Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Gst overview, gst concept and status caknowledgeRaju Choudhary
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. caknowledge.com provide latest updates on GST in India
Proposed GST - Will it finally happen? - Dr Sanjiv AgarwalD Murali ☆
Proposed GST - Will it finally happen? - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 10, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Gst overview, gst concept and status caknowledgeRaju Choudhary
The introduction of Goods and Services Tax on 1 st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market. caknowledge.com provide latest updates on GST in India
The mood is positive for GST with the Congress appearing to soften its stand and press reports indicating a possible five hour debate in the Parliament on the 122nd Constitutional Amendment.
#GST Made Easy for Freshers# By SN Panigrahi,
Essenpee Business Solutions,
SN Panigrahi,
Why GST?,
What is GST?,
How GST Works,
GST - Tax Collection, Filling Returns
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
The Indian Taxation structure has witnessed many reforms since inception. The current taxation system streamlines two broad categorizations viz: Direct Taxation and Indirect Taxation. Among the two, Indirect Taxation has always been a matter of deportment because of the series of taxes involved therein such as Excise Duty, Service Tax, Value Added Tax, etc. Also these taxes have been divided into two subdivisions on the basis of the authority of levy viz: State Levy and Central Levy. This further creates a confusion and situation of ambiguity among the people. Further, implication of such taxes has somewhere lead to distortionary and cascading effect i.e. leviability of tax on tax, which eventually has been hard hitting on the pockets of the final consumers.
Considering all these facts and circumstances, the Government of India has finally made a move in the direction of substituting 17 indirect taxes into one Indirect Tax known as The Goods and Services Tax commonly known as GST. The GST structure has been designed and modeled as a value added tax, which will be levied on each stage of a transaction as the supply moves from one level to another. The tax paid at one level will subsequently be allowed as credit on another level.
The Central Board of Excise and Customs has made available a FAQ that answers all your questions about the Goods and Services Tax that will come to effect starting July 1.
GST TRAINING ON VARIOUS CONCEPTS OF GSTGST Law India
This presentation enumerates the constitutional aspect of GST with amendments, GST levy on goods and services in inter-state and intra-state supply, what is supply, types of supply, the supply of goods or services, persons liable to pay tax under GST, taxable and distinct persons under GST and reverse charge mechanism under GST.
The mood is positive for GST with the Congress appearing to soften its stand and press reports indicating a possible five hour debate in the Parliament on the 122nd Constitutional Amendment.
#GST Made Easy for Freshers# By SN Panigrahi,
Essenpee Business Solutions,
SN Panigrahi,
Why GST?,
What is GST?,
How GST Works,
GST - Tax Collection, Filling Returns
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
The Indian Taxation structure has witnessed many reforms since inception. The current taxation system streamlines two broad categorizations viz: Direct Taxation and Indirect Taxation. Among the two, Indirect Taxation has always been a matter of deportment because of the series of taxes involved therein such as Excise Duty, Service Tax, Value Added Tax, etc. Also these taxes have been divided into two subdivisions on the basis of the authority of levy viz: State Levy and Central Levy. This further creates a confusion and situation of ambiguity among the people. Further, implication of such taxes has somewhere lead to distortionary and cascading effect i.e. leviability of tax on tax, which eventually has been hard hitting on the pockets of the final consumers.
Considering all these facts and circumstances, the Government of India has finally made a move in the direction of substituting 17 indirect taxes into one Indirect Tax known as The Goods and Services Tax commonly known as GST. The GST structure has been designed and modeled as a value added tax, which will be levied on each stage of a transaction as the supply moves from one level to another. The tax paid at one level will subsequently be allowed as credit on another level.
The Central Board of Excise and Customs has made available a FAQ that answers all your questions about the Goods and Services Tax that will come to effect starting July 1.
