a continuous supply shall be:
i. Where the due date of payment is ascertainable from the contract, on or before
due date of payment as per the contract; or
ii. When not (i), before or at the time of actual receipt of payment; or
iii. Where payment is linked to the completion of an event, on or before completion
of event.
21. Contd…
In case of Continuous Supply of Services: [Section 31(5)]
i. Where the due date of payment is ascertainable from the contract, on or before
due date of payment as per the contract; or
ii. When not (i), before or at the time of actual receipt of payment; or
iii. Where payment is linked to the completion of an event, on or before completion
of event.
22. Contd…
For a registered person liable to pay ta
under RCM
Issue an invoice in respect of
goods/ services received from
an unregistered supplier - on
the date of receipt of goods or
services or both
issue a payment voucher at
the time of making payment
to the supplier.
23. Payment Voucher and its contents
• Payment voucher (Rule 53 CGST Rules, 2017) shall contain the following particulars
mainly:
a) Name, address and GSTIN of the supplier if registered;
b) A serial no. In multiple series containing alphabets/numerals/special
characters/hyphen/dash and slash/ any unique combination
c) Date of its issue;
d) Name, address and GSTIN of the recipient;
e) Description of goods or services;
f) Amount paid;
g) Rate of tax (CT, ST, IT, UT, or cess)
h) Amount of tax payable in respect of taxable goods or services (CT, ST, IT, UT, or cess)
i) Place of supply along with the name of state and its code, in case of a supply in the
course of inter-state trade or commerce; and
j) Signature or digital signature of the supplier or his authorised representative.
24. Contents of “Receipt Voucher”
The receipt of voucher evidencing the advance payment shall contain the following details:
a. Name, address and GSTIN of the supplier;
b. A consecutive serial number containing alphabets or numerals or special characters -hyphen
or dash and slash symbolized as “-” and “/”respectively, and any combination thereof, unique
for a financial year
c. Date of its issue;
d. Name, address and GSTIN or UIN, if registered, of the recipient;
e. Description of goods or services;
f. Amount of advance taken;
g. Rate of tax (central tax, state tax, integrated tax, union territory tax or cess);
h. Amount of tax charged in respect of taxable goods or services (central tax, state tax,
integrated tax, union territory tax or cess);
i. Place of supply along with the name of state and its code, in case of a supply in the course of
inter-state trade or commerce;
j. Whether the tax is payable on reverse charge basis; and
k. Signature or digital signature of the supplier or his authorized representative.
25. Issuance of ‘Refund Voucher’
• On receipt of advance payment in respect to any supply of goods or
services or both the registered person issues a receipt voucher.
• But when no supply is made and no tax invoice is issued, the registered
person may issue to the person who made the payment, a refund
voucher against such payment.
• Refund voucher is issued under Rule 51 of CGST Rules, 2017.
26. Contents of Refund Voucher
Refund voucher shall contain the following particulars mainly:
a) Name, address and GSTIN of the supplier;
b) A serial no. In multiple series containing alphabets/numerals/special
characters/hyphen/dash and slash/ any unique combination
c) Date of its issue;
d) Name, address and goods and services tax identification number or unique identity
number, if registered, of the recipient;
e) Number and date of receipt voucher issued in accordance with the provisions of Rule
50;
f) Description of goods or services in respect of which refund is made;
g) Amount of refund made;
h) Rate of tax (CT, ST, IT, UT, or cess)
i) Amount of tax paid in respect of such goods or services (CT, ST, IT, UT, or cess)
j) Whether the tax is payable on reverse charge basis; and
k) Signature or digital signature of the supplier or his authorised representative.
27. Contents of Revised Tax Invoice, Credit or Debit Notes
Such an invoice shall contain the following particulars: (Rule 53, CGST Rules 2017)
(a) The word “revised invoice”, wherever applicable, indicated prominently;
(b) Name, address and GSTIN of the supplier;
(c) Nature of the document;
(d) A consecutive serial number containing alphabets or numerals or special characters -hyphen
or dash and slash symbolized as “-” and “/”respectively,, and any combination thereof, unique
for a financial year
(e) Date of issue of the document
(f) Name, address and GSTIN or UIN, if registered, of the recipient;
(g) Name and address of the recipient and the address of delivery, along with the name of state
and its code, if such recipient is un-registered;
(h) Serial number and date of the corresponding tax invoice or, as the case may be, bill of supply;
(i) Value of taxable supply of goods or services, rate of tax and the amount of the tax credited or,
as the case may be, debited to the recipient; and
(j) Signature or digital signature of the supplier or his authorized representative.
29. Returns under GST
Covered under Chapter IX of the CGST Act, 2017 (Sections 37–48) and Chapter VIII of the
CGST Rules, 2017 (Rules 59–84).
