1. Northern India Regional Council of
The Institute of Cost Accountants of India
Goods and Service Tax:
Registration, Returns, Payments, Refunds
(Saturday, 15 July, 2017)
R.K. Khurana
FCS, FCMA, EMIB, LLB
Advocate
Taxation and Corporate Laws Adviser
Mobile No
Tel (011)
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

2. The presentation covers:.
Sections
Description
Chapter VI: Registration 22
Persons liable for registration 23
Persons not liable for registration 24
Compulsory registration in certain cases 25
Procedure for registration 26
Deemed Registration 27
Special provisions relating to casual taxable person and non-resident taxable person 28
Amendment of registration
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

3. The presentation covers:.
Sections
Description
Chapter VI: Registration 29
Cancellation of registration 30
Revocation of cancellation of registration
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

4. The presentation covers:
Sections
Description
Chapter IX Returns 37
Furnishing details of outward supplies 38
Furnishing details of inward supplies 39
Furnishing of returns 40
First Return 41
Claim of input tax credit and provisional acceptance thereof 42
Matching, reversal and reclaim of input tax credit .
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

5. The presentation covers:
Sections
Description
Chapter IX Returns 43
Matching reversal of reclaim of reduction in output tax liability 44
Annual Return 45
Final Return 46
Notice to Return Defaulters 47
Levy of late fee 48
Goods and Service Tax Practioners .
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

6. The presentation covers:
Sections
Description
Chapter X 49
Payment of Tax, interest, penalty and other amounts 50
Interest on delayed payment 51
Tax deducted at source 52
Collection of tax at source 53
Transfer of input tax credit .
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

7. The presentation covers:
Sections
Description
Chapter XI 54
Refund of tax 55
Refund in certain cases 57
Consumer Welfare Fund 58
Utilization of Consumer Welfare Fund .
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

8. CHAPTER VI: Registration Sec 22: Persons liable for registration
Sec 22: (1) (Who?) Every supplier shall be liable to be registered under this Act (where ?) 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:
(For special category states?) 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.
Eleven Special category states: Nagaland, Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Tripura, Sikkim, Himachal Pradesh, J & K, Utrackhand
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

9. CHAPTER VI: Registration Sec 22: Persons liable for registration
Explanation to Sec 22 Aggregate Turnover: Aggregate turnover shall include all supplies made by the taxable person, whether on his own accouont or made on behalf of all his principals.
Exclusion: Job worker turnover:The supply of goods, after completion of job work, by registered job worker shall be treated as the supply of goods by the principal referred to in Section 143, and the value of such goods shall not be included in the aggregate turnover of the registered job worker.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

10. CHAPTER VI: Registration Sec 22: Persons liable for registration
Existing Registrants: Every person who, on the day immediately preceding the appointed day, is registered or holds a licence under an existing law, shall be liable to be registered under this Act with effect from the appointed day.
Registration on transfer of business: Where a business carried on by a taxable person registered under this Act is transferred, whether on account of succession or otherwise, to another person as a going concern, the transferee or the successor, as the case may be, shall be liable to be registered with effect from the date of such transfer or succession.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

11. CHAPTER VI: Registration Sec 22: Persons liable for registration
Transfer pursuant to Amalgamation etc: In a case of transfer of business pursuant to sanction of a scheme or an arrangement for amalgamation or, as the case may be, demerger of two or more companies pursuant to an order of a High Court, Tribunal or otherwise, the transferee shall be liable to be registered, with effect from the date on which the Registrar of Companies issues a certificate of incorporation giving effect to such order of the High Court or Tribunal.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

12. Sec 23: Persons not liable for registration
1. The following persons shall not be liable to registration, namely:–
Any person engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax under this Act or under the Integrated Goods and Services Tax Act;
An agriculturist, to the extent of supply of produce out of cultivation of land.
2. Power to exempt: The Government may, on the recommenda-tions of the Council, by notification, specify the category of persons who may be exempted from obtaining registration under this Act.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

