GST Presentation ITC

Welcome
GST PREPARATION AND AWARENESS

SESSION
Conducted by
Downloaded from www.gstindia.com

POWER OF SIMPLICITY
Presentation Agenda
GST Basics
What is GST
• Why GST
VAT Vs GST Registration

GST Concepts
• Invoice Matching Input credit

Presentation Agenda
Business Implications •
input Credit on Expenses • Illustrations
What should I do today Business practices & technology

Understanding GST - 5 Easy Steps
GST (Goods & Services Tax), a single unified indirect tax system aims at uniting India's complex
taxation structure to a 'One Nation- One Tax' regime.
Destination based tax on supplies of goods and services.
It will be levied on all supplies with seamless flow of credit (for both goods & services) till it
reaches the end consumer
Only value addition will be taxed and burden of tax is to be borne by the final consumer.
Central Excise Duty • Entry Tax & Octroi

GST would replace indirect taxes CVD & SAD • Surcharges & Cess
CST & VAT • Service Tax
Why GST
Simple Tax Structure
Eliminating Cascading Effects
Technology Driven System
Increase Revenue

Tax Rate structure
Type Rate Goods and Services*
Zero Rated 0% Essential items including food [Export, SEZ]
Merit Rate 5% Commonly used items [Spices, Tea, Sugar etc.]
Standard Rate 12%

Bulk of the goods and services. This includes fast-moving
Standard Rate 18%
consumer goods. [Smartphone, Soaps, etc.]
Demerit Rate 28% Refrigerator, AC and aerated drinks
Additional Cess 15% luxury cars, tobacco, and aerated drinks

*Only Indicative
Goods Falling Under Various Tax Slab
7% ITEM FALL UNDER THE 0% TAX RATE

*Only Indicative Downloaded from www.gstindia.com
Current Tax
Current Tax Structure [Structure J
Excise Duty VAT
Service Tax
ADE
Surcharge & Cess
CVD & SAD
Tax collected is shared between centre and state

Taxes Subsumed Under GST
Service Tax CVD & SAD
Central Goods & Services Tax State / Union Goods & Services Tax ownloaded from www.gstindia.coms Tax
Tax Components of GST
CGST stands for Central GST

This is applicable on supplies within the State
Tax collected will be shared to Centre
SGST stands for State GST

This is applicable on suppLies within the State
Tax collected will be shared to State
!GST stands for Integrated GST

This is applicable on interstate and import transactions Tax
collected is shared between Centre and State
Union Territory Goods and Services Tax POWER OF SIMPLICITY
GST
r i
Delhi (National Capital Territory of Delhi) and
Puducherry
Andaman and Nicobar, Chandigarh, Ur

In Union Territory with
Lakshadweep, Dadra and Nagar, Daman :ho
Legislative Assembly
and Diu /
CGST UTGST
CGST SGST

Quicker / Smoother Transit
Karnataka

Taxes Not Likely to be Subsumed under GST
Central Taxes: State Taxes:
• Customs Duty
• Road & Passenger Tax
• Other Customs Duty like anti-dumping
• Toll Tax
duty, Safeguard duty etc.,
• Export Duty • Property Tax
• Stamp Duty
• Electricity Duty
• Stamp Duty & Registration Fees

Goods Not Covered under GST
>5 Petroleum Products
• Petrol
• Diesel
• Petroleum Crude
• Aviation fuel
• Natural Gas
>Alcohol for Human Consumption >
Power Sector

DETERMINATION OF CHARGE

DETERMINATION OF CHARGE

Determination of GST charge (Union Territory)
Intra-Union
Territory
CGST

Determination of GST charge (Union Territory)
Intra-Union
Territory
CGST

Supply of Goods - Require movement
• Goods supplied directly to the Recipient
CGST + SGST
|T|Tally wa las
- since 1992

Goods supplied on the direction of Third Party to the Recipient
SHIP TO
IGST
|T|Tally wa las
- since 1992

Goods supplied on the direction of Third Party to the Recipient
SHIP TO
IGST IGST
ORIGINAL FOR RECIPIENT
Indicative Format TAX INVOICE

1. GSTIN 23AEPMY1234M100
2. Name Matrix Mobiles
3. Address 325,11th Main , M.G Road Mumbai, Maharashtra
4. Serial No. of Invoi MB001
5. Date of Invoice 1-04-2017
Details of Receiver (Billed to) Details of Consignee (Shipped to)

