Virtual Certificate Course on GST

Transcription

1 Virtual Certificate Course on GST Presented by: CA Jayesh Gogri On: 18 th June, 2017

2 MAINTENANCE OF RECORDS AND BOOKS UNDER GST LAW 6/18/2017 CA. Jayesh M. Gogri 2

3 TYPES OF ELECTRONIC LEDGERS 6/18/2017 CA. Jayesh M. Gogri 3

4 Electronic Cash Ledger Electronic Credit Ledger Electronic Liability Ledger 6/18/2017 CA. Jayesh M. Gogri 4

5 ELECTRONIC CREDIT LEDGER 6/18/2017 CA. Jayesh M. Gogri 5

6 ELECTRONIC CREDIT LEDGER Maintained in Form GST PMT- 2 CREDIT under this Ledger Input Tax Credit Claim Refund reject Order in Form GST PMT- 3 Amount Recredited Refund amount- Debited from this ledger If Refund of ITC is claimed by Registered Person 6/18/2017 CA. Jayesh M. Gogri 6

7 ITC Credit and provisional acceptance (Section 41) Every registered taxable person Subject to prescribed conditions and restrictions Entitled to take credit of self assessed ITC Provisional ITC allowed to Electronic Credit Ledger Credit to be utilised only for payment of self-assessed output tax liability 6/18/2017 CA. Jayesh M. Gogri 7

8 ITC Utilisation of ITC 49(5) CGST CGST IGST SGST SGST IGST IGST IGST CGST SGST 6/18/2017 CA. Jayesh M. Gogri 8

9 Contents of Credit Ledger PMT 02 Sr No. Date Reference number Tax period Description Source of credit Purpose of utilisation Transaction type Debit Credit Debit/Credit/Balance available Central tax State tax UT Tax Integrated tax Cess Total Tax wise figures of Provisional Credit Mismatched credit 6/18/2017 CA. Jayesh M. Gogri 9

10 Format of PMT 02 FORM GST PMT 02 6/18/2017 CA. Jayesh M. Gogri 10

11 Relevance of Credit ledger To assess the available credits Mismatched credits Finally available credits For payment of taxes For claiming refund Credit available in each Tax Ascertainment of rejected refund claims Reconciliation of books 6/18/2017 CA. Jayesh M. Gogri 11

12 ELECTRONIC CASH LEDGER 6/18/2017 CA. Jayesh M. Gogri 12

13 Electronic Cash Ledger Tax Any other amount Interest Fee Penalty 6/18/2017 CA. Jayesh M. Gogri 13

14 ELECTRONIC CASH LEDGER (ECL) Maintained in FORM GST PMT - 5 If no CIN - Representation in FORM GST PMT-7 Amount claimed as Refund (Earlier deposited in Cash) - Debited TDS / TCS claimed in FORM GSTR-2 & Refund CREDITED CIN Rejection of Refund- Order in FORM GST PMT-3- Re-credited USED- Deposit and Discharge of Payments For Deposit- challan in FORM GST PMT-6. (Valid for 15 days) 6/18/2017 CA. Jayesh M. Gogri 14

15 How to Deposit in ECL? Internet Banking Credit of Debit Card NEFT or RTGS Over the Counter Cash/Cheque/DD 6/18/2017 CA. Jayesh M. Gogri 15

16 Over the counter payment Government Departments or person notified by board/commissioner (SGST) Proper officer or Authorised officer (for recovering outstanding dues from any person, by attachment or by sale of property) Proper officer or Authorised officer (for amount collected during any investigation/ enforcement activity/ any ad hoc deposit) No Restriction on Deposit Any other person as mentioned above Deposit Up to RS.10,000 per challan per tax period 6/18/2017 CA. Jayesh M. Gogri 16

17 Contents of Cash Ledger PMT 05 Serial number Date and time of deposit Recording date by bank Reference number Bank reference number (BRN) Debit entry number- for payment of tax Order number Acknowledgement no. of return for TDS/TCS Tax period-if applicable Description GSTIN of deductor of TDS GSTIN of collector of TCS Challan identification number (CIN) Type of liability Type of transaction Debit Credit Amount debited/credited and in balance Total) Fees (CGST, UTGST, IGST, SGST, Cess, Interest Penalty Fees Others Total 6/18/2017 CA. Jayesh M. Gogri 17

