Download presentation
Presentation is loading. Please wait.
1
SIRC OF ICAI GST CONCLAVE FOR EASY UNDERSTANDING 18-06-2017
CA J.MURALI M.COM., F.C.A., A.C.M.A., M.B.A.,
2
UNLEARN OLD TAX REGIME UNDERSTAND NEW REGIME USHER YOUR PEERS
CA J.MURALI 11/11/2018
3
STATE VAT SERVICE TAX EXCISE DUTY WHERE DID THEY GO??
OTHER LOCAL TAXES WHERE DID THEY GO?? CA J.MURALI 11/11/2018
4
UNDERSTAND NEW REGIME STATE VAT SERVICE TAX OTHER LOCAL TAXES
EXCISE DUTY OTHER LOCAL TAXES CA J.MURALI 11/11/2018
5
SERVE ON TECHNOLOGICAL PLATTER- THE GSTN
GST NETWORK CA J.MURALI 11/11/2018
6
GST- GOODS AND SERVICES TAX (GOOD AND SIMPLE TAX)
TAXABILITY ON SUPPLY OF GOODS AND /OR SERVICES ADMINISTERED BY CENTRAL AND STATE GOVT UNDER THE GST COUNCIL DUAL TAXING SYSTEM ONE MONTHLY RETURN SEEMLESS FLOW OF INPUT CA J.MURALI 11/11/2018
7
COMPONENTS OF GST CENTRAL STATE UNION TERRITORY INTEGRATED
CA J.MURALI 11/11/2018
8
TRANSITION PROVISIONS
WHAT WILL YOU CARRY? TRANSITION PROVISIONS CA J.MURALI 11/11/2018
9
STEP 1- MIGRATE TO GST PROVISIONAL ID AND PASSWORD FROM VAT DEPARTMENT
WEBSITE REOPENS ON 25TH JUNE DOCUMENTS TO BE UPLOADED CONFIRM YOUR ID AND MOBILE NUMBER SUBMIT THE DETAILS AND MIGRATE ACKNOWLEDGEMENT OF MIGARTION WILL BE RECEIVED IN REGISTERED ID NO CHANGES AND AMENDMENTS ARE ALLOWED UPTO THE IMPLEMETATION CA J.MURALI 11/11/2018
10
EXISTING USERS TO MIGRATE TO GST
GST ASSESSEE VAT ASSESSEE SERVICE TAX ASSESSEE CENTRAL EXCISE ASSESSEE LUXURY TAX ASSESSEE ENTERTAINMENT TAX ASSESSEE CA J.MURALI 11/11/2018
11
PROVISIONAL CERTIFICATE FROM 27TH JUNE
ALLOTMENT OF GSTIN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 STATE CODE ENTITY CODE PAN PROVISIONAL CERTIFICATE FROM 27TH JUNE CHECK DIGIT CA J.MURALI 11/11/2018
12
TRANSITIONAL PROVISIONS
ITC IN RETURNS ITC IN CAPITAL GOODS UNAVAILED ITC IN STOCK SALES BEFORE GST RETURNED AFTER GST INPUTS REMOVED FOR JOBWORK INPUTS REMOVED FOR PROCESSING PENDING CASES CA J.MURALI 11/11/2018
13
CENVAT IN SERVICE TAX RETURNS CENVAT IN EXCISE RETURNS
ITC IN RETURNS CENVAT IN SERVICE TAX RETURNS CENVAT IN EXCISE RETURNS REPORT IN GST TRAN 1 ITC IN VAT RETURNS CREDIT WILL BE TRANSFERRED TO ELECTRONIC CREDIT LEDGER IN GST CA J.MURALI 11/11/2018
14
ITC IN UNAVAILED CAPITAL GOODS
INPUT ON CAPITAL GOODS XXX Less: Availed under existing law XXX Unavailed Input Tax XXX Need not have been reported in Return Can be availed now subject to conditions REPORT IN GST TRAN 1 CA J.MURALI 11/11/2018
15
EXCISE DUTY SUFFERED STOCK
ITC IN STOCK VAT SUFFERED STOCK EXCISE DUTY SUFFERED STOCK SGST CREDIT CGST CREDIT REPORT IN GST TRAN 1 CA J.MURALI 11/11/2018
16
EXCISE DUTY SUFFERED STOCK WITH VAT DEALER(AVAILABLE FOR 6 TAX PERIODS)
Situations Excise duty >9% Excise duty < 9% If Resultant sale attracts CGST 60% 40% If Resultant sale attracts IGST 30% 20% REPORT IN GST TRAN 2 REPORT IN GST TRAN 1 CA J.MURALI 11/11/2018
17
Input on state tax suffered stock(MRP Based)
Situations Sales Tax >9% < 9% If Resultant sale attracts SGST 60% 40% If Resultant sale attracts IGST 30% 20% CA J.MURALI 11/11/2018
18
SALES RETURNS SALES RETURNS CA J.MURALI 11/11/2018
19
If after 31-12-2017 Goods are returned