Name
Address
Name Top Mobiles State Mumbai, Maharashtra
Address
25,1th Main , Andheri Mumbai, Maharashtra State State Code
Top Mobiles 25,1th Main , Andheri
State Code
GSTIN/Unique ID 23EEPTY1234Q100 GSTIN/Unique ID 23EEPTY1234Q100
Rate Taxable CGST SGST IGST

Sr.No Description of Goods HSN Qty. Unit(per item) TotalDiscount valueRate Amt. Rate Amt. Rate Amt.
Slick Mobile Nos 15,000 15,000 14,000 9% 9%
01 01 001 1,000 1,260 1,260
Packaging Charges 200 200 9% 18 9% 18
Total 15,200 1,000 14.200 1,278 1,278
Total Invoice Value (In figure)

16,756 /-
Total Invoice Value (In Words)
INR Sixteen Thousand Seven Hundred and Fifty Six Only

-
Declaration: Signature
We declare that this invoice shows the actual price of the goods described and that all particulars are true and correct.
ASHOK
Name of the Signatory
Manager
Designation / Status Downloadedww.gstindia.com
from wi
E-Way Bill
E-way bill is an electronic way bill for movement of goods which can
be generated by supplier or transporter on the GSTN (common
portal). A 'movement' of goods of more than 0 50,000/- in value
cannot be made by a registered person without an e-way bill.
Validity of E-Way Bill
Distance Validity Period

Less than 100 km 1 Day
100 km or more but less than 300 km 3 Days
■MMMMNUM 300 km or more but less than 500 km 5 Days
500 km or more but less than 1000 km 10 Days
1000 km or more 15 Days
Downoaded from www.gstindia.com
Generation of E-Way bill under GST
Quicker Transports
Maharashtra
(Transport Co.) E-Way
GSTN Bill
e-way Bill Number
Ganesh
(EBN)
Manufacturing
(Supplier)
Need to authorize within 72

hours or else will be deemed
as acceptance.
Form GST INS 01
E-way bill can also be 4 Karnataka i
Sheetal Traders
generated/cancelled through
(Buyer)
SMS
Cancellation can be done

within 24 hours
oaded from wwi )m
GST CONCEPTS
1,
</
r fki
rom
REGISTRATION PROCESS
Required Information Applicability
1. Basic company details (name,

address etc.) 1. Registration in every State
IV A ■ ■ 14-1 »
2. Coj
>n
27 AAAES1234A 101
3.
4. Tl on
5. Cc
6. Me
7. Photograph
For composition scheme, businesses will need to apply for registration

Registration - Threshold Limit
Regular Dealer
*Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and
Uttarakhand
Registration - Threshold Limit
Composition Scheme
Aggregate f >
Composition Turnover does 50 Lakhs
Levy not exceeds
s_ _ *
• Not applicable for a taxable person engaged in : o Rate of Tax :
o Manufacturer : 1 % (1% CGST + 1% SGST)
supply of services, o Traders : 0.5 % (0.5% CGST + 0.5% SGST)
o supply of goods through an e-commerce operator o Service Provider : 2.5 % (2.5% CGST + 2.5% SGST)
o Interstate outward supplies • (Restaurants and Dhabas)
• Shall not collect tax

• Cannot claim Input Tax
Credit
• Need to file Quarterly return
Type of Returns GSTR-1 GSTR-1A
For a Regular Dealer

Form Type Frequency Due Date Details to be furnished
GSTR-1 Monthly By 10th of succeeding Details of outward supplies of goods/services

month
Auto-populated details of inward supplies made available to
On 11th of succeeding
GSTR-2A Monthly the recipient on the basis of Form GSTR-1 furnished by the
Month
supplier
Details of inward supplies of taxable goods/services claiming
input tax credit. Addition (Claims) or modification in Form
GSTR-2 Monthly 15 of succeeding month
th
GSTR-2A should be submitted in Form GSTR-2.
Details of outward supplies as added, corrected

Up to 20th of succeeding
GSTR-1A Monthly or delete3 -g -
ownloaded from www stindla com
month
Type of Returns
Form Type Frequency Due Date Details to be furnished
Monthly return on the basis of finalization of details of
GSTR-3 Monthly 20th of succeeding month outward supplies and inward supplies along with the payment
of amount of tax
Notice to a registered taxable person who fails to furnish return
GSTR-3A — —
under section 27 and section 31

Annual Return - Furnish the details of ITC availed and GST paid
GSTR-9 Annually 31st Dec of next fiscal which includes local, interstate and
import/exports.

