As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
Singapore is known to have one of the lowest taxes globally.
Among the taxes levied by the city-state is the Goods and Services Tax (GST). This type of tax is paid when money is spent on goods and services including imports. A multi-stage tax, the GST is collected at all stages of the production and distribution chain.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
It provides an understanding into various compliances under India GST giving the due dates, the forms and the brief description of information required for submission of the returns
As everyone know that our country has recently taken a bold step to eliminate the all indirect taxes levied at different level by different government under the leadership of our energetic PM.
Therefore I have the view that Industry will take time to get settle down since yet some of the part of country engaged into strikes/ deadlocks.
Therefore to overcome that situation we have a detail & summarized presentation on the subject for beginners and every efforts have been put in to make it easy to understand.
Singapore is known to have one of the lowest taxes globally.
Among the taxes levied by the city-state is the Goods and Services Tax (GST). This type of tax is paid when money is spent on goods and services including imports. A multi-stage tax, the GST is collected at all stages of the production and distribution chain.
GST is expected to play a key role in bringing about more transparency into the tax system. The GST as a new levy could be a very effective tool and breakthrough in indirect tax reforms, provided it is made simple and assessee-friendly – not like the present tax system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns.
It provides an understanding into various compliances under India GST giving the due dates, the forms and the brief description of information required for submission of the returns
Indian Cable Net Co. Ltd presents GST Guide for LCOs registration, returns, payment and penalty for non-compliance under GST Act, 2017. This presentation is exclusively a property of ICNCL and no part of it can be reproduced and copied, with accrediting the source.
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 is about the understanding of the provisions applicable in GST. This Presentation talks about the complete practical understanding. There is a series of presentation available but for now we are providing our first PPT free of cost.
If you have any Query you can contact Us
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The chapter consists of basics of Goods and Service Tax, Tax Invoice; Credit and Debit Notes; E-Way Bill, Procedure for Generation of E-Way Bill; Accounts and Records; Electronic Cash Ledger, Manner of Utilization of Amount in Electronic Cash Ledger, Electronic Credit Ledger-Manner of Utilization of ITC, Electronic Liability Ledger-Order of Discharge of Tax and Other Dues.
An invoice is a commercial instrument issued by a supplier of goods/services to a recipient.
In GST, all invoices issued between the date of implementation of GST and the date of issuance of GST registration certificate will have to be reissued in the form of a revised invoice and have to be raised within a month of issuance of the registration certificate.
A supplementary tax invoice is an invoice that a taxable person issues if any deficiency is found in a tax invoice already issued by the said taxable person. A supplementary invoice is also known as a debit note.
The recipient who is registered under GST has to issue a payment voucher for the transactions(goods or services) on which reverse charge is applicable to the supplier. For example Ajay cashew house registered in Delhi had purchased cashew nuts from Vikram an agriculturist for Rs 100000 in Karnataka.
Rule 55 specifies the cases where at the time of removal of goods, goods may be removed on delivery challan and invoice may be issued after delivery. Issuance of Credit Note – Section 34(1)
Issuance of Debit Note – Section 34(3)
Details of Credit Note to be furnished in return – Section 34(2)
Details of Debit Note to be furnished in return – Section 34(4)
EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.
Registered Person – E-way bill must be generated when there is a movement of goods of more than Rs 50,000 in value to or from a registered person. A Registered person or the transporter may choose to generate and carry eway bill even if the value of goods is less than Rs 50,000.
e-Cash ledger indicates the amount that has been paid by the taxpayer to the government. The amount in this ledger can be used to make payment of tax, interest, liability, fees and so forth.
e-Credit ledger or electronic credit ledger is maintained in the form GST PMT-02 on the GST Portal.
This ledger helps in tracking all the Input Tax Credit (ITC) claims made by the taxpayer. However, it shall be noted that any remaining amount in the e-Credit ledger can be used in making the payment of output tax liability only. E-Liability Register will reflect the total tax liability of a taxpayer for a particular tax period.
Debit to Electronic Credit Ledger and Credit to Electronic Liability Register
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
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Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
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Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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3. Who’s liable ?