13. Sec 24: Compulsory Registration
The following categories of persons shall be required to be registered under this Act,––
Persons making any inter-State taxable supply;
Casual taxable persons making taxable supply;
Persons who are required to pay tax under Sec 9 (3):reverse charge;
Person who are required to pay tax under sub-section (5) of section 10 (Composition Levy);
Non-resident taxable persons making taxable supply;
Persons who are required to deduct tax under section 51 (TDS), whether or not separately registered under this Act;
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

14. Sec 24: Compulsory Registration
Agents Persons who make taxable supplies on behalf of other taxable persons, whether as an agent or otherwise;
Input Service Distributor, whether or not separately registered under this Act;
Persons who supply goods or services or both, through electronic commerce operator who is required to collect tax at source (S-52)
Every electronic commerce operator;
On line information database: Every person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered person; and
Such other person or class of persons as may be notified by the Government on the recommendations of the Council.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

15. Electronic Commerce and EC Operator
Sec 2(45) ‘electronic commerce’ means supply of goods and/or services including digital products over digital or electronic network;
Sec 2(46) ‘electronic commerce operator’ means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

16. Sec 25: Procedure for registration
Time limit for Regn: Registration to be got done within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed
Casual T Person: or N.R T.P. to apply for registration at least five days prior to commencement of business.
Normally one registration in every state, but a person having multiple business verticals in a State may obtain a separate registration for each business vertical,
Voluntary registration: A person, though not liable to be registered, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.
PAN: Holding of PAN under Income Tax necessary for requiring GST registration
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

17. Persons requiring registration under GST
PAN: A non-resident taxable person may be granted registration under sub-section (1) on the basis of any document other than PAN as may be prescribed.
Sumoto Registration: In the event of failure to get registered, the proper officer may, proceed to register such person in the manner as may be prescribed.
UN Organisations may be provided Unique Identification Number
The Central or a State Government may, on the recommendation of the Council, by notification, specify the category of persons who may be exempted from obtaining registration under this Act.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

18. Registration of casual taxable person and non-residents
The certificate of registration issued to a casual taxable person or a non-resident taxable person shall be valid for a period of ninety days from the effective date of registration.
Extension possible beyond the aforesaid period of ninety days by a further period not exceeding ninety days.
Advance deposit of Tax: casual taxable person or a non-resident taxable person shall, at the time of submission of application for registration make an advance deposit of tax in an amount equivalent to the estimated tax liability of such person for the period for which the registration is sought.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

19. Registration Procedure.
Every existing registered person under the earlier law will be issued a provisional registration certificate (PRC)
Such PRC will be valid for six months or for such extended period
Final RC will be issued by Central / State Government on furnishing of the prescribed information.
The PRC issued to a person not liable for registration under GST, shall be cancelled upon filing application or deemed to be cancelled
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

20. Section 26: Deemed Registration
1. The grant of registration or UID in a state shall be deemed registration under CGST Act.
2. Like wise any rejection under SGST or UTGST Act shall be deemed rejection under this Act.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

21. Section 28: Amendment of Registration
Sec 29.Cancellation of registration: If on voluntary registration, not commenced business within six months or
Not filed returns for a continuous period of three months
Sect 30: Revocation of cancellation of registration.
Return-rules.pdf
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

22. Section 28: Amendment of Registration
Sec 29.Cancellation of registration: If on voluntary registration, not commenced business within six months or
Not filed returns for a continuous period of three months
Sect 30: Revocation of cancellation of registration.
1_CGST Rules July pdf
Page 103
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

23. Chapter VIII Returns Central Government Taxable persons:.
Taxable persons:
P. 1
P.2
P. 3 etc
Goods and Service Tax Network
Central Government
State Governments
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

24. Chapter IX Features of Returns
Information Technology based compliances
Dual Review
Real time updates
Lesser Interaction with Tax Authorities
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

25. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before: 1.
GSTR 1: Return of outward Supplies (sales, purchase return etc.) made by the Taxpayer (Monthly): (Page 183 to 187 followed by instructions)
Before the tenth day of the month succeeding the said tax period. 3.
GSTR 2: Return of inward Supplies (purchases, sales return etc.) made by the Taxpayer (Monthly):
Fifteenth day of the month succeeding the said tax period.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

26. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Contents of GSTR 1
The details of outward supplies of goods or services or both furnished in FORM GSTR-1 shall include, inter alia, –
(a) invoice wise details of all -
(i) inter-State and intra-State supplies made to registered persons; and
(ii) inter-State supplies with invoice value more than two and a half lakh rupees made to unregistered persons;
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

27. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Contents of GSTR 1
(b) consolidated details of all -
(i) intra-State supplies made to unregistered persons for each rate of tax; and
(ii) State wise inter-State supplies with invoice value up to two and a half lakh rupees made to unregistered persons for each rate of tax;
(c) debit and credit notes, if any, issued during the month for invoices issued previously.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

28. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Contents of GSTR 2-A
The details of outward supplies furnished by the supplier shall be made available electronically to the concerned registered persons (recipients) in Part A of FORM GSTR-2A through the Common Portal after the due date of filing of FORM GSTR-1.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

29. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Contents of GSTR 1-A
(4) The details of inward supplies added, corrected or deleted by the recipient in his:
FORM GSTR-2 under section 38: Furnishing details of inward supply or
FORM GSTR-4: Quarterly Return by Composition dealers or
FORM GSTR-6: Input Service Distributor under section 39
shall be made available to the supplier electronically in FORM GSTR-1A through the common portal and such supplier may either accept or reject the modifications made by the recipient and FORM GSTR-1 furnished earlier by the supplier shall stand amended to the extent of modifications accepted by him
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

30. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before: 1.
GSTR 1: Return of outward Supplies (sales, purchase return etc.) made by the Taxpayer (Monthly):
Before the tenth day of the month succeeding the said tax period. 2.
GSTR 1-A: Details of outward supplies as added, corrected or deleted by the recipient 3.
GSTR 2: Return of inward Supplies (purchases, sales return etc.) made by the Taxpayer (Monthly):
Fifteenth day of the month succeeding the said tax period.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

31. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before: 4.
GSTR 2-A: Return of inward supplies made available to the recipient on the basis of FORM GSTR-1 furnished by the supplier 5.
GSTR 3: GST Return of inward and outward supplies, input tax credit availed, tax payable, tax paid etc., other than compounding taxpayer and ISD (Monthly)
Before the twentieth day of the month succeeding the said tax period. The tax to be paid on or before last date of filing of return. 6.
GSTR-3A: Notice to a registered taxable person who fails to furnish return.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

32. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before: 7.
GSTR 4: Return for compounding dealers (quarterly)
Before 18th of the month after the close of the quarter. 8.
GSTR-4A: Details of inward supplies received by the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

33. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before: 9.
GSTR 5: Return by Non Resident Taxpayers (Annual)
Before 7th day of the month after expiry of registration.
10.
GSTR 6: Return for Input Service Distributor (Monthly).
Before the 13th day of the succeeding month .
11.
GSTR 6A: Details of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 furnished by the supplier.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

34. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before:
12.
GSTR 7: Monthly return of Tax deducted at Source.
Before the 10th day of succeeding month 13
GSTR7A: TDS Certificate
14.
GSTR 8: Statement for E-Commerce Operators
15.
GSTR-9: GST Annual Return
To be filed by 31 December of the year of close of financial year.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

35. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Chapter VIII Returns .
Sr No.
Description of Return
To be filed before:
16.
GSTR-9A: Simplified Annual return by Compounding taxable persons registered under section 8
17.
GSTR 10: GST Final Return
18.
GSTR 11: GST Inward Supplies Statement for UIN
28th of the month following the month for which statement is filed
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

36. Chapter IX Returns GSTR-1 (Sec 37)
Details of outward supplies made by the Taxpayer (Monthly) to be filed by supplier on or before the tenth day of the month succeeding the said tax period.
“Details of outward supplies” shall include details of invoices, debit notes, credit notes and revised invoices issued in relation to outward supplies made during any tax period.
Such details shall be communicated to the recipient of the said supplies within the time and in the manner as may be prescribed
Every person who has been communicated the above-mentioned details, shall either accept or reject the details, on or before the seventeenth day of the month and the details furnished by him under subsection (1) shall stand amended accordingly.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

