The document discusses various procedural aspects of the Goods and Services Tax (GST) in India such as registration, payment, returns and refund processes. It provides details on the registration process for new taxpayers and existing taxpayers including composition scheme registrants. It outlines the proposed structure of the GST registration number. The payment process discusses the different tax types, modes of payment and the accounting system. Key aspects of the returns filing process are also covered along with reconciliation of receipts.
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
This document provides an overview of the key aspects of the proposed Goods and Services Tax (GST) model in India, including transitional provisions from the current indirect tax system. It summarizes the present tax structure, the proposed GST structure consisting of CGST, SGST and IGST, features of the GST model including threshold limits and input tax credit utilization. It also outlines the transitional provisions for migration of existing taxpayers to GST and availability of tax credits, as well as the tax treatment of returns, job works and switching to the composition scheme.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
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GST returns require various monthly, quarterly, and annual filings by different registered taxpayer types. Monthly returns include GSTR-1 for outward supply details, GSTR-2 for inward supply details, and GSTR-3 which is the final monthly return filed along with tax payment. Quarterly returns apply to composite taxpayers, while annual returns like GSTR-9 are required for audited accounts. Special returns also apply to input service distributors, non-resident foreign taxpayers, and e-commerce operators. Due dates for returns generally fall on the 10th, 15th, or 20th of the following month.
Migration to GST- Will a retailer get TAX Credit for the Excise duty?Piyali Parashari
As the GST date draws closer, retailers are worried about what to do with Stocks lying with them on 30th June 2017. Will they get credit for Excise Duty on these stocks? Also what steps are to be taken for being GST ready........
This document provides an overview of Goods and Services Tax (GST) in India. It discusses that GST is a dual tax with both central and state governments imposing taxes. It outlines the key aspects of GST including the taxes that will be subsumed, the different models of GST (CGST, SGST, IGST), the GST network, registration process, return filing, and efforts to reduce tax evasion. It also covers revenue neutral rates and the challenges in determining the appropriate tax rate under GST.
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
This document provides an overview of the key aspects of the proposed Goods and Services Tax (GST) model in India, including transitional provisions from the current indirect tax system. It summarizes the present tax structure, the proposed GST structure consisting of CGST, SGST and IGST, features of the GST model including threshold limits and input tax credit utilization. It also outlines the transitional provisions for migration of existing taxpayers to GST and availability of tax credits, as well as the tax treatment of returns, job works and switching to the composition scheme.
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/
GST returns require various monthly, quarterly, and annual filings by different registered taxpayer types. Monthly returns include GSTR-1 for outward supply details, GSTR-2 for inward supply details, and GSTR-3 which is the final monthly return filed along with tax payment. Quarterly returns apply to composite taxpayers, while annual returns like GSTR-9 are required for audited accounts. Special returns also apply to input service distributors, non-resident foreign taxpayers, and e-commerce operators. Due dates for returns generally fall on the 10th, 15th, or 20th of the following month.
Migration to GST- Will a retailer get TAX Credit for the Excise duty?Piyali Parashari
As the GST date draws closer, retailers are worried about what to do with Stocks lying with them on 30th June 2017. Will they get credit for Excise Duty on these stocks? Also what steps are to be taken for being GST ready........
This document provides an overview of Goods and Services Tax (GST) in India. It discusses that GST is a dual tax with both central and state governments imposing taxes. It outlines the key aspects of GST including the taxes that will be subsumed, the different models of GST (CGST, SGST, IGST), the GST network, registration process, return filing, and efforts to reduce tax evasion. It also covers revenue neutral rates and the challenges in determining the appropriate tax rate under GST.
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
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.
Like Central Government, State Governments also make changes in taxes covered in their fold. One major tax collected by States is VAT. Following the footprints of Center, States also make lots of changes under their VAT Act. It is difficult and crucial to get along with the changes proposed in all State VAT Acts. Hence, after hours of research, we have summarised the changes made by States in their VAT Act till date. We have also included reasons contributing to such change at relevant places.
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.
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
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.
The document provides an overview of the legal provisions for registration under the Goods and Services Tax (GST) in India. It discusses the key statutes governing GST registration, the principles of registration, who is liable for registration, the registration procedures including application, amendment and cancellation processes, and timelines that must be followed. Standardized forms and an online system are used to make the registration process uniform across states.
Recently many changes have been made in GST law in FY 2019-20.
Today GST registration is an essential need for a business. it is mandatory if the annual tunrover is beyond 40 lakhs. however, voluntary GST registration is very beneficial need for almost all kinds of business. it allows to conduct business freely across india. Besides, it helps in business expansion by increasing your business repute. So get completely up to date knowledge on GST registration with a comprehensive guide.
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)
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
This document provides an overview of the statutory requirements for annual returns and audits under the Goods and Services Tax (GST) in India. It discusses key provisions regarding the requirement for audits based on annual turnover thresholds, the types of annual returns to be filed by different registered taxpayers, and the reconciliation statement that must be submitted along with audited annual accounts. The reconciliation statement aims to reconcile the turnover and tax amounts declared in the annual return with the audited financial statements. The document also clarifies differences in the turnover thresholds referenced in the GST law versus rules.