GST TRAINING ON VARIOUS CONCEPTS OF GSTGST Law India
This presentation enumerates the constitutional aspect of GST with amendments, GST levy on goods and services in inter-state and intra-state supply, what is supply, types of supply, the supply of goods or services, persons liable to pay tax under GST, taxable and distinct persons under GST and reverse charge mechanism under GST.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. Welcome to this session on
Overview of Revenue System-Goods and Services Tax
Mandatory Training of AAOs for Promotion as SAOs by
J.K.Saha, AAO/MB
2. Session Overview
Input Tax Credit, Computation of GST Liability
Procedures of GST – registration, tax invoice, credit and debit notes, electronic way bill, accounts
and records
3. Learning Objective
Given access to the background material on
Input Tax Credit, Computation of GST Liability
Procedures of GST – registration, tax invoice, credit and debit notes, electronic way bill, accounts
and records
Participants would be able to understand and apply these concepts in the performance of their
functions
4. References
Constitution of India
Central Goods & Services Tax Act, 2017
Central Goods & Services Tax Rules, 2017
5. Introduction
Under the erstwhile regime - Centre levied Excise duty on manufacture, Service tax
on services etc. while States levied VAT, Entry Tax, Luxury Tax etc.
Purpose of 101st Constitution Amendment Act
Creating a unified system of taxation by subsuming existing indirect taxes and
duties;
Assigning concurrent powers to Centre and States to levy GST on all supplies of
goods or services or both.
6. Power of Taxation under the Constitution
Article 265: Taxes not to be imposed save by authority of law.
The Power to levy tax has been allocated between:
Parliament
State Legislature
7. Article 246 - Power of Union and State to make laws
Article 246 of the Indian Constitution, distributes legislative powers including taxation,
between the Parliament of India and the State Legislatures;
Schedule VII enumerates the subject matters on which the Parliament and States have
the powers to make laws in three lists:
List I (Union List);
List II (State List); and
List III (Concurrent list)
8. Schedule VII of Constitution
List – I
(Union List)
• entailing subjects on
which only the
Parliament has the
exclusive powers to
make laws
List – II
(State List)
• entailing subjects on
which only the State
Legislatures are
competent to make
laws
List – III
(Concurrent List)
• entailing subjects on
which both the
Parliament and the
State Legislatures are
competent to make
laws
8
9. Article 254
Inconsistency between laws made by Parliament and laws made by the State
Legislatures :
If any provision of a law made by the Legislature of a State is repugnant to any
provision of a law made by Parliament, or to any provision of an existing law with
respect to one of the matters enumerated in the Concurrent List:
The law made by Parliament shall prevail and the law made by the Legislature of
the State shall, to the extent of the repugnancy, be void.
10. Article 246A - Power to impose GST
[New Provisions]
10
Petroleum crude, High Speed Diesel, Motor Spirit (commonly known as petrol), Natural Gas
and Aviation Turbine Fuel
Notwithstanding anything contained in articles 246 and 254, Parliament, and, subject to
clause (2), the Legislature of every State, have power to make laws with respect to goods
and services tax imposed by the Union or by such state
246A(1)
246A(2)
Parliament has exclusive power to make laws with respect to goods and services tax where
the supply of goods, or of services, or both takes place in the course of inter-State trade or
commerce.
In respect of goods and services tax referred to in clause (5) of article 279A, Article 246A
will take effect from the date recommended by the Goods and Services Tax Council.’
Explanation
Goods under
279A(5)
11. Constitution (101st Amendment) Act, 2017
“Goods and services tax” means any tax on supply of
goods, or services or both except taxes on the supply of the
alcoholic liquor for human consumption
366(12A)
Definition of GST
12. GST – Other Changes in Definition
12
Sl No Definition Article Definition
1. Service 366 (26A) Anything other than goods
2. State 366 (26B) With reference to articles 246A, 268, 269, 269A and
article 279A includes a Union territory with
Legislature.
