TaxTMI 
TaxTMI 
TaxTMI 
PPT on Goods and Service Tax (GST)
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....PT on Goods and Service Tax (GST)<br>By: - CSSANJAY MALHOTRA<br>Goods and Services Tax - GST<br>Dated:- 6-9-2016<br><br>Enclosing herewith is the PPT on Goods and Service Tax (GST). Hope all will find the same beneficial to understand the concepts in GST and align the Business Model in times to come, as GST would lead to Business Transformation. Any suggestions please do get back so that the same may be putforth to CBEC. regards CS Sanjay Malhotra Reply By Ganeshan Kalyani as = Sir, nice ppt. Simple and easy to understand. Thanks for sharing sir. Dated: 6-9-2016 Reply By SNEHAL SHAH as = Dear sir , Thanks sir for providing such valuable inputs . Regards, SNEHAL SHAH Dated: 7-9-2016 ============= Document 1GST GOODS AND SERVICES TAX • By: BS SANJAY MALHOTRA Practicing Company Secretary (Indirect Tax Matters), Member Taxation Committee- FICCI Chandigarh, Member GST Core Group Committee (ICSI) # 95011-76633 ([email protected]) BY: CS SANJAY MALHOTRA GOODS AND SERVICE TAX •Article 366(12A) defines GST as "Any tax on supply of goods and services or both EXCEPT taxes supply of alcoholic liquor for human consumption on 1777 ASK GOODS&SERVICES TAX G....
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....OOD2&2EKAIGE2 VX S 2 6 3 BY: CS SANJAY MALHOTRA GOODS AND SERVICE TAX - How it Operates World Wide ??? GST at 6% MANUFACTURER WHOLESALER RETAILER CONSUMER MANUFACTURER claims back GST WHOLESALER claims back GST RETAILER claims back GST BY: CS SANJAY MALHOTRA CONSUMER pays 6% GST only WHY ???? GOODS AND SERVICE TAX . Substitution of Multiple Ταχ structure with Single Tax structure. • Remove Economic Distortions. Reduction in Transaction / Compliance cost. (Common Market across Nations) •No Dual Taxation of Intangibles as Good & Services ? Why GST? ? ?? GST regime will have Lower Tax Rates and will broaden the Tax Base. BY: CS SANJAY MA create positive change Benefits of GST - To Whom???? Big BENEFITS Package . Industry Public/Society Professionals Retailers All Service Providers Reduce Compliance Costs Broadening Tax Base. • Reduce Tax Distortions. Increase in Employment. Increase in GDP by 2% BY: CS SANJAY MALHOTRA CONCEPT - PRESENT v/s PROPOSED Service tax/Excise/Sales tax/ Other taxes Present TAXES TAXES TAXES TAXES TAXES TAKES TAXES TAXE AXES TAXES TAXES TAXES TAXE TAXES TAVES TAXE TAXES TAXES TAXES TAXES TAXES TAXES TAKETAXES TAXES TAXE TAXES MAES TA....
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....XES TAXES Packaging Automation layout prouide d by Barry-Wehmiller Design Group, Inc. MANUFACTURE Tax Regime IN INNNÊN E BY: CS SANJAY MALLIGRA GST Proposed SUPPLY BASED dreamstime ATE Present Regime MRP of "X" : Rs 300/- [email protected]% : Rs 26.25 Effective Duty Rate: 8.75% Abatement: 30% Total Taxes Effective Duty S.P 150 S.P Total Add:CENVAT 26.25 176.25 Total 200 Add:CENVAT 26.25 226.25 S.P Add:CENVAT Total 273.75 26.25 300.00 Rs 26.25 8.75% Manufacturer GST Regime Wholesaler Retailer Consumer S.P 150 C.P 177 C.P 236 • GST @ 18% Add: GST 18% 27 Less: ITC 27 Less: ITC 36 Total 177 150 200 Rs 46 15.33% Add: Margin 50 Add: Margin 54 S.P 200 S.P 254 Add: GST 18% 36 Add: GST 18% 46 Total 236/- Total 300/- S.P 150 C.P 168.75 C.P 225 • GST @ 12.5% Add: GST 12.5% 18.75 Total Less: ITC 18.75 Less: ITC 25 168.75 150 200 Rs 33 11% Add: Margin 50 Add: Margin 67 S.P 200 S.P 267 Add: GST 12.5% Total 25 Add: GST 12.5% 33 225/- Total 300/- BY: CS SANJAY MALHOTRA Goods & Service Tax CGST Central Excise Duty. Countervailing Duty on Imports. Special Additional Duty of Customs. Service Tax. Surcharge, Education Cess & SHE Cess. Additional Excise Duty. SGST VAT Entry Tax Surcharges & Ce....
