For ICAI training

1. N A M E : CHARU MEHTA
B A T C H N O : ICITSSITT_KOTA_17
R E G I S T R A T I O N N O : CRO0808950

3. WHAT IS
GST?
GST is known as the Goods and Services
Tax.
It is an indirect tax which has replaced
many indirect taxes in India such as the
excise duty, VAT, services tax, etc.
The Goods and Service Tax Act was passed
in the Parliament on 29th March 2017 and
came into effect on 1st July 2017.

4. > GSTeliminates thecascadingeffectoftax.
> Simpleandeasyonlineprocedure.
> Reducestaxevasion.
BENEFITS OF GST

5. COMPONENTS OF GST
CGST SGST
IGST
Central goods and service
tax is collected by the
central government on intra
state transactions.
State goods and service
tax is collected by the
state government on
intra state transactions.
Integrated goods and
service tax is collected by
central government on
inter state transactions.

6. GST
REGISTRATIO
N
 Access the page https://www.gst.gov.in/
 Click on service option, and under registration, select
new registration.
 Select TRN option and insert the TRN and provide the
captcha as well and click process.

7.  A one time password would be sent to your mobile number and e-mail id.
 Insert the one time password in the respective column.
 Click proceed.
 You will receive 15 digit Temporary Reference Number(TRN) now.
 This will be also sent to your e-mail and mobile or PAN linked contact details.

8.  Log In with Temporary Reference Number(TRN).
 You will receive an One time password on the registered
mobile and e-mail or PAN linked contact details.
 Enter the one time password and click on proceed.
 Fill part-B of GST registration application.
 Submit business information, promoter information,
authorized signatory and basic details as asked.

9. GSTR-1
 GSTR-1 is a return form under goods and
service tax(GST) system in India.
 It is used by the registered taxpayers to
provide details of outward supplies of
goods and services
 It helps in determining tax liability of
supplier and eligibility of the recipient
for claiming Input Tax Credit(ITC).
 Threshold limit may vary for different
categories of taxpayers.
 GSTR-1 is typically filed on a monthly
basis , however certain categories of
taxpayers can opt for quarterly filing.

10. GSTR-3B
 GSTR-3B is a crucial return form under
goods and service tax(GST) system in
India.
 It serves as a simplified summary return
that taxpayers use to report their GST
liabilities for a particular tax period.
 GSTR-3B is filled monthly or quarterly ,
depending on tax payers category, and
it plays a significant role in ensuring
compliance with GST regulations.
 This includes outward supplies and tax
liability, inward supplies attract reverse
charge mechanism(RCM), ITC claimed
and reversed, tax liability and ITC
reconciliation and tax payment details.

11. The objective of composition
scheme is to bring simplicity
and to reduce the compliance
cost for the small taxpayers.
For composition scheme the
limit is ₹1.5crore or ₹75lakh
for special category states.
It is optional and the eligible
person opting to pay tax under
this scheme can pay tax at
prescribed percentage of his
turnover every quarter, instead
of paying tax at normal rate.

12. REVERSE
CHARGE
MECHANISM
 Under reverse charge mechanism, the recipient of goods or
services became liable to pay tax i.e., the chargeability gets
reversed.
 The objective of shifting the burden of GST payments to the
recipient is to widen the scope of levy of tax of various
unorganized sector, to exempt specific class of suppliers, and
to tax import of service.
(RCM)

13. INPUT TAX CREDIT
Input tax credit is the tax credit of input taxes paid by a registered
person on the supply of any goods or services made to him.
Such credit shall be available to him at the time of making
payment of the output tax on outward supply.
To avail the ITC, the recipient is required to file a valid return in
form GSTR-3B of CGST Act.

14. GST SET-OFF ORDER
IGST
The IGST credit is used
first for IGST liability,
then for CGST or SGST,
in any order or
proportion.
CGST
The CGST credit
should be used first
for CGST liability, then
for IGST liability if
IGST credit is fully
utilized. CGST credit
cannot be used for
SGST Liability.
SGST
The SGST credit is
used first for SGST
liability, then for IGST
if IGST credit is fully
utilized. It cannot be
used for CGSST
liability.

15. THANK YOU