18 Format of PMT 05 Form GST PMT 05 6/18/2017 CA. Jayesh M. Gogri 18

19 Relevance of Cash Ledger Ascertainment of credit of taxes paid TDS Reconciling Works contract transactions TCS Reconciling E com transactions Ascertaining status of refund claims Reconciliation of books 6/18/2017 CA. Jayesh M. Gogri 19

20 ELECTRONIC LIABILITY LEDGER 6/18/2017 CA. Jayesh M. Gogri 20

21 Debits: Credits: Electronic Liability Register-FORM GST PMT 01 As per return Tax Interest Late fee Any other amount payable As determined by the officer Tax Interest Penalty Any other amount payable Tax and interest mismatch TDS/TCS/Composition tax Payment made towards taxes Relief granted by appellate authority Penalties reduced due to payment of tax, interest & penalties against SCN 6/18/2017 CA. Jayesh M. Gogri 21

22 Order of utilisation Self-assessed tax and other dues related to returns of previous tax periods Self-assessed tax and other dues related to return of current tax period Any other amount payable under the Act or the rules made thereunder including the demand determined under section 66 or 67 6/18/2017 CA. Jayesh M. Gogri 22

23 Interest liability Section 50 Late payment of tax Interest rate not exceeding 18% p.a. ITC Credit claim 42(10) Undue/excess Reduction in Output Tax 43(10) Interest rate not exceeding 24% p.a. 6/18/2017 CA. Jayesh M. Gogri 23

24 Contents of Liability ledger PMT 01 Part I Return related liabilities Serial number Date Reference number Ledger used for discharging liability Description Due to opting for composition Cancellation of registration Part II Demand ID and date Whether stayed or not Serial number Date Reference number Tax period Ledger used for discharge of liability Description Type of transaction Debit Payable Credit Paid Reduction Refund adjusted 6/18/2017 CA. Jayesh M. Gogri 24

25 Format Form GST PMT 01 6/18/2017 CA. Jayesh M. Gogri 25

26 Relevance of Liability ledger Valid return- tax credits to recipients Part I balance must be made zero Demands by the officers Demand ID wise Demands dropped Penalties dropped Automatic if demands paid within time limits Refunds granted 6/18/2017 CA. Jayesh M. Gogri 26

27 How to make balance zero in part I of PMT 01 Entries in GSTR 03 6/18/2017 CA. Jayesh M. Gogri 27

28 What if there are discrepancies? Application in PMT 04 6/18/2017 CA. Jayesh M. Gogri 28

29 SECTION 31 6/18/2017 CA. Jayesh M. Gogri 29

30 Relevance of Tax Invoice Time of supply in case of services Disallowance of credit to the recipient Penalties Confiscation of goods and/or conveyance Prosecution 6/18/2017 CA. Jayesh M. Gogri 30

31 Tax Invoice When? Taxable Goods 31(1) Before or at the time of If supply involves movement of goods Other cases Removal of goods for supply to recipient Delivery of goods or making available to the recipient 6/18/2017 CA. Jayesh M. Gogri 31

32 Tax Invoice When? Taxable Service 31(2)- Prescribed time limit- Rule 2 Insurer, Banking company or a financial institution including NBFC Other cases Within 45 days of supply Within 30 days of supply 6/18/2017 CA. Jayesh M. Gogri 32

33 Contents- Rule 1 Name, address and GSTIN of the supplier Consecutive number: serial In one or multiple series unique for a FY Maximum 16 characters Alphabets, numerals, -./, No other special characters Date of issue Name, address and GSTIN if registered Name, address of recipient and address of Delivery with Name and State Code if recipient is unregistered and value >= 50,000/- Address of delivery if different from Place of Supply (Bill to Ship to Scenario) HSN Code or Accounting code of services Description of goods or services Value and taxable value Inter State Supply Place of supply with name of State Tax payable under RCM? Signature/Digital Signature Type, rate and amount of tax 6/18/2017 CA. Jayesh M. Gogri 33

34 Exports Endorsement on invoice SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST or SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST Contents Name and address of recipient Address of delivery Name and Country of destination No. and date of application for removal of goods for export CA. Jayesh M. Gogri 34 6/18/2017

35 Continuous supply of goods (2 (32)) Continuous supply of goods means Includes supply of notified goods subject to specified conditions a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or periodic basis 6/18/2017 CA. Jayesh M. Gogri 35

36 Continuous supply of goods Invoice 31(4) Continuous supply of goods Successive statement of accounts Successive payments Before or at the time of issue of each such statement Receipt of each such payment 6/18/2017 CA. Jayesh M. Gogri 36