Ratna Steels GSTR-1A Super Cars Ltd GSTR-2
warn Value GST
No Amt GST
6 1,00,000 18,000 7 50,000 9,000
1 8 25,000 4,500
1 10 50,000 9,000
Outward
6 1,00,000 18,000
No Qty
Ratna Steel
Outward Supplies Register
1
Qty | Amt GST
,00,000 18,
7 50 50,000 9,000
8 25 25,000 4,500
10 50 50,000 9,000
Tot.
225
Ratna steels wm m Super Cars Ltd R.J. Automobiles

Inward Supplies Register Books of Super Cars Ltd for April Outward Supplies Register
Qty Amt GST No Qty
7 18,000
9,000^^
1 80
2 60
88,000
66,000
15,840
11,880
2
3 30
4,500 33,000 5,940
4 45
9,000 49,500 8,910
1,00,000 Downloaded from www.gstindia.com0
40,500
Availing ITC In GST Regime
Seller pays tax to the government Buyer gets input credit
Tax dept Buyer
onW
Buyer gets input credrtif seller pays GST
Til Tallu uualas
- since 1992
How to avail Input Tax Credit

TAX INVOICE
f*
Item Name Qty Rate Amount
*
ran
Spare Parts 6 1500 9000
CGST @ 9% 810
Ratna Steels SGST@ 9% 810 Vishnu Dayal Motors
Delhi
Total Amount 10620 Motors Outward Supply Punjab
Delhi
Inward Supply
Total Input Tax E Total Output Tax
CGST 8510 E CGST 720
ite
SGST 810 SGST 720
0(
Spai e 1 ait. 2 1 20
720
IGST @ 18' IGST
Total Amount 4720
Til Tallu uualas
- since 1992
How to avail Input Tax Credit

TAX INVOICE
f*
Item Name Qty Rate Amount
*
ran
Spare Parts 6 1500 9000
IGST @ 18% 1620

Total Amount 10620
Ratna Steels Dayal Motors
Punjab Outward Supply Punjab
Inward Supply

Input Credit Adjustment

Compliance Rating
■ Compliance Rating will be visible to all suppliers and customers
■ Bad rating may impact customer & supplier confidence in the company,
impacting business

njTalluwalas
- since 1992
Your Customers Have Choices Too
Customer
You Customer
CUSTOMERS WILL CHOOSE YOU BECAUSE Customer

YOU ARE COMPLIANT
Compliance Discipline is Important
n <niiD rv S Fcbrunr yj :
Ht W
■fE t
1 1
1 U h V i a ■ a V F c
If you miss a month's filing
■ You can't file for the subsequent month
■ Unless tax for the previous month is

paid
| Orto-hEr S UMM mbet I D-nf mtae-r
■ US T ■ ■
IP

Form ITC-1
Super Cars Provisional

Cre0 d it 31,500
Super Cars Ltd. GSTR-2

I rv_ M_ I I A________I
What happens when Goods are returned / Invoice Value reduces?
Ratna Steels Super Cars Ltd
Input Credit reduces to the extent of Credit Note value authorized by the Buyer www.gstindia.com
Revision in invoice
• Debit note/supplementary invoice - To be issued by a supplier to record increase in
taxable value &/or GST charged in the original invoice
• Credit note- To be issued by a supplier to record decrease in taxable value &/or GST charged in the
original invoice.
All revisions in invoice have to be agreed by both seller & purchaser and it has
to
be uploaded in GSTN portal Downloaded from www.gstindia.com
Ledgers on GSTN Portal
Electronic Tax Liability Register Electronic Credit Ledger Electronic Cash Ledger
• All liabilities of a person • Input Tax Credit, as • Every deposit made by a

towards - assessed and claimed in person towards tax, interest,
• Tax Form GSTR-2 by a person, penalty, late fee etc. will be
• Interest will be credited here. credited here
• Penalty • (Used only for paying tax, and not
• Late fee etc. will be debited applicable for payment of interest,
here penalty, late fee etc.)

