SIRC of ICAI. GST - TRANSISTIONAL PROVISIONS By CA GANESH PRABHU B B.Com, MFM, F.C.A, LL.B, DISA

Transcription

1 SIRC of ICAI GST - TRANSISTIONAL PROVISIONS By CA GANESH PRABHU B B.Com, MFM, F.C.A, LL.B, DISA

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3 TRANSITIONAL PROVISIONS Sec 139 to 142 of CGST Bill & Sec 165 to 197 of MGSTL Existing Officers Status??? Migration of existing Tax Payers??? Cenvat Credit or ITC Carried Forward??? Movement of Goods Before & After Appointed Day???

4 01. Existing Officers Status??? Sec 165 of Model GST Law All Officers as on Appointed Day CGST or SGST Officers

5 02. Migration of existing Tax Payers??? Sec (139 of CGST Bill) & (Sec 166 Model SGST Law) Rule 16 of Registration Existing Tax Payers Provisional Certificate of Reg. Valid for 6 Months from Date of Issue

6 03.1 Cenvat Credit or ITC Carried Forward??? CC & ITC Carried Sec [140(1) of CGST Bill] & Sec [167 of MSGSTL], Forwarded? (Rule 1(1) of Transitional Provision) Cenvat Credit Carried Forward in a Return Under Centre or State Earlier Law. CC - Day before appointed day ITC Eligible

7 03.2 Un-availed CC or ITC on CG??? Sec [140(2) of CGST Bill] & [ Sec 168 of MSGST Law], Rule 1(2)(a) of transitional provision Cenvat Credit Not availed on Capital Goods - Under Centre or State Earlier Law. CC / ITC Period Before appointed day ITC

8 03.3 Credit of D & T on Inputs held in Stock Exempted Goods or Services Sec 140(3)CGST Bill & Sec 169 of MSGST law Manufacturer of EG, Service Provider of ES, WC or FSD or SSD or Importer Liable for Tax under GST Entitled to take credit of Duties & Taxes Inputs, SFG, FG held in Stock - Appointed Day

9 03.4 Credit of D & T on Inputs held in Stock Both EG & NEG, ES & Manufacturer NES [Sec or Service 140(4)] Provider of CGST engaged in Bill Exempted Goods, Non-Exempted Goods, Exempted Service or Non- Exempted Services. Amount of Cenvat Credit C/f in Return Earlier Law Entitled to take credit of Duties & Taxes Inputs, SFG, FG held in Stock - Appointed Day

10 03.5 Credit of D & T on Inputs held in Stock From Composition to Normal (Sec 140(6) CGST Bill & Sec172 of Model SGST Law Paid Tax under Fixed Rate or Fixed Amount Earlier Law ITC on ECL Used for TS, Eligible Input under Current Law, Other Documents Less than 12 Months, Not Pay Tax U/s 9. Entitled to take credit of Duties & Taxes Inputs, SFG, FG held in Stock - Appointed Day.

11 03.6 Distribution of Service Tax Credit by ISD (Sec 140(7) of CGST Bill) & (Sec 190 of Model SGST Law) Service Received by ISD Prior to Appointed Day ISD can distribute credit as GST Credit even if Invoices received on or after Appointed Day.

12 03.7 Cenvat Credit Taken by a Centralised Registration Service Cenvat Credit of Closing Balance Eligible Provider (Sec 140 (8) of CGSTL Bill) It should be a Input Tax Credit under this Act Transfer to any other Taxable Person having Same PAN

13 03.8 Re Credit of Cenvat Credit After Payment (Sec 140 (9) of Input Service Payment 3 Months from DoI CGST Bill) Payment NOT made to be reversed. Re-Credit of CC Claimable If the Total Consideration is paid within

14 03.9 Credit of ITC on Goods lying with Agents (Sec 192 of MSGSTL) Goods of Principal with Agent Premises Agent Registered GST Law Both Declares Stock Value Day Prior to Appointed Day Invoice of such goods less than 12 Months Principal Reversed ITC or Not Claimed ITC

15 03.10 Credit of ITC on Capital Goods lying with Agents (Sec 193 Goods of Principal with Agent Premises of MSGSTL) Agent Registered GST Law Both Declares Capital Goods Stock Value Day Prior to Appointed Day Invoice of such goods less than 12 Months Principal Reversed ITC or Not Claimed ITC

16 03.11 Branch Transfer (Sec 194 of MGSTL) ITC Reversed prior to Appointed Day Not Eligible for ITC Under this Act

17 03.12 to 14 Refund of Cenvat Credit Sec 142(3) of CGST Bill & (Sec 179, 180 & 181 of MGSTL) Refund Claim filed Before or After AD Refund of Duty or Tax Paid EL Export of Goods or Services B or A AD Refund of Tax Service NOT Provided A AD Refund shall be paid in Cash Eligible Refund NOT Eligible Lapse

18 04.01 Movement of Goods??? Goods in Transit??? Sec140(5) of CGST Bill (Sec 171 of Model GST Goods in Transit Credit on such I & IS Availed Law) Received On or After AD

19 04.02 Exempted Goods Returned??? (Sec 173 of MGSTL) Goods Exempted Removal AD Taxable Prior to 6 Months before AD Received with in 6 Months from AD

20 04.03 Duty Paid Goods Returned??? Sec 142(1) of CGST Duty Paid Goods Returned Removal AD Bill & (Sec 174 of MGSTL) Prior to 6 Months before AD Received with in 6 Months from AD

21 04.04 Sale or Return??? Sec 142(12) of CSGT Bill & (Sec 195 of Sale or Return Basis Goods Sent - Removal AD MGSTL) Prior to 6 Months before AD Received with in 6 Months from AD

22 05 Price Fluctuation??? Sec 142(2) of CSGT Bill & (Sec 178 of Contract before AD MGSTL) Upward or Downward - Revision in Price Supplementary Invoice 30 Days from AD Upward Pay GST Downward Claim ITC

23 06 Job Work??? Sec 141 (1),(2),(3) of CSGT Bill (Sec 175, 176 & 177 Inputs As Such or After Processing or SFG of Model GSTL) Further Processing or Manufacture FG Other than Manufacture Declaration on Appointed Day Returned to Factory or Cleared or Exported

24 07 Adjudication & Appeal (Sec 142(6) of CSGT Bill) & ( Sec 182 As per Earlier Law of Model SGST Law) Appeal, Review, Revision on Cenvat Credit or Output Liability.

25 08 Midway Transactions??? Works Contract Old Contracts Liable to Tax under this Act. Periodic Supply of Goods or Services If Tax Paid under Earlier Law - Not Taxable in GST

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27 Thank You!!! CA Ganesh Prabhu Balakumar