GOODS & SERVICE TAX A Upcoming Project: www.enrollmyexperience.com 1. 2. 3. 4. 5. What is GST? Taxes to be sub-summed into CGST and SGST Meaning and Scope of Supply Levy and Collection of CGST/SGST and IGST Taxable person and exclusion thereof 1. Composition Scheme 6. Registration 7. Periodical Return including Annual Return 8. Payment of Tax, Interest, Penalty and other amounts 9. Tax Deduction at Source 10. Accounts and Other Records 11. Tax Invoice and Bill of Supply 12. Credit and Debit Note www.enrollmyexperience.com 13. Input Tax Credit 14. GST Broad impact on supply chain 15. Compliance requirement Transitions 16. GST Rate Chief Economic Advisor 17. GST- Impact on business 18. Impact of GST on export of Handicraft goods 19. GST Highlights
20. Refund 03 - 03 04 - 04 05 - 05 06 - 06 07 - 07 08 - 08 09 - 13 14 - 15 16 - 16 17 - 17 18 - 18 19 - 19 20 - 20 21 - 21 22 - 22 23 - 23 24 - 24 25 - 25 26 - 29 30 - 30 31 - 31 1. WHAT IS GST Goods and Service Tax is the Tax on Goods and services which is leviable at each point of sale or provision of service. Seller or service provider can claim the input credit of tax, on sale of goods or providing the services, which he has paid while purchasing the goods or procuring the services. GST avoids the cascading effect and the final consumer bear the burden of all tax.
Generally in such systems exports are zero rated and all the taxes paid while manufacturing and purchasing the goods and services are returned to the exporter to make the export more competitive. There are two types of GST, Unified or Single GST and Dual GST. In India, dual GST is expected to be proposed wherein Centre and State will be levying on the transactions of the value of Goods or Service. www.enrollmyexperience.com 2. TAXES TO BE SUB-SUMMED INTO CGST & SGST www.enrollmyexperience.com Taxes not subsummed 1. Export duty 2. Taxes on liquor and petroleum products 3. Environment tax 4. Stamp duty 5. Property tax 3. MEANING AND SCOPE OF SUPPLY (1) Supply Includes:(a) all forms of Supply of goods and/or services such as sale; transfer; barter; exchange; license; rental;
disposal or agreed to be made; for a consideration by a person in the course of furtherance of business, (b)www.enrollmyexperience.com importation of service, whether or not for a consideration and whether or not in the course or furtherance of business, (c) a supply specified in Schedule I, made or agreed to be made without a consideration. 4. LEVY AND COLLECTION OF CGST / SGST AND IGST CGST/SGST There shall be levied a tax called CGST/SGST; on all intra-state supplies of goods and/or Services at the rate specified in Schedule & Shall be paid by every taxable person. www.enrollmyexperience.com IGST There shall be levied a tax called IGST; on all inter-state supplies of goods and/or Services at the rate specified in Schedule & Shall be paid by every taxable person.
COMPOSITION LEVY 1. On the recommendation of the council the proper officer of central/state government , permit a registered taxable person , whose aggregate turnover in financial year does not exceed Rs 50 Lakhs , to pay, in lieu of the tax payable by him , an amount , calculate at such rate as may be prescribed, but not less than 1% of the turnover during the year. 2. 2.A person who intends to pay tax under this shall not collect any tax from the recipient on supplies , nor shall be entitled to any credit of input tax . NOTE; No permission to a person will be given to a person who effects any inter-state supplies. www.enrollmyexperience.com 5. TAXABLE PERSON AND EXCLUSION THEREOF Taxable Person Taxable person means a person who carry on any business at any place in India/state of. who register or required to be register under Schedule III of this act. www.enrollmyexperience.com Exclusion thereof The Following person shall be excluded
an agriculturist, a category of person who is required to be register under para 1 of Schedule III until his aggregate turnover in a financial year Rs.10 Lakhs/Rs.5 Lakhs (for NE States), any service provided from employee to his employer in the course of employment, a person engaged in supply of Goods and/or services that are not liable to tax under this act a person liable to pay tax U/s 7(3), receiving service for personal use of value not exceeding.. 6. LIABILITY FOR REGISTRATION REGISTRATION Every Person; Liable to be registered under Schedule 3 Apply for registration in every such states in which he is liable Within thirty days from the date on which he becomes liable to registration. Note: there is no need to apply fresh registration if the person has registered under the previous law. (Other than Input Service Distributor) www.enrollmyexperience.com Threshold limit for Registration The Threshold Limit For Registration is Fixed at
