Goods & Service Tax (GST)

A Metamorphic Reform

3 May, 2017 1

Contents3 May, 2017 2

Contents

3 May, 2017 3

01 Current Regime of Indirect Taxes

02 GST - Salient Features and Advantages

03 Broad Structure

04 GST Act

05 Progress So Far

06 Key Impact Areas

07 Next Steps

08 Approach Towards GST

Current Regime of Indirect Taxes3 May, 2017 4

GST – Why so much talk

3 May, 2017 5

•Most significant tax reform in Indian history

•Being transaction tax will impact each commercial/business activity

•Government, business community as well as common man ‐Stakeholders

•Tax administration to undergo significant change including functional

•Indirect tax to be simple, stable and predictable (hopefully!)

GST – One Country, One Tax, One Market

CST – Central Sales Tax R & D Cess – Research and Development Cess

VAT – Value Added Tax ET – Entertainment Tax LBT – Local Body Tax

Current Regime of Indirect Taxes

3 May, 2017 6

Constitution of India incorporated Federal Structure

Subject of Tax levy divided between Centre and State

Issues in Current Regime of Indirect Taxes• Complex tax structure• Cascading of taxes at various levels• Complexity in determining nature of transaction• Lack of uniformity in provisions

• Multiplicity of rate of taxes and valuation issues• Burdened with compliances • Complexities in administration and higher cost 

of compliances

Central Levies

Customs Duty

List I – Union List ‐ Tax levied by Central Government

Import/Export of Goods

Excise Duty

Manufacturing of Goods

Service Tax

Provision of Services

CST

Inter‐state sale of Goods

R & D Cess

Import of Technology

Customs Duty

Import/Export of Goods

Excise Duty

Manufacturing of Goods

Service Tax

Provision of Services

CST

Inter‐state sale of Goods

R & D Cess

State Levies

VAT

List II – State List – Tax levied by State Government

Intra State Sale of Goods

Entry Tax

Goods Entry in State

Octroi / LBT

Goods Entry at Local Limit

ET

Entertainment Services

Luxury Tax

Specified activities 

GST – SALIENT FEATURES AND ADVANTAGES3 May, 2017 7

GST – Salient Features and Advantages

3 May, 2017 8

GST – Salient FeaturesBased on Principle of Value Added tax levied and collected at each stage 

Comprehensive levy on Goods and Services

Destination based consumption tax, levied & collected by consuming state

GST – AdvantagesAbolition of multiple levy of tax on goods and services

Facilitates trade / investment decisions purely on economic concerns 

Increase in competitive edge in International Market

Enhances manufacturing / distribution / service efficiency

Reduction in compliance / litigation and increase in voluntary compliances

BROAD STRUCTURE3 May, 2017 9

Broad Structure

• Dual GST for Local transaction Centre (CGST) and States (SGST), and for inter‐state transactions (IGST)

• Separate legislation, levy & administration• Place of Supply Rules for determining ‘situs’ of goods/services

Framework

• All Goods and Services ‐ subjected to GST with few exceptions• Immovable property to be out of GST (clarity required)• Petroleum, Alcohol, Electricity, Property tax, Local ET – to continue

Coverage

• Rates proposed, final consensus on classification pending• Concessional rate for select goods (services – nothing proposed)? • Free credit flow ‐Except no credit setoff between CGST and SGST

Rate Structure

3 May, 2017 10

GST Act3 May, 2017 11

GST Act

Supply –

Meaning & Scope

Transactions Type ‐Goods / Services / 

CompositePlace of Supply

Time of Supply Valuation Rules Input Tax Credit

E CommerceRegistration / 

Returns / Payments / Refund

Transitional Provisions

3 May, 2017 12

GST Act

Supply without consideration (Deemed Supply)Supply without consideration (Deemed Supply)Permanent transfer / disposal of business assets where input credit has been availed

Supply between related persons/distinct persons in 

course or furtherance of business

Transactions between principal and agent

Import of Service from related person / any of its establishments 

outside India

Import of serviceImport of service

for a consideration whether or not in the course or furtherance of business

Meaning of Supply ‐means and includesMeaning of Supply ‐means and includes

Sale Barter Transfer Exchange License Rental  Lease Disposal

3 May, 2017 13

GST Act

• Transfer in title in goods

• Supply of goods by body of association to members

• Transfer of business assets except for private use with or without consideration