Sections
Section 37: Furnishing details of Outward Supplies
Section 38: Furnishing details of Inward Supplies
Section 39: Furnishing of returns
Section 40: First Return
Section 41: Claim of ITC & provisional acceptance
Section 42: Matching, reversal & reclaim of ITC
Section 43: Matching, reversal & reclaim of reduction in output tax liability
Section 44: Annual Return
Section 45: Final Return
Section 46: Notice to return defaulters
Section 47: Levy of Late fee
Section 48: Goods and Services tax practitioners
30. Reasons For Filing Returns
• Procure information relating to input tax credit
from returns of supplier to that of recipient,
• Invoice level information matching and auto-
reversal of input tax credit in case of mismatch.
• The returns mechanism is designed to assist the
taxpayer to file returns and avail ITC.
31. Returns Applicable On Date
General
GSTR 3B
(Monthly)
GSTR 1
Composition
GSTR 4
(Quarterly)
ISD
GSTR 6
(Monthly)
NRTP
GSTR 5
For RP having agg.
turnover less than
1.5 Cr. – Quarterly
For RP having agg.
turnover more than
1.5 Cr. - Monthly
Monthly
OR
Within 7 days after
the last day of
registration
33. Payment of Tax
Chapter X (Sections 49-53) of the CGST Act, 2017 and Chapter IX of
the CGST Rules 2017 (Rules 85-88).
Sections
Section 49: Payment of Tax, Interest, Penalty and other amounts
Section 50: Interest on delayed payment of tax
Section 51: Tax deduction at Source
Section 52: Collection of tax at Source
Section 53: Transfer of ITC
34. Contd…
Electronic Credit Ledger Electronic Cash Ledger
• Payment of interest, penalty, late fee
can be discharged only through this
ledger.
• Deposit to this ledger can be made
directly.
• ITC credited to this ledger
• Tax liability can be discharged from
this ledger.
• No entry can be directly made to this
ledger.
35. Order of Preference for using ITC relating to different
taxes i.e. IGST/ CGST/ SGST – Section 49(5)
• The taxable person may have ITC on account of various taxes such as IGST/
CGST/ SGST – following is the table that summaries the order of
preference for using the credit available on account of different taxes
Type of
credit
First
preference
Second
preference
Third
preference
Comments
IGST IGST CGST SGST
Credit of IGST can be used for
payment of IGST/ CGST/ SGST
CGST CGST IGST -
Credit pertaining to CGST cannot
be used for payment of SGST
SGST SGST IGST -
Credit pertaining to SGST cannot
be used for payment of CGST
36. Payment of Output Tax Liability
• Payment of tax to be made before furnishing the return u/s 39, within 20 days before
the end of the month.
• The assesse shall be required to generate a challan in Form GST PMT-06 on the
common portal for depositing amount towards payment of tax, interest, penalty, fees
or any other amount.
• Utilizing ITC for the fulfillment of Tax liability:
– IGST: After the IGST input tax credit is used for payment of IGST then the
remaining ITC can be used to pay tax liability under CGST and SGST.
– CGST: The CGST input tax credit cannot be used to pay the SGST liability but can be
used to pay the liability under CGST.
– SGST: The SGST input tax credit cannot be used to pay the CGST liability but can be
used to pay the liability under SGST.
• Deposits shall be made through Internet Banking through authorised banks; or Credit
card or Debit card through the authorised bank; or NEFT or RTGS from any bank; or
Over the Counter payment through authorised banks for deposits up to ten thousand
rupees per challan per tax period, by cash, cheque or demand draft.
37. Contd…
• The challan generated shall be valid for a period of 15 days.
• On successful credit of deposit to government account, a challan
identification number will generated.
• Where no challan identification is generated although the bank A/c of the
assesse has been debited then in such a case he shall be required to file
Form GST PMT-07.
• Where the payment is made by way of National Electronic Fund Transfer or
Real Time Gross Settlement mode from any bank, the mandate form shall be
generated along with the challan on the common portal and the same shall
be submitted to the bank from where the payment is to be made which shall
be valid for a period of 15 days from the date of generation of challan.
• Payment for output liability for TDS, TCS, reverse charge mechanism or
composition levy shall be made from deposit in electronic cash ledger only.
38. Invoice Level Matching
• Under GST Law, sale and purchase will be matched and
verified at invoice level from returns furnished by seller and
purchaser.
• Thus, it is very important that each detail of purchase invoice
is captured properly by Dealer / Distributor.
• Until and unless the invoices are matched no dealer will be
able to claim input tax credit.
39. Details to be matched
Rule 69 of the CGST Rules, 2017:
GSTIN of the Supplier
GSTIN of the recipient
Invoice/ debit note number
Invoice/ debit note date
tax amount
40. Contd…
Interest on delayed payment of tax
Levy of interest on delayed payment of tax @ 18%
Interest to be calculated from the day succeeding the day on which tax
was due to be paid.
Interest on undue/ excess claimed ITC
Interest on undue/ excess reduction in output tax liability
@ 24%
Editor's Notes
Invoice, payment, goods/ service – which ever is earlier