Rs 9 lakhs and for north eastern States Rs 4 lakhs. 6.1 General Provisions Regarding Registration 1. 2. 3. 4. 5. State wise PAN based 15 digits goods and service taxpayer identification number(GSTIN) I. First 2 digit state code II. Next 10 digit pan number III. 13th digit entity code IV. 14th digit for future use V. 15th digit will be for check digit Separate registration for each business verticals can be taken. Voluntary registration if done all the provisions of this act will apply. Pan necessary for registration Non resident taxable person may be granted registration on the basis of any other document. Any specialized agency of united nations organizations or any multilateral financial institutions and organizations notified under the united nations (privileges and immunities) act 1947 consulate or embassy of foreign countries and any other person or class of persons as may be notified by the board or commissioner shall obtain a unique identity number. www.enrollmyexperience.com www.enrollmyexperience.com
0 0 1 Check Digits A BCD E 1 234 5 State Code 1 9 Future Use STRUCTURE OF PROPOSED 15 DIGIT REGISTRATION NUMBER PAN Entity Code 6.2 Registration of Casual taxable person and non resident taxable person Every Casual and non-resident taxable person who occasionally undertakes transactions involving supply of goods and/or services whether as principle or agent in any other capacity but who has no fixed place of business in India shall get registered himself under GST Act. The certificate of registration to a casual taxable person or non resident taxable person shall be valid for a period of 90 (ninety) days from the effective date of registration.
Further extension of ninety days can be taken from the proper officer. Make an advance deposit of tax amount equivalent to the estimated tax liability of such person for the period for which extension is sought. Amount deposited credited to the electronic cash ledger of such person. www.enrollmyexperience.com 6.3 Amendment Of Registration Every registered taxable person; shall inform the proper officer of any changes in the information furnished at the time of registration or that furnished subsequently in the manner and within such period may be prescribed. approve or reject amendments in the registration particulars in the manner and within such period as may be prescribed the proper officer shall not reject request for amendment in the registration particulars with giving a notice to show cause and without giving the person a reasonable opportunity of being heard . any rejection or approval of amendments under the CGST/SGST act shall be deemed to be a rejection or approval of amendments under the SGST/CGST act. www.enrollmyexperience.com 6.4 Cancellation Of Registration www.enrollmyexperience.com 7. PERIODICAL RETURNS (Be ready for 36-49 returns per Year) GSTR NUMBER DESCRIPTION
DAYS IN WHICH RETURN HAS TO BE FILED GSTR 1 Furnishing details of outward supply 10th day of the month succeeding the tax period GSTR 2 Furnishing details of inward supplies 15th day of the month succeeding the tax period GSTR 3 Every registered taxable person for every calendar 20 days after such month month or part thereof furnish return of inward outward supplies of goods or services, input tax credit availed ,tax payable , etc. GSTR 4 Paying tax under section 8 furnish return for each 18 days after such quarter quarter GSTR 6 Every Input Service Distributor shall for every
calendar month or part thereof furnish this return GSTR 7 Every registered taxable person required to deduct Within 10 days after the end of such tax at source month GSTR 8 Annual Return www.enrollmyexperience.com 13 days after the end of such month 31th day of December following the end of such financial year. 7.1 Types Of Returns www.enrollmyexperience.com 8. PAYMENT OF TAX, INTEREST, PENALTY AND OTHER AMOUNTS Every taxable person shall pay tax on periodical basis within due date as prescribed by Internet Banking, credit/debit cards, NEFT or RTGS etc. All the payment shall be credited in Electronic Cash Ledger. Electronic Cash Ledger
www.enrollmyexperience.com Electronic Credit Ledger 9. TAX DEDUCTED AT SOURCE (TDS) The Central or a State Government may mandate :a) b) c) d) a department or establishment of the Central or State Government, or local authority, or governmental agencies, or such persons or category of persons may be notified , by the Central or a State Government on the recommendations of the council, to deduct tax at the rate of 1% from the payment made or credited to supplier, WHERE the total value of such supply , under a contract , exceeds Rs 10 Lakhs. www.enrollmyexperience.com 10. ACCOUNTS AND OTHER RECORDS 10.1 Every Registered taxable person shall keep and maintain accounts electronically; of production and manufacturing of goods of inward and outward of supply of goods/services of stock of goods of input tax credit availed of output tax payable and paid other accounts as required or prescribed 10.2 Every Registered taxable person shall get his account audited by a Chartered Accountant if the taxable turnover exceed the prescribed limit. It may be Rs. 1 Crore. 10.3 The above books of account or records shall be retained for 60 months i.e.