Aggregate Turnover based
• Exceeding Rs. 4 Lacs in NE states and Sikkim
• Exceeding Rs. 9 Lacs for Rest of India
3
Aggregate Turnover on all India basis
includes:
• All taxable and non taxable supplies;
• Exempt supplies;
• Export of goods and services having
same PAN
Aggregate Turnover excludes:
• Supplies on which tax charged on
RCM
• Inward Supplies
• Taxes namely IGST, CGST and
SGST
4. Who’s liable ?
Mandatory Registration
4
• Persons making any inter-State taxable supply;
• casual taxable persons;
• Persons who are required to pay tax under reverse charge;
• Non-resident taxable persons;
• Persons who are required to deduct tax;
• Persons who supply goods and/or services on behalf of other registered taxable persons whether as
an agent or otherwise;
• Input service distributor;
• Persons who supply goods and/or services, other than branded services, through electronic commerce
operator;
• Every electronic commerce operator
• An aggregator who supplies services under his brand name or his trade name;
5. Forms for obtaining Registration
5
Form Number Purpose
GST REG-01 Application for registration by persons other than Non-
resident, Tax Deductor and Tax Collector
GST-REG-06 Certificate of Registration
GST-REG-07 Application for registration by Tax Deductor and Tax
Collector.
GST-REG-09 Application for obtaining Unique ID by UN, Govt.
Authorities, PSUs etc.
GST-REG-10 Application for registration by Non resident (5 days
before commencment)
GST-REG-11 Application for amendment in registration
GST-REG-14 Application for cancellation of registration
GST-REG-20 Application by existing assesse/dealer for obtaining
permanent registration
GST-REG-21 Provisional Certificate of Registration for existing
assesse/dealer
6. Features of Registration
PAN based registration number except for non-resident taxable person. Mobile number and e-mail ID also
critical.
Voluntary registration permissible. Agriculturist not taxable person.
Automatic migration of existing assesse/dealers to GST
Registration within thirty days from the date on which he becomes liable to registration. Fast TAT for
registration.
Separate State, separate registration
Multiple business verticals, may take separate registration
Unique ID number for UN, Govt. authorities, PSUs not making outward supply
No Centralized registration for services. No registration fee.
Mandatory to file with DSC for company, LLP and PSU. 6
7. Why to register ?
7
• Legally recognized as supplier.
• Proper accounting of taxes paid on the input goods or services.
• Legally authorized to collect tax from his purchasers.
• Unregistered person can neither collect GST from his customers nor claim any
input tax credit.
Advantages
Dis-Advantage
9. Contents of Tax Invoice
• name, address and GSTIN of the supplier;
• a consecutive serial number containing only alphabets and/or numerals, unique for a financial year;
• date of its issue;
• name, address and GSTIN/ Unique ID Number, if registered, of the recipient;
• name and address of the recipient and the address of delivery, along with the name of State and its
code, if such recipient is unregistered and where the taxable value of supply is fifty thousand rupees
or more;
• HSN code of goods or Accounting Code of services;
• description of goods or services;
• quantity in case of goods and unit or Unique Quantity Code thereof;
9
10. Contents of Tax Invoice
(Cont..)• Taxable value of goods or services taking into account discount or abatement, if any;
• Rate of tax (CGST, SGST or IGST);
• Amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST);
• Place of supply along with the name of State, in case of a supply in the course of inter-State trade or
commerce;
• Place of delivery where the same is different from the place of supply;
• Whether the tax is payable on reverse charge;
• The word “Revised Invoice” or “Supplementary Invoice”, as the case may be, indicated prominently,
where applicable along with the date and invoice number of the original invoice.
10
11. How to Issue Invoice ?
Triplicate in case of Supply of Goods as under:
• The original copy being marked as ORIGINAL FOR RECIPIENT;
• The duplicate copy being marked as DUPLICATE FOR TRANSPORTER;
and
• The triplicate copy being marked as TRIPLICATE FOR SUPPLIER.
Duplicate in case of Supply of Service as under:
• The original copy being marked as ORIGINAL FOR RECIPIENT;
• The duplicate copy being marked as DUPLICATE FOR SUPPLIER;
• Invoice shall be issued within a period of thirty days from the date of supply
of service and forty five days for Banking and financial company.
11
12. Other Features
• Registered taxable person may obtain an Invoice Reference Number from the
Common Portal by uploading, on the said Portal, a tax invoice issued by him in
FORM GST INV-1.
• Invoice Reference Number valid for 30 days. No requirement of carrying
Duplicate Invoice by Transporter in this case.
• Separate Bill of Supply format in case of supply of non-taxable goods or
services or paying tax under composition scheme.
• Separate format for supplementary tax invoice, Credit/Debit Notes and invoice
issued by ISD.
• Taxable person may not issue a bill of supply if the value of the goods or
services supplied is less than Rs. 100 12
14. Which returns to be filed ?
14
Form Number Purpose Due Date
GSTR-1 Outward Supplies on or before 10th of the succeeding month
GSTR-2 Inward Supplies on or before 15th of the succeeding month
GSTR-3 Monthly Return on or before 20th of the succeeding month
GSTR-4 Quarterly Return by
composition supplier
Within 18 days of end of quarter
GSTR-5 Non- Resident
Taxable Person
Within 20 days after the end of a tax period or within 7
days after the last day of the validity period of
registration, whichever is earlier
GSTR-6 Input Service
Distributor
Within 13 days after the end of such month
GSTR-7 TDS Deductor Within 10 days after the end of month in which deduction
is made.
