GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
GST is a vast subject. Some feel that the goods rates have increased whereas some feel its reduced & some are confused thinking that how are they benefited from the implementation of GST
1. presentation on input tax credit under gstNarayan Lodha
GST, Goods And Service Tax, Basic Concept and Principals of Input Credit under GST, Availability of ITC in Special cases, ITC- Input Service Distributor, Electronic Cash Ledger, Electronic Credit Ledger, Refund of Tax under GST
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
One of the fundamental features of GST is the seamless flow of input credit across the chain and across the country for supply of Goods or Services. Know more about ITC under GST at https://cleartax.in/s/gst-input-tax-credit/
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
EWAY Bill a complete guide by GSTSEVA.COM
This slides specifically prepared for logistics, transport, registered users under gst and students to understand eway bill concept in GST with examples.
Thanks
Team www.gstseva.com
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
GST is nothing but a value added tax on goods & services combined. It is the provisions of Input Tax Credit that make GST a value added tax i.e collection of tax at all points after allowing credit for the inputs
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
EWAY Bill a complete guide by GSTSEVA.COM
This slides specifically prepared for logistics, transport, registered users under gst and students to understand eway bill concept in GST with examples.
Thanks
Team www.gstseva.com
Goods and Services Tax - Input Tax Credit Eligibility
Basic Provisions. How can a taxpayer claim ITC what are the conditions and restrictions for claiming ITC under GST.
GST returns types, applicability of returns with due date to different assessees, CGST, IGST, SGST, Returns for regular Dealer, Composition Dealer, Annual return,Monthly return, Quarterly Return
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.
GST REGISTRATION
Pre 1st July 2017, a manufacturer, trader, retailer or any other business was filing returns in respect of various compliances – Excise, VAT, Service Tax, Sales Tax, Income Tax etc. with separate returns for each of them. A continuous process of filing returns – monthly, quarterly, half-yearly and yearly existed and businesses were kept occupied throughout the year by filing one or the other return.
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.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
"Filing of Returns"
Filing of Gst Returns helps in determination of Tax liability of the return filer and at the same time it also has a huge Bearing on Determination of tax liability of other persons with whom the former has entered into taxable Activities.
Chapter ix of the CGST Act [section 37 to 48] prescribes the provisions relating to filing of returns.
Follow steps shown in the ppt....
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Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
1. Compiled By –
Surabhi Bansal | Executive | Indirect Tax Vertical
Asija & Associates LLP | Chartered Accountants
gst@asija.in
Chapter IX of CGST Act
Read with CGST Rules,2017 & Notifications prescribed
2. Who is required to file PERIODIC Return and what are its due dates?
As per Section 39 of GST Law following Returns are required to be filled by the Following
Person on following dates:
PERIODIC RETURN
gst@asija.inGST Wing | Asija & Associates LLP
Registered person Returns / Statements Filing Due Date (Within)
Every registered person, other
than listed below
FORM GSTR-3 20 Days after the end of
Month
Composition Supplier FORM GSTR-4 18 Days after the end of
Quarter
Non-Resident Taxable Person FORM GSTR-5 With 7th Days from the last
day of registration
Person providing OIDAR
services
FORM GSTR-5A 20 Days after the end of
Month
3. PERIODIC RETURN
gst@asija.inGST Wing | Asija & Associates LLP
Registered person Returns / Statements Filing Due Date (Within)
Note :-
Every registered person who is required to File, either GSTR-3 or GSRT -4
shall furnish a return for Every tax period
whether or not any supplies of goods or services or both have been made
during such tax period. Thus NIL Return has to be filed.
Input Service Distributor FORM GSTR-6 13 Days after the end of
Month
Person Deducting Tax (GST) at
Source
FORM GSTR-7 10 Days after the end of
Month
E-commerce Operator-
Collecting Tax (GST) at Source
FORM GSTR-8 10 Days after the end of
Month
Person having Unique
Identification Number
FORM GSTR-11 At the end of Quarter
4. Who is required to file Annual Return and in which form?
Form GSTR-9 - every registered person, other than listed below:
Input service distributor
By person deducting tax (GST) at source
Casual taxable person
Non-resident taxable person
FORM GSTR-9A – by supplier of goods covered under composition levy
FORM GSTR-9B - E-commerce operator- collecting tax (GST) at source
What is its Due Date ?
