TaxTMI 
TaxTMI 
TaxTMI 
GST Ki Master Class III: Composition and record keeping
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....ST Ki Master Class III: Composition and record keeping <br>GST<br>Dated:- 8-7-2017<br><BR>Click here to see PPT on GST ============= Document 1 GST Ki Master Class III Composition and record keeping This class is in two parts.. PART A-Composition Scheme What is the composition scheme Who is eligible to avail composition scheme Category of persons excluded from the Scheme Composition rate....
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....s and computation of tax Procedure to be followed Part B- Accounts and records Accounts and records to be maintained Period for which to be retained Part A Composition Scheme Composition levy is an option for specified categories of small taxpayers to pay GST at a very low rate on the basis of turnover. Advantages Low rate of tax Hassel free simple procedures for such taxpayers Simple ca....
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....lculation of tax based on turnover A very simple quarterly return Composition Scheme The composition scheme is for Manufacturers (other than few notified goods) Traders of goods Restaurants having aggregate turnover of Rs 75 lakh in the previous financial year subject to certain conditions and restrictions The aggregate turnover limit is Rs 50 lakh for following 9 states Two special ca....
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....tegory states, Uttrakhand and J & K have opted for keeping the turnover limit as Rs 75 lakh Composition Scheme Aggregate turnover for determination of eligibility: Total all India turnover of all units under same PAN. It includes the value of exempt supplies and exports. It does not include the GST paid and the value of supplies received by a person on which he pays tax on reverse charge ba....
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....sis. Composition Scheme if availed shall include all registered persons having same PAN Composition scheme availability to a person shall lapse with effect from the date of his reaching the threshold turnover of seventy five lakh rupees. Composition Scheme Tax rates Composition Scheme Tax computation illustrated Taxpayer ‘A’ is a manufacturer having one unit in U P and another ....
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....in M P. Total turnover of two units in last FY was Rs 55 lakh. Total turnover of two units in the first quarter of this year was Rs 20 Lakh Composition Scheme-Who is not eligible Supplier of services except restaurants Any person who makes (i) a supply of non-GST goods; or (ii) an inter-state supply; or (iii) a supply that attract TCS is engaged in manufacture of goods, namely, ice cream, pa....
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....n masala or tobacco and manufactured tobacco substitutes Is a casual or a non-resident taxable person Composition Scheme- Conditions & restrictions If at the time of opting for scheme he has stock of goods purchased from unregistered person he will pay the tax on such goods Not entitled to take ITC on inputs Pay tax on inward supply from unregistered dealers Pay tax on supply attracting r....
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....everse charge Shall not collect any amount as tax Shall mention on bill of supply “Composition taxable person, not eligible to collect tax on supplies†Shall mention “ composition taxable person †on notice or sign board displayed at a prominent place at his place of businesses Composition Schemes- Procedure Opting for composition scheme Opting out of composition s....
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....cheme- Anytime at option File an application if Form CMP-04 Return filing Quarterly- by the 18 th of the month after the quarter Part B: Accounts and Records Register person is required to maintain records and accounts of Production or manufacture of goods Supplies (inward/outward supply, supplier and recipient details, invoice, credit/debit note, delivery challan ) Stock ( receipt, u....
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....sed, lost, balance and location where goods are stored including in transit etc) Input tax credit and use of inputs/input service Output tax payable Advance payments received and adjusted Accounts and Records Composition person to maintain simpler records Warehouse/ godown operator/transporter (even if not registered), to maintain record of consignor, consignee, movement, delivery, storage....
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.... Agent to maintain records receipt and supply on behalf principal and records of authorization by the principal A C&F agent or a carrier having custody of goods on behalf of a registered person shall maintain details of goods handled by him. Accounts and Records-requirements It is sufficient ( but not necessary) to maintain accounts and records in electronic form Records can also be maintai....
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....ned manually – Such records are to be kept and be accessible at related place of business. Required to retained for six years from the due date of annual return Commissioner may for a class of taxable persons notify maintenance of additional documents prescribes alternative documents, if such class is not able to maintain records as per the provisions of the Act. Separate records for w....
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....orks contract ( receipt /supply /payments etc.) Production of records on demand Accounts and Records-requirements Every taxable person having turnover exceeding prescribed limit shall get his account audited by a chartered accountant or cost accountant (Prescribed limit at present is two crore rupees) He shall submit the copy of audited annual account and a reconciliation statement. Maintai....
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....ning electronic records: Are to be authenticated by digital signature Maintained and preserved in the manner that these can be restored within reasonable period in any circumstances On demand to provide details, password, and explanation of codes used. Thank You The following material is available on www. cbec.gov.in www.cbec-gst.gov.in Presentation on GST GST – Concept & Status F....
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....AQs on GST in Hindi, English and 10 regional languages CGST, UTGST, IGST & Compensation Acts 18 Rules Constitutional Amendment Act<BR> News - Press release - PIB....