37 Continuous supply of services 2(33) Continuous supply of services Means a supply of services which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes supply of notified goods subject to specified conditions 6/18/2017 CA. Jayesh M. Gogri 37

38 Continuous supply of services 31(5) Last date of raising invoice Due date of payment -ascertainable from the contract Due date not ascertainable Completion of event linked to payment Due date On the date of receipt of payment Date of completion of that event 6/18/2017 CA. Jayesh M. Gogri 38

39 Cessation of supply of service 31 (6) Supply of service ceases under a contract before completion of supply To the extent of supply made before such cessation Invoice to be issued at the time of cessation of service 6/18/2017 CA. Jayesh M. Gogri 39

40 Goods sent on approval or sale or return basis etc. 31 (7) Last date to issue invoice, earlier of following dates When it becomes known that the supply has taken place 6 months from the date of removal 6/18/2017 CA. Jayesh M. Gogri 40

41 Explanation Tax invoice Shall include Revised Invoice 6/18/2017 CA. Jayesh M. Gogri 41

42 Tax Invoice Banking Company 6/18/2017 CA. Jayesh M. Gogri 42

43 Tax Invoice Banking Company where the supplier of services is an insurer or a banking company or a financial institution, including a non-banking financial company, or a telecom operator, or any other class of supplier of services as may be notified by the Government on the recommendations of the Council making taxable supplies of services between distinct persons as specified in section 25 as referred to in Entry 2 of Schedule I may issue the invoice before or at the time such supplier records the same in his books of account or before the expiry of the quarter during which the supply was made 6/18/2017 CA. Jayesh M. Gogri 43

44 Tax Invoice Passenger transportation Tax invoice shall include ticket in any form Address of the recipient not mandatory 6/18/2017 CA. Jayesh M. Gogri 44

45 Tax Invoice GTA Any document Gross weight of consignment Name of the consignor/consignee Registration number of the goods carriage Details of goods transported Place of origin and destination GSTIN of person liable to pay tax 6/18/2017 CA. Jayesh M. Gogri 45

46 Manner of issuing Invoice (Rule 3) Supply of goods- 3 copies Original for Recipient Duplicate for Transporter Triplicate for supplier Supply of services- 2 Copies Original for Recipient Duplicate for supplier Serial number of invoices issued during a tax period to be mentioned in GSTR 1 6/18/2017 CA. Jayesh M. Gogri 46

47 Consolidated tax invoice 31(3) (b) read with Rule 1-4 th Proviso The value of supply is upto Rs.199 At the end of each day Recipient does not want tax invoice If the recipient is not a registered person AND 6/18/2017 CA. Jayesh M. Gogri 47

48 Tax invoice for multiple consignments (Rule 10) Goods transported in SKD/CKD condition Complete invoice before the first consignment Delivery challan for subsequent consignments Reference to the invoice Copies of corresponding delivery challans with certified copy of invoice Original copy with the last consignment Original means duplicate? 6/18/2017 CA. Jayesh M. Gogri 48

49 ISD Invoice (Rule 9(1)) Contents: Name, address, GSTIN of ISD Consecutive Serial number Date Name, address, GSTIN of Recipient Amount credit distributed Signature Details of corresponding invoice of supplier on the basis of which credit is being distributed is not required to be put 6/18/2017 CA. Jayesh M. Gogri 49

50 URD Purchases On the date of receipt of goods/services Issue invoice 6/18/2017 CA. Jayesh M. Gogri 50

51 Bill of Supply Section 31 (3) (c) Registered person supplying exempted goods/services Person paying tax under Section 10 Not required to be issued if value < 200 6/18/2017 CA. Jayesh M. Gogri 51

52 Advance payments received? Receipt voucher or any other document 31(3) (d) Including prescribed particulars evidencing receipt of payment If subsequently no supply & no tax invoice May issue refund voucher 31 (3) (e ) 6/18/2017 CA. Jayesh M. Gogri 52

53 Receipt Voucher (31(3) (d)) If the rate of tax is not determinable- 18% If the nature of supply not determinable- IGST Contents Rule 5 Name, address, GSTIN of supplier Consecutive Serial number Date Number and date of corresponding receipt voucher Description of goods/services Amount of advance Place of supply Type, Rate and amount of tax payable Whether under reverse charge? Signature HSN not required 6/18/2017 CA. Jayesh M. Gogri 53

