u.p. state conference on the theme seizing opportunities ... on gst_22 10 2017 lko-f.pdf ·...

1 1

U.P. State Conference on the theme SEIZING OPPORTUNITIES & CONQUERING CHALLENGES-GST

GSTIndia.biz

Northern India Regional Council of the Institute of Company Secretaries of IndiaIndian Industries Association, IIA Bhawan, Lucknow

Ashu DalmiaConsultant: GCC VAT & INDIA GST, TRAINER & AUTHORMob: +91-9810893243, E-Mail: [email protected]

TAX SCHEMA-STRUCTURE

Tax Administration

•Registration•Migration•Information

Analysis•Assessment and

other compliance procedures

Tax Applicability

•Goods/•Services•Exempted•On Whom•Receiver or

Supplier•On Which

Transaction-Supply

Tax Calculation

• Taxable Value•Nil Rated• Tax Rate•Applicability of

Refunds

Documentation

• Tax Invoice• Bill of Supply• Invoice Cum

Bill of Supply• Challan

Accounts

•Recording of transactions

•Maintenance of Books of Accounts as per Statutory Requirements

•Reconciliations

Tax Settlement

•Tax Payments•Submission of

Returns & Reports

EXISTING INDIRECT TAXES

On Manufacturing

•Excise Duty

On Trading

•VAT

On Services

•Service tax

GST LAWS

GST Acts

CGST Act

Apply to whole of

India

IGST Act

Apply to whole of

India

SGST Acts

Apply to the

respective State

UTGST Act

Andaman &Nicobar

Islands

Lakshadweep

Dadra & Nagar Haveli

Daman and Diu

Chandigarh

& Other Territory

GST (Compensation to the States)

Act

Apply to whole of

India

NOTIFIED GST RULES

Composition RegistrationDetermination

of Value of Supply

Input Tax Credit

Tax Invoice, Credit & Debit

Notes

Accounts & Records

ReturnsPayment of

TaxRefund

Assessment & Audit

Advance Ruling

Appeals & Revision

Transitional Provisions

Anti-Profiteering

E-way Rules

Taxable person” means a person who is registered or liable to be registered under section 22 or section 24

TAXABLE PERSON

• A person who has obtained or is required to obtain more than oneregistration, whether in one State or Union territory or more than one Stateor Union territory shall, in respect of each such registration, be treated asdistinct persons for the purposes of this Act.

• Where a person who has obtained or is required to obtain registration in aState or Union territory in respect of an establishment, has an establishmentin another State or Union territory, then such establishments shall be treatedas establishments of distinct persons for the purposes of this Act.

DISTINCT PERSON

WAYS OF REGISTRATION

MANDATORY REGISTRATION

Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special

category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a

financial year exceeds twenty lakh rupees:

Provided that where such person makes taxable supplies of goods or services or both from any of the special

category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh

rupees.

Special category States are Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram,

Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

AGGREGATE TURNOVER

Aggregate turnover” means the aggregate value of all taxable supplies (excluding the

value of inward supplies on which tax is payable by a person on reverse charge basis),

exempt supplies, exports of goods or services or both and inter-State supplies of

persons having the same Permanent Account Number, to be computed on all India

basis but excludes central tax, State tax, Union territory tax, integrated tax and cess;

Aggregate turnover “include

-taxable supply

-exempt supplies

-export of Goods and/or services

-inter state supplies of a person having same PAN to be computed on all India basis

-excludes taxes paid under GST and

-Supplies on which tax has been paid under reverse charge.

TIME TO APPLY FOR REGISTRATION

Registration to applied with in 30 days of becoming taxable person

except for Casual and Non Resident Taxable Person

EFFECTIVE DATE OF REGISTRATION

Apply for Registration with in 30 days

Registration shall be effective from the date on which the person becomes liable to registration

Not Applied for Registration with in 30 days

Registration shall be effective from the date of grant of Registration

CGST to be levied on all intra-State supplies of goods or

services or both.

CGST shall not be applicable on the supply of alcoholic liquor

for human consumption.