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....sses. Tax on Lottery, Betting. Luxury /Amusements/ Entertainment Tax levied by Local Bodies Purchase Tax IGST CST/ Excise / Service Tax... Out of GST Basic Custom Duty. Safeguard Duties. Taxes on Petroleum (temporary period) BY: CS SANJAY MALHOTRA GST/VAT RATES WORLDWIDE SR NO COUNTRY GST / VAT RATES 1 SINGAPORE 7% 23 CHINA 17% INDONESIA 10% 4 PHILLIPINES 10% 5 TAIWAN 5% 6 U.K. 17.5% 7 8 AUSTRALIA GERMANY 10% 16% ☠9 SOUTH KOREA 10% 10 SWITZERLAND 8% BY: CS SANJAY MALHOTRA 17 FINANCE & ADMIN SALES & MARKETING BUSINESS STRATEGY & OPERATION LEGAL HOW DOES GST IMPACT YOUR BUSINESS? INFORMATION TECHNOLOGY CUSTOMERS SUPPLIERS / PROCUREMENT HUMAN RESOURCE BY: CS SANJAY MALHOTRA Commodity GST - Impact on Businesses Proposed GST Rate (Lets Present Tax Rates say 20%) Difference Excise Duty VAT Total CGST SGST Total CHEMICALS 12.50% 6.05% 18.55% 10% 10% 20% 1.45% PHARMACEUTICALS 12.50% 6.05% 18.55% 10% 10% 20% 1.45% SMALL PASSENGERS CARS 12.50% 14.50% 27.00% 10% 10% 20% 7.00% MID SIZE CARS 24% 12.50% 36.50% 20% 20% 40% 3.50% ENGINEERING GOODS 12.50% 14.50% 27.00% 10% 10% 20% 7.00% BY: CS SANJAY MALHOTRA TOI DU GOODS & SERVICE TAX Eating out Phone Bills High Segment cars Parcel/Courier Q....
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.... J .... Phones What will become CHEAPER Furniture Needs Tax Rates Review or else Price Increase Small Cars Satellite TV Heater/Air cooler Biscuits/cakes BATTERY BY: CS SANJAY MALHOTRA Buying House Batteries Electronics like LED TV GST- Single Tax Structure CGST SGST IGST Sales within State • Inter-State Sales • Import in India • Export India outside G GOODS S SERVICE BY CS SANJAY MALHOTRA T TAX Utilization of amount of ITC on account of IGST/CGST/SGST Amount of ITC available on account of IGST • 1st utilized towards payment of IGST. Remaining may be utilized towards payment of CGST & SGST. Amount of ITC available on account of CGST • 1st utilized towards payment of CGST. • Remaining may be utilized towards payment of IGST. Amount of ITC available on account of SGST • 1st utilized towards payment of SGST. Remaining may be utilized towards payment of IGST. BY: CS SANJAY MALHOTRA GST FLOW - WITHIN STATE MOVEMENT STATE: PUNJAB Cotton Price: Rs 100 CGST 10% : Rs 10 SGST 8% : Rs 8 Yarn Manufacturer "A" INPUT TAX CREDIT INPUT TAX CREDIT INPUT TAX CREDIT CGST SGST Rs 15 Rs 12 CGST SGST Rs 20 Rs 27/- Rs 16 Rs 36/- CGST SGST Rs 25 Rs 20 Rs 45/- Yarn ....