Transaction Commencement Appointed Day (if) Transaction Completion Duty paid goods removed Duty paid goods returned NO TAX and Credit allowed to Recipient If after Goods are returned TREATED AS SUPPLY IN THE HANDS OF PERSON RETURNING THE GOODS CA J.MURALI 11/11/2018
20
Inputs removed for job work
CA J.MURALI 11/11/2018
21
Transaction Commencement 01-01-2017 Transaction Completion 31-12-2017
Appointed Day (if) Goods removed for Job Work for further testing , processing etc Returned to Place of removal NO TAX If after Goods are returned TREATED AS SUPPLY IN THE HANDS OF JOB WORKER 6 months period may be extended to 2 more months by competent authority CA J.MURALI 11/11/2018
22
GOODS SENT FOR FURTHER PROCESSING
SENT BEFORE further processing, RECEIVED ON OR BEFORE NO TAX LEVIABLE CA J.MURALI 11/11/2018
23
GOODS SENT FOR FURTHER PROCESSING
SENT BEFORE Further processing, RECEIVED AFTER TREATED AS SUPPLY ITC TO BE RECOVERED CA J.MURALI 11/11/2018
24
manufacturer and the job worker declare the details of the inputs or goods held in stock by the job worker on behalf of the manufacturer on the appointed day in such form and manner and within such time as may be prescribed. CA J.MURALI 11/11/2018
25
WHAT WILL HAPPEN TO PENDING CASES
? CA J.MURALI 11/11/2018
26
Application under earlier law
APPEAL Application on 1st September Liability cancelled – paid in cash Application under earlier law Liability confirmed – Recovered as arrear of tax CA J.MURALI 11/11/2018
27
REFUND Refund application on 1st September 01.07.2017
Accepted – paid in cash Application under earlier law Rejected - lapses CA J.MURALI 11/11/2018
28
Application under earlier law
ASSESSMENT Accepted – paid in cash Application under earlier law Rejected - Lapses CA J.MURALI 11/11/2018
29
REVISION PETITION Application on 1st September 01.07.2017
Liability cancelled – paid in cash Application under Earlier law Liability confirmed – Recovered as arrear of tax CA J.MURALI 11/11/2018
30
Return under earlier law
REVISED RETURN Return revised after that date Liability cancelled – paid in cash Return under earlier law Liability confirmed – Recovered as arrear of tax CA J.MURALI 11/11/2018
31
EXAMPLE: INTRA STATE Supplier: CHENNAI Recipient: COIMBATORE RATE : GST 12% Value of Goods/Services 10,000 6% Total 11,200 CA J.MURALI 11/11/2018
32
EXAMPLE: INTER STATE Supplier: CHENNAI Recipient: BANGALORE RATE : GST 12% Value of Goods/Services 10,000 IGST 1,200 Total 11,200 CA J.MURALI 11/11/2018
33
CREDIT AVAILABLE TO SUPPLIER
ORDER OF CLAIMING ITC CREDIT AVAILABLE TO SUPPLIER CGST CREDIT SGST CREDIT IGST CREDIT CGST LIABILITY IGST LIABILITY IGST LIABILITY CGST LIABILITY SGST LIABILITY SGST LIABILITY IGST LIABILITY CA J.MURALI 11/11/2018
34
ITC FLOW EXAMPLE(1) IGST LIABILITY 1800 CGST CREDIT 600
LOCAL PURCHASE 10, Total 11,200 INTER STATE SALE 15,000 12% ,800 TOTAL ,800 IGST LIABILITY CGST CREDIT 600 SGST CREDIT IGST PAYABLE CA J.MURALI 11/11/2018
35
ITC FLOW EXAMPLE(2) IGST LIABILITY 1800 IGST CREDIT 1200
INTER STATE PURCHASE 10,000 12% 1,200 Total 11,200 INTER STATE SALE 15,000 12% ,800 TOTAL ,800 IGST LIABILITY IGST CREDIT IGST PAYABLE CA J.MURALI 11/11/2018