This document provides an overview of the assessment process under the Maharashtra Value Added Tax (MVAT) Act. Some key points:
1) Assessment can be done through self-assessment if returns are filed on time, or the tax authority can issue notices for assessment. Notices can be issued within 2-5 years depending on return filing status.
2) The tax authority has significant powers for assessment including passing ex-parte orders without notice or hearing in some cases of late filing.
3) Single or multiple assessing authorities can assess the same dealer for the same period through regular or transaction-based assessments.
4) Re-assessments for escaped turnover can be done within 5-6 years
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.
GST is a comprehensive indirect tax levied on supply of goods and services. India has adopted a dual GST model where both central and state governments can levy GST. Key points include that GST will subsume most indirect taxes, exceptions include alcohol, petroleum and real estate. Registration is required if annual turnover exceeds Rs. 25 lakhs and involves obtaining a 15-digit GST identification number. The document provides details on registration procedures, compounding, exceptions and migration of existing taxpayers to GST.
This document discusses various types of documents that can be issued under the GST Act, including invoices, vouchers, debit notes, credit notes, and delivery challans. It provides details on the purpose and required contents of each type of document. It specifies the timelines for issuing invoices and vouchers and clarifies when revised invoices or consolidated invoices would be required. The document aims to help registered persons understand their documentation obligations under the GST Act.
This document provides information on Goods and Service Tax (GST) registration in India. It discusses that registration under GST can occur through migration of existing registrants or through fresh registration. It outlines who is required to register including individuals, companies, partnerships and other legal entities. Key advantages of registration are outlined such as being able to collect tax and claim input tax credits. Threshold limits for mandatory registration are provided based on aggregate annual turnover. Certain categories of persons must register irrespective of the turnover threshold. The registration process and features are described including use of PAN number and deemed approval within three days.
This document is a student project submitted by Ms. Jeenal N. Rathod on Maharashtra Value Added Tax (MVAT). It provides an introduction and overview of MVAT, including its implementation in Maharashtra on April 1, 2005. It discusses the experience of implementing VAT previously in Maharashtra from 1995 to 1999. It also examines various aspects of assessment under the MVAT Act, including self-assessment, assessment of dealers, assessment of transactions, and re-assessment procedures.
The document outlines the agenda for a webcast on opportunities in GST, including a brief background on GST and transitional challenges. It then provides details on the timing allocated to various topics, including impact analysis through examples and key impact areas. The impact areas discussed include the need to re-engineer processes, procurement, credit carry forward claims, exemptions, composition scheme, vendor management, agreements, and accounting practices.
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
This article comprises of basic compliances which every assessee shall be liable to comply with and in case, it defaults in complying with the same, he shall be subject to penalty and interest.
CA Ashish Garg
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.
Like Central Government, State Governments also make changes in taxes covered in their fold. One major tax collected by States is VAT. Following the footprints of Center, States also make lots of changes under their VAT Act. It is difficult and crucial to get along with the changes proposed in all State VAT Acts. Hence, after hours of research, we have summarised the changes made by States in their VAT Act till date. We have also included reasons contributing to such change at relevant places.
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.
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
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.
The document provides an overview of the legal provisions for registration under the Goods and Services Tax (GST) in India. It discusses the key statutes governing GST registration, the principles of registration, who is liable for registration, the registration procedures including application, amendment and cancellation processes, and timelines that must be followed. Standardized forms and an online system are used to make the registration process uniform across states.
Recently many changes have been made in GST law in FY 2019-20.
Today GST registration is an essential need for a business. it is mandatory if the annual tunrover is beyond 40 lakhs. however, voluntary GST registration is very beneficial need for almost all kinds of business. it allows to conduct business freely across india. Besides, it helps in business expansion by increasing your business repute. So get completely up to date knowledge on GST registration with a comprehensive guide.
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)
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
This document provides an overview of the statutory requirements for annual returns and audits under the Goods and Services Tax (GST) in India. It discusses key provisions regarding the requirement for audits based on annual turnover thresholds, the types of annual returns to be filed by different registered taxpayers, and the reconciliation statement that must be submitted along with audited annual accounts. The reconciliation statement aims to reconcile the turnover and tax amounts declared in the annual return with the audited financial statements. The document also clarifies differences in the turnover thresholds referenced in the GST law versus rules.
This document provides an overview of the assessment process under the Maharashtra Value Added Tax (MVAT) Act. Some key points:
1) Assessment can be done through self-assessment if returns are filed on time, or the tax authority can issue notices for assessment. Notices can be issued within 2-5 years depending on return filing status.
2) The tax authority has significant powers for assessment including passing ex-parte orders without notice or hearing in some cases of late filing.
3) Single or multiple assessing authorities can assess the same dealer for the same period through regular or transaction-based assessments.
4) Re-assessments for escaped turnover can be done within 5-6 years
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.
GST is a comprehensive indirect tax levied on supply of goods and services. India has adopted a dual GST model where both central and state governments can levy GST. Key points include that GST will subsume most indirect taxes, exceptions include alcohol, petroleum and real estate. Registration is required if annual turnover exceeds Rs. 25 lakhs and involves obtaining a 15-digit GST identification number. The document provides details on registration procedures, compounding, exceptions and migration of existing taxpayers to GST.