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....sale Garment Manufacturer "B" Garment sale Wholesaler "C" TOTAL COST- Rs 354/- Consumer “E†Tax Invoice-"A" Sale Price: 150/- Tax Invoice-"B" CGST 10% 15 Retailer Garment sale "D" Garment sale Sale Price: SGST 8% 12 200/- CGST 10% 20 Tax Invoice-"C" SGST 8% 16 Sale Price: 250/- Total 177/- Tax Invoice-"D" CGST 10% 25 Sale Price: 300/- Total 236/- SGST 8% 20 CGST 10% 30 Tax Payments SGST 8% 24 Payable (in Rs) Total 295/- CGST 15 Tax Payments Payable SGST 12 (in Rs) Total 354/- CGST 20 27/- SGST Less: Receivable CGST SGST 10 8 18/- Less: Receivable CGST SGST Net Payable Rs 9 ཞེཋསླེ 16 36/- Tax Payments Payable (in Rs) CGST 25 Tax Payments SGST ༠20 Payable (in Rs) CGST 30 45/- SGST 24 Less: Receivable 27/- CGST 54/- 20 Less: Receivable Net Payable Rs 9 SGST 16 CGST 25 36/- SGST 20 Net Payable Rs 9 45/- Net Payable Rs 9 BY: CS SANJAY MALHOTRA GST FLOW - INTER - STATE MOVEMENT STATE: PUNJAB Cotton Price: Rs 100 CGST 10% : Rs 10 SGST 8% : Rs 8 INPUT TAX CREDIT IGST Rs 27 INPUT TAX CREDIT IGST Rs 36 INPUT TAX CREDIT IGST Rs 45 TOTAL COST- Rs 354/- Yarn Manufacturer “A†Yarn sale Garment Manufacturer "B" Garment sale Wholesaler ....
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...."C" Consumer "E" Tax Invoice-"A" Sale Price: 150/- Tax Invoice-"B" IGST 18% 27 Sale Price: 200/- Garment sale Retailer "D" Garment sale IGST 18% 36 Tax Invoice-"C" Total 177 Sale Price: 250/- Tax Invoice-"D" Total 236 IGST 18% 45 Sale Price: 300/- Tax Payments IGST 18% 54 Total 295 Payable (in Rs) Tax Payments IGST 27 Total 354 Less: Receivable CGST SGST 10 Payable IGST Less: Receivable (in Rs) 36 8 IGST 27 18/- Tax Payments Payable IGST (in Rs) 45 Net Payable Rs 9 Less: Receivable Net Payable Rs 9 Tax Payments Payable IGST (in Rs) 54 IGST 36 Less: Receivable Net Payable Rs 9 IGST 45 Net Payable Rs 9 BY: CS SANJAY MALHOTRA PURCHASING STATE: HARYANA Cotton Price: Rs 100 IGST 18% : Rs 18 Yarn GST FLOW - INTER - STATE MOVEMENT INPUT TAX CREDIT IGST Rs 27 INPUT TAX CREDIT IGST Rs 36 INPUT TAX CREDIT IGST Rs 45 TOTAL COST- Rs 354/- Manufacturer “A†Yarn sale Garment Manufacturer "B" Garment sale Wholesaler "C" Consumer "E" Tax Invoice-"A" Sale Price: 150/- Tax Invoice-"B" IGST 18% 27 Sale Price: 200/- Garment sale Retailer "D" Garment sale IGST 18% 36 Tax Invoice-"C" Total 177 Sale Price: 250/- Tax Invoice-"D" Total 236 IGST 18% 45 Sale Price: 300/- Tax Payments IGST 18% 54 ....
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....Payable Total (in Rs) 295 Tax Payments IGST 27 Total 354 Less: Receivable IGST 18 Payable IGST Less: Receivable (in Rs) 36 IGST 27 Tax Payments Payable IGST (in Rs) 45 Net Payable Rs 9 Net Payable Rs 9 Less: Receivable Tax Payments Payable IGST (in Rs) 54 IGST 36 Less: Receivable Net Payable Rs 9 IGST 45 Net Payable Rs 9 BY: CS SANJAY MALHOTRA PURCHASING STATE: PUNJAB Cotton Price: Rs 100 CGST 10% : Rs 10 SGST 8% : Rs 8 GST FLOW Within State Supply Sale Price: 100/- CGST 10% 10 SGST 8% 8 Total 118/- Inter-State Supply Sale Price: 100/- IGST 18% 18 Tax Payments PAYABLE ITC Net Payable Total 118/- IGST 18 0 18 CGST 10 10 0 SGST 8 8 0 18 BY: CS SANJAY MALHOTRA IGST GST Registration Levy of, and exemption from tax Transitional Provisions Tax Invoice Tax Payment Input tax credit E-commerce Job work Time and Returns value of supply Assessment Refunds Audit BY CS SANJAY MALHOTRA REGISTRATION FORME Personal Information: GST Goods & Services Tax COMO AC REGISTRATION BY: CS SANJAY MALHOTRA PROVISIONS FOR REGISTRATION ✓COMPULSORY & VOLUNTARY REGISTRATION SPECIAL PROVISIONS ✔AMENDMENT REGISTRATION PROCESS ✓ APPROVAL PROCESS ✓ CANCELLATION REVOCATION OF CANCELLATION SUMM....