36
ITC FLOW EXAMPLE(3) LOCAL SALE 15,000 CGST@ 6% 900 SGST@ 6% 900
INTER STATE PURCHASE 10,000 1,200 Total 11,200 LOCAL SALE ,000 6% 6% TOTAL ,800 CGST LIABILITY SGST LIABILITY IGST CREDIT IGST CREDIT ( ) CGST PAYABLE NIL SGST PAYABLE CA J.MURALI 11/11/2018
37
ITC FLOW EXAMPLE(4) LOCAL PURCHASE 10,000 CGST@6% 600 SGST@6% 600
Total ,200 LOCAL SALE 15,000 TOTAL ,800 Particulars CGST SGST Liability 900 CGST/ SGST CREDIT 600 CGST/SGST Payable 300 CA J.MURALI 11/11/2018
38
SUPPLY As per Schedules As per Taxability As per Execution
As per Nature SCHEDULE 1 SCHEDULE 2 SCHEDULE3 TAXABLE EXEMPTED ZERO RATED BUSINESS USE PERSONAL USE INTRA STATE INTERSTATE COMPOSITE SUPPLY MIXED SUPPLY CA J.MURALI 11/11/2018
39
DISPOSAL MADE OR AGREED TO BE MADE
SUPPLY SALE MADE FOR A C O N S I D E R A T FOR F U R T H E A N C OF BUSINESS LEASE TRANSFER DISPOSAL MADE OR AGREED TO BE MADE ALL FORMS OF SUPPLY BARTER EXCHANGE RENTAL LICENCE CA J.MURALI 11/11/2018
40
SCHEDULE I Made or agreed to be made without a consideration agreed to be made WITHOUT A CONSIDERATION Permanent transfer or disposal of business Supply of goods or services or both between related party or distinct person Transaction between principal and agent Import of services by related person or establishments outside India to taxable person CA J.MURALI 11/11/2018
41
SCHEDULE II Transfer Land building Treatment or process
Transfer of business assets Supply of services Composite supply Supply of goods CA J.MURALI 11/11/2018
42
SCHEDULE III Activity or transaction which shall be treated neither as a supply of goods nor a supply of services TO BE NOTIFIED CA J.MURALI 11/11/2018
43
SUPPLY FOR PERSONAL USE
As per Taxability TAXABLE SUPPLY ZERO RATE SUPPLY EXEMPT SUPPLY SUPPLY FOR BUSINESS SUPPLY FOR PERSONAL USE ITC NOT ELIGIBLE ITC ELIGIBLE ITC NOT ELIGIBLE ITC ELIGIBLE ITC ELIGIBLE CA J.MURALI 11/11/2018
44
As per Execution INTRA STATE INTER STATE WITHIN STATE BETWEEN STATES
CGST AND SGST IGST WITHIN STATE BETWEEN STATES CA J.MURALI 11/11/2018
45
COMPOSITE SUPPLY- TAXED AS ONE
SAHTABDI TRAIN TICKET Composite supply ticket and meals You cannot opt for one. CA J.MURALI 11/11/2018
46
MIXED SUPPLY DON’T GIFT CHOCOLATES AND FRUITS TOGETHER
CAN BE SOLD SEPARATELY ITEM HAVING HIGHEST RATE WILL BE TAKEN AS RATE FOR ENTIRE SUPPLY. DON’T GIFT CHOCOLATES AND FRUITS TOGETHER CA J.MURALI 11/11/2018
47
BOOKS AND RECORDS CA J.MURALI 11/11/2018
48
GST INVOICE CA J.MURALI 11/11/2018
49
Manner of issuing Invoice
Supply of Good Supply of Services Invoice in Triplicate Original For Recipient Duplicate For Transporter Triplicate For Supplier Invoice in Duplicate Original For Recipient Duplicate For Supplier CA J.MURALI 11/11/2018
50
ACCOUNTS AND RECORDS TO BE MAINTAINED
GOODS IMPORTED AND EXPORTED SUPPLIES IMPORTED AND EXPORTED SUPPLIES UNDER REVERSE CHARGE CA J.MURALI 11/11/2018
51
NATURE OF DOCUMENTS TO BE MAINTAINED
Regular Dealer Compounding Dealer INVOICES INVOICES GSTN INVOICES IN PRESENT FORM BILL OF SUPPLY IN LIEU OF INVOICE CA J.MURALI 11/11/2018
52
NATURE OF DOCUMENTS TO BE MAINTAINED CONTD..
