ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES
|
|
- Melvin Doyle
- 5 years ago
- Views:
Transcription
1 ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES
2 DEFINITIONS:- Aggregate Turnover means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and Inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes Central Tax, State Tax, Union Territory Tax, Integrated Tax and Cess, the value of inward supplies on which tax is payable by a person on reverse charge basis. It has been clarified that in determining the aggregate turnover, to determine eligibility for composition scheme, value of supply of any exempt services including services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken in to account. [Order No. 1/2017 of Removal of Difficulties Order Central Tax Dated ] PGS & ASSOCIATES 2
3 DEFINITIONS:- Input Tax Credit means the credit of Tax paid on Inputs & Input Services Reverse Charge means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or subsection (4) of section 5 of the Integrated Goods and Services Tax Act PGS & ASSOCIATES 3
4 APPLICABILITY :- Businesses with annual turnover upto Rs. 1 Crore [1] w.e.f can opt for composition scheme. Threshold limit for special category of States were also enhanced to Rs. 75 lakhs. Turnover of all businesses with same PAN has to be added up to calculate turnover for the purpose of composition scheme PGS & ASSOCIATES 4
5 ELIGIBILITY FOR COMPOSITION LEVY:- i. He is not engaged in supply of services other than restaurant services; ii. He is not engaged in supply of goods which are not leviable to tax; iii. He is not engaged in making any inter-state outward supplies of goods; iv. He is not engaged in supply of goods through electronic commerce operator who is required to collect tax at source; and v. He is not a manufacturer of such goods as may be notified by Government. vi. He is neither a casual taxable person nor a non-resident taxable person; PGS & ASSOCIATES 5
6 vii. The goods held in stock by him on the appointed day have not been purchased in the course of inter-state trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State, where the option is exercised under sub-rule (1) of rule 3; viii. The goods held in stock by him have not been purchased from an unregistered supplier and where purchased, he pays the tax under sub-section (4) of section 9; ix. He shall pay tax under sub-section (3) or sub-section (4) of section 9 on inward supply of goods or services or both; x. He shall mention the words composition taxable person, not eligible to collect tax on supplies at the top of the bill of supply issued by him; PGS & ASSOCIATES 6
7 GST RATES Sr. No. Category of Registered person Rate of Tax (CGST + SGST) prior to 01/01/2018 Rate of Tax from 01/01/2018[2] 1 Manufacturers, other than manufacturers of such goods as may be notified by the Government (Ice cream, Pan Masala, Tobbacco prodcuts etc.) 2% of the TO in State or UT 1% of the TO in State or UT 2 Restaurant Services (not serving alcohol) 5% of the TO in State or UT 5% of the TO in State or UT 3 Traders or any other supplier eligible for composition levy (On Turnover of taxable supplies ) 1% of the TO in State or UT 1% of the TO in State or UT PGS & ASSOCIATES 7
8 MIGRATION TO COMPOSITION LEVY 1. Tax payers registered under earlier law: Such tax payers who had been migrated to GST have to opt for composition by electronically filing intimation in Form GST CMP-01 prior to the appointed date i.e or within 30 days after the said date i.e This time period has been extended till [3]. Such persons have to furnish details of stock including the inward supply of goods received from un-registered persons, held by him on the daypreceding the date from which he opts to pay tax under the said section, electronically, in FORM GST CMP-03 within a period of 90 [4]days from the date on which the option for composition levy is exercised or within such further period as may be extended by the Commissioner in this behalf. Board had extended the time period for filing CMP-03 to [5] and further extended till [6]. Board had further extended time period till 31st January 2018[7] for filing stock details on the date preceding the date from which the option to pay tax under Composition Levy (Section 10 of the Act) is to be exercised in FORM GST CMP-03. [3] Order No. 1/2017 Dated [4] Substituted for 60 days w.e.f vide N. No. 22/2017 CT Dated [5] Order No, 4/2017 GST Dated [6] Order No. 5/2017 GST Dated [7] Order No. 11/2017 GST Dated PGS & ASSOCIATES 8