• Transfer of goods without transfer in title thereof

• Treatment or process applied to another person’s goods

• Transfer of business assets for private use

• Lease, tenancy, license to occupy land and Lease or letting out of commercial /residential building

• Declared list of service

GOODS SERVICES

3 May, 2017 14

GST ActVALUATION OF SUPPLY – GST VALUATION RULES, 2017

Rule 1 – Value where consideration not wholly in monetary terms

Rule 2Related persons other than agents

Rule 3Supply through Agents

Rule 4Cost Plus method

Rule 5 – Residual Method

Rule 6 – Special cases

Key Takeaways:

• Transaction value to be accepted subject to the conditions that:Parties are unrelated and Price is not sole consideration

• Transaction value to be accepted in following scenarios

1. RPT – where the price is not influenced2. Goods transferred from one place of business to another3. Principal to agent or vice‐versa

3 May, 2017 15

GST Act

Normal Supply ‐ Earliest date of:1. Issue of invoice or last date by which invoice is to be issued2. In case of service, date of provision of service3. Receipt of paymentIn case of excess amount received up to INR 1,000 beyond invoiced, time of supply at option of taxable person supplying goods / services

Reverse charge ‐ Earliest date of :1. Receipt of goods2. Payment3. After issuance of Invoice – Goods(30 days) and Services (60 days) If cannot be determined above, date would be entry made in books

TIME OF SUPPLY – Goods / Services

PLACE OF SUPPLY ‐ GOODS

Location of 1. Where the movement terminates for delivery to the recipient2. Third person – where goods are delivered to recipient or any 

other person, 3. Where supply does not involve movement, location of goods at 

the time of delivery to the recipient4. Assembling or installation5. Goods taken on board6. Others case ‐ to be prescribed7. Import ‐ Location of Importer / Export ‐ Location outside India

PLACE OF SUPPLY ‐ SERVICESGeneral Provision Registered Dealer – Location of Such Person

Other – Recipient, if Address on Record, or Supplier of Service

Location Based Immovable Property or boat or vessel

Performance Based Events, Personal Care, Restaurant etc. 

Other Services ‐Specific Provisionsavailable

• Telecommunications• Courier Service• Banking and Financial• Transportation Goods/ Passenger

•Insurance•Training•Services ‐Board Conveyance

3 May, 2017 16

In case of Vouchers ‐ Date of:1. Issue of voucher if supply is  identifiable at that point of time2. Redemption of voucher, in all other cases

Not determinable:1. Date on which periodical return is required to be filed 2. Other cases – CGST / SGST is paid 

GST ActASSESSMENT PROCEDURE

Self Assessment

Self Assessment for all registered taxable 

persons

ProvisionalAssessment

Cases where value or rate of tax cannot be 

determined

Final assessment order to be passed within a specified 

time

Departmental Assessment

Best judgment assessment for non‐filers, URD dealers 

Transitional Provision

Registration ‐Provisional / 

Final

Carry forward of CENVAT / Input Credit

Provision to allow CENVAT / Input Credit on Inputs / Capital 

goods in Specific cases

Pending Litigation to be  disposed as per existing law

3 May, 2017 17

PROGRESS SO FAR….3 May, 2017 18

Progress so far

3 May, 2017 19

Discussion

Model GST Law

GST Network

GST Council

Constitutional Amendment Bill

GST Implementation

From 1 July, 2017 seems to be a possibility 

01 • Constitutional Amendment Bill received President’s Assent on 8 September, 2016

02 • GST Council formed ‐ First meeting on 22/23 September, 2016• GST Council to recommend laws, rules, regulations• GST Council to decide on modalities for resolving disputes.

03 • GST Network formed to provide common GST portal • Common Portal to facilitate registration, payment of taxes, filing of returns

04 • Revised Draft Model GST Law out – November, 2016 • Outlines various provisions – goods / services, time / place of supply, valuations, tax credits, returns, assessments, transition

05 • GST Council to make recommendations after discussion with various stake holders on Rates, Threshold Exemption, Existing Exemption pending and draft Model GST law

KEY IMPACT AREAS3 May, 2017 20

Key Impact Areas

GST Impact Areas

FiscalBusiness Process

Accounting

IT Systems

Human ResourceMarketing

Supply Chain

Product Pricing

Cash Flows

Finance Minister – during Budget 2015 speech, stated

“GST is expected to play a transformative role in the way our economy functions. It will add buoyancy to our economy by developing a common Indian market and reducing the cascading effecton the cost of goods and services. We are moving in various fronts to implement GST from the next year.”