DELIVERY CHALLAN DEBIT NOTE AND CREDIT NOTE ISSUED IN PLACE OF TAX INVOICE DURING TRANSPORTATION /JOB WORK/ REPAIR OF MACHINER/SUPPLY OF LIQUEFIED GAS ISSUED BY TAXABLE PERSON IN CASE WHERE ANY DEFICIENCY IS FOUND IN A TAX INVOICE ALREADY ISSUED BY A TAXABLE PERSON. CA J.MURALI 11/11/2018
53
NATURE OF DOCUMENTS TO BE MAINTAINED CONTD..
RECEPIT VOUCHERS PAYMENT VOUCHER REFUND VOUCHER ISSUED AT THE TIME OF RECEIVING ADVANCE ISSUED IF SUPPLY PERTAINING TO RECEIPT VOUCHER DOES NOT HAPPEN ISSUED ON PAYMENT TO SUPPLIER FOR TAX UNDER REVERSE CHARGE CA J.MURALI 11/11/2018
54
NATURE OF DOCUMENTS TO BE MAINTAINED CONTD..
E-WAYBILL ISSUED IF VALUE OF THE CONSIGENMENT IS MORE THAN RS 50000 CA J.MURALI 11/11/2018
55
COMPOUNDING LEVY CA J.MURALI 11/11/2018
56
DEALER TURNOVER LESS THAN 20,00,000 CA J.MURALI 11/11/2018
57
COMPOUNDING DEALER TURNOVER 20,00,000 TO 75,00,000 1%+1% OR
AS THE CASE MAY BE CA J.MURALI 11/11/2018
58
TAXABLE PERSONS HAVING MULTIPLE BUSINESS VERTICALS
One State – One Registration compulsory Assesse may opt multiple business vertical registration Eg: Business vertical 1 Jewelry Person with same PAN Tamil nadu Business Vertical 2 Hotel Logistics business Business vertical 3 CA J.MURALI 11/11/2018
59
Comparative Study VAT and GST
Nature VAT GST Limit 10,00,000 20,00,000(10 lakhs for special states) Registration 11 Digit TIN 15 digit PAN based Number Reporting Monthly reporting of purchases and sales Monthly reporting of supply of all goods and services Returns Manual Entry Manual and auto populated Payment Methods Online /Offline NEFT/RTGS/Debit card /Credit card /Net Banking Rates VAT and CST CGST and SGST/IGST Forms C Forms F-Form etc. No statutory Forms SEZ No Separate Registration Separate Registration Works Contract Compounding scheme/Material identification method Compounding Scheme as supply of services CA J.MURALI 11/11/2018
60
Comparative Study VAT and GST Cont..