9 2. Tax payers registered under turnover criteria or voluntary registration: Tax payers who opt to discharge tax liability under composition scheme have to opt, by filing Part B of Form GST REG-01. If tax payers do not opt at the time of registration, such persons have to discharge tax liability under normal scheme and have option only in next financial year. If tax payers opt for composition scheme, have to intimate by filing Form GSTR CMP-02 prior to the commencement of financial year. Moreover, he has to also furnish statement in Form GST ITC-03 (Stock Statement) within a period of 60 days from the commencement of relevant financial year. 3. Tax payers migrating from normal scheme to Composition Scheme: Tax payers who have missed the deadline of means not able to intimate about opting for composition scheme, it has been provided from [8] that such tax payers can opt for the scheme from the first day of the month immediately succeeding the month in which he files and intimation in Form GST CMP-02 on the portal on or before Such tax payers have to furnish statement in Form GST ITC-03 (Stock Statement) within a period of 90 days from the day on which such person commences to pay tax under section 10. Such persons are not allowed to furnish the declaration in Form GST TRAN-1 after the statement in Form GST ITC 03 have been furnished PGS & ASSOCIATES 9
10 WITHDRAWAL FROM COMPOSITION LEVY The registered person who intends to withdraw from the composition scheme can file a duly signed or verified application in FORM GST CMP-04. Every person who has filed an application for withdrawal from the composition scheme, may electronically furnish, a statement in FORM GST ITC-01 containing details of the stock of inputs and inputs contained in semi-finished or finished goods held in stock by him on the date of withdrawal, within a period of thirty days of withdrawal. Any intimation or application for withdrawal in respect of any place of business in any State or Union territory, shall be deemed to be an intimation in respect of all other places of business registered on the same Permanent Account Number PGS & ASSOCIATES 10
11 GST PAYABLE UNDER REVERSE CHARGE The exemption for payment of RCM under section 9(4) does not apply to composition dealers. Tax will have to be paid on such supplies by the composition taxpayer under reverse charge mechanism The composition dealers are required to pay tax under RCM at the same rate (Normal Rate) applicable to goods or services on supply received from Un-registered persons Import of services The tax paid under RCM is not eligible for ITC IGST should not be paid by a composition dealer. The dealer is required to pay tax under reverse charge, import of service or purchase from an unregistered dealer has to pay only CGST and SGST PGS & ASSOCIATES 11
12 GST PAYMENT, BILLING, PAYMENT & RETURN UNDER COMPOSITION LEVY GST COLLECTION :- Registered person can not collect GST from the Customer. TAX INVOICE :- They cannot issue a tax invoice. A Composition Dealer has to issue Bill of Supply. TAX PAYMENT :- The tax can be paid on or before 18th day of the month succeeding the quarter in which such supplies were received. GST RETURN :- The information relating to such supplies should be shown by the composition taxpayer in Table 4 of return in FORM GSTR -4. Recently, vide a press release it has been clarified that details of purchases need not be filed in the above form PGS & ASSOCIATES 12
13 THANK YOU Premal@pgsca.in Mobile No: PGS & ASSOCIATES 13
Frequently Asked Questions on Composition Levy
Frequently Asked Questions on Composition Levy Q 1. What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is
More informationGST: FREQUENTLY ASKED QUESTIONS [FAQS] FOR COMPOSITION SCHEME
Q 1. What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs. 50 lakhs in case of few
More informationComposition Levy Under GST- A Boon or Bane
Composition Levy Under GST- A Boon or Bane INTRODUCTION T he appointed date for Goods and Services Tax Law (GST Law or GST) role out is 1st of July, 2017. GST Law will affect, directly and indirectly,
More informationCOMPOSITION LEVY DISCLAIMER: Threshold limit for Composition scheme: Act
COMPOSITION LEVY DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s).