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....ARY REGISTER NOW Online Registration CLICK HERE http://caknowledge.in/ BY: CS SANJAY MALHOTRA Compulsory & Voluntary Registration (SECTION 19) Persons liable to be registered under SCHEDULE III of GST Act if Yes Compulsory if No Voluntary Time Limit to apply for Registration -- 30 days (from the date on which he becomes liable for registration) Register Now BY: CS SANJAY MALHOTRA PAN is mandatory for Registration In case of multiple business, separate registration may be obtained. Specialized agency of UNO , Multilateral financial Institution etc shall obtain UNIQUE IDENTITY NUMBER(UIN) for notified purposes Don't FORGET! If eligible person fails to obtain registration, Proper officer may proceed to register such person himself. BY: CS SANJAY MALHOTRA MIGRATION OF EXISTING TAXPAYERS TO GSTN DATABASE Backspace Scre Online Registration Page Up Page Dow Existing Registrants either with states or with centre to be migrated to GSTIN. (Provisional Registration - Validity - 6 Months) Validation of existing registration information by GSTN APPROVED VERIFIED APPROVED Registration Information ********* Verification by authorities Verification/updation of migrated data by existing registrants....
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.... within specified period Are you ready for ☠Issuance of GSTIN by GSTN GST SANJAY MALHOTRA Registration of New Applicant ➤ Online Application through common portal APPLY ONLINE Application not submitted through Digital signature to be supported by sending a signed copy of summary form ➤No application fee except advance tax in case of casual taxable persons SMS EMAIL ALERTS No Fees Email & SMS based alerts to applicants Application can be filed through Facilitation centres and BY: CS SANJAY MALHOTRA Tax Return preparers REGISTER NOW! Click here APPROVAL PROCESS AEBIFIED VERIFIED ▪Online grant of Registration 32 91 ▪3 Working days to respond (deemed approval after 3days) Please Login Username: Username shuttered Password: ? Remember Password ▪Log in ID and Temporary password communicated to tax payer ▪Online Verification of certain details like PAN, CIN etc. APPLICATION ▪Online communication of application to Jurisdictional Authorities CERTIFICATE BY: CS SANJAY MAL DOwnload Registration Certificate Special Provisions (SECTION 19A) Casual Taxable Person Non-Resident Taxable Person of ⚫ Certificate registration shall be valid for 90 day....
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....s. (May be extended for further 90 days) • Shall make an advance deposit of tax equal to est. Tax Liability. BY: CS LAY MALHOTRA Registration Information Documents to be filed for Registration :- 13 Constitution of business Principal place of business Bank Accounts BY: CS SANJAY MALHOTRA Authorised Signatory Amendment of Registration (SECTION 20) Inform the proper officer of any changes in information furnished initially or subsequently. GOODS & SERVICE TAX Proper officer may approve or reject amendment Principle of natural justice shall be followed while rejecting the request for amendment. BY: CS SANJAY MALHOTRA Cancellation of Registration (SECTION 21) Proper Officer may cancel the registration, either on his own motion or on an application filed. CANCEL Registration can also be cancelled in case of contravention, fraud, not furnishing returns etc Cancellation shall not affect the previous liability of taxable person. On cancellation, amount =credit of Input tax or output tax(whichever is higher shall be debited in ledger.) BY: CS SANJAY MALHOTRA 0 Revocation of Registration (SECTION 22) 0 ☠If cancellation by proper officer on his own motion. ☠Application to b....