Annual return is to filed before 31st December of the next Financial Year.
Audited Accounts to be Furnished with Annual Return
Any person whose aggregate turnover exceeds ` 2 crores shall get his accounts
audited by a chartered accountant/cost accountant and
Shall furnish a copy of audited annual accounts and a reconciliation statement,
duly certified in Form GSTR-9C electronically.
ANNUAL RETURN
gst@asija.inGST Wing | Asija & Associates LLP
5. FIRST RETURN AND FINAL RETURN
FIRST RETURN?
Every registered person who has made outward supplies
In the period between the date on which he become liable to registration till the date
on which registration has been granted
Shall declare the same in the First Return furnished by him after grant of
registration.
FINAL RETURN?
Person who is required to file monthly return in Form GSTR-3
Shall file a Final Return
If its Registration is cancelled by the GST Officer,
The said Final Return shall be filed in FORM GSTR-10 electronically.
within 3 months of the date of cancellation or date of order of cancellation,
whichever is later
gst@asija.inGST Wing | Asija & Associates LLP
6. What do we have to Report in the Monthly Return - GSTR-3 ?
Every registered person shall furnish Monthly electronically return containing
information of :-
Outward & Inward supplies of goods or services or both,
Input Tax Credit availed,
Tax Payable & Tax paid
Part A of the return shall be electronically generated (Automatically) on the basis of
information furnished through Outward and Inward Supply, filed through FORM
GSTR-1 & FORM GSTR-2 and based on other liabilities of preceding tax periods.
MONTHLY RETURN- GSTR - 3
gst@asija.inGST Wing | Asija & Associates LLP
GSTR-1
Outward
Supply
GSTR-2
Inward
Supply
GSTR-3
Monthly
Return
(Part A)
7. Part A of the Monthly Return shall
contain details of: -
Total Turnover
Outward Supplies and
Inward supplies attracting Reverse
Charge
Input Tax Credit
Amount of output Tax for mismatch
Total Tax liability
Credit of TDS and TCS
Interest liability and Late fee
MONTHLY RETURN- GSTR - 3
gst@asija.inGST Wing | Asija & Associates LLP
Part B of the Monthly Return shall
contain details of: -
Tax Payable and paid
Interest, Late Fee and any other
amount (other than tax) payable
and paid
Refund claimed from Electronic
cash ledger
Debit entries in electronic
cash/Credit ledger for tax/interest
payment
8. What is GSTR-1?
Every registered person shall furnish the details of Outward supply of goods/ services
made in a particular tax period in FORM GSTR-1 electronically.
It shall be e-filed on or before 10th day of the succeeding month
The said return cannot be filed between 11th day to 15th day of the succeeding month.
Details to be furnished in FORM GSTR-1 include:
Invoice wise details of all-
Inter-state and intra-state supplies made to registered persons.
Inter-state supplies made to unregistered persons more than ` 2.5 lacs.
Consolidated details of all –
Intra-state supplies made to unregistered persons for each rate of tax;
State wise inter-state supplies made to unregistered persons for each rate of tax upto
` 2.5 lacs.
Advance received
For which invoice has not been issued in the current tax period
In earlier tax period and adjusted against the supplies shown in this return
gst@asija.inGST Wing | Asija & Associates LLP
FORM GSTR-1- Outward Supplies of Goods or Services
9. Details to be furnished in FORM GSTR-1 include:
Debit or credit notes issued, if any, during a month for invoices issued previously.
HSN – Wise summary of outward supply
Documents issued during the Tax Period, documents being:-
Invoice
Debit / Credit Note
Vouchers
Delivery Challans
The details of outward supplies furnished by the supplier shall be,
Made available to the concerned registered person (recipient)
Through the GST Portal, after the due date of filing of Form GSTR-1,
In Part A of Form GSTR – 2A
gst@asija.inGST Wing | Asija & Associates LLP
FORM GSTR-1- Outward Supplies of Goods or Services
10. gst@asija.inGST Wing | Asija & Associates LLP
What is GSTR – 2A:-
It is an automatic generated Form
Containing details of inward supplies of taxable goods or service
Made to a registered person by another registered person.