Multi‐fold impact, not limited to monetary…

3 May, 2017 21

Key Impact Areas – Illustration Illustrative Scenario – Based in One State Current Tax Regime Under GST

Manufacturer to Wholesaler

Base Price (A) 100 100

Excise Duty @ 12.5% 12.50 -

State VAT @ 12.5% (on 112.50) 14.06 -

CGST @ 10% (on 100) - 10

SGST @ 10% (on 100) - 10

Total Collections 126.56 120

Wholesaler to Retailer

Wholesale price (assuming value addition of 20) 146.56 140

State VAT @ 12.5% (on value addition of 20) 2.50 -

CGST @ 10% (on value addition of 20) - 2

SGST @ 10% (on value addition of 20) - 2

Retail sales price (inclusive of taxes) 149.06 144

Retailer to Customer

Retail sale price (assuming value addition of 20) 169.06 164

State VAT @ 12.5% (on value addition of 20) 2.50 -

CGST @ 10% (on value addition of 20) - 2

SGST @ 10% (on value addition of 20) - 2

Cumulative tax price (MRP) 171.56 168

Total Taxes 31.56 28Note: The above is typical scenario based in one state. Situation may vary from goods to goods and state to state and would have various permutations and combination.

3 May, 2017 22

KEY IMPACT AREAS – Illustration

3 May, 2017 23

Impact of GST on Financials

Liabilities Assets

-------- XX-------- XX-------- XX

Current LiabilitiesCredit Payable XX

Fixed Assets-------- XX-------- XX-------- XXLoans & AdvancesCredit receivable XX

Particulars Particulars

Consumption of Input / Input Services XX

Purchase of traded goods XX

Depreciation XX

Other expenditure XX____

Net Services / Income from operations XX

____

Income and Expenditure A/c Dr. Cr.

Balance Sheet as on ….

Top-line may get reduced in some cases

(e.g. traded items)

Possible reduction in overall cost on account of seamless credit

flow of goods & services

Reduction in capitalized value

on account of possible input

credits

Reduction in cost due to elimination of non-creditable taxes

Changes on account of seamless credit flow

Key Impact Areas – Illustration 

3 May, 2017 24

• Impact on working capital due to change in procurement cost / Tax Cost

• Existing status of exemptions of goods and services, if any

•Product pricing and marketing strategy

•New Contracts and transaction framework

Business Operations 

• Seamless credits across goods and services

• Impact of economies of scale

• Impact on imports  ‐ credit availability

• Impact on exports such as duty drawback and other benefits

Sourcing/ Procurement and 

Logistics

•Re‐alignment of Accounting due to changes in overall business processes

•Mechanism to record credits on all goods and services

•Re‐designing IT , MIS and other reports / documents

•Developing IT controls

Accounts, Finance and  Information Technology

•Transition to GST  ‐ Registration, Input Credits, Pending assessments / litigation

•Maintenance of adequate records and data

•Claim of input tax credits and condition thereto 

•Process for filing of returns / payment of taxes

Compliances

KEY IMPACT AREAS ‐ Specifics

3 May, 2017 25

KEY IMPACT AREAS

3 May, 2017 26

Areas to be considered for GST Impact

Business Process –Review / Change

Tax Treatment -Revenues / Expenses

Place of Supply -Services

IT and Tax Compliance - Change

KEY IMPACT AREAS

3 May, 2017 27

Likely issues in GST regime –Taxability/Place of Supply

How to determine locations of service provider and service receiver?