54 Refund voucher ( 31 (3) (e )) Advance received but subsequently no supply made-amount refunded Rule 6 Name, address, GSTIN of supplier Consecutive Serial number Date Number and date of corresponding receipt voucher Description of goods/services Amount being refunded Type, Rate and amount of tax payable Whether under reverse charge? Signature HSN and place of supply not required 6/18/2017 CA. Jayesh M. Gogri 54

55 Payment voucher (31 (3) (g)) A registered person who is liable to pay tax under: 9(3)- Reverse Charge 9(4)-Receipt from an unregistered supplier Rule 7 Name, address, GSTIN of supplier Serial number Date Name, address, GSTIN of the recipient Description of goods/services Amount paid Type, Rate and amount of tax payable Place of supply Signature No HSN required 6/18/2017 CA. Jayesh M. Gogri 55

56 Delivery Challan (Rule 10) Supply of liquid gas Where the quantity is not known on removal Transportation of goods for jobwork Transportation of goods other than supply E.g.- intra state branch transfer Notified supplies Goods transported in SKD/CKD conditions in different vehicles under one invoice To be raised in triplicate To be declared in E way bills Contents: Serial number <= 16 characters Date Name, address, GSTIN of the consignor and Consignee HSN and description Quantity Provisional if not known Taxable value Tax rate and amount Place of supply if inter-state movement Signature 6/18/2017 CA. Jayesh M. Gogri 56

57 REVISED TAX INVOICE, CREDIT AND DEBIT NOTES (SECTION 34, RULE 8) 6/18/2017 CA. Jayesh M. Gogri 57

58 Credit notes 34(1) If taxable value to be reduced Registered supplier to issue credit note If tax payable to be reduced Goods return Deficient services 6/18/2017 CA. Jayesh M. Gogri 58

59 Credit notes 34 (2) To be issued on or before either of following dates whichever occurs first: 30 th September of next FY Date of filing relevant Annual Return If tax incidence passed No reduction possible 6/18/2017 CA. Jayesh M. Gogri 59

60 I issued tax invoice on 13 th April, 2017 I got to know about higher tax charged on 19 h October, 2018 My return for September 18 will be filed on 20 th October 18 Would this adjustment be possible? Supplier 6/18/2017 CA. Jayesh M. Gogri 60

61 Yipee! I got a Credit Note on 30 th September, 2018 Thank GOD! The supplier has not yet filed Annual Return Recipient 6/18/2017 CA. Jayesh M. Gogri 61

62 Debit notes 34(3) Additional tax to be paid by supplier of goods/services due to Higher taxable value Higher tax charged Remedy available? Debit Note/Supplementary invoice Declare details of debit note in return during which debit note is issued and liability to be adjusted in specified manner 6/18/2017 CA. Jayesh M. Gogri 62

63 Contents of Debit / Credit Note The word Revised Invoice to be indicated Name, address and GSTIN of supplier Nature of document Consecutive serial number Date of issue Name, address and GSTIN/UIN of recipient, if registered Name, address, delivery address, if recipient is unregistered Serial number and date of corresponding tax invoice/bill of supply Value of taxable supply, Rate of tax and the amount of tax credited/debited to the recipient Signature 6/18/2017 CA. Jayesh M. Gogri 63

64 Revised invoice-important points Registration granted with a date of effect earlier than the date of issuance of certificate of registration (Rule 8(2)) Revised tax invoices in respect of supplies made during the relevant period Example: Date of liability 18 th June Application made on 15 th July (within 30 days) Certificate granted on 22 nd July Revised invoices to be issued for the supplies made during 18 th June to 22 nd July Consolidated revised tax invoice: unregistered person Inter state supplies not exceeding 2.5 lacs, for all recipients Revised invoices raised in respect of tax payable under section (Rule 8(3)) 74- tax not paid due to fraud, wilful misstatement, suppression of facts 129-Detention or seizure of goods/conveyances 130-confiscation of goods/conveyances Mention INPUT TAX CREDIT NOT ADMISSIBLE 6/18/2017 CA. Jayesh M. Gogri 64

65 Supplementary Invoice Connected to transitional provisions- Section 142 (2) Shall be regarded as Debit Note Therefore as a revised invoice 6/18/2017 CA. Jayesh M. Gogri 65

66 ACCOUNTS (SECTION 35) 6/18/2017 CA. Jayesh M. Gogri 66

67 Accounts and records to be maintained (35) Productio n or manufact ure of goods output tax payable / paid other particular s as prescribe d inward or outward supply of goods and/or services A true and correct account of input tax credit availed stock of goods 6/18/2017 CA. Jayesh M. Gogri 67

