A Theoretical Study on Goods & Service Tax which will include most points of GST

1. Project
Subject: Impact of GST (Goods & Service Tax) in Large scale and small-scale industry.
Project done and Submitted by: -
1. Krutarth Tharnariwala (2019)
2. Samit Shah (2032)
Faculty Supervisor:Mrs. Devanshi Dave
Stream: MSW
(Batch: 2016 – 2018)
Submitted to: Department of social work
S.P. University
Vallabh Vidhyanagar
Mrs. Devanshi Dave(Supervisor)

2. I N D E X
Sr.no Particular Page
no.
1 What is GST 01
2 WhyGST 01
3 Conceptof DestinationBase Tax 01
4 Current tax structure 01
5 Which tax will merge into GST 02
6 which tax will not merge intoGST 02
7 How Duel GST will work 03
8 Structure of Duel GST 03
9 State GST 03
10 Central GST 03
11 InstigatedGST 04
12 Instigatedstate supply structure (Current) 04
13 Instigatedstate supply structure (AfterGST) 04
14 Current Goodsand Service Import Supply structure 05
15 After GSTGoods and Service Import Supplystructure 05
16 Example of GST 06
17 Conceptof supply ofservices after GST 07
18 Chart ofTax credit 08
19 Example of tax credit 09
20 BillingSystemin large scale and small-scale industryafterGST 10
21 Sample of Liabilityledger 11
22 Sample of Creditledger 12
23 Structure of registrationin GST 13
24 Limit of organization 13
25 Regular dealer 14
26 Aggregate Turnoverexceeds1cr. 14
27 Composite tax payer 15
28 Foreignnon-residettaxpayer 15
29 Impute service distributor 15
30 Tax deduction 15
31 E-commerce 16
32 Final Return 16
33 Chart of Return 16
34 What is GSP, ASP & TRP 17

3.  What is GST
 GST meansGoods and Service tax
 It’sa bigreformof tax inIndia
 Approximately11indirecttaxeshasmergedinGST
 Destinationbasedtax :the effectof thistax will see inconsumer
 Device control mechanism(Central &State)
 Why GST
 There issome restrictiononcurrenttaxation:
 Dual tax system
 Cascadingeffect
 Immediatelytransection
 Lack of one aspectamong states
 Controversybetweengoodsandservices
 Concept of Destination Base Tax
 Conceptionbasedtax
 Where the consumptionwill be done thatstateswillcollectthe tax
 Blessforoxy’sdeveloperstate
 Exportno tax
Current tax structure

4.  Whichtax will merge into GST
Central Tax State Tax
a. Central Excise Duty 1. State Vat
b. Dutiesof Excise
*Medicinal & Toilet preparation
2. Central salestax
3. Taxeson advertisement
c. Additional dutiesof excise
*Goodsof special importance
*Textiles& textile product
4. Taxeson lotteries,betting& gambling
5. Entertainment& amusementtax
d. Additional dutiesof customers(CVD) 6. State surcharges & cess
e. Special additional duty of customers
(SAD)
7. Entry tax
(All forms)
f. Service Tax 8. LuxuriousTax
g. Central surcharges & cesses 9. Purchase Tax
 which tax will not merge into GST
i. Basic customduty
ii. Stampduty
iii. Propertytax
iv. Electricityduty
v. Road tax
vi. Toll tax
vii. Exportduty
viii. Professionaltax
ix. Taxeson Alcohol

5.  How Duel GST will work
 CGST & SGST will considertogether
 CGST= Central GST (Central,Governmentwill collectthe tax)
 SGST= State GST (State governmentwill collectthe tax)
 Structure of Duel GST
SUPPLY TAX
Intra state supply CGST
SGST
Inter state supply IGST
Import BCD
IGST (Inplace of CVD & SAD)
Export Zero rated
 State GST
 VAT,Entertainmenttax,Luxurioustax
 lotteries,betting&gambling
 State cess & Charges
 Entry tax
 Octroy,LBDetc….
 Central GST
 Excise duty
 Additional Exciseduty
 Service tax
 Additional customduty