More informationGST: Frequently Asked Questions(FAQs) for Traders
GST: Frequently Asked Questions(FAQs) for Traders Q 1. How will GST benefit the Trading Community? Under GST, a trader would be entitled to avail input tax credit paid on their domestic procurements of
More informationGST MSME SECTORAL SERIES CENTRAL BOARD OF EXCISE & CUSTOMS. Directorate General of Taxpayer Services. Follow
GST SECTORAL SERIES MSME Directorate General of Taxpayer Services CENTRAL BOARD OF EXCISE & CUSTOMS www.cbec.gov.in Question 55: Whether a registered person under the composition scheme needs to learn
More informationAnalysis of draft Composition Rules:
of draft Composition Rules: Rule 1 Intimation for CMP- 01 Any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration.16 and who opts to pay tax under section
More informationi. On or before the due date of furnishing the return for the month of September 2018 i.e (unless extended). OR
Points to consider before filing GSTR-3B/GSTR-1 for September 1. Pending Input Tax Credit to be availed before filing GSTR- 3B of Sept 18: Section 16 (4) of Central Goods and Services Tax Act, 2017 provides
More informationKhandhar Mehta & Shah. Concept of Composition Scheme under GST. KMS Intellectus # 2 KMS/GST/ /02
Khandhar Mehta & Shah 1 KMS Intellectus # 2 Concept of Composition Scheme under GST Basic requirements under Composition Scheme Flow chart to decide eligibility Calculation of Turnover Procedural Requirement
More informationGOODS AND SERVICE TAX FILING OF RETURN. Prepared by Dharmendra Academy of GST Awareness
GOODS AND SERVICE TAX FILING OF RETURN 1 Returns Chapter IX of the CGST/SGST Act, 2017 GST Return Rules, 2017 2 RETURNS: SALIENT FEATURES A return is a statement of specified particulars relating to business
More informationTweet FAQs. S. No. Questions / Tweets Received Replies. Registration
Tweet FAQs The tweets received by askgst_goi handle were scrutinized and developed into a short FAQ of 50 tweets. It should be noted that the tweets received or the replies quoted are only for educational
More informationTransitional Provisions
FAQ s Migration of Existing Tax Payers (Section 139) Similar provisions have been specified in the UTGST Act, 2017 Chapter XVIII Transitional Provisions Q1. What is the primary condition for provisional
More informationChapter IX Returns Statutory Provision 37. Furnishing details of outward supplies
Chapter IX Returns Statutory Provision 37. Furnishing details of outward supplies (1) Every registered taxable person, other than an input service distributor, a non-resident taxable person and a person
More informationComposition Scheme. CA Yashwant J. Kasar B.Com, FCA, DISA, CISA, PMP, FAIA
Composition Scheme under GST CA Yashwant J. Kasar B.Com, FCA, DISA, CISA, PMP, FAIA 22.07.2017 General Principles applicable to composition schemes In State of Kerala v. Builders Association of India 104
More informationPresentation on GST Annual Return & GST Audit
Optitax s R Presentation on GST Annual Return & GST Audit 25th Nov 2018 1 1 Legal provisions 2 Legal provision Applicability Section 44 (1) - Every registered person, other than an Input Service Distributor,
More informationQ. 1. If I have multiple manufacturing units in a State/UT, do I have to register all my companies separately or as a group?