68 where more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business concerned the registered person may keep and maintain such accounts and other particulars in the electronic form in the manner as may be prescribed The Commissioner/Chief Commissioner may notify a class of taxable persons to maintain additional /lesser accounts or documents 6/18/2017 CA. Jayesh M. Gogri 68

69 Period of retention Until the expiry of 72 months from the due date of filing of Annual Return In case of appeal, either of the following occurring later: 1 year after final disposal of such appeal or revision or other proceedings or 72 months from the due date of filing annual return 6/18/2017 CA. Jayesh M. Gogri 69

70 If failed to account for goods/services 35(6) Owner/WH keeper, whether registered or not ( Rule 3) Proper officer to determine tax payable as if goods/services supplied and follow adjudication procedure To maintain records of consignor, consignee and other relevant details of goods as may be prescribed 6/18/2017 CA. Jayesh M. Gogri 70

71 Additional Documents (Accounts & Records Rules) True & correct account of goods or services With relevant documents including Imported Exported RCM supplies Invoices/Bills of supply/delivery Challans Credit notes Debit notes Receipt Vouchers Payment Vouchers Refund Vouchers E-way Bills 6/18/2017 CA. Jayesh M. Gogri 71

72 Accounts & Records Rules Accounts of stock of goods received and supplied containing particulars of Opening Balance Receipt Supply Goods lost, stolen, destroyed, written off or disposed of by way of gift, free samples and Balance stock including RM, FG, Scrap, wastage thereof 6/18/2017 CA. Jayesh M. Gogri 72

73 Accounts & Records Rules Separate records for advances received, paid and adjustments Tax payable, tax collected and paid, ITC claimed Each volume of books of account maintained by the registered person shall be serially numbered 6/18/2017 CA. Jayesh M. Gogri 73

74 Accounts & Records Rules Particulars of Names and complete addresses of suppliers from whom he has received the goods or services chargeable to GST Names and complete addresses of the persons to whom he has supplied the goods or services where required under these Rules the complete addresses of the premises where the goods are stored by him including goods stored during transit along with the particulars of the stock stored therein 6/18/2017 CA. Jayesh M. Gogri 74

75 Accounts & Records Rules If goods stored other than declared places without cover of valid documents proper officer shall determine the amount of tax payable on such goods as if such goods have been supplied by the registered person 6/18/2017 CA. Jayesh M. Gogri 75

76 Accounts & Records Rules Any entry in registers, accounts and documents shall not be erased, effaced or overwritten, and all incorrect entries, other than those of clerical nature, shall be scored out under attestation and thereafter correct entry shall be recorded and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained 6/18/2017 CA. Jayesh M. Gogri 76

77 Accounts & Records Rules If any documents, registers, or any books of account belonging to a registered person are found at any premises other than those mentioned in the certificate of registration, they shall be presumed to be maintained by the said registered person Every agent to maintain accounts depicting the: Particulars of authorization received from each principal to receive or supply goods or services on behalf of such principal separately Particulars including description, value and quantity (wherever applicable) of goods or services received on behalf of every principal Particulars including description, value and quantity (wherever applicable) of goods or services supplied on behalf of every principal Details of accounts furnished to every principal; and Tax paid on receipts or on supply of goods or services effected on behalf of every principal 6/18/2017 CA. Jayesh M. Gogri 77

78 Accounts & Records Rules Manufacturer monthly production accounts, showing the quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof Service provider the services supplied the accounts showing the quantitative details of goods used in the provision of each service and details of input services utilised 6/18/2017 CA. Jayesh M. Gogri 78

79 Accounts & Records Rules Registered person executing works contract to keep separate records for each works contract showing: the names and addresses of the persons on whose behalf the works contract is executed description, value and quantity (wherever applicable) of goods or services received for the execution of works contract description, value and quantity (wherever applicable) of goods or services utilized in the execution of each works contract the details of payment received in respect of each works contract; and the names and addresses of suppliers from whom he has received goods or services 6/18/2017 CA. Jayesh M. Gogri 79

80 E-records Documents can be maintained electronically which shall be authenticated by means of a digital signature Proper electronic back-up of records to be maintained and preserved in such manner that, in the event of destruction of such records due to accidents or natural causes, the information can be restored within reasonable period of time The registered person maintaining electronic records shall produce, on demand, the relevant records or documents, duly authenticated by him, in hard copy or in any electronically readable format 6/18/2017 CA. Jayesh M. Gogri 80