5 Years. 10.4 If there is more than one business premises than it is require to kept books of accounts related to the respective premises of business at such place of business. www.enrollmyexperience.com 11. TAX INVOICE AND BILL OF SUPPLY 11.1 A register taxable person supplying- taxable goods and/or services shall issue at the time of supply, a tax invoice showing; description of goods and/or services quantity and value of goods and/or services tax charged there on GSTIN of supplier and purchaser and such other particulars as prescribed. 11.2 A register taxable person may issue a revised invoice against the invoice already issued during the period starting from the effective date of registration till the date of issuance of certificate of registration to him. Note: A register taxable person supplying non-taxable goods and/or service or composite taxable person shall issue bill of supply instead of tax invoice. www.enrollmyexperience.com
12. CREDIT AND DEBIT NOTES 11.1 Where a tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged on the tax invoice is found to exceed the taxable value and/or tax payable shall issue a Credit Note on or before the 30th day of September after the end of the respective financial year. 11.2 Where a tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged on the tax invoice is found to be less than the taxable value and/or tax payable shall issue a Debit Note on or before the 30th day of September after the end of the respective financial year. 11.3 The register taxable person shall adjust the tax related to Credit/Debit Note on the same tax period which the credit/Debit note has been issued/received on or before 30 th day of September or the date of filling of annual return, whichever is earlier. Note: No credit note shall be issued if the incidence of tax and interest of such supply has been passed to any other person. www.enrollmyexperience.com 13. INPUT TAX CREDIT Under GST scenario, credit mechanism of input taxes proposed as below: Credit Mechanism S. No. Input tax 1 CGST
SGST IGST OT CGST X X 2 SGST X X 3 IGST
X 4 Origin Tax X X X X Order for credit set-off First Second Third www.enrollmyexperience.com Credit against output tax 14. GST A BROAD IMPACT ON SUPPLY CHAIN (TRADING BUSINESS)
Import of goods BCD, CVD, SAD Import of services Service tax BCD, IGST IGST T GS Distributor in same T S VA ST, state CG C IG ST ST No tax No tax Depots in same state Excise duty, VAT Local purchase of goods
CGST, SGST Distributor in different state Service tax CGST, SGST Intra-state procurement of services Warehouse VAT Retention Service Tax Excise Duty, CST T GS T S Distributor in same VA ST, state G CC S IG T ST
IGST IGST Depots in different states IGST Inter-State procurement Inter-state procurement of services of goods Notes: Entry tax may also be leviable on movement of goods from one local area to another www.enrollmyexperience.com Distributor in different state Creditable taxes Non creditable taxes 15. COMPLIANCE REQUIREMENTS- TRANSITION Classification of goods and services Manner of computation Rate change to be and payment implemented New formats of invoices, waybills, returns/ challans etc.