It is populated on the basis of information furnished by the suppliers through their
Form GSTR – 1
Shall be available on GST Portal
The said Form shall be used for making Form GSTR-2, which is required to be filed by a
registered person
Details Contained in Form GSTR-2A:-
Part A - Inward supplies received from
From Registered person other than supplies attracting RCM
From a registered person on which tax is to be paid on RCM
Debit / Credit Notes received during the current tax period
Part B – ISD (Input Service Distributor) Credit received
Part C- TDS & TCS Credit Received
GSTR-2A
11. gst@asija.inGST Wing | Asija & Associates LLP
Recipient of GSTR-2A shall:-
Verify, Validate, Modify or Delete, if required
The details relating to outward supplies and credit or debit notes communicated
by supplier through his return (GSRT-1)
To prepare the details of his inward supplies and credit or debit notes and
May include therein, the details of inward supplies and credit or debit notes
received by him,
In respect of such supplies that have not been declared by the supplier under
through his return (GSRT-1)
GSTR-2A
12. What is GSTR-2?
Every registered person* shall furnish the details of Inward supply of :-
Taxable goods/ services, (shall be created automatically from Form GSTR-2A)
Goods or Service on which tax is payable on Reverse Charge.
made in a particular tax period in FORM GSTR-2 electronically.
It shall be e-filed after the 10th day but on or before 15th day of the succeeding
month.
Details furnished in Form GSTR-2 shall include:
Invoice wise details of all:-
Inter-state and intra-state supplies of taxable goods or service received from
registered persons or unregistered persons;
Import of goods and services made;
Debit/credit notes, if any, received from supplier.
(All of the above information will be Auto filled by Form GSTR-2A)
gst@asija.inGST Wing | Asija & Associates LLP
FORM GSTR-2 - Inward Supplies of Goods or Services
13. Details furnished in Form GSTR-2 shall include:
The inward supplies in respect of which he is not eligible for ITC either fully or
partially, where such eligibility can be defined.
The quantum of ineligible ITC on inward supplies which is relatable to non-taxable
supplies or for other than business purposes and cannot be determined.
Supplies Received from composition taxable person other than Exempt / Nil Rated / Non
GST supplies received.
ISD (Input Service Distributor) Credit received (Will be Auto filled by Form GSTR-2A).
TDS & TCS Credit Received (Will be Auto filled by Form GSTR-2A).
Consolidated Statement of Advances paid / Advance adjusted on account of receipt of
supply.
Input Tax Credit Reversal / Reclaim
Reversal of ITC on account of Non payment to supplier within 180 days of supply
Addition & reduction of amount in output tax for mismatch and other reasons
gst@asija.inGST Wing | Asija & Associates LLP
FORM GSTR-2 - Inward Supplies of Goods or Services
14. Details of supplies modified, deleted or included by the recipient and furnished through
Form GSTR-2 shall be communicated to the supplier concerned through Form GSTR-
1A
gst@asija.inGST Wing | Asija & Associates LLP
FORM GSTR-2 - Inward Supplies of Goods or Services
FORM GSTR-1A
What is GSRT-1A ?
The details of supplies added, corrected or deleted by the recipient in his form GSTR-2
shall be auto-populated in form GSTR-1A and shall be made available to the supplier.
On receipt of GSTR-1A Such supplier may
Either accept or reject the modifications made by the recipient
On or before 17th day, but not before 15th day, of the month in which Form GSTR-
1 was furnished by the supplier,
Thereafter, the information furnished in Form GSTR-1 shall stand amended
accordingly.
15. Day 0-10
GSTR-1: Details of outward
supply.
Day 11
GSTR-2A: Auto-populated
Inward supply to Recipient
Day 11-15
GSTR-2: To be modified by
the recipient
Day 16
GSTR-1A: Modified details
made available to supplier.