37. Chapter VIII Returns GSTR-1 (Sec 32)
Any person, who has furnished the details under sub-section (1) for any tax period and which have remained unmatched, shall, upon discovery of any error, rectify such error in the tax period during which such error is noticed in such manner as may be prescribed, and shall pay the tax and interest, if any, in case there is a short payment of tax on account of such error or omission.
Time limit for correction of errors: PROVIDED that no rectification of error in respect of the details furnished under sub-section (1) shall be allowed after furnishing of the return under section 39 ((Monthly return of sales, purchase/, tax paid etc) for the month of September following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

38. Details of Inward supply GSTR-2 (Sec 38)
Every registered taxable person , other than an ISD or a non resident taxable person or a person paying tax under section 9 (Composite levy), section 51 (TDS) or section 52(TCS), shall verify, validate, modify or, if required, delete the details relating to outward supplies and credit or debit notes communicated under sub-section(1) of section 37 to prepare the details of his inward supplies received by him in respect of such supplies that have not been declared by the supplier under sub-section (1) of section 37.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

39. Details of Inward supply GSTR-2 (Sec 38)
2. He shall also furnish the details of inward supplies of taxable goods and/or services, including inward supplies of goods or services on which the tax is payable on reverse charge basis under this Act after the tenth but on or before the fifteenth day of the month succeeding the tax period in such form and manner as may be prescribed.
3. The details of supplies modified, deleted or included by the recipient and furnished under sub-section (2) shall be communicated to the supplier concerned in the manner and within the time as may be prescribed.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

40. Details of Inward supply GSTR-2 (Sec 38)
The details of supplies modified, deleted or included by the recipient in the return furnished under sub-sections (2) or (4) of section 38 shall be communicated to the supplier concerned in the manner and within the time as may be prescribed.
Unmatched Transactions: Any R. taxable person, who has furnished the details under sub-section (2) for any tax period and which have remained unmatched, on discovery of any error or omission therein, rectify such error or omission in the tax period during which such error or omission is noticed in such manner as may be prescribed, and shall pay the tax and interest, if any, in case there is a short payment of tax on account of such error or omission, in the return to be furnished for such tax period.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

41. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Return GSTR-3 (Sec 39)
Every registered taxable person shall, for every calendar month or part thereof, furnish, in Form GSTR-3, a return, of inward and outward supplies of goods and/or services, input tax credit availed, tax payable, tax paid and other particulars on or before the twentieth day of the month succeeding such calendar month or part thereof.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

42. Return by a composite dealer GSTR-4 (Sec 39 (2))
1. Sec 39 (2) A registered taxable person paying tax under the provisions of section 10 (Composite dealer) shall, for each quarter or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, of the turnover in the State/UT of goods or services, tax payable and tax paid within eighteen days after the end of such quarter.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

43. Return by a person required to deduct TDS GSTR-7: Sec 39 (3)
1. Every registered taxable person required to deduct tax at source under the provisions of section 51 shall furnish, in form-GSTR-7 and in such manner as may be prescribed, a return, electronically, for the month in which such deductions have been made along with the payment of tax so deducted within ten days after the end of such month.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

44. Return by an Input Service Distributor GSTR-6 (Sec 39(4))
4. Every taxable person registered as an Input Service Distributor shall, for every calendar month or part thereof, furnish, in such form and in such manner as maybe prescribed, a return, electronically, within thirteen days after the end of such month.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

45. Return by an Non-resident GSTR-5 (Sec 39(5))
4. Every registered non-resident taxable person shall, for every calendar month or part thereof, furnish, in such form and in such manner as may be prescribed, a return, electronically, within twenty days after the end of a calendar month or within seven days after the last day of the validity period of registration, whichever is earlier.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

46. Return General provisions (Sec 39 (7 to9))
Payment of tax before last date of filing of return: Every registered taxable person, who is required to furnish a return shall pay to the account of the appropriate Government the tax due as per such return not later than the last date on which he is required to furnish such return.
Nil return also to be filed: Every registered taxable person who is required to furnish a return under sub section(1), or as the case may be, under sub-section (2), shall furnish a return for every tax period whether or not any supplies of goods or services have been effected during such tax period.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