Nature VAT GST WCTDS Applicable TCS Not Applicable Applicable on E-Commerce Transactions Stock Transfer Not taxable against F Forms Treated as supply and Taxable ITC Eligible only on Local Purchases Eligible on all supplies Check Post Form Form JJ/KK/LL/MM E-Way bill Additional place of Business within the state Branch addition to the same tin no on Application. May opt for Business vertical registration Additional place of Business outside the state Updated in VAT records Separate Registration Mandatory Audit CA J.MURALI 11/11/2018
61
TRADING AND PROFIT AND LOSS ACCOUNT
TO OPENING STOCK XX BY SALES LESS RETURNS TO PURCHASES LESS RETURNS BY CLOSING STOCK TO WAGES BY SALE OF SERVICES TO GROSS PROFIT BY GROSS LOSS TO RENT BY OTHER INCOME TO SALARIES TO PRINTING AND STATIONERY TO POSTAGE AND COURIER TO INTERNET CHARGES TO TRAVELLING AND CONVEYANCE TO STAFF WELFARE TO NET PROFIT VAT/EXCISE VAT/EXCISE VAT/EXCISE SERVICE TAX CA J.MURALI 11/11/2018 CURRENT REGIME
62
TRADING AND PROFIT AND LOSS ACCOUNT
TO OPENING STOCK GST BY SALES LESS RETURNS TO PURCHASES LESS RETURNS BY CLOSING STOCK TO WAGES XX BY SALE OF SERVICES TO GROSS PROFIT BY GROSS LOSS TO RENT BY OTHER INCOME TO SALARIES TO PRINTING AND STATIONERY TO POSTAGE AND COURIER TO INTERNET CHARGES TO TRAVELLING AND CONVEYANCE TO STAFF WELFARE TO NET PROFIT CA J.MURALI 11/11/2018 GST REGIME
63
BALANCE SHEET LIABILITIES ASSETS CURRENT REGIME CAPITAL
LAND AND BUILDINGS LOAN PLANT AND MACHINERY CREDITORS FURNITURE AND FITTINGS VAT/CST PAYABLE OFFICE EQUIPMENT DEBTORS ITC CAPITAL GOODS VAT RETURN VAT RETURN CURRENT REGIME CA J.MURALI 11/11/2018
64
BALANCE SHEET LIABILITIES ASSETS CAPITAL LAND AND BUILDINGS LOAN
PLANT AND MACHINERY CREDITORS FURNITURE AND FITTINGS ELETRONIC LIABILITY LEDGER OFFICE EQUIPMENT DEBTORS ELECTRONIC CREDIT LEDGER CAPITAL GOODS CAPITAL GOODS CAPITAL GOODS GST RETURN CAPITAL GOODS GST RETURN GST REGIME CA J.MURALI 11/11/2018
65
RETURNS UNDER GST CA J.MURALI 11/11/2018
66
RETURNS UNDER GST Return Name Date Return On Outward Supplies GSTR 1
Before 10th of Every Month Return On inward Supplies GSTR 2 Before 15th of Every Month Monthly Return GSTR 3 Before 20th of Every Month Quarterly Return GSTR 4 Before 18th of Succeeding month Non Resident taxable person return GSTR 5 ISD GSTR 6 Before 13th of Every Month TDS GSTR 7 Before 10th of Every month TCS GSTR 8 Annual Return GSTR 9 9A, 9B, 9C 31st December of Succeeding Financial Year Final return GSTR 10 Within 3 months of Cancellation UIN GSTR 11 On or Before 28th of the month Succeeding Tax Period CA J.MURALI 11/11/2018
67
HOW CAN YOU MATCH ITC NATURE FORMS Regular Dealer GSTR- 1,1A
Regular Receipt GSTR -2,2A Monthly Return GSTR-3 Quarterly Return GSTR-4,4A Non Resident Taxable person GSTR -5 OIDAR Service Provider GSTR-5A Input service distributer Return GSTR-6,6A Tax Deducted at source (TDS) GSTR-7,7A Tax Collection at source ( E-Commerce Operator) GSTR-8,8A Acceptance/Mismatch of ITC MIS 1,MIS 2 Acceptance/Addition to Output tax credit MIS 3,MIS 4 Acceptance/Mismatch in TCS MIS 5,MIS 6 FOLLOW DRAFT RETURN RULES GST CA J.MURALI 11/11/2018
68
MATCHING BEGINS……….. AUTO POPULATES AUTO POPULATES FORM GSTR 2
SUPPLIER UPLOADS OUTWARD SUPPLIES RECIPIENT MODIFIES/DELETES/INCLUDESUPLOADS INWARD SUPPLIES FORM GSTR 1 U P D A T E S AUTO POPULATES AUTO POPULATES FORM GSTR 1 A FORM GSTR 2A CA J.MURALI 11/11/2018
69
Issues under GST Software updation Training Infrastructure
Understanding CGST, SGST & IGST Accounting & record maintenance Business verticals Transition provision (60:40 proportion) Reverse charge mechanism CA J.MURALI 11/11/2018
70
WELCOME TO GST CA J.MURALI 11/11/2018
71
Mail me to: jmuraliandco@gmail.com
meet me at: J.MURALI&CO S-21/E,PONNAMBALAM SALAI, K.K.NAGAR, CHENNAI / Call me in: / Mail me to: Thank you CA J.MURALI 11/11/2018
Similar presentations