Day 16-17
Supplier to accept or reject
the modifications
& GSTR-1 gets amended.
Day 18-20
Calculate tax liability & pay
then file GSTR-3
RETURN FILING- PROCESS
gst@asija.inGST Wing | Asija & Associates LLP
16. Claim of Input Tax Credit and Provisional Acceptance thereof ITC?
Every registered person shall, be entitled to take :-
The credit of eligible input tax, as self-assessed, in his return and
Such amount shall be credited on a Provisional Basis to his Electronic Credit Ledger
The said Provisional credit of input tax shall be utilized only for payment of self
assessed output tax as per the return furnished in Form GSTR-3
The detail of every Inward supply furnished for a Tax Period in Form GSTR-3 shall be
Matched :
with the Corresponding details of outward supply furnished by the corresponding
registered person. (Supplier)
IGST paid on goods imported by him.
For Duplication of claims of input tax credit
Matching Concept – INPUT TAX CREDIT
gst@asija.inGST Wing | Asija & Associates LLP
17. The details of ITC IF MATCHED, shall be finally accepted and such acceptance shall be
communicated in Form GST MIS-1 to the recipient.
Thus Provisional Credit becomes final Credit of ITC in the Electronic Credit Ledger
If the Input Tax Credit claimed by a recipient in respect of an inward supply is:-
In excess of the tax declared by the supplier for the same supply or
The outward supply is not declared by the supplier in his valid returns,
The duplication of claims of ITC by the Recipient,
The said discrepancy shall be communicated, through the GST postal on or before the
last day of the month in which the matching has been carried out, to :-
To the Recipient in e-Form GST MIS-1 and
To the Supplier in e-Form GST MIS-2
The supplier / recipient, shall do a suitable rectifications in the statement of outward
supplies (GSTR-1) to be furnished for the month in which the discrepancy is reported.
Matching Concept – INPUT TAX CREDIT
gst@asija.inGST Wing | Asija & Associates LLP
18. Where the discrepancy is not rectified, an amount to the extent of discrepancy shall
be added to the output tax liability of the recipient in his return to be furnished in
FORM GSTR-3 for the month succeeding the month in which the discrepancy is made
available.
A recipient in whose output tax liability, amount has been added shall be liable to pay
interest at the rate of 18% from the date of availing of credit till the corresponding
additions are made.
The recipient shall be eligible to reduce from his output tax liability, the amount added
earlier to his output tax liability, if the supplier declares the details of the invoice or
debit note in his valid return which shall be communicated electronically to the
recipient making such claim in Form GST MIS-1.
Note:
The person who receives goods/services is termed as “recipient” whereas the person
who supplies goods or services is termed as “supplier”.
gst@asija.inGST Wing | Asija & Associates LLP
Matching Concept – INPUT TAX CREDIT
19. Matching and Claim of reduction in Output Tax Liability?
The detail of every Credit Note relating to Outward supply furnished for a Tax Period in
Form GSTR-3 shall be Matched :
With the Corresponding reduction in claim of for Input Tax Credit by the
corresponding recipient for the same or subsequent tax period.
For Duplication of claims for reduction in Output Tax Liability.
If the claim for reduction of output tax liability by the supplier matches with the
corresponding reduction of ITC by the recipient, then the same shall be communicated in
Form GST MIS-1 to the supplier.
If the reduction of output tax liability by the supplier in respect of an outward supply is:-
In excess of the reduction in Input Tax Credit by the recipient for the same supply or
The corresponding Credit Note is not declared by the recipient in his valid returns,
The duplication of claims for reduction in output tax liability by the supplier.
gst@asija.inGST Wing | Asija & Associates LLP
Matching Concept – OUTPUT TAX LIABILITY
20. The said discrepancy shall be communicated, through the GST postal on or before the
last day of the month in which the matching has been carried out, to :-
To the Recipient in e-Form GST MIS-1 and
To the Supplier in e-Form GST MIS-2
The supplier / recipient, shall do a suitable rectifications in the statement of outward
supplies (GSTR-1) to be furnished for the month in which the discrepancy is reported.