47. Return General provisions (Sec 39 (7 to9))
9. Rectification of errors and omissions: If any taxable person after furnishing a return under sub-section (1), (2) or, as the case may be, under subsection(4) discovers any omission or incorrect particulars therein, other than as a result of scrutiny, audit, inspection or enforcement activity by the tax authorities, he shall rectify such omission or incorrect particulars in the return to be furnished for the month or quarter, as the case may be, during which such omission or incorrect particulars are noticed, subject to payment of interest, where applicable and as specified in the Act: 
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

48. Return General provisions (Sec 39(7 to9))
9. Time Limit for rectification of errors: No such rectification of any omission or incorrect particulars shall be allowed after the due date for furnishing of return for the month of September or second quarter, as the case may be, following the end of the financial year, or the actual date of furnishing of relevant annual return, whichever is earlier.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

49. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
First Return (Sec 40)
Declaration of outward supply during the interim period: Every registered taxable person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return filed by him after grant of registration.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

50. Annual Return GSTR–9 (Sec 39))
Every registered taxable person, other than an ISD, a person paying TDS TCS, a casual taxable person and a non resident taxable person, shall furnish an annual return for every financial year electronically in such form and in such manner as may be prescribed on or before the thirty first day of December following the end of such financial year.
Every registered taxable person who is required to get his accounts audited, shall furnish, electronically, the annual return under sub-section (1) along with the audited copy of the annual accounts and a reconciliation statement, reconciling the value of supplies declared in the return furnished for the year with the audited annual financial statement, and such other particulars as may be prescribed.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

51. Final Return GSTR–10 (Sec 45))
Every registered taxable person who applies for cancellation of registration shall furnish a final return within three months of the date of cancellation or date of cancellation order, whichever is later, in such form and in such manner as may be prescribed.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

52. Notice to Return Defaulters (Sec 46)
Where a registered taxable person fails to furnish a return under section 39 (Monthly return), section 44 (Annual Return) or section 45 (Final Return), a notice shall be issued requiring him to furnish such return within fifteen days in such form and manner as may be prescribed.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

53. Late fee for filing of delayed returns (Sec 47)
1. Any registered taxable person who fails to furnish the details of outward or inward supplies required by the due date to file return by due date, shall be liable to pay late fee of such failure one hundred rupees for every day during which continues subject to a maximum of five thousand rupees.
  (2) Any registered taxable person who fails to furnish the return required under section 44 (Annual Return) by the due date, shall be liable to a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of a quarter percent of his turnover in the State.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

54. Process of Payment of GST
Online tax payments are required.
Bank payments are restricted to Rs.10,000/- per challan.
Challans to be generated from GSTN which will have unique Common Portal identification no. (CPIN).
CPIN will remain valid for seven working days.
The system will be integrated with RBI system.
RBI will act as clearing house for Governments.
Cheque bouncing – System will bar such assessees from this facility.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

55. Chapter X: Sections 49 Payment of Tax under GST
Electronic Cash Ledger
Amount deposited in Cash credited, may be used for making payment towards tax interest, penalty, fee or
Any amount balance after payment may be refunded
Electronic Credit Ledger
Input tax credit shall be credited here.
This may be used for making payment towards tax payable
Balance may be refunded only in case of exports/rate of output tax is less than that of input tax. .
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

56. Utilization of Input Tax Credit (Sec 49-5)
Sec (5) The amount of input tax credit available in the electronic credit ledger of the registered person on account of––
(a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;
(b) the central tax shall first be utilised towards payment of central tax and the amount remaining, if any, may be utilised towards the payment of integrated tax;
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

57. Utilization of Input Tax Credit (Sec 49-5)
(c) the State tax shall first be utilised towards payment of State tax and the amount remaining, if any, may be utilised towards payment of integrated tax;
(d) the Union territory tax shall first be utilised towards payment of Union territory tax and the amount remaining, if any, may be utilised towards payment of integrated tax;
(e) the central tax shall not be utilised towards payment of State tax or Union territory tax; and
(f) the State tax or Union territory tax shall not be utilised towards payment of central tax.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

58. Payment of Tax (Chapter X)
Sec 50: Interest on delayed payments at such rate not exceeding 18% per annum as may be prescribed.
Sec 51: Deduction of tax at source
Sec 52: Collection of tax at source
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

