Académique Documents
Professionnel Documents
Culture Documents
Associates
Chartered Accountants
Mumbai | Surat
For PS&A 2017-18
Table of Contents
Overview of GST.
Concept of Supply
Registrations
Time Of Supply (TOS)
Tax Invoices / Rates
Composition Levy
Input Tax Credits (ITC)
TDS under GST
Payment of Taxes
Filling of Returns
Refunds
Audits
Penalty & Prosecution Provisions
Transitional Provisions
For PS&A 2017-18
Overview of GST
State
Service
Excise
Tax Goods & Duty
Service Tax
Excise (GST) Entertai
Duty nment
Tax
VAT
CST
Luxury Octroi
Tax Duty
IT Services –
Import of Designing,
Goods / Transfer of
Construction Development,
Services. Title in Goods
Services etc
/ Rights in
Goods.
For Pradeep Singhi & Associates.
Concept of Supply……….. Continued
• Any Exemption provided vide Notification of • Disposal of Assets of Business where Input
the Council. Tax Credit has been availed.
• Proportion of Abatement as notified by the • Supply undertaken between Related
Council. Person.
• Employer – Employee Services. • Import of Services from a Related Person.
• Services By Courts & Tribunal • Supply of Goods – Agent Principal
• Services of Government Relationship.
(State/Central/Local Authority). • Business Assets utilized for personal used.
• Statutory Duty to be performed by • Inter-state Stock Transfer shall be treated
Government. as supply of Goods.
Inputs/services
received or Non- TAXABLE PERSON OUTPUT SALES /
Registered Person. SERVICES PROVIDED.
• On purchase of taxable goods and services from URD, buyer liable to GST on Reverse Charge
basis
T1 T2 T3
A B C D
SGST @ 10%
SGST paid = Rs. 10
Scenario 1: Builder/Developer has a partially completed construction. He continued to avail CENVAT Credit under
Service Tax Regime. Service Tax Credit is available on all the input services and not on inputs including works
contractors services. Vat is Payable at 0.6% & Service Tax is payable at 4.5% Stamp Duty is also paid at ~5%. Whether
Cenvat shall be available?
Issues : - Inputs were mainly charged under Excise & VAT. Input services were charged under Service Tax. With the
Enactment of GST, segregation of Labour & Material under CGST, SGST and IGST become virtually impossible and
therefore, most likely no Credits whatsoever shall be made available to builders and standard fix tax rates shall be
made applicable only on deemed supply of services i.e. booking before OC.
Unutilized credits should ideally shall be denied under the GST, as any transitional credits needs to be eligible in both
the Laws.
Migration of Credit from Existing Law – Transitional Provision
Possession of
Invoices & shall not
pay Tax u/s 10 of
GST (Composition).
Not more than 1 yr For Pradeep Singhi & Associates. 2017-18
Tax Deduction at Source @ 1%
LIABLITY TO BE DISCHARGED ON REVERSE CHARGE BASIS WILL BE DISCHARGED THROUGH CASH REGISTER
For Pradeep Singhi & Associates.
Filling of Returns
ANNUAL RETURN IN GSTR 9 BY 31ST
DECEMBER OF SUCCEEDING FINANCIAL YEAR
Final Turnover of Input Autopopulated based on GSTR-2 Final Turnover of Output Autopopulated based on GSTR 1
Step 4
Step 1
GSTR-1A : The details of inward 16 10
supplies added, corrected or Step 8 20
GSTR 1: Details
deleted by the recipient shall be
of Outward
made available to the supplier
supplies Step 2 GSTR 3
GSTR 2A: Auto-
Step 5 11
populated in
17 Step 3
Supplier will accept or part A of the Part B of
reject the modifications GSTR 2: On the basis of GSTR-2A of GSTR 3
above GSTR-2A, details recipients
Step 7
of inward supplies
added, corrected or 15 Make
Step 6 deleted by recipient to
17 Part A of GSTR 3
Payment
GSTR-1 will be amended be disclosed under
to the extent GSTR-2, including RCM
details 20
modifications are Part A of GSTR 3
accepted by supplier.
Filling of Returns……. continued
OTHER RETURNS FORM DUE DATE
QUARTERLY RETURN FOR COMPOSITION LEVY GSTR -4 18TH
MONTHLY RETURN FOR NON-RESIDENT FOREIGN TAXABLE PERSON GSTR -5 20TH
ISD RETURN GSTR -6 13TH
RETURN FOR PERSONS DEDUCTING TAX AT SOURCE GSTR -7 10TH
OTHER FEATURES
• Annual return to be submitted along with copy of audited annual accounts and a
reconciliation statement, reconciling the values of supplies declared in the return furnished
in the year
• Filing of Nil return (Regular / Composition) also mandatory under GST
• No Returns can be filed if previous period returns pending.
• If GSTR-1 10th Deadline missed – Min. Penalty of Rs.500
Case Study 4 : If Taxable person claims excess ITC for the Month of April in their Return or the supply
is not being declared by the Suppliers for the month of April.
Case Study 6 : If the Supplier reduces the output tax liability by issuing the Credit Notes for the Month of April.
Either Suppliers
Reduction in OTL Mismatch cancels credit
Credit note relating Communicated to
to outward supply exceeds corresponding note increases Not Rectified by
reduction in claim for Supplier & OTL for May Recipient
furnished in GSTR-1 Recipient
ITC – 1A reflects Excess Month
Credit
May’ May’
10 Either Receiver
May’ 20-31
Rectified then shall reverse the
15-17 Credit in May
Final and GSTR 1 Added to OTL of
stands month with Supplier & shall
Amended. Interest. pay alongwith
interest
OTL
Any Rectification If declared by Recipient Reduced from OTL of June
before Sept of than OTL shall be reduced Supplier if Recipient
Suceeding F.Y. or & Interest shall be credited declares details
Annual Return. to electronic ledger of the within time specified
Supplier u/s 39(9)
Refunds
Refund of Unutilized ITC
• For exempted exports including zero rated supplies
• Rate of Tax on inputs is higher than on output supplies
(Inverted Levy)
• No Refund if Duty Drawback claimed.