1. PRESENTATION ON OVERVIEW OF GST Subodh Vora & Co. Rotary Club
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2. OVERVIEW OF GST
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3. GST ROADMAP- APRIL 2017 July 16 Aug 16 Sept 16 Sept 16 Nov 16 Mar 17
Model GST Law Published
Constitutional Bill ratified by states & President +
GST Council formed
Revised Model GST Law published
GST Constitutional Bill passed in Parliament
Draft GST Rules Published
GST laws passed by Council
Subodh Vora & Co., Chartered Accountants. All rights reserved

4. Subodh Vora & Co., Chartered Accountants. All rights reserved
To be formed within 60 days
Constitutional body to control law & take admin decisions
Recommendatory powers
GST COUNCIL
Union FM + Union MOS
Minister in charge of Finance/ Taxation of each state
Chairperson- Union FM
Vice Chairperson- Minister of State Govt
COMPOSITION
Quorum- 50% of total members
Majority by 75% of Weighted votes
Weights- 1/3rd of Centre & 2/3rd of State
MAJORITY
GST COUNCIL
Subodh Vora & Co., Chartered Accountants. All rights reserved

5. Subodh Vora & Co., Chartered Accountants. All rights reserved
WHAT IS GST?
1. Comprehensive tax on supply of goods + services
2. Destination/ consumption based tax
3. Indian GST- Dual Model- CGST + SGST or (IGST-Inter-state transaction)
4. IGST- Inter state supply, stock transfers, imports, exports of goods & services
5. Fungibility of Credits. No Overlapping of tax
Subodh Vora & Co., Chartered Accountants. All rights reserved

6. TAXES TO BE SUBSUMED & NOT TO BE SUBSUMED
Central Levy
State Levy
Customs Duty- CVD/ SAD
Excise Duty
State VAT
Entry Tax/ Purchase Tax
GST
CST
Service Tax
Octroi/ LBT
Luxury/ Entertainment Tax
Basic Customs Duty
Tax on Electricity
Stamp Duty
Profession Tax
Lottery, Betting & Gambling Tax
Toll Tax
Road Tax
Terminal Tax on goods/ passengers
Subodh Vora & Co., Chartered Accountants. All rights reserved

7. GST RATES- SPECULATIONS?
STANDARD RATE (12%)
STANDARD RATE (18%)
HIGH RATE (28%)
Consumer Durables
NIL RATE
BASIC RATE (5%)
Necessities
Plus CESS
GST RATES
Subodh Vora & Co., Chartered Accountants. All rights reserved

8. REGISTRATION
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9. Threshold limit for registration
AGGREGATE TURNOVER
In each State where Supply takes place
Taxable Supplies
Exempt Supplies
CGST +
SGST
Registration
20 Lakhs- Normal States
10 Lakhs - North Eastern States
>
Same PAN
All India
NON TAXABLE SUPPLIES TO BE REMOVED
GST Tax to be excluded
Exports
Subodh Vora & Co., Chartered Accountants. All rights reserved

10. No Threshold. Registration mandatory from 1st transaction
Casual Taxable Person
Any other person as notified
Inter state Supply
Reverse Charge
Aggregators
No Threshold
Non Resident Taxable person
E-Commerce Players
Input Service Distributor
Subodh Vora & Co., Chartered Accountants. All rights reserved

11. ‘SUPPLY- MEANING’
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12. “SUPPLY” For ‘Consideration’ & for ‘Business’
For ‘Consideration’ & without ‘Business’
Schedule I- Without Consideration
Sale,
Transfer
Barter
Exchange;
License;
Rental,
Lease;
Disposal
Importation of Service
Permanent transfer/disposal of business assets where ITC is availed.
Supply of goods or services between related persons made in furtherance of business
Supply of goods between principal and agents
Importation of service from related person or any of its other establishment for furtherance of business.
Subodh Vora & Co., Chartered Accountants. All rights reserved

13. IGST VS CSGST/SGST (Section 3 of IGST)
CGST + SGST
‘Location of supplier’ and ‘place of supply’ are in same state
Location of supplier’ and ‘place of supply’ in different states
IGST
Import of goods/ services
Supply of service –
any treatment or process which is being applied to another persons goods is a supply of service.
Supply of goods/ services to SEZ
Any supply of goods/ service which is not intra state
Subodh Vora & Co., Chartered Accountants. All rights reserved

14. ‘INPUT TAX CREDIT’
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15. Subodh Vora & Co., Chartered Accountants. All rights reserved
AVAILABILITY OF ITC
INPUTS
INPUT SERVICES
CAPITAL GOODS
Except in case of pipelines & telecommunication towers where ITC available in staggered manner
Income tax disallowances
Subodh Vora & Co., Chartered Accountants. All rights reserved

16. COMPLIANCES UNDER GST
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17. RETURN PROCESSES Return Form Type of Return Time Limit
Total Returns per year
GSTR-1
Outward Supplies
10th of Next Month 12
GSTR-2
Inward Supplies
15th of Next Month
GSTR-3
Main Return
20th of Next Month
GSTR-6
Input Service Distributor
13th of Next Month
GSTR-7
TDS Return
GSTR-8
Annual Return
31st December following F.Y. 1 61
Subodh Vora & Co., Chartered Accountants. All rights reserved

18. OTHER IMPORTANT PROVISIONS
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19. OTHER IMPORTANT PROVISIONS
GST Compliance rating
[S. 138]
Rating to each dealer on scale on 1 to 10
Possible trigger points for blacklisting- Continuous return non filers, short reporting of turnover
Profile of blacklisted dealers to be published in public domain
Advantages of blacklisting
Burden of Proof
S. 145
Burden of proof is on person who is claiming the ITC
Anti profiteering measure
S. 163
There should be reduction in prices on account of reduction of tax rate/ seamless credit
Imposition of penalty as may be prescribed in case on non compliance
How to control, method, complications, more power to bureaucracy
Subodh Vora & Co., Chartered Accountants. All rights reserved

20. THANK YOU
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