Where the discrepancy is not rectified, an amount to the extent of discrepancy shall be
added to the output tax liability of the supplier.
A supplier in whose output tax liability, amount has been added shall be liable to pay
interest at the rate of 18% from the date of such claim for reduction in output tax
liability till the corresponding additions are made.
The supplier shall be eligible to reduce from his output tax liability, the amount added
earlier to his output tax liability, if the recipient declares the details of the credit note in
his valid return which shall be communicated electronically to the supplier making
such claim in Form GST MIS-1.
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Matching Concept – OUTPUT TAX LIABILITY
21. If any error or omission occurs in a return, can we file a Revised Return?
No, under GST Law, return can not be Revised but can be the error can be Rectified
in return of subsequent month in which such error was noticed
But, no rectification of error or omission shall be allowed,
After furnishing of the return month of September following the end of the
financial year, OR,
Furnishing of the relevant annual return, whichever is earlier.
Return Filing- Rectification
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Refund of Interest paid on reclaim of reversals Due to Mismatch: -
Where any reduction in Output Tax Liability has been accepted, on account of
Mismatch, the Interest paid @ 18% shall be refunded to the recipient or supplier as
the case maybe:
It shall be claimed by the registered person in his return in FORM GSTR-3, and
Credited to his electronic credit ledger in FORM GST PMT-05,
Amount credited shall be available for payment of any future liability towards
interest; or he May claim its Refund.
22. What if a person fails to file his return on or before Due date?
If a person fails to file his return,
A notice shall be issued in FORM GSTR-3A
Requiring him to furnish such return within 15 days.
What shall be the penalty of not filing of return within due date?
Where, any person who fails to furnish a return of outward supplies/ inward supplies/
monthly return/ final return within due date,
He shall be liable to pay Late Fee of ₹100 per day during which such failure
continues, subject to a maximum of ₹ 5,000.
Where any person who fails to furnish annual return within due date,
He shall be liable to pay a Late Fee of ₹ 100 per day
Subject to a maximum of amount which shall be 0.25% of the total turnover in
state or union territory.
PENALTY FOR NON-FILING OF RETURN
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23. Do we have to file return as prescribed from the July 01,2017?
No, Government has provided relaxation in filing of monthly return (GSTR-3)
for the period of 2 months i.e. July and August.
Instead of filing monthly return in Form GSTR-3, every registered person can
file statement in Form GSTR-3B containing the information of all the inward
and outward supply of goods/services by :
20th August for the month of July.
20th September for the month of August.
RETURN FILING UNDER GST
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24. • The due dates of filing GSTR-1 and GSTR-2 for the month of July and August has
been changed through Notification No. 29/2017 – Central Tax dated 05/09/2017 to:
RETURN FILING UNDER GST
Month Return Revised Due Date
July GSTR-1 10/09/2017
July GSTR-2 25/09/2017
July GSTR-3 30/09/2017
August GSTR-1 05/10/2017
August GSTR-2 10/10/2017
August GSTR-3 15/10/2017
25. THANK YOU
FOR ANY QUERIES KINDLY CONTACT OUR GST TEAM :
ASIJA & ASSOCIATES LLP
CHARTERED ACCOUNTANTS
H.O. : 34/5 , GOKHALE MARG, LUCKNOW
PH. NO. : 0522-4004652,2205072
gst@asija.in
CA Rahul Mishra
Partner
(rahul.mishra@asija.in)
CA Amber Agrawal
Associate Director
(amber.agrawal@asija.in)
CA Ashish Kapoor
Partner
(ashish.kapoor@asija.in)
26. DISCLAIMER
This presentation has been prepared to provide a gist of the applicable law
pertaining to GST as issued till date. (06/09/2017)
For detailed insight and for better understanding of the various provision of the
law, the said presentation should be read along with related provision of CGST
Act, IGST Act, SGST Act & related CGST rules, 2017.
We shall not be responsible for any decision taken on the basis of the said
presentation, without obtaining our professional guidance or consultation on
the matter for which reliance was made on this presentation.”
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