n Talluwalas
_ since 1992
Illustration
Debit Credit Debit Credit Debit Credit
Particulars Rs. Particulars Rs. Particulars Rs. Particulars Rs. Particulars Rs. Particulars Rs.
CGST 5050,000 CGST 40,0000 NIL
SGST 5050,000 SGST 400000
IGST 1100)000 IGST 6060000
t
1.
Generat
2. Make Payment - NEFT / Cr. Or Dr.e Card /
Particulars Liability Credit Payable Challan
RTGS / OTC (<10,000)
CGST 10000 using
3. Generation of CIN (Challan Identification
GST
SGST 10000 number) and Credit to Electronic Ledger.
PMT-06
IGST 40000
(Valid for
Need to deposit 0 60,000/-
Total 60,000 ) 15 days)
Post Payment Ledger Display
Debit Credit Debit Credit Debit Credit
Particulars Rs. Particulars Rs. Particulars Rs. Particulars Rs. Particulars Rs. Particulars Rs.
CGST Credit used to setoff CGST Credit utilised against Utlised for payment of CGST Amount
40,000
CGST 50,000CGST Liability CGST liability 40,000CGST 40,000 liability 10,000Deposited 60,000
SGST Credit used to setoff SGST Credit utilised against Utlised for payment of SGST
40,000
SGST 50,000SGST Liability SGST liability 40,000SGST 40,000 liability 10,000
IGST Credit used to setoff IGST IGST Credit utilised against Utlised for payment of IGST
IGST 1,00,000Liability 60,000 IGST liability 60,000IGST 60,000 liability 40,000
Deposit utilised for paying

balance CGST liability 10,000 Total 1,40,000Total 1,40,000 Total 60,000Total 60,000

balance SGST liability 10,000

balance IGST liability 40,000
Total 2,00,000Total 2,00,000

Consequences of Non-compliance
Late Fee & Interest

Failure to furnish returns
Quarterly (for composite dealer)/ Monthly (for regular dealer): Rs.100/- per day for every day subject to a
maximum of Rs. 5000/-
Annual Return :Rs.100/- per day for every day subject to a maximum of Rs. 0.25 % of aggregate turnover
Interest on total tax due - Rate yet to be notified
Cancellation of Registration
Regular dealer: If returns are not furnished for 6 consecutive tax period Composite dealer: If returns are
not furnished for 3 consecutive tax period
Consequences of Non-compliance
r-1
Fines
evasion
Tax
10,000/- or an equal amount to the extent of tax evaded
Rs.
e with imprisonment up to 5 years depending on iging fromi amount of tax evasion with slab
Fin
rar 25 Lakhs to 500 Lakhs

Mixed Supply
Two or more individual supplies of goods or services or a combination, supplied by a taxable person for
a single price
Corporate Kit
Higher Rate of Tax* Single Price

*Indicative Rate
The su
pply of C°rp°rate Kit wiN be taxed at 18% Downloaded from www.gstindia.com
IMPACT ON
BUSINESS
Government's vision
Key implications
Illustrations

News Clip 8th Nov

What Does It Indicate?
Government is serious about compliance
Non-compliance is not an option
Technology is used at the core to drive compliance

Impact of GST - Why compliance is important
Customer
Relationshi
p
Emotional
B2 i
Relationshi B t
p
Complianc
Buyer gets input credit only when seller pays GST.eChoose vendors who are compliant as your customer
will want to do business with vendors who are compliant.
Relationshi
p
What Does this Mean ?
Even if your customer knows you for a long time, he will select you as vendor only when your have a good
compliance relationship Relationship Behaviour Changes

ITC On Expenses
GST gives an opportunity to avail Input tax Assuming GST -10% Pre-GST GST
credit on expenses incurred on 100,00
Gross Profit 50 500,000
furtherance of business
Indirect Expenses
• Printing & stationery Travel Expenses*
• Office rent Office X Godown Rent
• House keeping material Printing and Stationery
Repairs & Maintenance (400,000) (360,000)
• Business meetings & conferences
Net Profit 100,000 140,000
r
Expenses
3,60,000
L
For all business related expenses please ask for Tax Invoice & your *Within State to the extent of CGST &
SGST
extent OT CG
Downloaded from www.gstindia.com'