This document discusses various types of documents that can be issued under the GST Act, including invoices, vouchers, debit notes, credit notes, and delivery challans. It provides details on the purpose and required contents of each type of document. It specifies the timelines for issuing invoices and vouchers and clarifies when revised invoices or consolidated invoices would be required. The document aims to help registered persons understand their documentation obligations under the GST Act.
This document provides information on Goods and Service Tax (GST) registration in India. It discusses that registration under GST can occur through migration of existing registrants or through fresh registration. It outlines who is required to register including individuals, companies, partnerships and other legal entities. Key advantages of registration are outlined such as being able to collect tax and claim input tax credits. Threshold limits for mandatory registration are provided based on aggregate annual turnover. Certain categories of persons must register irrespective of the turnover threshold. The registration process and features are described including use of PAN number and deemed approval within three days.
This document is a student project submitted by Ms. Jeenal N. Rathod on Maharashtra Value Added Tax (MVAT). It provides an introduction and overview of MVAT, including its implementation in Maharashtra on April 1, 2005. It discusses the experience of implementing VAT previously in Maharashtra from 1995 to 1999. It also examines various aspects of assessment under the MVAT Act, including self-assessment, assessment of dealers, assessment of transactions, and re-assessment procedures.
The document outlines the agenda for a webcast on opportunities in GST, including a brief background on GST and transitional challenges. It then provides details on the timing allocated to various topics, including impact analysis through examples and key impact areas. The impact areas discussed include the need to re-engineer processes, procurement, credit carry forward claims, exemptions, composition scheme, vendor management, agreements, and accounting practices.
The document discusses India's Goods and Services Tax (GST) system. It provides an overview of GST and its history in India. It also summarizes the key areas of impact for businesses, including tax registration, configuration, documentation, and reporting requirements under GST.
The document discusses the proposed introduction of Goods and Services Tax (GST) in India, which would replace multiple indirect taxes with a single, comprehensive tax. Key points:
1. GST is proposed as a single, indirect tax on the supply of goods and services, with taxation levied at the place of consumption. It aims to remove cascading effects of taxes and create a unified national market.
2. GST will have two components - Central GST and State GST. Taxes will be applicable on all transactions of goods and services within a state. Inter-state transactions will be taxed by Integrated GST.
3. GST is expected to simplify and harmonize the
KEY FEATURES OF THE BOOK • Highlights of changes in Revised Model GST Law for easy understanding • Constitutional Amendments and likely date of GST Implementation • GST - Need & Necessity, Overview and Model for India • Discussion/analysis on Revised Model GST Law along with its comparison with First Model GST Law • Analysis of meaning of the terms 'Supply','Goods' and 'Services' in GST. • Gist of documents, information, procedure, etc., required for migration of existing registrants in GST • Discussion on various domains - intra-state supply and inter-state supply of goods and/or services, principles of place of supply & time of supply, valuation of goods and/or services, GST ITC, taxable person, appeals and revision, offences and penalties, demand and recovery, GST rate, e-commerce operator, etc., along with transitional provisions. • Discussion on contentious issues under Revised Model GST Law which requires reconsideration • Discussion on flow of input tax credit in GST with illustrations and negative list for GST ITC • Discussion on Draft Rules and procedural aspect of GST- Registration, Payment, Invoice, Returns and Refund • Impact of GST on business and specifically on manufacturers, traders and service sectors and preparation required for smooth migration • Transitional issues under GST along with effective tools for planning. • Likely challenges ahead for GST implementation • Way forward and Procedural changes in GST • Contains complete Revised Model GST Law, ModeI IGST Law and Draft GST Compensation Law along with Draft Rules and Formats on Registration, Payment, Invoice, Returns and Refund as released by the Government
This document provides an overview of how SAP solutions can be configured for Goods and Services Tax (GST) compliance in India. It discusses master data setup, tax configuration, document numbering, business transactions for procurement, sales, and pricing. Key areas covered include tax registration numbers, classification of customers, vendors, materials and services, configuration of tax condition types for intra-state, inter-state, import and export transactions, and pricing procedures.
GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services that will replace existing indirect taxes and be levied at a national level. It is a tax on value addition at each stage of a product's supply chain. The GST bill was passed by the Lok Sabha in 2015 and the Rajya Sabha in 2016. India needs GST to simplify its complex indirect tax structure and reduce tax evasion. The GST Council will administer GST and include representatives from both the central and state governments. GST implementation is expected to make goods and services less expensive for consumers and make exports more competitive.
4 Key impact area on gst implementation synergytas
GST Malaysia is coming for real. With 4 key impact areas on implementation. Join us for the action plan on GST conducted by Dr Choong Kwai Fatt. Visit website www.synegytas.com/gstkls2 for more information.
An attempt to summarize the crucial aspects of maintaining records under GST is made. Apart from this, the presentation includes all types of audits proposed under GST regime. The system of return filling that the Group of Ministers are finalising together with GSTN officials and stakeholders is also included in the presentation. It also includes issues that may arise during filling of annual return and reconciliation statement.