CGST shall be payable on the value determined under

section 15 of the act at such rate to be notified by the

Government on the recommendations on the

Council NOT EXCEEDING 20%

CGST Shall be paid by the Taxable Person.

Tax also to be paid by recipient in certain situations.

LEVY-CGST ACT

IGST to be levied on all inter-State supplies of goods or

services or both.

IGST shall not be applicable on the supply of alcoholic liquor

for human consumption.

IGST shall be payable on the value determined under

section 15 of the act at such rate to be notified by the

Government on the recommendations on the

Council NOT EXCEEDING 40%

IGST Shall be paid by the Taxable Person.

Tax also to be paid by recipient in certain situations.

LEVY-IGST ACT

TAXES : GST REGIME

Charged and Paid

CGST and SGST/UTGST

in place of

IGST

or vice versa

Impact

Pay Correct Tax

and

take Refund

of

wrong Taxes Paid

INTRA STATE/INTER STATE SUPPLY-WRONG CLASSIFICATION-IMPACT

www. gstindia.biz

19CLASSIFICATION-INTERSTATE/INTRASTATE

Location of

Supplier

Place of Supply

Same State /Same

UT

Intra State

Supply

CGST plus

SGST /UTGST

Location of

Supplier

Place of Supply

Two different States/UT/State and UT

Inter State

SupplyIGST

Place of Supply

Goods

Other than import or export

Import

or

export

Services

Location of Supplier

Location of Recipient

Both in India

Either one is outside India

CGST/SGST Act –Section 9(1)

IGST Act-Section 5(1)

UTGST Act-Section 7(1)

CGST/SGST Act –Section

9(3)




9(4)




9(5)



LEVY

Levy of GST-Forward Charge

Levy of GST on Reverse charge

Reverse charge on specified Goods and or

Services notified

Reverse Charge on Inward supply from

unregistered person.

LEVY on Ecommerce Operator for specified

services.

DOCUMENTS

DOCUMENTS UNDER GST

Tax Invoice

Bill of Supply

Receipt Voucher

Payment Voucher

Credit Note

Debit Note

Refund Voucher

Challan

24

Shall be debited for Any amount payable as

per returned furnished Any amount payable as

determined by proper officer

Tax and interest payable as a result of mismatch u/s 42 or u/s 43 or u/s 50

Accrued interest

DebitPayment ofliability to taxinterest,penalty, late feeor any otheramountClaim ofpayment fromcash ledger

Credit

ITC as self assessment

Debit

For making payment towards

amount of tax

Electronic credit ledger GST PMT - 02

Credit•Amount depositfor pay tax ,interest, penalty,late fee or anyother amount•Amountdeducted /s 51• Amountcollected u/s 22

Electronic liability register GST PMT - 01 Cash ledger GST PMT - 05

ELECTRONIC LEDGER

TAX INVOICE

TIME OF ISSUE OF INVOICE FOR SUPPLY OF GOODS

When Movement of Goods Required

Before orat the timeof removalof goods

When movementof goods notrequired

Before orat the timeof deliveryof goods

Continuous supplyof goods

Earliest of thefollowing;

Time when each payment is received

Time when each statement is issued

Goods taken on approval

Earliest ofthe following;

On approval

Six month from the date of approval

In case supply to unregistered person is for Rs. 50,000/- or more

tax invoice should contain :

Name

Address of the recipient

Address of delivery

Name of State

TIME OF ISSUE OF INVOICE FOR SUPPLY OF SERVICES

Normal Supply

With in 30 daysfrom the dateof supply ofservices

Continuous supply of Services

On or before the due date of payment, incase of continuous supply of services wheredue date is ascertainable.

On or before the date of payment ,in case of continuous supply of services where due date is not ascertainable

On or before that completion, in case of continuous supply where payment is linked to completion of an event.

Cessation of Service

Time when supply ceases to the extend supply made before such

cessation

ITC-FORMS

• ITC by Registered person can be claimed only Relevant information as per Tax Invoice Rules is furnished in FORM GSTR-2 Except in Situation Below..