3. Goods 366 (12) includes all materials, commodities, and articles
[Definition Already Present prior to 101 Constitutional
amendment]
13. Levy and collection of GST in course of inter-State trade or
commerce – Article 269A
GST shall be levied and collected by the Central Government and such tax shall be
apportioned between the Union and the States in the manner as may be provided
by Parliament by law on the recommendations of GST Council.
Supply of goods, or of services, or both in the course of import into the territory of
India shall be deemed to be supply in the course of inter-State trade or commerce
Parliament will formulate the principles for determining the place of supply, and
when a supply takes place in the course of inter-State trade or commerce.
13
14. Article 269A – When GST collected will not form part of
Consolidated Fund of India?
14
• The amount apportioned to a State from the tax collected on supplies in the course of
inter-state trade or commerce
• Where an amount collected as tax levied in the course of inter-state trade or
commerce has been used for payment of the tax levied by a State under article 246A.
In other words, where IGST is used for payment of SGST.
• Where an amount collected as tax levied by a State under article 246A has been used
for payment of the tax levied under clause inter-state trade or commerce. When SGST
is used for payment of IGST.
These clauses will ensure that no separate appropriation will be required from the
Parliament to disburse money to the states.
15. GST Council – Article 279A
Article 279A provides for constituting a council called the Goods and Services Tax
council within 60 days from date of commencement of 101st Constitution
Amendment Act, 2016.
Members are as follows :-
(a) Union Finance Minister as Chairperson;
(b) Union Minister of State in charge of Revenue or Finance;
(c) Minister in charge of Finance or Taxation or any other Minister nominated by
each State Government.
(d) Vice Chairperson to be chosen among the members.
15
16. GST Council – Recommendations
GST Council can make recommendations on the following:
Taxes, cesses and surcharges that may be subsumed;
Goods and services that may be subjected to or exempted from GST;
Model Goods and Services Tax Laws, principles of levy, apportionment of Goods and
Services Tax levied under Article 269A and the principles that govern the place of supply;
Threshold limit of turnover below which goods and services may be exempted;
Rates, floor rates, band, special rates;
Special provision with respect to the States of Arunachal Pradesh, Assam, Jammu and
Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh
and Uttarakhand
Date on which GST be levied on petroleum crude, HSD, Petrol, natural gas and ATF and
Any other matter relating to the goods and services tax, as the Council may decide.
16
17. GST Council Meetings
17
Weightage of votes:
Central Government – 1/3rd of the total votes cast, and
State Governments – 2/3rd of the total votes cast.
Other important roles of GST Council:
The GST Council to be guided by the need for a
harmonised structure of goods and services tax and for
the development of a harmonised national market for
goods and services.
GST Council to devise mechanisms to adjudicate
disputes arising between the Centre and States.
Quorum:
One-half of the total number
of Members of the Goods and
Services Tax Council.
All decisions by a majority of
not less than three-fourths of
the weighted votes of the
members present and voting
18. Article 286 – Restrictions on the States to impose tax
Prior to amendment, the clause restricted the states to impose taxes on sale or
purchase of goods.
Now it has been amended to provide that the state shall not impose any tax on the
supply of the goods or services or both, where such supply takes place:
a. Outside the State
b. in the course of the import of the goods into, or export of the goods out
of, the territory of India
Further, the Parliament will formulate the principals for determining when a supply
constitutes a supply as mentioned in the point above.