Q. 1. If I have multiple manufacturing units in a State/UT, do I have to register all my companies separately or as a group? Ans: You shall be granted a single registration in the State/UT. However, you
More informationGOODS & SERVICES TAX UPDATE 1
GOODS & SERVICES TAX UPDATE 1 CENTRAL GOODS & SERVICES TAX (CGST) Some sections of CGST Act, 2017 to come into effect from 22.06.2017 Central Government vide Notification No. 01/2017-Central Tax, dt. 19-06-2017
More informationFAQ. Hindustan Shipyard Limited
FAQ Hindustan Shipyard Limited 1 Q 1. What is Goods and Service Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from
More informationKHANDHAR MEHTA AND SHAH
Notifications issued by CBEC for CGST Act 1 7/2017 Central Tax Rule 1,10,13,19,21,22,24 and 26 of Registration and Composition scheme 2 8/2017 Central Tax Section 10 & 25 of CGST Act, 2017 (Composition
More informationLevy and Collection of Tax
FAQ Meaning and scope of supply (Section 7) Chapter I Levy and Collection of Tax Q1. What is the scope of the term supply as defined in CGST Act, 2017? Ans. As per Sub-section (1) of Section 7, Supply
More informationGOODS & SERVICES TAX UPDATE 2
GOODS & SERVICES TAX UPDATE 2 CENTRAL GOODS & SERVICES TAX (CGST) Amendments in CGST Rules, 2017on Registration and Composition levy Central Government vide Notification No. 07/2017-Central Tax, dt. 27-06-2017
More informationBeginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC 3rd October Presenter CA Mandar Telang
Beginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC Presenter CA Mandar Telang 1 Registration 2 Registration Legal Framework v Taxable Person means a person who carries
More informationInput Tax Credit Rules
Input Tax Credit Rules Rule 1 of ITC - Documentary requirements and conditions for claiming ITC:- Input Tax Credit shall be availed by a registered person, including the Input Service Distributor, on the
More informationGSTR 9 ANNUAL RETURN UNDER GST
GSTR 9 ANNUAL RETURN UNDER GST What is the Annual return? Consolidation of information furnished in the forms GSTR 1, GSTR 2, GSTR 3 & GSTR 3B Details of Outward Supplies made and Inward Supplies received,
More informationAnswer to MTP_Intermediate_Syllabus 2016_Jun2018_Set 2 Paper 11- Indirect Taxation
Paper 11- Indirect Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 11- Indirect Taxation Full Marks: 100 Time allowed:
More informationName What does it relate to When to be filed
Name What does it relate to When to be filed GSTR-1 GSTR-2 GSTR-3 Outward Supplies made for a month by a regular taxpayer Inward Supplies made for the month by a regular taxpayer Consolidated return by
More informationSBS Wiki. monthly e-journal. SBS and Company LLP Chartered Accountants
Volume-41 December-2017 Pages 1-43 SBS Wiki monthly e-journal By SBS and Company LLP Chartered Accountants For Private circulation only CONTENTS INCOME TAX...1 ANONYMITY OF DONATIONS...1 GST...3 COMPOSITION
More informationProposed Amendments in GST Law
Proposed Amendments in GST Law On 09.07.2018, the Goods and Service Tax Council has issued draft proposal for the amendment in the "Goods and Services Tax" Law. The entire proposal gives brief view on
More informationThe Central Goods and Services Tax Bill, Returns. Arun Kumar Agarwal. 5-May-17
The Central Goods and Services Tax Bill, 2017 Returns Arun Kumar Agarwal info@arsconsultants.net www.arsconsultants.net 1 Statutory Provisions: Chapter Sections 37 to 48 VIII info@arsconsultants.net www.arsconsultants.net
More informationUpdate on amendments made in GST Law on 13 th October 2017 in view of various recommendations made by GST Council
Update on amendments made in GST Law on 13 th October in view of various recommendations made by GST Council No Reverse Charge with respect to purchase from unregistered persons till 31 st March 2018:
More informationMTP_Intermediate_Syllabus 2016_Jun2018_Set 2 Paper 11- Indirect Taxation
Paper 11- Indirect Taxation DoS, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 11- Indirect Taxation Full Marks: 100 Time allowed: 3 hours The figures