GSTR-8 E-Commerce TCS Within 10 days after the end of month in which collection
is made
GSTR-9, 9A Annual Return before the 31st day of December following the end of
such financial year
GSTR-10 Final Return within three months of the date of cancellation or date of
cancellation order, whichever is later
15. Who is to file what ?
15
Every taxable person
except ISD,
Composition scheme
and TDS deductor
GSTR-1, GSTR-2, GSTR-3, GSTR-9
Taxable person
Composition scheme. GSTR-4, GSTR-9A
Non Resident Taxable
Person
GSTR-5
Input Service
Distributor
GSTR-6
Person liable to TDS GSTR-7
E-Commerce Dealer GSTR-1, GSTR-2, GSTR-3, GSTR-8
GSTR-9
16. Features of GST Returns
• GSTR-1 to contain details namely outward supplies to registered persons, outward supplies to unregistered
persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST supplies, exports,
and advances received in relation to future supply.
• Large part of GSTR-2 will be auto-populated. Matching Concept.
• All B2B invoices detail to be uploaded. Inter-state B2C supplies valuing more than Rs. 2.5 Lacs to be
uploaded. For rest all, state wise summary to be given.
• No description to be entered. Only HSN code in respect of supply of goods and Accounting code in respect
of supply of services.
• Revision not permitted. System will allow change to the respective transactions which are to be amended.
• Online facility and Offline Utility for return filing. TRPs available for return filing.
• Allow uploading of invoices on real time basis.
16
18. Who is liable to pay GST ?
• Generally Supplier of goods and services who needs to be a
taxable person.
• Recipient of goods or services under RCM in specified cases
(Imports and other notified supplies).
• Tax deductor or Tax collector in specific cases (Government
and E-Commerce Operator).
18
19. When to pay GST ?
• At the time of supply of Goods as explained in Section 12 and at the time of supply of
services as explained in Section 13.
• The time is generally the earliest of one of the three events:
• Receiving payment;
• issuance of invoice;
• completion of Supply
• On monthly basis by the 20th of the succeeding month.
• Composition tax payers will need to pay tax on quarterly basis.
• Tax deductor or Tax collector to deposit same within 10 after the end of the month.
19
20. How to pay GST ?
‣ Cash payment needs to be deposited in cash ledger and
taxpayer shall debit ledger while making GST payment.
20
Through Cash Ledger
Through Credit Ledger
‣ Tax payers allowed to make only tax payment by taking
credit of taxes paid on inputs.
‣ Interest, Penalty and Fee can not be paid through this
mode.
21. Features of GST Payment
• Electronically generated challan from GSTN Common Portal in all modes of payment and no
use of manually prepared challan;
• Facilitation for the taxpayer by providing hassle free, anytime, anywhere mode of payment of
tax;
• Tax Payment Hours from 0000 Hrs to 2000 Hrs. Electronic Tax liability register to reflect total
tax liability of month. Unique CPIN (14 digit) and CIN system (17 digit).
• Convenience of making payment online;
• Logical tax collection data in electronic format;
• Faster remittance of tax revenue to the Government Account;
• Simplified procedure for banks.
21
23. Features of Audit under GST
23
‣ If aggregate turnover of registered taxable person exceeds Rs. 1 crore,
then audit by Chartered Accountant or Cost Accountant
‣ Audit to be completed till December 31 and duly certified reconciliation
statement GSTR-9B to be issued.
Turnover based Audit
Special Audit
‣ Chartered Accountant or Cost Accountant nominated by Commissioner
can conduct this audit in limited circumstances where case is complex or
stake in high.
‣ Report of this audit to be given in 90 days extendable to another 90 days.
25. GST Rates
• Lowest Slab @5% – Food items and other mass essentials.
• Standard Slab @ 12% – Substantial Goods & Services.
• Middle Slab @ 18% – Rest Of Goods & Services.
• Highest Slab @28% – Luxury & Demerit goods.
• Clean Environment Cess – An Additional Cess will be imposed on
luxury and demerit goods . It shall be levied on goods like selected
luxury cars, aerated drink , alcohol, tobacco , pan masala etc .
• Zero Rate -There will be zero rate on 50% of items under CPI index
basket and which includes food grain as well. This is not to be treated
at par exempted goods as was clarified by Mr Jaitley during his press
meet after the meeting of GST Council.
25