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....e filed within 30 days from the date of cancellation order. ☠In case of rejection of application, principles of natural justice shall be followed. REVOKED BY: CS SANJAY MALHOTRA SR NO. 1. 2. 3. 4. ம௠5. SUMMARY PARTICULARS Time for applying registration Time for approval by tax authorities Period of validity of certificate of registration for casual & non-resident taxable person. In case of person paying tax under Section 8 (Composition Levy), registration shall be cancelled if:- In case of voluntary registration, registration shall be cancelled if:- TIME FRAME Within 30 days Within 3 working days For 90 days from effective date of registration (extension for period not exceeding 90 days) Returns has not being furnished for 3 consecutive tax period. In other cases the time period is 6 months. Business has not commenced within 6 months. Within 30 days from the date of service of cancellation order. 6. Time for applying for revocation of cancellation:- BY: CS SANJAY MALHOTRA REFUND BY: CS SANJAY MALHOTRA INTRODUCTION Refund of tax Payment of refund ➤ Withheld of refund ➤ Important points ➤ Relevant date ➤ Interest on delayed refunds ➤ Consumer....
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.... Welfare Fund ➤ Utilization of the Fund Refunds Situations where refund would arise Documents to be filed for refund ➤ Procedure Summary BY: CS SANJAY MALHOTRA REFUND OF TAX (SECTION 38) TAX REFUND Any person claiming refund & interest of any tax, may make an application to proper officer before expiry of 2 yrs. A taxable person may claim refund of any unutilized Input Tax credit at the end of any tax period. Application shall be accompanied by necessary documentary evidences & amount so determined shall be credited to the Fund. The proper officer shall issue order within 90 days from date of the receipt of application. No refund shall be paid if amount Rs 10 Lakh. Person shall be considered as taxable person, if his aggregate turnover in FY > Rs 5 Lakh.(If person conducts his business in NE states) Person providing services as an employee to his employer, shall not be considered as taxable person. Person engaged in business of exclusively supplying exempted goods/services, shall not be considered as taxable person. Person liable to pay tax u/s 7(3) receiving services Tax value /Tax charged in tax invoice NOTE may issue to the recipient a credit note shall issue to the r....
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....ecipient a debit note Any registered taxable person who issues or receives a credit or debit note, shall declare the details of such CR/DB note, in the return for the month during which such note has been issued or received. BY: CS SANJAY MALHOTRA Balance Credit Debit Registered taxable person, shall issue at the time of supply, a tax invoice showing description, quantity and value of Goods/services, tax charged etc. Registered taxable person, supplying non taxable Goods/services or paying tax u/s 8, shall issue a bill of supply instead of tax invoice. SUMMARY If taxable value/tax charged in tax invoice > taxable value/payable, taxable person may issue CREDIT NOTE to recipient on or before 30th day of September following the end of FY or date of filing of annual return (whichever is earlier) If taxable value/tax charged in tax invoice 10 lakh BY: CS SANJAY MALHOTRA TAXES The amount deducted shall be paid the credit of appropriate govt. by deductor within 10 days after the end of month. Deductor shall furnish to deductee a certificate mentioning contract value, amount deducted, date etc. (if deductor fails, he shall be liable for a late fee, sum of 100 Rs/day) oh, don't forget... De....
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....ductee shall claim credit, in his E-Cash Ledger, of tax deducted & reflected in the return of deductor. If any deductor fails to pay to credit of appropriate govt., he shall be liable to pay interest in addition to the amount deducted. BY: CS SANJAY MALHOTRA Every deposit made towards tax, interest, penalty, fess etc. by taxable person by internet banking, NEFT etc. shall be credited to e-cash ledger The ITC as self assessed in return of taxable person shall be credited to e-cash ledger Amount available in e-cash ledger may be used for making any payment towards tax, interest, penalty etc or towards tax payable under provisions of this Act SUMMARY Interest on delayed payment of tax shall be calculated from the first day of such tax was due to be paid Taxable person shall discharge his tax in following. Order :- a) Self assessed tax & other dues to return of previous tax periods b) Self assessed tax & other dues to return of current tax periods c) Any other amount payable MALHOTR igt INTEGRATED GOODS & SERVICE TAX BY: CS SANJAY MALHOTRA Principles of goods/services in the course of inter-state trade or commerce SECTION 3 SECTION 3A Supply in the course of inter- state trade or comme....