More informationGOODS & SERVICES TAX & / CUSTOMS -UPDATE 23 CENTRAL GOODS & SERVICES TAX
GOODS & SERVICES TAX & / CUSTOMS -UPDATE 23 CENTRAL GOODS & SERVICES TAX No RCM on procurements made from unregistered person till March 31, 2018 The Central Government vide Notification No. 38/2017 Central
More informationFILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT
FILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT DRAFT RETURN FORMS FORM NO DETAILS 1. GSTR 1 Details of outward supplies of taxable goods and/or services effected 2. GSTR 01A Details
More informationGST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No
GST Overview ~CA Unmesh G. Patwardhan~ Mobile No.98224 24968 Unmesh Patwardhan Mobile No.98224 24968 1 Brief History & Concept of GST Unmesh Patwardhan Mobile No.98224 24968 2 1 st Jul 2017 The D Day Journey
More informationSUGGESTIONS ON GST Implementation Issues
SUGGESTIONS ON GST Implementation s (AUGUST, 2017 ) Indirect Taxes Committee THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI INTRODUCTION The Institute of Chartered Accountants of India s on
More informationGST- COMPOSITION SCHEME - BOON FOR SMALL TAXABLE PERSONS
GST- COMPOSITION SCHEME - BOON FOR SMALL TAXABLE PERSONS BY: PRADEEP K. MITTAL, ADVOCATE 1 INTRODUCTION: 1: The new composition scheme provides for a simple and easy method of charge and payment of tax
More informationMaster class on GST. Institute of Company Secretaries of India - WIRC. CA Ashit Shah. Shah & Savla LLP. Chartered Accountants
Master class on GST Institute of Company Secretaries of India - WIRC CA Ashit Shah Chartered Accountants Matters to be covered Job work E-Commerce Valuation of Goods and Services Accounts & Records Tax
More informationGoods and Services Tax INPUT TAX CREDIT September 22, P V SRINIVASAN Corporate Advisor Mobile:
Goods and Services Tax INPUT TAX CREDIT September 22, 2016 P V SRINIVASAN Corporate Advisor Email: pvs@pvsadvisors.com Mobile: +919845057597 1 Input Tax Credit Key definitions 1. Input : S 2(54): means
More informationChapter - RETURNS. 1. Form and manner of furnishing details of outward supplies
Chapter - RETURNS 1. Form and manner of furnishing details of outward supplies (1) Every registered person (other than a person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017)
More informationFAQ s on Form GSTR-9 Annual Return
FAQ s on Form GSTR-9 Annual Return DISCLAIMER The views expressed in this write up are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed
More informationTransitional Provisions
Chapter XX Transitional Provisions Statutory provision 139. Migration of existing Tax Payers to GST Section (1) On and from the appointed day, every person registered under any of the existing laws and
More informationa) Taxpayers with aggregate annual turnover up to INR 1.5 Crore are required to file GSTR1 on a quarterly basis as follows:
Significant relaxations proposed to the GST law, including reduction in rates and changes in timeline for returns Date: 13th November 2017 In its 23 rd meeting held on 10 November 2017, the GST Council
More informationGOODS AND SERVICE TAX UNDER REVERSE CHARGE - PROVISIONS & ITS COMPLIANCES
GOODS AND SERVICE TAX UNDER REVERSE CHARGE - PROVISIONS & ITS COMPLIANCES CMA NIRANJAN SWAIN, LLB, ACS, FCMA Normally Goods and Service Tax (GST) is payable by the Taxable person who is supplying goods
More informationInput tax credit under GST regime
Input tax credit under GST regime 1 ü Matching, Reversal and Reclaim of Input tax credit ü Availability of credit in certain special circumstances CA V Vijay Anand PART A 2 Matching, Reversal and Reclaim
More informationF. No. CBEC/20/16/4/2018-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing
Circular No. 45/19/2018-GST F. No. CBEC/20/16/4/2018-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing New Delhi, Dated the 30
More informationGoods & Service Tax. (GST) BBNL Vendor MEET