Marginal Note to the Section has not been amended. It still reads “Restrictions as
to imposition of tax on the sale or purchase of goods”
18
19. Timeline - GST Enactments
After receiving presidential assent on 12th April, 2017 the following enactments came
into force with effect from 1st July, 2017
The Central Goods and Services Tax Act, 2017
The Integrated Goods and Services Tax Act, 2017
The Union Territory Goods and Services Tax Act, 2017
The Goods and Services Tax (Compensation to States) Act, 2017
19
20. Levy and Collection
20
• Services
• Goods
• Goods and services
1: Subject
• Included
• Implied
• Excluded
2: Supply
• Specified for goods
• Specified for services
4: Time
• Inter-State
• Intra-State
3: Place
21. Concept of ITC
“Input tax" means IGST (including
that on import of goods), CGST,
SGST and UTGST;
Charged on any supply of goods or
services
System for a seamless flow of credit
Extends to inter-State supplies
Credit utilization would be as shown
in the table
24. ITC in case of Capital Goods
24
Depreciation claimed on Tax component of the cost of
capital goods under IT Act
Example:
Cost of asset = Rs. 100
Tax-10%(say) = Rs. 10
Total Cost Rs. 110
ITC not Available
If Depreciation charged on
Rs.100
ITC Available
If Depreciation charged on
Rs.110
ITC not Available
“capital goods” means the goods, the value of which is capitalized in the books of accounts of the person
claiming the credit and which are used of intended to be used in the course or furtherance of the business
25. Sec-22 : Person Liable for Registration
Aggregate turnover > Rs20 Lakhs
Special Category States, Aggregate turnover > Rs10 Lakhs
What is Aggregate turnover?
Taxable Supplies + Exempt Supplies + Exports + Inter State Supplies
Taxable supplies does not include Alcoholic Liquor for human consumption
Will it include turnover on which tax needs to be paid under reverse charge?
Specific exclusion of inward supplies liable under reverse charge basis
25
26. Sec-22 : Person Liable for Registration
Registration is required in the State from which he makes taxable supply.
GST is destination based tax, tax goes to the “destination” State but registration is
in the “Origin State”.
Person registered / licensed under erstwhile law on day immediately preceding the
appointed date.
Transfer of Business –Transferee to obtain registration in case of
• Sale
• Succession
• Amalgamation or De-merger
26
27. Said process applicable to Inter-state, Voluntary,
Casual, Reverse Charge, ISD, Agents, E-com
Registration Certificate is Issued in Form GST Reg-06
• Form GST
Reg-01
• Part A (PAN, e-
Mail, Mobile
Verification)
• Part B (Other
details)
• Ack. Form
GSTReg-02
• Submit the
relevant docs
Application
Verification
• Approval within 3
working days
• If satisfactory
clarifications received–
approval shall be given in
next 7 days
• If clarifications not
satisfactory- intimate the
rejection in Form GST
REG-05
• Deemed registration--No
action taken within 3/7
working days
Approval
/Rejection
17 days
Process
Registration Process
Initial verification
within 3 working
days
Clarifications/inf
o required –
Form GST Reg-03
Applicant furnish
clarifications in
Form GST Reg-04
within next 7
working day
27
28. Rule-10 : Registration Certificate
28
Certificate in Form GST REG-06 with GSTIN of 15 digit on GST
portal
00AAAAA0000A000
State
Code
PAN Number
Entity
Code
Check
sum
29. Tax Invoice – Sec 31
29
a) Revised invoices may be issued against the invoice already issued during the period starting from the
effective date of registration till the date of issuance of certificate of registration within one month from
date of issuance of certificate of registration.
b) No invoice required if value of goods or services or both < Rs. 200
c) Composition dealers and Person supplying exempted goods or services to issue a bill of supply instead of tax
invoice
Registered
taxable person
shall issue tax
invoice
Supply of
taxable
goods
Supply of
taxable
services
Before / at the time of :-
• Removal of goods for supply (supply involves
movement of goods)
• Delivery of goods/ making available to the recipient
(other cases)
Before / after provision of service but within
prescribed period
30. Credit / Debit Notes – Sec 34
30
Where Taxable
value and/or tax
Charged in Tax Invoice
> Amount Payable or
goods returned by
recipient or services
found deficient
Taxable
Person to
issue CREDIT
Note any time A Credit Note can be
declared in GST return
upto30th September
following end of FY of
supply or date of annual
return whichever is earlier
No Credit Note if incidence
of tax and interest on supply
has been passed to any
other person
Charged in Tax
Invoice < Amount
Payable
Taxable Person to
issue DEBIT Note
Registered taxable person issuing Debit / Credit notes to declare its details in the return for the month
during which such notes are issued / received or in the return for any subsequent month but not later than
September following the end of FY of supply, or the date of filing of the relevant annual return, whichever is
earlier, and the tax liability shall be adjusted in the manner specified in this Act.