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....rce Supply in the course of intra- state trade or commerce Goods Services Means where location of supplier & place of supply are in different states IGST Central GST State GST BY: CS SANJAY MALHOTRA Goods Means where location of supplier & place of supply are in same states Services Levy & Collection of Tax (Section 4) INTEGRATED GOODS & SERVICE TAX Tax on all supplies of goods/Services made in course of inter-state shall be levied at the rate specified. Cansto Tax Paid Shall be paid by every taxable person BY: CS SANJAY MALHOTRA TAX PAYABLE ON REVERSE CHARGE BASIS EXEMPTED GOODS/SERVICES Tax shall be paid by person receiving such Goods/Services. No tax shall be payable by any taxable person Enter 1E0 BY: CS SANJAY MALHOTRA Place of supply of Goods (Section 5) Yes Location of goods at time at which movement of goods terminates for delivery to recipient Movement of goods No Location of such Goods at the time of delivery to the recipient BY: CS SANJAY MALHOTRA 10 shutterstock shutterst shutter. shuttock If Goods are delivered by supplier or any other person, on direction of third person Goods are assembled or Installed at site utterstock If Goods are supplied on board a conveyance s....
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....uch as a vessel, aircraft etc. stock 2 shutterstock AIR CARGO BY: CS SANJAY MALHOTRA shutterstock WAREHOUSE Location is place of business of such person shutterstock add Place of such installation or assembly shutterstock TRANSPORT CLOGISTICS Place of supply shall be location at which such goods are taken on board To registered person Place of supply of Services(Section 5) Services made Other than registered person Location of such person Location of supplier of services in other cases itphotos depositphotos depositp Fitphotos Etphotos Codepositphotos depositp وع Location of recipient where the address on record exists deport photos deposit.p BY: CS SANJAY MALHOTRA Services provided by architects, surveyors, lodging accommodations etc. related to immovable property DO Location at which immovable property or boat or vessel is located Services provided by way of organization of cultural, scientific, sporting, educational etc. BY: CS SANJAY MALHOTRA ■To a registered person, shall be the location of such person ■To other person, shall be the place where the event is actually held Seminar Services related to P3R BRE 123RF Restaurant & catering, fitness training & per....
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....formance appraisal Cultural, entertainment event or amusement park etc. services on board a conveyance such as vessel, aircraft Where services are actually performed • Location of such person for registered person. • For any other person, where services are actually performed. where event is actually held or where park or such place is located location of the first scheduled point of departure of that conveyance BY: CS SANJAY MALHOTRA 23R 123RF Transportation of goods, Inc. mail or courier Supply of services Passenger transportation services 11 11 Registered Person Any other person Registered Person Any other person Location of such person Location at which such goods are handed over for transportation BY: CS SANJAY MALHOTRA Location of such person where passenger embarks on conveyance for continuous journey Supply of telecommunication services including data transfer, broadcasting, cable & direct to home television services to any person shall- Location where such connection is installed for receipt of services 24/7 Telecommunication line, cable etc Location of billing address INTERNET of recipient of services Location where such pre- payment is received Internet servi....
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....ces provided on post-paid basis Mobile connection on pre-paid basis BANKING AND FINANCE INFOGRAPHICS Services related to insurance services Braph BY: CS SANJAY MALHOTRA CAMPAIGN BESTARCH CONVICTION MEDIA PUBLICITY O COMMUNICATION SALES MARKETINGCATION ADVERTISING MANIPULATION CONSUMPTION BRANDING PERSUASION ONLINE мозомона PREFERENCE GLOBAL - ESPYCERE BALLBOARD PRESS TELEVISION KNOWLEDGE AWARENESS Location of the recipient of services . Location of such person for registered person. • For any other person, location of recipient of service Shall be taken as located in each of such states Summary on utilization of amount of ITC Input Tax credit of Output Liability of IGST CGST IGST SGST CGST Central GST Central GST CGST IGST State GST State GST SGST SGST Central GST State GST BY IGST SANJAY MALHOTRA 40 Transitional Provisions a ä¾¡æ ¼ 12 415 32 845651 125685 85221 84651 BY CS SANJAY MALHOTRA 76565A 165676 5640 64898 3416545 45649 1235 18541 45004 123 123 41523 3216 9885 210 450 Semi-finished goods removed for carrying out certain processes & returned on or after the appointed day. Finished goods removed for carrying out certain processes & returned....