6.  IntegratedGST
 IGST is an ImportantthinkisDestinationbase Tax
 IGST is a tax which Central governmentwilltake.
 Everyinterstate transportIGST will be effected
 IGST = CGST + SGST
 Instigatedstate supply structure (Current)
 Instigatedstate supply structure (afterGST)

7.  Current Goodsand Service Import Supply structure
 After GSTGoods and Service Import Supplystructure

8.  Example of GST

9.  Conceptof supply ofservicesafter GST
1.Time to time billingsystem
 Date of bill
 Date of paying
 Date of Book Record
2.ContinousSupply Service
 Date of Payment
 Date of Bill
 Date of PaymentReceive
 Date of Complisionof Services
3.Reverse charge basis service receiver
 Date of Service receiver
 Date of bill receiver
 Date of bookrecord
 Date of Payment
4.Below Contract Services
 Date of Completingof services

10.  Chart of Import Tax credit

11.  Example of tax credit

12.  BillingSystemin large scale and small-scale industryafterGST

13.  Sample of Liabilityledger

14.  Sample of Creditledger

15.  Structure of registrationin GST
 15 digitregistrationnumber
 1st
& 2nd
digitshowsstate code
 3rd
to 12th
digitwill be PAN (PermanentAccountNumber)
 13th
digitwill indicate the rankof state
 Presently 14th
digitiskeptblankas extradigitwhichwill indicatedasalphabet“Z”
 15th
digitwill be checksum
*Example:
State PAN no. Entry Blank Check
2 4 A A D F R 7 1 5 6 H 1 Z 5
 Limit of organization
Region
Aggregate Turnover
Liability to
Register
Liability for
Payment of Tax
North East India Rs.9 Lakhs Rs.10 Lakhs
Rest of India Rs.19 Lakhs Rs.20 Lakhs

16.  Regular dealer– Slide-1
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1
Monthly 10th of succeeding month Outward Supply
Form
GSTR – 1
Monthly On 11thof succeeding month
A Person who receive supply
A information about populated inward supply from
GSTR-1 by supplier
Form
GSTR – 1
Monthly 15th of succeeding month
The correction of inward supply from form GSTR-2A
will be shown here
Form
GSTR – 1
Monthly 20th of succeeding month
The Additional, correctional, deleted information of
outward supply will be given to supplier
by supply receiver
 Regular dealer– Slide-2
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1
Monthly
20th of succeeding month On the basis of outward supply & inward supply
Return+Tax=Payment
Form
GSTR – 1 Monthly 31st December of next FISCAL From Annual Return - Receivable ITC & Paymented
GST Information

17.  Aggregate Turnover exceeds1 cr.
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1
Monthly
Annul,31st December of next
FISCAL
Reconciliation Statement
(Annually Audit Account & one reconciliation Statement)
 Composite tax payer
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1 Monthly 18th of succeeding month
Outward Supply
(Includes auto populated details from GSTR-1)
 Foreignnon-residenttaxpayer
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1 Monthly
20thof succeeding month / 7days
after the expiry of Registration
The Information about Imports, Outward Supply,
Receivable ITC, Payment of tax & closing inventories)
Impute service distributor
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1
Monthly 13thof succeeding month
Given Information About Input Credit
(Includes Auto Populated from GSTR-1)

18.  Tax deduction
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1 Monthly 10th of succeeding month Information About Deducted TDS
Form
GSTR – 1
Monthly TDS certificate to be made
available for download
TDS Certificate
 E-Commerce
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1 Monthly 10th of succeeding month
To give information about collected tax and supplied
by E-commerce operator
 Final Return
Form Type Frequency Due Date Detail to be furnished
Form
GSTR – 1
Monthly
Within 3 months of cancellation
of registration To give information about Input & Capital goods ,
paymented and reserve payment

19.  Chart ofReturn

20.  What is GSP, ASP & TRP
 GSP – GST Service Provider
 ASP – ApplicationService Provider
 TRP – Tax Return Preparer

22. Thank you …