The document discusses India's proposed Goods and Services Tax (GST) structure and implementation timeline. It provides details on:
1) The current indirect tax structure consisting of central excise duty, VAT, service tax, customs duty, and other taxes.
2) Taxes that will be subsumed under GST including central sales tax, state VAT, entertainment tax, luxury tax, and more.
3) The proposed GST framework including a dual GST with CGST and SGST, and IGST on inter-state sales. GST is expected to be implemented in April 2017 after the passage of GST laws.
This document discusses various transitional provisions under GST relating to migration, credits, returns from job work, price revision, pending litigations and claims. It addresses common issues around availment of credits for inputs, capital goods and input services held in stock, in transit or under job work. It also summarizes provisions for carry forward of credits, distribution of credits by Input Service Distributors and transfer of unutilized credits in centralized registrations.
- The key features of GST include registration thresholds, tax payment thresholds, a dual GST model with CGST, SGST and IGST, and multiple tax rates. Around 7-8 million businesses are expected to register under GST.
- GST will subsume many existing taxes like VAT, service tax, central excise, while some items like alcohol and fuel will not be initially included.
- Under GST, businesses will need to file monthly tax returns along with quarterly and annual returns, compared to the current system. This will involve more frequent compliance events each month.
The document discusses the composition scheme under GST for small businesses. Some key points:
- The composition scheme allows eligible small businesses to pay tax at a reduced rate on their total turnover instead of paying tax on each transaction.
- To use the scheme, a business's aggregate turnover must be less than Rs. 75 lakhs in the previous year. Only goods supplies are eligible, not services.
- Businesses using the scheme pay tax at 1% for manufacturers, 2.5% for some services like hotels, and 0.5% for other eligible businesses. They file simplified quarterly returns.
- The scheme aims to reduce the compliance burden for small businesses. It is optional but once
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
- GST is a single, destination-based tax levied on the supply of goods and services. It replaces existing indirect taxes and duties.
- GST consists of Central GST (CGST), State GST (SGST), and Integrated GST (IGST). CGST and SGST apply to intra-state supplies, while IGST applies to inter-state supplies.
- Major taxes subsumed under GST include central excise duty, services tax, VAT/sales tax, entry tax, etc. Some items like alcohol, petrol, electricity are excluded.
The document provides information about GST awareness campaigns and updates regarding the GST system in India. Some key points:
1) GST aims to replace existing indirect tax system with a single, unified tax to reduce cascading of taxes and make India a common market.
2) GST will subsume many central and state taxes into a single tax applicable on supply of goods and services.
3) Taxpayers will need to file regular returns providing details of outward supplies, input tax credits, and tax liabilities to allow for matching and compliance verification by tax authorities.
The document discusses Goods and Services Tax (GST) in India. It provides an introduction to GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services. It outlines the key taxes that will be subsumed under GST and explains the proposed GST network and impact on the services industry. It also examines the current service tax regime and seeks clarification on operational and process impacts with the introduction of GST.
VAT Implementation in Kingdom of Saudi Arabia ( KSA)Mitesh Katira
VAT is on the way of implementation in the KSA from 1st of Jan 2018. It is critical for the companies to understand the nuances of the same and work on a roadmap to implement VAT so as to optimize the impact not only on profitability, working capital, pricing but also ERP, team sensitization and vendor education.
Here is a simple graphical guide for understanding the KSA VAT.
Reference Guide for Implementing Contingent Workforce Programs in IndiaSameer Srivastava
Having issues with with your MSP and VMS programs? Almost all the Contingent Workforce Management Programs launched in India face a number of issues for the first few months to years. I have addressed a number of those issues in the attached presentation. I would love to hear about your experience. Please feel free to email or call.
Shah Consultancy provides accounting, taxation, and consultancy services to individuals, HUFs, partnerships, private limited companies, and other entities in Ahmedabad, India. It aims to create sustainable value and client satisfaction through understanding client needs and using quality technology and software. Services include maintenance of accounts, income tax and service tax filing and registration, VAT filing, and auditing. The firm also assists with company incorporations, conversions, secretarial compliances, and filings required under the Companies Act.
The following is a GST presentation , which is an ongoing reform starting from 1st july 2017, applicable to SME , MSME and MNC's.
The presentation is a way to get the business arena engaged and notify them of various activities which will be having an impact on their businesses.
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
Under the upcoming GST ( Goods and service tax) environment in INDIA the migration of registered dealers under various State Vat to GST network has started. It is the duty of every dealer to migrate. This book is a handy guide for migration related information.
4.optitax's presentation on gst (25 june 17)Nilesh Mahajan
The document discusses Optitax's, an Indian tax advisory firm, and its preparations for businesses transitioning to the Goods and Services Tax (GST) regime. It provides an overview of Optitax's services, a summary of key transitional provisions under GST including forms to carry forward credits and details on input held in stock, and a compliance calendar outlining important GST return filing deadlines.