Periodical returns Redesign IT Systems Reporting of accumulated credits Migration of registrations PAN based taxpayer identification number Compliance Key Key compliance compliance requirements requirements on on introduction introduction of of GST GST www.enrollmyexperience.com Statutory Forms likely to be discontinued 16. GST RATE CHIEF ECONOMIC ADVISOR * Notes: The rates given are combined CGST + SGST rates
www.enrollmyexperience.com 17. GST IMPACT ON BUSINESS www.enrollmyexperience.com 8. IMPACT OF GST ON EXPORT OF HANDICRAFT GOODS GST would be structured on the destination principle ; As a result , Exports would be relieved of the burden of GST by zero rating. NOTE: Export duty might not be subsumed under GST regime. www.enrollmyexperience.com 18.1 The tax refund system to exporter under GST Current options Recommendation Explanation Obtaining non duty paid inputs and Not recommended exporting final product without payment of duty. Required to submit statutory forms and the supplier of goods to the actual exporter would be
required to pay the GST. Obtaining duty paid inputs and Recommended claiming refund of the same at the time of export of the finished goods without payment of duty. Not required to pay GST Obtaining duty paid inputs , Recommended availing the input tax credit thereon and exporting finished goods after payment of duty and thereafter claiming the rebate of the duty. Not required to pay GST www.enrollmyexperience.com 18.2.A Impact on Tax Rates S. No States 1 Andhra Pradesh 2 Arunachal Pradesh
3 Assam 4 Bihar 5 Chhattisgarh 6 Chandigarh 7 Daman and Diu 8 Delhi 9 Goa 10 Gujarat
11 Haryana 12 Himachal Pradesh 13 Jharkhand 14 Jammu and Kashmir 15 Karnataka 16 Kerala 17 Maharashtra 18 Manipur
19 Meghalaya www.enrollmyexperience.com 20 Meghalaya Schedule Number Entry Number Current Tax Rate Proposed Tax Rate Schedule IV 99 5.00 18.00 FIRST SCHEDULE 10 0.00
0.00 FIRST SCHEDULE 44 0.00 0.00 SCHEDULE I 30 0.00 0.00 SCHEDULE I 27 0.00 0.00 SCHEDULE B 44 5.00
18.00 THIRD SCHEDULE 395 & 415 5.00 18.00 THIRD SCHEDULE 128 5.00 18.00 SCHEDULE B 61 5.00 18.00 SCHEDULE I 31A 0.00
0.00 SCHEDULE B 11 0.00 0.00 SCHEDULE B 11 0.00 0.00 SCHEDULE I 31 0.00 0.00 SCHEDULE A 53 0.00
0.00 THIRD SCHEDULE 41 5.50 18.00 THIRD SCHEDULE 54 5.00 18.00 Schedule A 27B 0.00 0.00 SCHEDULE II 28 0.00
0.00 SCHEDULE - II 145 5.00 18.00 SCHEDULE - I 6, 40 0.00 0.00 Cont.. Be ready for 36 to 49 returns per year Lump-sum turnover limit 50 lacs Input tax credit available only if Electronic data matches 15 digit pan based GST number Penalty for return Per day Rs.100 and maximum Rs.5000 Output, input and summary based returns submission. Tax credit only available if sellers tax shows online. Liquors, petroleum products out of GST net. Return filling limit 10,15,20 days after due date for type of return. Threshold turnover limit is 10 lacs and for north east 5 lacs. Jammu and Kashmir is also included in GST regime.
TDS limit 10 lacs. Existing TIN will be migrated and issue Provisional GST is valid for 6 months. if documents submitted within 6 months than Final GST will be allotted. Tax audit figure and GST data has to be reconciled in annual return. If any mismatch in data than data will be transferred to IT dept. www.enrollmyexperience.com 20. Refunds Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount, may make an application in that regard to the proper officer of IGST/CGST/SGST before the expiry of 2 yrs. The application shall be accompanied by a)Such documentary evidence as may be prescribed b)Such documentary or other evidence as the applicant may furnish to establish that that the amount of tax and interest, was collected from, or paid by him, and the incidence of such tax and interest had not been passed on by him to any other person. c)Where the amount claimed as refund is less than Rs 5 Lakhs, it shall not ne necessary to furnish documentary or other evidence, instead may file a declaration , certifying the incidence of tax and interest had not been passed on by him. Application for refund is made to the proper officer before expiry of 2 years Limitation of 2 years shall not apply where such tax or interest or any other amount has been paid under protest A taxable person may claim refund of any unutilized input tax credit at the end of any tax period: No refund of unutilized input tax credit in cases other than exports, or
In cases where the credit has accumulated on account of rate of tax on inputs being higher than rate of tax on output On receipt of application for refund, the proper officer is satisfied of the amount claimed , he may make order accordingly and the amount will be credited to the fund. Any claim for refund on account of export of goods and /or services made by notified registered taxable person Refund 80% of the total amount And remaining 20% after verification of documents www.enrollmyexperience.com Thanks If you like the work, please Like and subscribe the channel www.enrollmyexperience.com
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