Goods & Service Tax (GST) BBNL Vendor MEET 28.6.2017 1 Overview GST In short How to Charge Tax Changes Now Tax on both goods and services when supplied Replacing - Central Excise, Service Tax, VAT, Entry
More informationGoods and Services Tax (GST)
JUNE 2017 Goods and Services Tax (GST) Frequently Asked Questions GST is one of the most significant tax reforms of the country towards a seamless indirect tax regime. The new tax regime is transformational
More informationProcedures under GST BY CA LAKSHMI G K. Hiregange & Associates
Procedures under GST BY CA LAKSHMI G K 1 Coverage Procedure to register under GST Procedure to supply goods Books of accounts to be maintained under GST Procedure to pay GST Procedure to file returns under
More informationGST FCBM GST RETURNS FORM 3B REFERENCER
GST RETURNS FORM 3B REFERENCER a) GSTR 3B needs to be separately filed for each GST registration number by 20 th of August. b) It needs to be filed online only in the common portal i.e. www.gst.gov.in,
More informationFrequently Asked Questions on TCS
LAW COMMITTEE GST COUNCIL MIN 28 TH SEPTEMBER, 2018 Frequently Asked Questions on TCS Sr. Question no. 1. What is Electronic Commerce? 2. Who is an e- commerce operator? 3. What is Tax Collection at Source
More informationRegistration. Chapter IV. FAQ s. Registration (Section 22 to 30)
Chapter IV Registration FAQ s Registration (Section 22 to 30) Section 22 to 30 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of the UTGST
More information[To be published in the Official Gazette of India, Extraordinary, Part II, Section 3, Subsection
[To be published in the Official Gazette of India, Extraordinary, Part II, Section 3, Subsection (i)] Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification
More informationTax Liability Ledger, will reflect the total tax liability of a tax payer (after netting) for the particular month.
ELECTRONIC LEDGERS & PAYMENTS Once a tax payer is registered on the common portal GSTN, two e-ledgers Cash Ledger & Input Tax Credit Ledger and an Electronic Tax liability ledger will be automatically
More informationTransitional Provisions
Transitional Provisions Udayan Choksi 17 May 2017 18-05-2017 1 S139 - Migration of Existing Taxpayers» Migration is for Every existing registered person Having a PAN Shall be issued a certificate of registration
More informationGOODS AND SERVICES TAX RULES, 2017 RETURN FORMATS
GOODS AND SERVICES TAX RULES, 2017 RETURN FORMATS 1 List of Forms Sr. No. Form No. Title of the Form 1 2 3 1. GSTR-1 2. GSTR-1A 3. GSTR-2 4. GSTR-2A 5. GSTR-3 6. GSTR-3A Details of outwards supplies of
More informationREGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By CA Sandip Agrawal Sandip Satyanarayan & Co Chartered Accountants
REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By BRIEF INTRODUCTION TO GST GST is a Tax on Goods and services and it is proposed to be a comprehensive indirect tax levy on manufacture,
More informationInput Tax Credit (ITC)
FAQ s Chapter III Input Tax Credit (ITC) Eligibility and Conditions for taking Input Tax Credit (Section 16) Section 16 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017
More informationFAQs. Yes. He is liable for registration as he is engaged in Inter State supplies.
FAQs 1. A registered person s business is in many states. All supplies are below 10 lakhs. He makes an Inter State supply from one state. Is he liable for registration? Yes. He is liable for registration
More informationComposition. Exports
Email FAQs The emails were received by the GST Policy Wing from various sources and were scrutinized and developed into a short FAQ of 100 emails. It should be noted that the emails received or the replies
More informationGST Annual Return: Introduction
Annual Return (Relevant Provisions) CGST Act Sections: 35(5), 44 and 47(2) D R Gupta: GSTR-9 CGST Rules Rule: 80 1 GST Annual Return: Introduction GST annual return (i.e. GSTR-9) is be filed by the regular
More informationGST MSME SECTORAL SERIES. Directorate General of Taxpayer Services Central Board of Indirect Taxes and Customs. Follow us on: cbicindia.