GSTIN have to be mentioned
ITC On Closing Stock
On July 1, non-excise dealers can claim input tax credit on closing stock
Input
Tax
Credit
Operrig g>Stolck
Businesses need to maintain purchase invoices of opening

stock to claim input tax credit
Availing Input Credit

Business Implications - Cash Flow
A possible scenario where the business relationship is new/credibility is not formed yet
Invoice
Item - Rs. 100000
Confirmation of Input Crocwnioaded from www.gstindia.com

Impact of GST in existing Business
Creditable taxes & Noil-creditable taxes
ra rticulars Tax Amo Line £ Rs) Curre nt CST

EM case 17,16,164 Cc e di LH ble Cr edits bLe
VAT 50.92.399 Cc e di LH ble Cr e di ta bLe
CST7 2P44,Z74 Ncin creditable Cr edjtA bLe
1 nput Service -
Non- erts di table Cre dit-abl e
Entry Tct?t -
Non - erts rlr table Cre dit-abl e
-
Custom Duty Non - C I_e rfl t-a bio No 11 -ci-e di ta bl e

Otlie r T-aM e s - Non creditable- No n - ere di L=a bLe
- Eulae Duly IB not SF3Dafaleu credlifof a U idee Under C£T. credli iBaraDafala.
- CST will net LorLgJE r t>e I e ■-■ d e d on i nf-er-ster-e or fr^nsters and TOST will tw charged
wh i rh ran "be ti-sed. to -set -off any output Li-abiLity:
- Enby IbK was niHTBr creditdbAe^ Bmd n ow -entry taK-e-s will be srr spped.
- Utedl: of" B a SJ.J- Customs DLLT^ wIlL not available un der -G-SX. Ensbead of CfVD £1 SAD, IC-SX WJU be charged, v/lio-ae credli will be
availabLeLmder GST.
- Other t-BLK-e-s such as Stamp duty, Anti-duinpirg duties. Property tax, ELectr i-city duty wild continue under GST andarenot a^aiL-a-bL-e tor ci^djt

Impact on Purchases
Current
Net Invoice
Category Tax GST scenario Tax Difference
Value
scenario (GST-Current)
Purchase of goods and/or services within the state (intra-
state)-SGST+CGST
Goods 4,93,19,790 24,77,395 59,18,372 34,40,977
Services 1,12,91,640 5,64,582 13,54,996 7,90,414
Fixed Assets - - - -
Total 6,06,11,430 30,41,977 72,73,368 42,31,391
Purchase of goods and/or services between states (inter-state) - IGST
Goods 7,26,42,840 28,66,288 87,17,140 58,50,852
Services 4,64,68,449 13,68,665 55,76,215 42,07,550
Fixed Assets - - - -
Total 11,91,11,289 42,34,953 1,42,93,355 1,00,58,402
Total Purchases
Intra-state 6,06,11,430 30,41,977 72,73,368 42,31,391
Inter-state 11,91,11,289 42,34,953 1,42,93,355 1,00,58,402
Explanation
Total 17,97,22,719 72,76,930 2,15,66,723 1,42,89,793
■ Red indicates increase in GST liability, green indicates decrease in GST liability

Impact on Sales
Tax
Net Invoice Current Tax
Category GST scenario Difference
Value scenario (GST-
Current)
Sale of goods and/or services within the state (intra-state)
Goods 2,24,14,318 13,07,767 26,89,720 13,81,953
Services 27,18,782 1,15,565 3,26,254 2,10,689
Works contract - - - -
Total 2,51,33,100 14,23,332 30,15,974 15,92,642
Sale of goods and/or services between states (inter-state)
Goods 11,25,92,052 1,46,20,777 1,35,11,049 -11,09,728
Services 96,97,767 3,09,301 11,63,732 8,54,431
Works contract - - - -
Total 12,22,89,819 1,49,30,078 1,46,74,781 -2,55,297 _
Total Sales
Intra-state 2,51,33,100 14,23,332 30,15,974 15,92,642
Inter-state 12,22,89,819 1,49,30,078 1,46,74,781 -2,55,297
Total 14,74,22,919 1,63,53,410 1,76,90,755 13,37,345
Explanation
■ Red indicates increase in GST liability, green indicates decrease in GST liability