59. Deduction of Tax at Source (Chapter X Section 51)
The Government may mandate,––
(a) a department or establishment of the Central Government or State Government; or
(b) local authority; or
(c) Governmental agencies; or
(d) such persons or category of persons as may be notified by the Government on the recommendations of the Council,
to deduct tax at the rate of one per cent from the payment made or credited to the supplier of taxable goods or services or both, where the total value of such supply, under a contract, exceeds two lakh and fifty thousand rupees.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

60. Deduction of Tax at Source (Chapter X Section 51)
Provided that no deduction shall be made if the location of the supplier and the place of supply is in a State or Union territory which is different from the State or as the case may be, Union territory of registration of the recipient.
(2) The amount deducted as tax under this section shall be paid to the Government by the deductor within ten days after the end of the month in which such deduction is made, in such manner as may be prescribed
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

61. Collection of Tax at Source (Chapter X Section 52)
E very electronic commerce operator, not being an agent, shall collect an amount calculated at such rate not exceeding one per cent., as may be notified by the Government on the recommendations of the Council, of the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the operator.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

62. Collection of Tax at Source (Chapter X Section 52)
2. The amount collected under sub-section (1) shall be paid to the Government by the operator within ten days after the end of the month in which such collection is made, in such manner as may be prescribed.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

63. Goods and Service Tax Network
GSTN is a private company constituted under Section 25 of the Companies Act, 1956 has been set up by the Government.
GSTN would provide four front end services, namely (i) registration, (ii) payment, (iii) refunds and (iv) return to taxpayers.
It will also assist some States with the development of back end modules.
GSTN has already appointed M/s Infosys as Management Service Provider at a total project cost of around Rs 1,380 crore for a period of five years.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

64. Process of Refund (Chapter XI: Sections 54 to 58)
GSTN to be integrated with Customs department.
Refund application to be filed online within two years of the relevant date.
Un Agencies may claim refund of tax paid by them on their inward supplies in the prescribed form within six months of the last day of the quarter in which supplies were received.
Refund of Input tax credit to be allowed only in the following two cases:
Zero rated supplies made without payment of tax
Where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempted supplies
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

65. Process of Refund (Chapter XI: Sections 54 to 58)
No refund of unutilized amount to be allowed on exports, if such exports are subject to export duty. Or
If the supplier avails of drawback in respect of central tax or claims refund of integrated tax paid on such supplies
Refund to be processed in a specified time limit 60 days.
Stress on online verification of information.
Pre and post audit of refunds to be carried out depending on amounts. Provisional refund of 90% within ____ days
Interest on delay in payment of refund at such rate not exceeding 6% per annum.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

66. Process of Refund (Chapter XI: Sections 54 to 58)
GSTN to be integrated with Customs department.
Refund application to be filed online within two years of the relevant date.
Refund application to be made within time limit. (One year as present).
Refund to be processed in a specified time limit.
Stress on online verification of information.
Pre and post audit of refunds to be carried out depending on amounts.
Provision of interest on delay in payment of refund.
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

67. Role of Cost Accountants under GST
Procedural compliances such as facilitate:
Facilitate registration of establishments,
Maintaining GST records
Tax planning, including planning for Input Tax Credit
Matching of ITC and input tax reconciliation
Managing business operations
Filing/revising returns
Representing before assessing and appellate authorities
Facilitate audit and assurance, including internal audit of operations
Ensuring and reporting compliances to the BOD
Undertaking audit
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

68. Role of Professionals under GST
Procedural compliances such as facilitate:
Facilitate registration of establishments,
Maintaining GST records
Tax planning, including planning for Input Tax Credit
Matching of ITC and input tax reconciliation
Managing business operations
Filing/revising returns
Representing before assessing and appellate authorities
Facilitate audit and assurance, including internal audit of operations
Ensuring and reporting compliances to the BOD
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate

69. R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate
Thank you very much.
Happy learning.
R.K. Khurana
Advocate
Mobile
Tel (o11)
11/7/2017
R.K. Khurana, FCS, FCMA, EMIB, LLB, Advocate