GST SECTORAL SERIES MSME Directorate General of Taxpayer Services Central Board of Indirect Taxes and Customs www.cbic.gov.in received the assent of the hon ble President of India and were enacted on
More informationS. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover include value of inward supplies Refer Section 2(6) of CGST Act.
S. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover include value of inward supplies Refer Section 2(6) of CGST Act. received on which RCM is payable? Aggregate turnover
More informationThe Centre of Excellence for GST. GST: Returns. JULY 09, 2017 ICAI Tower, BKC MUMBAI. CA. Hemant P. Vastani. The Centre of Excellence for GST
GST: Returns JULY 09, 2017 ICAI Tower, BKC MUMBAI CA. Hemant P. Vastani 1 Sections Covering Returns 37. Furnishing details of outward supplies. 38. Furnishing details of inward supplies. 39. Furnishing
More informationREVENUE (COMMERCIAL TAXES-II) DEPARTMENT G.O.MS.No. 179 Dated: Read the following:
GOVERNMENT OF ANDHRA PRADESH ABSTRACT The Andhra Pradesh Goods and Services Act, 2017 (Act No.16 of 2017) Amendment of Rules - Notification- Orders - Issued. REVENUE (COMMERCIAL TAXES-II) DEPARTMENT G.O.MS.No.
More informationGST Update. Weekly Update N a t i o n a l A c a d e m y o f C u s t o m s, I n d i r e c t T a x e s a n d N a r c o t i c s ( N A C I N )
GST Update Weekly Update 02.02.2019 1 Background This Presentation covers the GST changes / observations/ press releases/ Tweet FAQs/ Sectoral FAQs released by CBEC since the last update on 26.01.2019.
More informationVAT CONCEPT AND ITS APPLICATION IN GST
CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system
More informationBhavani Associates welcomes you all
Bhavani Associates welcomes you all Annual Returns under GST GSTR 9 Mysore Bhavani Associates Venu and Vinay Chartered Accountants Agenda for Discussion Provisions of Annual Returns Understanding GSTR
More informationTweet FAQs. The tweets received by askgst_goi handle were scrutinized and developed into a short FAQ of 100 tweets.
Tweet FAQs The tweets received by askgst_goi handle were scrutinized and developed into a short FAQ of 100 tweets. S. No. Questions / Tweets Received Replies Registration 1. Does aggregate turnover include
More informationRegistration. Chapter IV FAQS. Registration (Section 22 to 30)
Chapter IV Registration FAQS Registration (Section 22 to 30) Q1. If a person is operating in different states, with the same PAN number, can he operate with a single Registration? Ans. No. Every person
More informationCentral Goods and Services Tax (CGST) Rules, 2017
Central Goods and Services (CGST) Rules, 2017 Notified vide Notification No. 3 /2017-Central (Dated 19 th June 2017) and further as amended by Notification No. 7/2017-Central (Dated 27 th June 2017), Notification
More informationREGISTRATION. AKOLA Branch of WIRC of ICAI. CA. Dhiraj C Baldota Solapur. June 17, 2017
REGISTRATION June 17, 2017 AKOLA Branch of WIRC of ICAI CA. Dhiraj C Baldota Solapur EXCISE / SERVICE TAX / VAT and on. take taxes but reduce compliance. a smooth n healthy act???? Why Liability to Register
More informationGST & YOU. Tally Solutions Pvt. Ltd. All Rights Reserved 2. Tally Solutions Pvt. Ltd. All Rights Reserved Business Presentation
WELCOME 1 GST & YOU Tally Solutions Pvt. Ltd. All Rights Reserved 2 Tally Solutions Pvt. Ltd. All Rights Reserved Business Presentation Presentation Agenda GST Basics What is GST Why GST GST concepts How
More informationBRIEF ON GST. GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer.