Service Provider HO at State A

Customer having HO in State A

Proposal issued and submitted at State A

Branch office at State B Customer’s Procurement Team 

at State B

Terms and conditions finalized at State BContract signed by Central Procurement Team at State B

Branch office at State C

Customer Factory at State C

Services provided at/to plant in State C

State D

Payment made from Centralized Payment Office

Payment Received at State D

1Proposal issued 

2

3

4

Contract Signed

Delivery of goods 

Payment Made 

4

KEY IMPACT AREAS

3 May, 2017 28

Likely issues in GST regime – Transition

Tax clause to be reviewed and rephrased

Evaluate potential 

impact of GST on contract ‐Renegotiate with vendors to pass on tax benefit under GST regime

Analyzing tax liability and eligibility of credit in line with transition provisions

Planning and scheduling 

procurement, supplies, 

advances and payment of 

taxes

Contract re‐structuring wherever possible to avoid dual taxation 

More clarity on transition provisions for existing contracts

KEY IMPACT AREAS – Specifics

3 May, 2017 29

Input Tax Credit

06

Time line• Filing of return for the month of September following the financial year OR

• Filing of the relevant annual returnwhichever is earlier

i i [ ]

p g

Restrictions [Section 16]• Goods / services used for taxable and exempted supplies ‐ Restricted toinput tax attributable to the taxable supplies. (No FITR)

• Full credit to zero‐rated supplies• No Credit on Motor vehicles Goods / services used for personal use or consumption of employees,

private or personal consumption Immoveable property except plant and machinery Construction material used in construction of immoveable property

• Capital goods – Fully allowable; reversal of credit at the time of removal athigher of transaction value or original credit reduced by prescribedpercentage

Conditions• Possession of a tax invoice or duty paying document 

• Receipt of goods and / or services

• Tax charged has been paid to the Government

• Filing of Return

Input and Input Service Used for making outward supply in the course of or furtherance of 

business

Input Tax CreditTax on supplies used in the course of 

furtherance of business

KEY IMPACT AREAS

3 May, 2017 30

Compliance ‐ Comparison: Existing Taxation vs. GST

Levy Rate Place of Supply (POS) Invoice Registration Returns

One tax One tax 

Dual levy (CGST plus SGST)

Dual levy (CGST plus SGST)

Levy based on State

Levy based on State

IGST – Inter State SuppliesIGST – Inter State Supplies

One rateOne rate Not ApplicableNot Applicable Single invoice series

Single invoice series One RegistrationOne Registration Summary of dataSummary of data

Rates – Local / Interstate

Rates – Local / Interstate

Identify State based on POSIdentify State based on POS

Inter‐state: IGST 

Applicable

Inter‐state: IGST 

Applicable

Local – SGST plus CGST

Local – SGST plus CGST

invoice series and related  documents

invoice series and related  documents

CGST Registration 

based on State

CGST Registration 

based on State

Each State Specific GST Registrations

Each State Specific GST Registrations

IGST RegistrationIGST Registration

Compilation of Data –

State Specific

Compilation of Data –

State Specific

Maintenance of Register and Tracking 

Credits

Maintenance of Register and Tracking 

Credits

State specific details

State specific details

Existing

GST

ISD RegistrationsISD Registrations

State Specific different

State Specific different

IGST –Whether State specific Series 

required

IGST –Whether State specific Series 

required

Reconciliation– State 

Specific vs Financials

Reconciliation– State 

Specific vs Financials

KEY IMPACT AREAS

3 May, 2017 31

Compliances ‐ GST Compliances

Registration

Multiple states GST

Multiple IGST

1 CGST

Multiple Input

Service Distributor

Invoice

POS

Multiple Tax Rates

Nature of Services

State Specific Invoice Series

Return

Sales (GSTR 1)

Purchase (GSTR 2)

Monthly Return

(GSTR 3)

ISD (GST -6)

Annual

Books of Accounts

State Specific

Information to be

maintained in the State

Audit/ Assessment

State Specific

Complete Change in Tax mechanism –business critical as well as Pricing 

Critical.

Requires timely change in IT System and need to be ready well before GST is 

implemented

KEY IMPACT AREAS

3 May, 2017 32

Compliances – GST Return

Return

Monthly Return

Output

Transaction‐wise

Invoice cancellation

Advance

Input

Online based on vendor

Monthly Reconciliation

Interest

Annual Return

Reconciliation with Financial Statement

No credit after AR

No Invoice revision after AR

No Credit Note after AR

IT system need to geared up to allow 

it meet requirement under GST

KEY IMPACT AREAS

3 May, 2017 33

Compliances – IT Impact

Changes in System likely to be required primarily on following:

■ Change in taxes/ tax rates / types of taxes

■ Availability of credits of taxes paid on purchases / imports

■ Availability of credit in specific order/ sequence of set-off

■ Availability of cross credits across goods and services

Broadly, changes required in IT system can be categorized as:■ Need to change in documents such as invoices / internal records

■ Need for addition/ modification/ omission of certain data fields

■ Changes in the in-built logic for computation of some data fields

NEXT STEPS3 May, 2017 34

Next Steps

3 May, 2017 35

Future Decisions

Potential business decisions impacting future requires revisit 

Issues

Identify bottlenecks/ potential issues/ sensitive areas

Impact Analysis

Identify important business areas / operations for GST impact analysis

Gear Up

Gear‐up for GST changes in models/ system / structuring

Sharing / Training

Adequate knowledge sharing / training required for Team /Employees

Monitor

Closely monitor developments around GST

Approach Towards GST3 May, 2017 36

Approach towards GST

3 May, 2017 37

Fine‐tuning of Operations

Revalidation and fine‐tuning in light of final GST legislation –Operation / Model

Implementation Assistance

Assistance and training in transition to GST 

especially for impacted areas such as finance, IT, 

accounting

Detailed Impact Analysis

Potential GST impact analysis of important 

business areas ‐ Prepare for transition

Immediate Basis draft GST law

02• Revalidating impact analysis• Fine tuning impact areas

• Identifying impact• Exploring possibilities for 

mitigating adverse impact• Finalize implementation plan

03• Smooth Transition to GST• Assist in executing strategic changes• Training for GST Change• GST Instruction Manual• Initial Compliance Assistance• On Call support

Getting Ready

01• Detailed impact analysis of 

business areas / operations• Identify sensitive / key areas• Align commercial decisions• Preparing business and GST 

assumptions• Prepare road map for transition

Post finalization of GST Law

Transition to GST

Final Positions Go ‐ Live

About SGCO & Co. LLP3 May, 2017 38

SGCO & Co. LLP ‐ Introduction

• Established in 1992 with a vision to become a “Truly Global Consulting Firm”. (Formerly ‐ Singrodia Goyal & Co.)

• A “Multi Disciplinary Chartered Accountants Firm” catering to over 200 client groups across diverse sectors

Factors

Service Verticals

Partners 

Professionals

Infrastructure

Drivers of Quality Professional Services

6 Service Verticals providingspecialized professional services

12 partners, each vertical lead bytwo / three partners

100+ Qualified Professionals175+ Executive Staff

Operates from CBD Andheri,Mumbai

Within last two decades, SGCO has grown from 2 to 11 partners and  built reputation for providing quality services to mid and large size corporates

Within last two decades, SGCO has grown from 2 to 11 partners and  built reputation for providing quality services to mid and large size corporates Associate firms 

HO Kreston Network firms 

Geographical Spread Resources‐300

SGCO is classified under Category I by Reserve Bank of India 

Partner Professionals Staff

Attest & Compliance

Risk Advisory & Management Assurance

Direct Taxation

Indirect Taxation

Transaction & Business Advisory

Corporate & Allied Laws

3 30 56

2 35 50

2 13 25

2 11 24

1 6 10

1 5 10

393 May, 2017 39

1A stepping stone in building professional network across the Globein providing services to Indian clients at International locations andvice‐versa.

2Kreston members are accustomed to work together on clientassignments to deliver seamless and cohesive internationalsolutions.

3Kreston’s globally coordinated quality monitoring and reviewprogramme supports member firms in maintaining QualityStandards.

4SGCO participated in Global summits held at Budapest (Hungary),Beijing (China), Vancouver (Canada), Copenhagen (Denmark), Seoul(South Korea) & Rio (Brazil) and presented an overview of Indianeconomy and emerging professional opportunities.

Kreston International, headquartered in UK,is amongst the top 13 networks ofindependent accounting firms of the world:

More than 600 offices in 108 countries

20,000 professional and support staff

Global fee revenue of over USD 1.9 bn

SGCO’s affiliation with Kreston is a step forward aimed at fulfilling its vision to become – ‘A Truly Global Consulting Firm’

SGCO’s affiliation with Kreston is a step forward aimed at fulfilling its vision to become – ‘A Truly Global Consulting Firm’

SGCO Affiliation – Kreston International 

403 May, 2017 40

3 May, 2017 41

Email: vishal.lahoti@sgco.co.in 

Mobile: +91 99203 99723

Vishal Lahoti

Email: odb@sgco.co.in 

Mobile: +91 98212 31330

O.D. Bihani

4‐A, 2st Floor, HDIL Kaledonia Building, Sahar Road, Andheri (East), Mumbai – 400069. 