GSTR-2

•Migration CreditsTRANS-1,2,3

•First Time Credits –Section 18(1) & Rule 40ITC-01

• sale, merger, amalgamation, lease or transfer of a business -Section18(3) & Rule 41.ITC-02

• ITC reversal on input, input contained in semi finished goods, finished goods and Capital goods in stock –Section 18(4) & Rule 44

ITC-03

• Goods/Capital goods sent to job worker and received back –Section 19 & Rule 45

ITC-04

Monthly returns are filed by 20th u/s 39

He is in possession of;

- Tax Invoice.

- Debit note.

-Other Document as may be prescribed[(Rule- 36(1)].

Payment of tax charged in respect of suchsupply has been actually paid to government:

- In Cash; or

- Through Utilization of ITC.

Receipt of goods or services or both.

Registered person shall not beentitled to take credit of any input taxin respect of any supply of goodsand/or services to him unless:

CONDITIONS-TO CLAIM ITC

ITC shall be availed by Registered person/ISD on the basis of following documents

Invoice issued for outward supply

Invoice Issued for inward supply where tax is paid under reverse charge

Debit Note Issued by supplier

Bill of entry or any similar document prescribed under the Customs Act,1962 or Rules made there under for assessment of integrated tax on imports

An ISD invoice or ISD credit note or any document issued by an InputService Distributor

DOCUMENTS-TO CLAIM ITC

In respect of Motor Vehicle and Other Conveyance

except when they are used for:

Making the following taxable supplies

Further supply of such vehicles or conveyance; or

Transportation of passengers ; or

Imparting training on driving, flying, navigating such

vehicles or conveyance

Transportation of goods

EXCLUSIONS-ITC

• - Food and beverages

• - Outdoor catering

• - Beauty treatment

• - Health services

• - Cosmetic and plastic surgery

- Rent-a-cab

- Life insurance

- Health insurance

- Membership of a club, health and fitness center

- Travel benefits extended to employees on

vacation such as leave or home travel

concession

Specified supplies

Except where said category of

inward supply of goods or

services are used for making an

outward supply of goods or

service of same category or as

an element of Composite or

Mixed Supply of same category.

Except where the government

notifies the services which are

obligatory for an employer to

provide to its employees &

where said category of inward

supply of goods or services are

used for making an outward

supply of goods or service of

same category or as an element

of Composite or Mixed Supply

of same category

EXCLUSIONS-ITC

Works Contract Services

• When supplied for construction

of immovable property (other

than plant and machinery)

• except where it is an input

service for further supply of

works contract service

Goods or Services or Both

• When it is received by a taxable

person for construction of an

immovable property on his

own account (other than plant

and machinery)

• even when used in course or

furtherance of business

Explanation to Section 17(5): the expression “Construction” includes re-construction,

renovation, additions or alterations or repairs to the extent of capitalization, to the

said immovable property.

EXCLUSIONS-ITC

Tax paid under composition levy

Goods or services or both used for personal consumption

Tax paid u/s 74, 129 and 130

Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples

Goods or services or both received by a non-resident

taxable person (except import) 74: Tax not paid, short paid,

erroneously refunded, ITC

wrongly availed or utilized by

reason of fraud or any willful

misstatement or suppression

of facts

129: Detention, seizure &

release of goods and

conveyances in transit

130: Confiscation of goods or

conveyances & levy of penalty

EXCLUSIONS-ITC

RETURN &

PAYMENT OF

TAXES

GST RETURN AS PER NATURE OF ASSESSEE

Sl. No. Nature of Assessee GST Return1. Normal Assessee & Casual Taxpayer GSTR-1, GSTR-2, GSTR-3,

GSTR-9

2. Composition Dealer GSTR-4, GSTR-4A, GSTR-9A

3. Non-resident Taxpayer GSTR-5

4. Online Data Base Access or Retrieval

Services

GSTR5A

5. Input Service Distributor GSTR-6, GSTR-6A

6. TDS Deductor GSTR-7, GSTR-7A

7. E-Commerce Operator GSTR-8

8. UIN Holder GSTR-11

Month Due Date

July 25.08.2017 (28.08.2017 for TRAN-1

Cases)