Net impact of GST on working capital
Particulars Reference Amount

10,32,35
Impact due to change in ITC A 9
Impact due to change in output
tax B 3,77,110
Net impact
Explanation C=B-A -6,55,249
■ Working Capital is the funds required to run the business smoothly. We have
shown the critical impact of GST on your working capital. This impact will
explain how much working capital will be additionally required or will be
available.
■ Positive amount indicates how much your working capital will be additionally
required and negative amount indicates how much working capital will be
available. This will help you analyze and plan your working capital under
GST in order to operate business effectively.
■ Red indicates increase in GST liability, green indicates decrease in GST

liability
Page 58 Goods and Services Tax - Impact Analysis Downloaded from www.gstindia.com
Impact on Trading Account
Extract of Trading Account
Particulars Current GST Particulars Current GST
To Opening Stock
1,00,000 1,00,000
14,01,85,06 14,01,85,0
To Purchases 17,54,73,170 17,54,73,170 By Sales
3 63
To Direct Expenses 72,349 72,349
4,50,00,00 4,50,00,0
To Non ITC Taxes 2,44,274 % - By Closing Stock
0 00
To Gross Profit 92,95,270 ft 95,39,544
Total 18,51,85,063 18,51,85,063 Total 18,51,85,063 18,51,85,063
Explanation
■ Availability of increased Input Tax Credit (not allowed earlier) will likely shoot up your Gross
Margins.
■ However, there could be a negative impact on your working capital as additional funds could be
required (analyzed later). Also, anti-profiteering measures need to be borne in mind (next slide).

HOW DO I
PREPARE FOR
THE CHANGE
Downloade
|T|Tally wa las
- since 1992
What Should I be doing Today?

To ensure that your business is able to seamlessly transition to GST, you would
need to
Ensure that your Tax Returns = Books of Accounts during filing
Record the details of Tax Credit available on existing stocks
Discipline of meeting tax filing timelines
Need to maintain invoice level details going forward

HOW?
GST COMPLIANT SOFTWARE
^/TAIIows recording of transactions

£/fConnects to GSTN seamlessly m is
able to reconcile with data in GSTN
NO SOFTWARE IS USABLE FOR GST COMPLIANCE,

WITHOUT THESE CAPABILITIE Downloaded from www.gstindia.com
Configuration of Customer / Supplier Master
Group Particulars
Details of Vendor Name
Vendor Code
Address, Contact No. and e-mail I'd
Additional Address details
GSTIN Registration Number
Category of dealer (Price list mapping)
State
Pin Code
Type of dealer (Normal, Composite, ISD)
PAN Card details
Vendor type (Proprietor, Private Company, Public Company)
Authorized Person Name of Contact Person

Contact no. and e-mail I'd of contact person
Payment Payment term (Advance, COD etc)

Credit limit
Bank details Bank Account No., Type of Account
Name of Bank, Branch Name, IFSC Code Downloaded from www.gstindia.com
Configuration of Inventory Master
Group Particulars
Item Description
Name of Commodity / Service
HSN Code
Description of Commodity / Service
Tax rate
Item Code
Unit Measure Primary Unit Measure
Secondary Unit Measure
Calculation relation of primary and secondary
Classification Stock group
Stock Category
Maximum Retail Price
Tip
■ Updating the masters is very critical to raise invoices and file returns under
GST smoothly . Make sure all the details are available and updated before 1
July 2017.
Downloaded rom www.gstindia.com
Challenges for a Business in GST - Perspective by Tally Solutions
Books
Recording Invoice Filing
Invoices Matching Return
matching
with
the Return
filed by TRP

Date : 1-Aug-2017
Sale No. : 1
Reference no. : 1
Party Name
: Ganesh Trading Ltd
Sales ledger : Sales A/c
Name of Stock Item Qty Rate Amount
Computer 10 Nos 25,000/Nos 2,50,000.00
i:4BDW&*2.5% 22,500.00 il/JAV
V A f 1*1.5% 20)381000)
Warning!
J.'CN-s Incorrect Tax