Board No: +91 ‐ 22 – 6625 6363 | Fax: +91 ‐ 22 – 6625 6364

Corporate Office

Disclaimer: GST Presentation is based on our understanding of the GST law and regulations prevailing as of the date of  this Presentation and is prepared based on information available in public domain such as revised draft Model GST Law and rules/ regulations. The GST Law is under discussion / evolution and may be subject to changes. Accordingly, it is important to consult a qualified professional consultant before taking any decision / advice or relying on the presentation. The conclusions reached and views expressed in this presentation are matters of opinion. However, there can be no assurance that the GST Law finalised may have a position contrary to our views. 

Broad Structure

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Dual GST for Centre and States, IGST on inter‐state transactions

Applicable tax /

Nature of Transaction

Central GST

(CGST)

State GST

(SGST)

Integrated Goods and Services Tax

(IGST)

Local Transaction(within StateTransaction) √ √ ‐Interstate Transaction ‐ ‐ √

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Proposed Broad Structure

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Proposed GST Rates

Current Indirect Tax Rates

Product Basket / Comments

0 % 0 %• Proposed to include approx. 50 % of Items falling under Consumer Price Indices basket• It may include items such as Food grains used by Common People• Zero rated to keep its impact least in terms of inflationary pressure on common people

5 % 4 % ‐ 7 % (approx.)

• Items of mass consumption mainly used by common people (“Aam Aadmi Products”)• Rates has been reduced from earlier proposed rate of 6 %

12 %(1st ‐ Standard Rate)

• One of the Standard Rates but no specification provided about items to be taxed • May be applicable on Fast moving Consumer Goods

18 %(2nd ‐Standard Rate)

• One of the Standard Rates but no Specification provided about items to be taxed• Certain products used by Lower middle class may be included which are currently taxed at 

28 % or at higher rate (such as Soaps, Oils & Shaving Kits)

28 % 28 % ‐ 31 % • Includes products such as White goods, Cars which are currently taxed at more than 28 %• Lesser items to be included in this rate brackets

28 % plus Cess 40 % ‐ 65 %

• Cess to be levied only on selected products covered under 28% bracket• Cess to be applicable with a sunset clause of 5 years subject to yearly review• Covers Luxury Cars, Ultra Luxury / Demerit / Sin goods, Aerated Drinks, Tobacco, Panmasala

• Discussion pending about categorisation of items falling under respective slab rates and will be provided at a later date.• No rates has been specified in case of Services as it would be clarified at a later date when categorisation list is provided.• Gold rates to vary from 2 % to 4 % based on flexibility of revenue generated to achieve Revenue Neutrality.• Cess so collected to be utilised to compensate State tax losses estimated to be INR 50,000 Crores in first year of GST.• Existing Energy Cess on Coal to continue and will be utilised to compensate state tax loses. Back

Broad Structure

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Free credit flow  ‐ Except No credit setoff between CGST and SGST

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Output Liability /Input Credit Type

IGST CGST SGST

IGST

CGST

SGST

Broad Structure

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Levy and Credit – CGST, SGST and IGST

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State A State B

Output IGST 22

Less:

Input IGST 10

Input CGST 05

Input SGST 05

Net IGST payable by D1

02

Inter‐state purchase ‐ 50IGST @ 20% = 10

D1

Local purchase ‐ 50SGST @ 10% =  5CGST@ 10% =  5

Input credits D2

IGST (CGST + SGST) 22

Customer

Local sale ‐ 140CGST 14SGST 14

CGST SGSTOutput GST 14 14

Less: Input IGST 14

Input IGST 08

Net SGST payable by D2 06

Order of utilization

Order of utilization

Inter‐state sale/ Stock‐transfer ‐ 110

Transition Provision

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CENVAT Credit to be Carried Forward

Broadly, it can be suggested as follows:

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Type of Dealer /Type of Credit

Manufacturer Trader Service Provider

Excise VAT Service tax

Note: Credit would available in GST regime based on Current eligibility of Credits