Similar to Indian Goods and Service Tax - Procedural Aspect (20)
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
This document contains financial statements and additional notes related to income, expenses, input tax credit, and sales for a business. It includes a balance sheet, input tax credit ledger, and profit and loss statement for the period of April 2017 to March 2018. The additional notes provide clarifications on revenue and expense amounts, import of services, credit notes, discounts, sales booking and billing dates, annual return details, blocked and reversed input tax credits, and taxable rates.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
In this presentation, the concept of Affordable Housing is discussed from various angles such as income tax and GST. The PPT also analyses various components of Affordable housing scheme. It also takes into consideration various practical scenarios which are discussed in the form of case studies. The affordability as per public lending institution has also been covered. The presentation also covers various policies and programmes undertaken by the government for promotion of the same.Lastly, it also covers the impact of anti profiteering under the scheme.
After introduction of RERA, West Bengal has come up with its own legislation West Bengal Housing Industry Regulatory Act, 2017. There are various critical issues in this emerging law which can be addressed with the help of decisions and orders of numerous states.
The document discusses various notices issued by the GST department for non-compliance and how they can be handled. It mentions notices for differences in GSTR 1 and 2A, ITC claims, default in returns, and anti-profiteering issues. It advises that notices can be challenged on technical or jurisdictional grounds or by requesting more time. The document also discusses the need for businesses to have proper tax governance and ERP systems to avoid issues with the tax authorities. It provides guidance on handling summons and show cause notices issued under GST.
Complications of GST for Real-Estate and Developerssandesh mundra
This presentation contains the categories of units available with the developer as on the appointed day and the controversy attached with each category of unit. The presentation precisely covers all the controversies that could come up for the given category of unit.
An attempt to compile relevance of contractual clauses, technique of claiming back lost exemptions through doctrine of promissory estoppel, effect of repeals and omission and related judgments, is made. An overview of legal aspects for ongoing contracts is included.
Issues faced by Realtors and works contractorssandesh mundra
We have listed down several issues faced by Real estate and construction sector. A long list of issues are included separately for builders and works contractor for transition and post GST period.
Presentation contains cases and judgements delivered by courts pre-GST regime. A brief summary of all caselaws is made and an attempt is made to provide a bird's eye view of litigations arising in GST.
Presentation is prepared with the object of simplifying the interpretation issues and providing guidelines to read the rate schedules. Methods and mechanism of claiming tax free exports is also explained.
Goods and Service Tax in India is one of the biggest tax reform in Indirect Tax Regime. It is a destination bases tax levied on supply of Goods and Services. It includes impact of GST on several sectors. It also includes development of GST by way of notifications, circulars, press releases and other other compliances under GST.
Real Estate Regulation Act, 2016 which is in force since 1st Mat 2016 will finally get all its teeth on 1st May, 2017 with the setting up of the statewise Real Estate Regulatory Authorities
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
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Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
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The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
3. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Involving Stakeholder’s Consultation on GST
• First welcome step by the Government in its journey towards GST
implementation.
• Various proposals on the compliance process as suggested in the reports
would facilitate greater efficiency in tax administration and ease of doing
business.
• All the stakeholders should take this opportunity of providing feedback on
the draft proposals
• comments/feedback on the same can be submitted through the MyGov.in
portal, on which the discussion threads on GST would be made available
4. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
GST Implementation Time (in
Months)
•Both houses pass the bill independently with 2/3rd
majority 1
•50% of the states ratify in their assemblies + Receipt of
Presidential Assent
3
•Formation of GST Council 1
•Model GST law should come out for public suggestion at both
central and state level
3
•Elaborate Discussion on the Negative List 1
•Central GST Law is passed by the centre + Presidential Assent 1
•State GST Law is passed by the states (after battling with
Municipalities and Local Bodies) + Governor’s Assent
3
•Educating the end users 3
•GSTN – IT Network is established 1
•New Registration numbers are allotted 1
Minimum Time 18
5. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Procedural Aspect grossly
includes:
I. Registration
II. Payment
III. Return
IV. Refund
6. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Let us discuss them one by one
I. Registration process
Introduction:
• Includes the process for registration
under the GST
• Procedures & requirements for
registration
• Procedures to be followed by registered
dealer under VAT & service provider
under service tax
• Procedures for supplier under
composition scheme
• GST number / GSTIN structure
7. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Process Under GST
1.Registration For New
Tax Payers
8. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Crux For New Registrations
•Single process across
the country for all
•PAN based unified
Registration
Mandatory
Regime Under GST Current Regime
•Different according
to different States &
Centre
•Only under Service
Tax & Excise Regime.
9. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Crux For New Registrations
• Simplified reg. for
entities having
presence in more than
one state
• Link all transactions of
a person
Regime Under GST Current Regime
• Separate for
ST/Excise/Different
State VAT Laws
• No such linking under
the current laws
10. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
• Registration on the basis
of unified turnover
threshold
• Within a PAN, separate
registration for separate
business verticals within a
State possible
Regime Under GST Current Regime
• Registration on the basis
of different turnover
thresholds
• Different registrations under
different States & Centre
Registration Crux For New Registrations
11. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
• Exempted turnover should
also be included in threshold
• Input credit prior to registration
• Unified application to both tax
authorities – State / Centre
Regime Under GST Current Regime
• Only taxable turnover to be
included in threshold
• Different rules
• Different applications to
different tax authorities
Registration Crux For New Registrations
12. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
• Real-time verification
& validation of PAN,
Aadhar Number &
CIN.