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.... on or after the appointed day. Transitional Provisions Amount of CENVAT credit carried forward in a return to be allowed as ITC. Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations. Credit of eligible duties & taxes in respect of inputs held in stock to be allowed. Credit of eligible duties & taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme. Amount payable in the event of a taxable person switching over to composition scheme. Issue of supplementary invoices, debit or credit notes where price is revised in pursuance of a contract. Pending refund claims to be disposed of under earlier law. Claim of cenvat credit to be disposed of under the earlier law. Finalization of proceedings relating to output duty liability. Treatment of amount recovered or refunded in pursuance of assessment or adjudication proceedings. Exempted goods returned to the place of business on or after the appointed day. Treatment of amount recovered or refunded in pursuant to revision of returns. Treatment of retention payments. Duty paid goods returned to the place of business on or after the appointed....
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.... day. Treatment of long term construction/works contracts Credit distribution of service tax by ISD. Inputs removed for job work & returned on or after the appointed day. BY: CS SANJAY MALHOTRA Progressive or periodic supply of goods or services. AMOUNT OF CENVAT CREDIT CARRIED FORWARD IN A RETURN TO BE ALLOWED AS INPUT TAX CREDIT A Registered Taxable Person Shall be Entitled to credit of amount of CENVAT credit (CGST Law) and VAT (SGST Law) forward in return under earlier law by him. CENVAT The amount shall be recovered as an arrear of Tax if said amount is found to be recoverable as a result of any proceeding instituted against such person under earlier Law. BY: CS SANJAY MALHOTRA UNAVAILED CENVAT CREDIT ON CAPITAL GOODS, NOT CARRIED FORWARD IN A RETURN TO BE ALLOWED IN CERTAIN SITUATIONS Credit of unavailed CENVAT Credit in respect of Capital Goods in E-Credit Ledger, not carried forward in return shall be allowed. Capital Goods The amount shall be recovered as an arrear of Tax if said amount is found to be recoverable as a result of any proceeding instituted against such person under earlier Law. BY: CS SANJAY MALHOTRA Credit of eligible duties & Taxes in respect of inputs held....
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.... in stock to be allowed A Registered Taxable person, not liable to registration in earlier law or was manufacturing exempted Goods. But which are liable to Tax under this Act Shall be entitled to take, in his E- credit Ledger DUTY FREE FOTOS BY: CS SANJAY MALHOTRA ॠCredit of eligible duties & taxes in respect of Inputs held in stock & inputs contained in semi finished/finished Goods held in stock on appointed day Conditions for availing Credit Receipt of Inputs and/or Goods under earlier Law Possession of invoice and/or other prescribed documents. A CONDITIONS LET Invoices or other documents were issued not earlier than 12 months immediately preceding appointed day Taxable person is eligible for input tax credit under this Act Inputs/ Goods are used or intended to be used for making taxable supplies. BY: CS SANJAY MALHOTRA Tax Credit available on Switching over from Composition scheme Registered taxable person INPUT Paying tax under composition scheme To avail Credit of eligible duties & taxes in respect of inputs held in stock & inputs contained in semi-finished/ finished Goods held in stock on appointed date. OUTPU BY: CS SANJAY MALHOTRA AMOUNT PAYABLE IN THE EVENT OF TAXAB....
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....LE PERSON SWITCHING OVER TO COMPOSITION SCHEME Taxable person has carried forward the amount of eligible Credit in return or on account of VAT in return furnished under Earlier law. Composition scheme under Section 8 VAT INPUT TAX CREDIT Debit of Amount equal to Credit of input tax in respect of inputs held in stock & inputs contained in Semi-Finished Goods/Finished Goods held in stock on day immediately preceding date of switch over to be made in E- CENVAT / Cash Ledger. BY: CS SANJAY MALHOTRA EXEMPTED GOODS RETURNED TO THE PLACE OF BUSINESS ON OR AFTER APPOINTED DAY TAX FREE TAX FREE Goods on which duty had been Exempt under earlier law at Time of Removal or at Time of Sale thereof, not being earlier than 6 Months prior to appointed day are returned to any place of business No Tax shall be payable if such Goods are returned within a period of 6 Months from appointed day & such Goods are identifiable to satisfaction of proper officer. BY: CS SANJAY MALHOTRA DUTY PAID GOODS RETURNED TO THE PLACE OF BUSINESS ON OR AFTER APPOINTED DAY TAX PAID Duty Paid Goods are at time of removal not being earlier than 6months, returned to any place of business or to supplier BY: CS SANJAY MALHOTR....