Type charged!!
f> +■ I ^ M
Software should warn you while charging incorrect tax typDownioa

ded from www.gstindia.com
Books
matching
with
the Return
filed by TRP

Transactions
No Q'ty Amt GST uploaded by both
6 100 1,00,000 18,000
c. -
*
7 50 50.000 9.000
8
10
25
50
25.000
50.000
4.500
9.000
Transaction details"
11 25 50.000 9.000
12
13
100
50
1,00,000
50.000 9.000
18,000
Transaction
14
15
25
50
25.000
50.000
4.500
9.000
uploaded by
16
17
25
100
50.000
1,00,000
9.000
18,000
Supplier has been
18
19
50
25
50.000
25.000
9.000
4.500
modified by Buyer
Super Cars Ltd 20 21 50 50.000 9.000
22 25 50.000 9.000
23 100 1,00,000 18,000
24
25
50
25
50.000
25.000
9.000
4.500
Transaction missed
26 50
25
50.000
50.000
9.000
9.000 out by Supplier has
been uploaded by
Buyer
Software should compare your books with GSTR-2A/ GSTR-1A and provide you the status at invoice level in no time.
Books
matching
with
the Return
filed by TRP

Challenge faced during Return Filing
VAT GST
Interaction with Government for compliance
Once a Quarter or Month
Return filing
Summary of Sales/Purchases needs to be filed Need to upload EVERY transaction
Invoice Matching
Not monitored extensively Invoices of supplier and recipient NEED to MATCH
Input Credit
Availed based on Returns Can be availed ONLY WHEN INVOICES ARE MATCHED
and SE LLER PAYS TAX L!AR!L!TY. .com
Transition Provisions POWER OF SIMPLICITY
Amount of CENVAT / VAT credit carried forward in a return to be allowed: - admissible as input tax credit under this Act
FORM E.R.-1
Vat Form 100
RETURN OF EXCISEABLE GOODS AND AVAILMENT OF CENVAT CREDITFOR THE MONTH OF March AND YEAR 2017
March 2017
ADE_LVD ADC_LVD EDU_CE SEC_EDU SERVICE EDU_CESS

DETAILS OF CREDIT CENVATAED_TTA NCCD SEC EDU CESS_ST
_CL_85 _CT_75 SS _CESS TAX ST Balance Input 12,000
Total Credit Available 23,000 0.00 0.00 0.00 0.00 0.00 0.00 3,000 0.00 0.00

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© Tally Solutions Pvt. Ltd. All Rights Reserved Business Presentation 75
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■ IIMIIK * ANM
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GST Presentation ITC

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GST Presentation ITC

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Welcome

GST PREPARATION AND AWARENESS

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VAT Vs GST Registration

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input Credit on Expenses • Illustrations

What should I do today Business practices & technology

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Central Excise Duty • Entry Tax & Octroi

Simple Tax Structure

Eliminating Cascading Effects

Technology Driven System

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Zero Rated 0% Essential items including food [Export, SEZ]

Merit Rate 5% Commonly used items [Spices, Tea, Sugar etc.]

Standard Rate 12%

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14% ITEM FALL UNDER THE 5% TAX RATE

17% ITEM FALL UNDER THE 12% TAX RATE

43% ITEM FALL UNDER THE 18% TAX RATE

19% ITEM FALL UNDER THE 28% TAX RATE

Excise Duty VAT

Surcharge & Cess

CVD & SAD

Tax collected is shared between centre and state

Service Tax CVD & SAD

CGST stands for Central GST

SGST stands for State GST

!GST stands for Integrated GST

Andaman and Nicobar, Chandigarh, Ur

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Supply of Goods - Require movement

Supply of Goods - Require movement

Indicative Format TAX INVOICE

Details of Receiver (Billed to) Details of Consignee (Shipped to)

Rate Taxable CGST SGST IGST

01 01 001 1,000 1,260 1,260

Packaging Charges 200 200 9% 18 9% 18

Total 15,200 1,000 14.200 1,278 1,278

Total Invoice Value (In figure)

INR Sixteen Thousand Seven Hundred and Fifty Six Only

Validity of E-Way Bill

Distance Validity Period

Need to authorize within 72

Cancellation can be done

1. Basic company details (name,

For composition scheme, businesses will need to apply for registration

• Shall not collect tax

For a Regular Dealer

GSTR-1 Monthly By 10th of succeeding Details of outward supplies of goods/services

Details of outward supplies as added, corrected

under section 27 and section 31

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Ratna steels wm m Super Cars Ltd R.J. Automobiles

Seller pays tax to the government Buyer gets input credit

Tax dept Buyer

How to avail Input Tax Credit