• Hard copy of the
documents will not
required to be sent if
Digitally Signed
Regime Under GST Current Regime
• No Real-time
verification under the
current procedures
• Hard copies are
required to be send
mandatory
Registration Crux For New Registrations
13. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Crux For New Registrations
• Deemed approval after 3
days
•Refusal to register by one
tax authority deemed as
refusal by both• In case of error the same shall be
communicated to the applicant
either by the Tax Authority
directly or through the GST
Common Portal
Regime Under GST Current Regime
• Different time limits in
States & Central laws
•Refusal according to
prevailing State and Central
Laws
•No such common portal.
Different methods according
to State Rules & procedures
14. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Process Under GST
2. Registration For
Existing Tax Payer’s
15. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Crux For Registered Tax Payers
• Dealers registered under VAT laws, Service Tax or
Central Excise will be granted GSTIN
• Validation of PAN
• On the basis of validated PAN GSTIN shall be
generated• Intimated to taxpayer through State and Central
authorities• Remaining data shall be collected & verification shall be conducted after
allotment of the number
• Cancellation if business not commenced within
stipulated time• Rating to dealers / Blacklisting norms – sms
facility
16. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Process Under GST
3. Registration For
Suppliers Under
Composition Scheme
17. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration For Supplier Under Composition
Scheme
• Threshold for
composition scheme
• No input tax credit can
be claimed
•Switch from composition to
regular scheme - voluntarily
or on crossing threshold
Regime Under GST Current Regime
• Different Composition
Schemes as per different
State Laws• Different methods
defined under various
State Laws
• As per Rules prescribed
under various State Laws
18. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration For Supplier Under Composition
Scheme
• To opt at the beginning
of the year – applicable
till eligibility or opting
out
• Interstate supplies
restricted
Regime Under GST Current Regime
• As per Rules prescribed
under various State
Laws
• As per Rules prescribed
under various State
Laws
19. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Registration Process Under GST
4. GSTIN Number
Structure
20. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Structure of GSTIN Number
• 15 digit Alphanumeric
structure
• First Two digits State
Code
•Next 10 Digits will be PAN
numbers
•13th Digit for Business
Verticals of entities with same
PAN in same State
•14th digit left blank for future
use & 15th digit – Checksum
Regime Under GST Current Regime
•For Service Tax
15digit
alphanumeric
number but
different in States
as per State Rules
21. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
GST – Interesting facts –
Numbers in Rajya Sabha
Opposition – Strength of 132 / 243 members
69 of the Congress, SP 15, 12 of the TMC, the JD(U)’s 12, the CPM’s 9, 6 of the NCP, the CPI’s 2, the
NC’s 2, the RJD 1, the JD(S) 1, the JMM 1, Kerala Congress-M 1 and INLD 1.
Besides this the House has 12 nominated members who owe their berths to the Manmohan Singh
government
As against this, the BJP (45) and its allies - add up to only 60 members.
As many as 42 MPs — belonging to the AIADMK (11), BSP (10), BJD (7), DMK (4), Independents and
others (7) can swing either way.
22. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Payment Process Under GST
Introduction:
• Includes the process for payment
of tax under the GST
• Types of taxes under GST &
modes of payments
• Procedures to be followed by
departments
• Proposed accounting &
reconciliation systems for the
23. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Payment Process Under GST
1. Tax types and modes
of payments
24. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Tax Types and Modes of Payments
•Included 4 types
of Taxes viz.
CGST, IGST,
Additional Tax
and SGST
Regime Under GST Current Regime
•Separate
payment of
taxes as per the
State wise Laws
25. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Tax Types and Modes of Payments
• Three Modes of Payment
• Electronic including CC/DC
(Mode I)
• Over The Counter Payment
(for Payments upto
Rs.10,000/-) (Mode II)
• Payment through RTGS/NEFT
(Mode III) – any bank
Regime Under GST Current Regime
•Payment can be made
through online Net
banking or manual through
authorized banks. Only few
banks are authorized to
collect.
26. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Tax Types and Modes of Payments
• Payment can be
accepted by
Departmental
officers in
enforcement cases
only
Regime Under GST Current Regime
•Different rules &
procedures as
prescribed by States &
Centre for recovery of
taxes
27. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Payment Process Under GST
2. Basic Features
28. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Basic Features
•Only electronically
generated Challan from
GSTN for all 3 modes
•Unique 14-digit Common
Portal Identification Number
(CPIN) for each challan
• Challan can be generated by
Taxpayer, authorized
representative or Departmental
officers
Regime Under GST Current Regime
•Challans generated can be
either electronic or
manual•Unique 20 digit CIN is
generated under service tax &
different for VAT as per State
wise•Challan is normally
generated once at the time
of payment
29. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Basic Features
•Single challan for
all four types of
taxes•System of electronic
Personal Ledger
Account (cash ledger)
on GSTN for each
taxpayer
Regime Under GST Current Regime
•Different for VAT
Service Tax &
Excise
•No such system
under current
regime
30. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Basic Features
•RBI to act as aggregator and
anchor of flow of fund and
information about receipts
•Automation and transparency
in flow of information
•E-scroll (statement of tax
payment) facility will be
provided by RBI
Regime Under GST Current Regime
•No such mediator under
current laws
•Transparency & flow of
information depending on
the State`s working
•No such procedures under
current laws
31. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
GST – Interesting fact
Will CGST be the only thing that gets passed
32. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Payment Process Under GST
3. Proposed
Accounting
System
33. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Proposed Accounting System
• 4 account heads for each
tax and its interest,
penalties etc.• Standard uniform Accounting
Codes for all taxes to facilitate
settlement of IGST on the basis
of centralized reporting• Common Accounting
Codes for Centre &
States
Regime Under GST Current Regime
•Under service tax different
codes as per services. Account
heads under VAT as per State
wise•Different schedules & codes
of payments for VAT &
service tax
•Different for States & Centre
34. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Payment Process Under GST
4. Reconciliation of
Receipts
35. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Reconciliation of Receipts
•Use of only system generated
challans – no re-digitization
in the entire work flow
• CPIN to be generated by GSTN -
to be used as a key identifier up
till receipt by Bank
• CIN to be generated by collecting
Bank - to be used as a key
identifier
Regime Under GST Current Regime
•Different
reconciliation
methods as per
States & Centres
36. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Reconciliation of Receipts
• Accounting Authorities
to play a paramount
role in reconciliation
• Accounting on the
basis of RBI data,
• Reconciliation on the
basis of GSTN and
bank data
Regime Under GST Current Regime
• Different
reconciliation
methods as per
States & Centres
38. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
GST – Interesting fact
Congress opposition Grounds
Dispute settlement
1% levy
18% Rate
No definition of Supply
Exclusion of Tobacco / Electrity / Alcohol
GST Council – centre’s weight
Revenue of Panchayat’s and Municipalities to be safeguarded
Special provisions for states like Goa / Puducherry
39. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Returns Under GST
Introduction:
• Includes the procedures &
types of returns to be filed
under the GST
• Periodicity & due dates for
the returns
• Invoicing & credits under GST
• Revision of filed returns
40. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Returns Under GST
1. Basic Features
41. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Basic Features
• Common e-Return for all
taxes
• Separate returns for
different categories of
taxpayers•Returns in sequential manner
with different cut-off dates
for auto-population of return
and invoice
Regime Under GST Current Regime
•Different returns for Centre &
State taxes
•Different returns for
categories tax payers State
wise
•Different due dates &
procedures State wise
42. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
•Provision for filing
revised information
•Differential Tax
liability to be captured
through Debit Note /
Credit Note /
Supplementary
invoices / correction
mechanism
Regime Under GST Current Regime
Basic Features
•Complete return
is revised
43. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
•Payment of due tax
is must
•Maintenance of
electronic Cash
Ledger
Regime Under GST Current Regime
Basic Features
•Technically tax can
remain unpaid
under ST
44. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
•Maintenance of
electronic ITC
Ledger
•Maintenance of
electronic Tax
liability Ledger
Regime Under GST Current Regime
Basic Features
•No such provisions
45. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Returns Under GST
2. Periodicity of
Returns
47. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Periodicity of Returns
• Normal/Regular
taxpayers – monthly
return - GSTR -1• Compounding taxpayers to file
quarterly return: by 18th day of
succeeding month of the Quarter -
GSTR-4
•Foreign Non-resident
Taxpayers to file monthly
return within 7 days after
expiry of registration- GSTR-
5
Regime Under GST Current Regime
•Different due dates &
Return forms as per States
& Centre
48. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Periodicity of Returns
•Input Service Distributors
(ISD) taxpayers to file
monthly return by 5th day
of succeeding month-
GSTR-6
•Tax Deductors to file
monthly TDS return: by
10th of succeeding month
– GSTR- 7
Regime Under GST Current Regime
•Different due dates &
Return forms as per States
& Centre
49. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Periodicity of Returns
•Casual taxpayers to file
same return form of
normal taxpayer
•UN agencies to file return
for the month in which
they make purchases
Regime Under GST Current Regime
•Different due dates &
Return forms as per States
& Centre
50. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Periodicity of Returns
•All Regular and Compounding
taxpayers to file Annual
Return
•Last date - 31st December
following the end of the
financial year•Reconciliation statement to
be filed by taxpayers who are
required to get accounts
audited under IT Act
Regime Under GST Current Regime
•Different due dates &
Return forms as per States
& Centre
51. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Expected Tax Rates under GST Regime
GST Rates
o Expected to be in the range of 18-27%