81 E-records Where the accounts and records are stored electronically by any registered person, he shall, on demand, provide the details of such files, passwords of such files where necessary for access and any other information which is required for such access along with sample copy in print form of the information stored in such files Every registered person shall, on demand, produce the books of accounts which he is required to maintain under any law in force. Any person having custody over the goods in the capacity of a carrier or a clearing and forwarding agent for delivery or dispatch thereof to a recipient on behalf of any registered person shall maintain true and correct records in respect of such goods handled by him on behalf of the such registered person and shall produce the details thereof as and when required by the proper officer 6/18/2017 CA. Jayesh M. Gogri 81

82 Records to be maintained by owner or operator of godown or warehouse and transporters If not already registered, they shall submit the details regarding business electronically and upon validation of the details furnished, a unique enrollment number shall be generated and communicated to the said person Any person engaged in the business of transporting goods shall maintain records of goods transported, delivered and goods stored in transit by him alongwith GSTIN of registered consignor and consignee for each of his branches 6/18/2017 CA. Jayesh M. Gogri 82

83 Records to be maintained by owner or operator of godown or warehouse and transporters Every owner or operator of a warehouse or godown shall maintain books of accounts, with respect to the period for which particular goods remain in the warehouse, including the particulars relating to dispatch, movement, receipt, and disposal of such goods The owner or the operator of the godown shall store the goods in such manner that they can be identified item wise and owner wise and shall facilitate any physical verification or inspection by the proper officer on demand 6/18/2017 CA. Jayesh M. Gogri 83

84 GST AND REVENUE RECOGNITION 6/18/2017 CA. Jayesh M. Gogri 84

85 Revenue Recognition AS 9 Sale of Goods Revenue from sales should be recognized when : All significant risks and rewards of ownership have been transferred to the buyer from the seller. Ultimate realisability of receipt is reasonably certain. Rendering of Services Revenue from service transactions is usually recognized as the service is performed, either by proportionate completion method or by the completed service contract method. 6/18/2017 CA. Jayesh M. Gogri 85

86 Supply Even if made without consideration Cases Revenue recognition as per AS 9 Supply as per GST Branch Transfer No Yes Supply by principal to agent, agent undertakes to supply on behalf of principal No Yes Supply by agent to principal, agent undertakes to receive on behalf of principal Permanent transfer of business asset without consideration, gift to an employee > Rs. 50,000/- No No Yes Yes 6/18/2017 CA. Jayesh M. Gogri 86

87 Goods sent on Approval As per AS 9- Revenue should not be recognised until the goods have been formally accepted or time for rejection has elapsed or where no time has been fixed, a reasonable time has elapsed. As per GST Invoice will be issued after 6 months from the date of removal or date of acceptance whichever is earlier. 6/18/2017 CA. Jayesh M. Gogri 87

88 Delivery subject to installations and inspections As per AS- 9 Revenue should not be recognised until the customer accepts delivery and installation and inspection are complete. However, when installation process is very simple, revenue should be recognised As per GST Invoice will be made at the time of removal of goods 6/18/2017 CA. Jayesh M. Gogri 88

89 Consignment sales As per AS 9- Revenue should not be recognised until the goods are sold to a third party As per GST- It will constitute supply on the movement of goods from place of supply 6/18/2017 CA. Jayesh M. Gogri 89

90 Key considerations in maintainance of books at entity level for each GSTIN Upadating information on GSTIN and validation Manual or use of accounting softwares integrated to GSTIN 6/18/2017 CA. Jayesh M. Gogri 90

91 CA. Jayesh M. Gogri 91 6/18/2017

92 Disclaimer Intention of the presentation is only for providing easy understanding of the subject The Presentation is based on GST Law and Draft Rules as it stands on the date of the circulation and may be required to be revisited in view of change in law at a later date In view of the rapid changes occurring in GST Law as well as the possibility of human error, this presentation may contain technical inaccuracies, typographical or other errors This document is meant for internal circulation for introduction/basic understanding purposes only. A detailed consultation with us is required before taking any tax/business decision based on this document. GSC Intime Services Pvt. Ltd. ( GSC ), its employees or directors are in no way responsible for any loss arising due to reliance placed on this document 6/18/2017 CA. Jayesh M. Gogri 92

93 Disclaimer All rights reserved. All contents created are owned by GSC or its affiliates for ease of understanding by the participants only. Unauthorized use is strictly prohibited. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of GSC. For permission requests, write to GSC, addressed at the address provided at the last slide Copyright 2017 by GSC 6/18/2017 CA. Jayesh M. Gogri 93