Basics of GST. Ganesh Pathuri

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1 Basics of GST Ganesh Pathuri

2 Background of Indian GST The Constitution (115th Amendment) Bill, 2011 The Constitution (122nd Amendment) Bill, 2014 Introduced in Lok Sabha on December 19, It was passed in that House on May 6, Referred to a Select Committee of Rajya Sabha on May 14, Finally the bill is passed in Rajya Sabha on August 4, 2016.

3 See, How happy Hon ble Finance Minister is!!

4 Highlights of the Bill [The Constitution (122nd Amendment) Bill, 2014] Amends the Constitution to introduce GST Power to make laws and levy Exemptions from the purview of GST GST will apply to five petroleum products at a later date (a) petroleum crude, (b) high speed diesel, (c) motor spirit (petrol), (d) natural gas, and (e) aviation turbine fuel

5 Highlights of the Bill [The Constitution (122nd Amendment) Bill, 2014] Continues Empowers the centre to impose an additional tax of up to 1% Parliament may, by law, provide compensation to states for any loss of revenue from the introduction of GST Formation of GST Council

6 GST Council The GST Council consists of: (a) the Union Finance Minister (as Chairman), (b) the Union Minister of State in charge of Revenue or Finance, and (c) the Minister in charge of Finance or Taxation or any other Minister, nominated by each state government. All decisions of the GST Council will be made by 3/4th majority of the votes cast.

7 GST Council Continues The GST Council makes recommendations on: (a) taxes, cesses, and surcharges to be subsumed under the GST; (b) goods and services which may be subject to, or exempt from GST; (c) the threshold limit of turnover for application of GST; (d) rates of GST; (e) model GST laws, principles of levy, apportionment of IGST and principles related to place of supply; (f) special provisions with respect to the 8 north eastern states, Himachal Pradesh, Jammu and Kashmir, and Uttarakhand; and (g) related matters.

8 Additional Tax of 1% o o o o o o o Levied by centre In the course of inter-state trade or commerce Only on the supply of goods The tax will be collected by the Centre and Accrues to the states from where the supply originates. This tax will be levied for 2 years, or for a longer period as recommended by the GST Council. The central government may exempt certain goods from such additional tax.

9 The idea behind GST(Destination based Tax) Subsume all existing central and state indirect taxes No differentiation between a Good or Service, whether as an input or as a finished product. Under GST, tax paid on inputs is deducted from the tax payable on the output produced. This input credit set off operates through the manufacturing and distribution stage of production. The tax is collected only at the place of consumption. This design addresses cascading of taxes. Reducing economic distortions caused by inter-state variations in taxes.

10 Model GST Law

11 GST A New Era Taxable event under GST is Supply GST would be levied on supply of goods and services The ambit of supply is quite wide and covers supply of goods and services without consideration from one taxable person to another. Under the GST tax reform, all forms of 'supply' of goods and services like transfer, sale, barter, exchange, and rental will have a CGST (central levy) and SGST (state levy).

12 Benefits to be derived from GST

13 Proposed Tax Structure under GST

14 Current Indirect Taxes to be Subsumed

15 Illustration for showcase of Tax Benefit under GST

16 Present System of Indirect Taxes (Intra-State Trade of Goods)

17 Under GST Scenario (Intra-State Trade of Goods)

18 Registration under GST Registration under GST is PAN based Registration, Every supplier, whose aggregate TurnOver of Supply of Goods and Services exceeds Rs. 9 (Nine) Lakhs in a Financial Year has to get registered under GST Regime. upon successful Registration of the Supplier, 15 Digit GST Identification Number (GSTIN) will be issued. the stucture of GST Identification Number (GSTIN) would be: State Code PAN Entity Code Blank (For future use) Check Digit

19 Returns under GST Outward Supplies Made by Tax Payer (other than compounding Tax payer and ISD) Inward Supplies received by Tax Payer (other than compounding Tax payer and ISD) Monthly Return (other than compounding Tax payer and ISD) Quarterly Return for Compounding Tax Payer Periodic return by Non Resident Foreign Tax Payer Return for Input Service Distributor Return for Tax Deducted at Source Annual Return

20 Steps for Return Filing

21 Input Tax Credit under GST ITC can be availed prior to filing of annual return or return for the month of September, whichever is earlier Utilization of ITC CGST can be utilized against CGST and IGST (in that order). SGST can be utilized against SGST and IGST (in that order). IGST can be utilized against IGST, CGST and SGST (in that order). Note: Input tax credit of CGST cannot be utilized towards payment of SGST and similarly input tax credit of SGST cannot be utilized towards payment of CGST.

22 ITC Reversal Proportionate ITC shall be reversed in case goods / services are used for business and non-business purpose Credit shall be allowed with respect to taxable supply including zero rates supply.

23 Thank you so Much Ganesh Pathuri Letslearngst.wordpress.com

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