o No clarity on composition schemes without ITC benefit
o Rates may be lower by 4% if we are under exemption in
Service Tax
Existing Taxes under a Building Contract
Particulars Amt in Rs. Excise VAT Service Tax Total Tax Tax in Rs
Cement 15 12% 15% 27.00% 4.05
Steel 25 12% 5% 17.00% 4.25
Other Materials 15 12% 10% 22.00% 3.30
Sand / Aggregate 10 0% 5% 5.00% 0.50
Labour 20 14% 14.00% 2.80
Admin & o/h 3 14% 14.00% 0.42
Depreciation 2 15% 14% 29.00% 0.58
Profit 10 14% 14.00% 1.40
Composition VAT 2% 2.00
Total 100 19.40
53. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Un-matchedMatched
ITC Reversed to be paid
along with Interest by
Purchaser
Two months period for
reconciliation
Reconciled Non-Reconciled
ITC Finalized in
Purchaser's ITC Ledger
ITC finalized in
Purchaser's ITC ledger
GSTN to
inform
purchaser
GSTN to
inform both
parties
Matching by GSTN
54. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Invoice Matching & Credit Reversal
•B2B supply information
given by the supplying
taxpayer in GSTR-1will be
auto-populated into
GSTR-2 of the
counterparty• Purchasing taxpayers allowed
to add invoice details in
GSTR-2 & avail credit if they
have received supply
goods/service
Regime Under GST Current Regime
•Different due dates &
Return forms as per States
& Centre
55. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Invoice Matching & Credit Reversal
• Counterparty registered
taxpayers to have a 2-day
window to reconcile invoice
information among
themselves prior to filing of
GSTR-3•Credit availed on
unmatched invoices
shall be auto-reversed
in subsequent return
Regime Under GST Current Regime
•Different due dates &
Return forms as per States
& Centre
56. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Returns Under GST
3. Revision of
Return
57. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Revision of Returns
•Revision of
information
permitted
• Changes in Tax liability / ITC
amount to be handled through
Debit- Credit Notes, Revision
of supply invoices,
Amendments / Corrections
Regime Under GST Current Regime
•Permitted under
current regime
• No such provisions
under current regime
58. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Refund Process Under GST
Introduction:
• Includes the situations where
refunds may arise
• Procedures & requirements for
refund of GST
• Time limit for application of
refund
• Interest on refunds
• Date of application of interest
59. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
1. Situation where
refund would arise
Refund Process Under GST
60. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Situation where refund would arise
Regime Under GST Current Regime
Different
rules &
procedures
for States &
Centre
61. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
2. Time limit and
Documents required
for filling refund
Refund Process Under GST
62. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Regime Under GST Current Regime
•Different dates &
procedures as per States &
Centre
Time limit required for filing refund
•It is recommended that a period
of one year from the relevant
date may be allowed for filing of
refund application.
The following dates are recommended as
relevant dates for different type of refund
cases under GST:
63. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Time limit required for filing refund
S.
N.
Situation of Refund 1 year from below Relevant Date
1 On account of excess payment Date of payment of GST
2 On account of Export of Goods
Date on which proper officer gives
an order for export known as “LET
EXPORT ORDER ”
3 On account of Export of Services Date of BRC
4
On account of finalization of
provisional assessment
Date of the finalization order
5
In pursuance of an appellate
authority’s order in favour of
the taxpayer.
Date of communication of the
appellate authority’s order
64. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Time limit required for filing refund
S.
N.
Situation of Refund Relevant Date
6
On account of no/less liability arose at
the time of finalization of investigation
proceedings
Date of communication of
adjudication order or order
relating to completion of
investigation
7
On account of accumulated credit of GST
in case of a liability to pay service tax in
partial reverse charge cases.
Date of providing of service
8
For refund arising out of payment of GST
to Embassies or UN bodies, etc. on the
basis of applications filed by such
persons
Date of payment of GST
9
On account of refund of accumulated ITC
due to inverted duty structure
Last day of the financial year
65. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
•Documents evidencing tax
payments required to be
enclosed with the refund
application• Copy of proof of deposit of tax &
invoices & Documents evidencing
export
• A CA Certificate may be called for
evidencing that the tax burden has
not been passed on to the buyer.
(“unjust enrichment”)
Regime Under GST Current Regime
•Different Rules &
procedures as per
States & Centres
Documents to be filed for refund:
66. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
3. Interest on Refunds
Refund Process Under GST
67. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
• Prescribed time limit of 90
days from the date of the
system generated ack, after
which interest clause will start
automatically
•Rate of interest in case of
refund may be around 6%
Regime Under GST Current Regime
•Different Rules &
procedures as per
States & Centres
Interest on Refunds:
68. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Issues Under Current GST Process
• Whether any self declarations / affidavit to
be filed at the time of registration or
surrender
• No details for authorization or declarant
filing the application
• Generally it is expected that there would be
lesser compliance burden in GST regime
but looking at the return process, every
registered taxpayer would be required to
file 3 returns each month, it means where a
company is registered in 10 states, the
number of returns required to be filed
69. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Issues Under Current GST Process
• “over the counter” payment will be
available for payments upto Rs.
10000/- per challan only. However,
the report does not describe whether
Rs. 10000/- per challan will be per
challan per day or per challan per
month or something else
• Proposed payment process does not
allow other means of payment such
as book adjustments under Service
70. Sandesh Mundra & Associates – Prepared by Naimesh Padhiar - sandesh.mundra@smaca.in - 9426024975
Views on Current GST Process
• RCM should be avoided in GST except for
transaction from non-taxable territories
or RCM with a threshold to be
introduced.
• A statement similar to 26AS should be
made effective for ITC credit &
transparency
• Since almost all procedures are done on
real time & online basis process of refund
of taxes should be prompt without any