August 20.09.2017

September 20.10.2017

October 20.11.2017

November 20.12.2017

December 20.01.2018

GSTR 3B DATES

Due dates GSTR 1,2 & 3

for the months of August

& September have not

been notified yet

GSTR –DUE DATES

FORM GSTR MONTH DUE DATE

1 JULY ‘2017 10TH Oct, 2017

2 JULY ‘2017 31ST Oct,2017

3 JULY ‘2017 10th Nov,2017

4 JULY-SEPT’2017 15th Nov.2017

5A JULY-SEPT’2017 20th Nov,2017

6 JULY-SEPT’2017 15th Nov,2017

SUMMARY OF GST RETURNS

Monthly Returns

Annual Returns

Miscellaneous Returns


Monthly Return

Normal Assessee

GSTR-1(10th of

Next Month)

GSTR-2(15th of

Next Month)

GSTR-3(20th of

Next Month)

Other Assessee

Composition Dealer

GSTR-4 & 4A

(18th of Next

Quarter)

ISD

GSTR-6 & 6A

(13th of Next

Month)

Non-resident

GSTR-5 (20th of

Next Month & within 7

Days of Expiry of

RC)

ODAR

GSTR -5A

( 20thof Next

Month

TDS Deductor

GSTR-7 & 7A

(10th of Next

Month)

E-Commerce Operator

GSTR-8(10th of

Next Month)


Annual Return

Normal Taxable person

GSTR-9 (31st Dec of Next Year)

Composite Dealer

GSTR-9A (31st Dec of Next Year)

Audit Report

GSTR-9C (with Annual Return if Total

Turnover > 2 Cr. in the FY


Miscellaneous Return

Notice for Not Filing Return

GSTR-3A

Final Return

GSTR-10 (within 3 months of Cancellation

Order)

Inward Supplies by UIN Holder

GSTR-11 (28th

of Next Month)

GSP’s

PCT-1 to PCT-7

GSTR

NIL RETURN

Even in the case of no

transactions, nil return are required to be filed for GSTR-3 & GSTR-4.

Date of Payment of

Tax

Last date of payment of tax is due

date of furnishing of

returns

Rectification of Return

Returns cannot be revised however the returns can be rectified on

earliest of the following :

1. Due date of filing of return for the month of:

- September

- Second Quarter

following the end of the financial year.

2. Actual Date of furnishing Annual Return

Return of a tax period cannot be

filed if return for any of the previous tax period has not been furnished

DERETMINATION OF NET TAX LIABILITY

Output Tax

Input Tax

Net Tax Liability

GSTR 1

GSTR 2

GSTR 3

GSTR-1,2,3

GSTR-1

B2B

B2C

B2BForm GSTR-1

GSTIN/

UIN

No.

Date

Valu

e

Goods/ S

erv

ices

HS

N/ S

AC

Taxable

valu

e

Rate

Am

t

Rate

Am

t

Rate

Am

t

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)

POS

(only if

different

from the

location

of

recipient)

Indicate if

supply

attracts

reverse

charge

Tax on this

Invoice is paid

under

provisional

assessment

Taxable outward supplies to a registered person SGSTCGSTIGSTInvoice

B2C

INTERSTATE

1. 0< Invoice ≤ 2.5 Lacs

Consolidated Data

a. State-wise

b. Rate-wise

2. Invoice > 2.5 lacs

Invoice wise details

INTRASTATE

Consolidate for all invoices irrespective of the invoice value on the basis of each rate of tax.