31. E-Way Bill
E-way bill is a document required by a person in charge of the conveyance carrying
any consignment of goods of value exceeding fifty thousand rupees as mandated
by the Government in terms of Section 68 of the Goods and Services Tax Act read
with Rule 138 of the rules framed thereunder.
It is generated from the GST Common Portal for E-Way bill system by the registered
persons or transporters who cause movement of goods before commencement of
such movement.
32. Who can Register and use e-way bill Portal
Who can
Register
Registered
Dealer
Citizen /
Unregistered
Dealer
Transporter
Registered
under GST
Unregistered
32
34. Accounts and Records
Requirement for maintenance of records under Section 35 and Rule 56:
Every registered person will be required to maintain the following records at his
principal place of business and at each additional place of business, regarding:
Production/Manufacture of goods (production accounts showing raw materials
or services used in the manufacture and the waste and by products of
manufactured goods)
Inward and outward supply of goods of services or both (including concerned tax
documentation such as invoices, DC, bill of supply etc.)
Stock of goods (Balance of stock including raw materials, FG, scrap and goods
lost, stolen, destroyed and written off or disposed off as gift or free sample
34
35. Requirement for maintenance of records under Section 35 and Rule 56:
Input Tax Credit availed and Output tax payable and paid. (along with register of
tax invoice, credit notes, debit notes, delivery challan issued or received.)
Separate account of advances received, paid and adjustments made thereto.
Names and addresses of the suppliers from whom supplies have been received
and recipients to whom supplies have been made.
The complete address of all the premises where goods are stored by a registered
person
35
Accounts and Records Contd…
36. Accounts and Records Contd…
Requirement for maintenance of records under Section 35 and Rule 56:
Records may also be maintained in electronic form authenticated by digital
signature. Proper backup of the electronic record must be maintained and the
same are to be produced on demand
Entries in records to not be erased, effaced or overwritten, and all incorrect
entries shall be scored out and attested. In case of electronic records, a log of
edited and deleted entries to be maintained.
Each volume of books of account maintained manually to be serially numbered.
Annual audit by a Chartered Accountant or a Cost Accountant if turnover
exceeds 1 crore during the financial year.
36
37. Period of retention
Every registered person required to maintain records for 72 months from the due
date of furnishing of annual return for the year pertaining to such accounts and
records.
In case of proceedings or investigation, the registered person to retain records for a
period of one year after final disposal of such proceedings or investigation or 72
months from the due date for filing annual return pertaining to such records,
whichever is later.
In case such records are maintained manually, to be kept at every related place of
business of the registered person for the above period. In case such records are
maintained digitally, they are to be accessible at every related place of business for
the above period.
Accounts and Records Contd…
38. Penal provisions
Section 35 (6) - If a registered person fails to account for goods and services as
specified under Section 35, the said unaccounted goods or services will be treated
as supplied by the said registered person and tax will be recoverable along with
interest.
Rule 56 (6) - The complete addresses of all the premises where goods are stored by
a registered person are to be disclosed. If any taxable goods are found to be stored
at any place(s) other than the premises disclosed in the records by the registered
person, without the cover of any valid documents, tax shall be payable (along with
interest) on such goods as if such goods have been supplied by the registered
person.
38
39. GST Network (GSTN)
Initially incorporated as a Private Limited Company in 2013 with 49% stake of the
Central and State Governments
Now notified as a fully-owned Government Company registered under the
Companies Act, 2013 with 50% equity of the Central Government and the balance
50% by various States and Union Territories (notified in March 2019 but yet to take
effect)
The Company has been set up primarily to provide IT infrastructure and services to
the Central and State Governments, tax payers and other stakeholders for
implementation of the Goods and Services Tax (GST)
39