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....A No Tax shall be payable thereon if such goods are returned within period of 6 Months from appointed day & such Goods are identifiable to satisfaction of proper officer INPUTS REMOVED FOR JOB WORK AND RETURNED ON OR AFTER APPOINTED DAY Where any inputs received Job Work In a Factory or at a place Of business, removed or dispatched as such or after processing After completion are returned to said place, No Tax shall be payable if inputs are returned within 6 months BY: CS SANJAY MALHOTRA Semi-Finished Goods removed for Job work & returned on or after Appointed day Where any Semi- Finished Goods Semifinished Goods No Tax shall be payable if Goods after process returned to said place within 6 Months from Appointed day, Had been removed or dispatched to any other premises for Manufacturing process BY CS SANJAY MALHOTRA Z Finished Goods removed for carrying out certain processes & returned on or after appointed day Excisable Goods manufactured in factory, for carrying out process not amounting to manufacture, removed or despatched without payment of duty, to any premises No Tax shall be payable if said goods are returned within 6 Months from the Appointed day BY: CS SANJAY MALHOTRA Fin....
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....ished Goods Finished Finished Goods Goods ISSUE OF SUPPLEMENTARY INVOICES, DEBIT/CREDIT NOTES WHERE PRICE IS REVISED IN PURSUANCE OF CONTRACT â–ªIn pursuance of contract, if price of any Goods/Services is revised upwards or downwards INVOICE YOUR INVOICE â– The taxable person who removed such goods may issue supplementary invoice or debit note (In case of upwards) or credit note (In case of downwards), within 30 days of such Price Revision & Tax to be paid under GST Act as considered outward supply in GST. CREDÄ°T DEBÄ°T BY: CS SANJAY MALHOTRA PENDING REFUND CLAIMS TO BE DISPOSED OF UNDER EARLIER LAW BERI Every claim of refund filed by person before appointed day, shall be disposed in accordance with provisions of earlier law and may amount eventually accruing shall be refunded in cash TAX REFUND BY: CS SANJAY MALHOTRA REFUND Every proceeding of appeal, revision, review or reference relating to : CLAIMS Recovery of CENVAT Credit under earlier Law Claim for CENVAT Credit under earlier Law Disposed in accordance with provisions of earlier Law and if any amount shall be recovered as an arrear of Tax and shall not be admissible as ITC. Disposed in accordance with provisions....
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.... of earlier Law and if any amount shall be refunded in cash 1:1 RECOVERY BY: CS SANJAY MALHOTRA 目 Every proceeding of Appeal, Revision, Review or reference relating to any output duty liability initiated before appointed day shall be disposed of in accordance with provisions of earlier Law OUTPUT FAX ☠If any amount becomes recoverable shall be recovered as an Arrear of tax or if admissible shall be refunded in cash BY: CS SANJAY MALHOTRA PENALTY! FOTOFNEH In pursuance of an assessment or adjudication proceedings instituted, any amount of tax, interest, fine or penalty becomes recoverable, same shall be recovered as an Arrear of Tax & amount shall be admissible as ITC If Refundable, same shall be Refundable in Cash under earlier Law INTEREST BY CS SANJAY MALHOTRA Treatment of Amount Recovered or Refunded pursuant to Revision of Returns $ if amount is found to be Recoverable Shall be recovered as an arrear of tax & that amount shall be admissible as ITC Any return revised if amount is found to be Refundable REFUND އ Shall be refunded in cash in accordance with the provisions BY: CS SANJAY MALHOTRA Treatment of long term construction/works contracts Goods/Services Ente....
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....red prior to Shall be liable to supplied on or pay tax as per GST after appointed the appointed day day Progressive or periodic supply of goods or services No TAX shall be payable on supply of goods/service made on or after the appointed day • If consideration has been received prior to the appointed day • The duty or tax payable has already been paid BY: CS SANJAY MALHOTRA Thank You By: PS SANJAY MALHOTRA Practicing Company Secretary (Indirect Tax Matters), Member Taxation Committee- FICCI Chandigarh, Member GST Core Group Committee (ICSI) # 95011-76633 ([email protected]) BY: CS SANJAY MALHOTRA<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....