GSTR-1

To be filed by

10th of next

month

Cannot be filed

between 11th to

15th

On the basis of

GSTR-2

GSTR-1A

PART A of GSTR-

2A

Statement of

Outward Supplies

Form GSTR-4A

Return for

composition dealer

Form GSTR 6A

Return of ISD

ACCEP

T OR

REJECT

After 15th on or before 17th

GSTR-2

Auto Populated

Information

To be furnished Separately

Supply under Reverse Charge

IGST on Imports

GSTR-2 DETAILS AUTOPOPULATED

•Details of outward supplies by supplier in GSTR-1

PART A OF FORM GSTR 2A

•Details of invoices by ISD in GSTR-6

PART B OF FORM GSTR 2A

•Details of TDS by deductor in GSTR-7

PART C OF FORM GSTR 2A

•Details of TCS by Collector in GSTR-8

PART C OF FORM GSTR 2A

To be included in FORM GSTR-2

INPUT TO GSTR-2

TO BE FURNISHED SEPARATELY

AUTOPOPULATED

GSTR-2

GSTR-1 & GSTR-5

Same of inward supplies

PART-A

GSTR-2A

GSTR-6

ISD

GSTR-7

TDS

GSTR-8

TCS

PART-C

GSTR-2A

PART-B

GSTR-2A

PART-C

GSTR-2A

GSTR-1,2,3

• Upload details of outward supply on or before 10th of following month

GSTR-1

• Data will be auto populated in 2A of Recipient tax payer

GSTR-2A

• Actions of Accept, Reject or Modify has to be taken

• Additions can be made

• Return needs to be filed after 10th and on or before 15th of following month

GSTR-2

• Rejections, modifications and additions in GSTR-2 will be made available to supplier in 1A

• Supplier has to take action by 17th

GSTR-1A• Auto-

populated return will be available for submission along with the payment on 20th of Next Month

GSTR-3

RECENT

DEVELPOMENTS

Threshold is Rs. 1 Crore

• In All States

Threshold is Rs. 1 Crore

• Jammu & Kashmir

• Uttarakhand

Threshold is Rs. 75 Lacs

•Arunachal Pradesh

•Assam

•Manipur

•Meghalaya

•Mizoram

•Nagaland

•Sikkim

•Tripura

•Himachal Pradesh

COMPOSITION SCHEME-INCREASE IN THRESHOLD LIMIT

COMPOSITION SCHEME-TIME LIMIT EXTENDED

Migrated New Taxpayer

Option

available to

Option is available up to 31.03.2018

as per CGST Notification No. 45/2017

dtd. 13.10.2017.

Relevant Forms:

CMP-02 till 31.03.2018

GST ITC-03 within 90 days

of applicability of Sec 10

INVOICE CUM BILL OF SUPPLY

Invoice Rules are modified for certain Registered

Persons

Invoice-cum-Bill of Supply can be issued for taxable

and exempted supply

New Rule 46A vide CGST Notification No. 45/2017

dtd. 13.10.2017

REGISTRATION-SUPPLY OF INTERSTATE SERVICES

Service Providers making Inter-State supply of services

Annual Aggregate Turnover is Rs. 20 Lacs (Rs. 10 Lacs in special category states except J & K)

Registration is not mandatory

REVERSE CHARGE-SUSPENDED

Reverse Charge

Normal U/S 9(3) (like GTA)

Still Applicable (No Change)

Supply to Unregistered Persons U/S

9(4)

Suspended till 31.03.2018.

As per CGST Rate Notification No. 38/2017

dtd. 13.10.2017 limit of Rs. 5,000/- is

removed for intra-state supplies from un-

registered persons [Refer Original

Notification No. 8/2017] and the said

exemption shall apply till 31.03.2018

As per IGST Rate Notification No. 32/2017

dtd. 13.10.2017, inter-state supply from un-

registered persons are exempt and the said

exemption shall apply till 31.03.2018

NO GST ON ADAVANCE

For Registered Taxpayers having Annual Aggregate Turnover up to Rs. 1.5 Crores in preceding FY or for new registration likely turnover is less than Rs.

1.5 Crores

No requirement to pay GST on

advance receipts

GST will be paid only at the time of

issue of invoice

CGST Notification No. 40/2017 dtd.

13.10.2017

TDS AND TCS-POSPOTNED

Registration and Operationalization of

TDS/TCS provisions shall be postponed

till 31st March, 2018

[email protected]

+91-9810893243

www.gstindia.biz

http://www.gstindia.biz/

u.p. state conference on the theme seizing opportunities ... on gst_22 10 2017 lko-f.pdf ·...

Documents