BRIEF ON GST GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer. GST will be levied on all goods and services except on
More informationIssues relating to SEZ
Issues relating to SEZ DISCLAIMER The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s).
More informationIs there any last date to avail ITC for ? (Nitin Chopra, Advocate, Swamy Associates)
Is there any last date to avail ITC for 2017-18? (Nitin Chopra, Advocate, Swamy Associates) By which date, the input tax credit (ITC) pertaining to the invoices of 2017-18 could be taken? In this connection,
More informationGST (GOODS AND SERVICES TAX) TDS MECHANISM UNDER GST
GST (GOODS AND SERVICES TAX) TDS MECHANISM UNDER GST Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which,
More informationImportant MCQ of GST
Important MCQ of GST By CA Vivek Gaba (Expected in Exam) 1. Compensation to states under GST (Compensation to States) Act, 2017 is paid by a) Central Government from consolidated fund of India b) Central
More informationDraft suggestions on GST -Form GSTR- 9
Draft suggestions on GST -Form GSTR- 9 Indirect es Committee THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI INTRODUCTION 1. The Institute of Chartered Accountants of India considers it a privilege
More informationReturns in goods and services tax
Returns in goods and services tax A brief overview by Shri Sunil Lahane, Dy Commissioner, Sales Tax Outline What s special about GST return? Overview of Returns to be submitted by regular tax payers Process
More information1 Introduction 2 Tax Return 3 Goods and Services Tax Return 4 GST Model Law and Draft GST Rules 5 Outward supplies return (GSTR-1)
Topic 1 Introduction 2 Tax Return 3 Goods and Services Tax Return 4 GST Model Law and Draft GST Rules 5 Outward supplies return (GSTR-1) Page 6 Outward Supply details 7 Post ling of GSTR-1 8 Inward Supply
More informationGOODS & SERVICES TAX UPDATE 27. Changes in GST rate
GOODS & SERVICES TAX UPDATE 27 Changes in GST rate The CBEC vide Notification No. 41/2017-Central Tax (Rate) dated 14th November 2017 effective from 15th November 2017 reduced GST rate on goods from 28%
More informationTransitional Provisions under GST
Introduction: Transitional Provisions under GST Transitional Provisions in GST Act is to clarify as to when and how the operative parts of the enactments are to take effect. The Transitional Provisions
More informationTax Invoice, Credit and Debit Notes
Chapter VII Tax Invoice, Credit and Debit Notes Sections 31. Tax Invoice 32. Prohibition of unauthorized collection of tax 33. Amount of tax to be indicated in tax invoice and other documents 34. Credit
More informationTreading the GST Path 50! FAQ on TDS (GST) (A Team effort of Swamy Associates)
Treading the GST Path 50! FAQ on TDS (GST) (A Team effort of Swamy Associates) Q 1. What is TDS in GST law? Section 51 of the CGST Act, 2017 (any reference to CGST Act, would refer to the corresponding
More informationImplementing GST for Composition Dealers
Implementing GST for Composition Dealers Overview Under GST regime government has provided a simpler compliance for small dealers known as the Composition Scheme. The Composition Scheme allows qualifying
More informationFAQ on filing of Transition form
FAQ on filing of Transition form 1. What is the requirement for filing transition Form GST TRAN - 1? Every registered person in GST would be required to file form GST TRAN-1 to carry forward credit of
More informationSampat & Mehta GST - FAQ
Sr. No. Particulars Suggestions 1. What documents are required to accompany movement of Goods outside own premises E Way Bill to be generated from GSTN Portal before or at the time of movement of Goods
More informationUnderstanding Form GSTR-3B
Understanding Form GSTR-3B Goods and Services Tax (GST), biggest tax reform since independence is now entering into return filing compliance phase. There is an anxiety over when and how GST to be paid
More informationWIRC of ICAI. Understanding Annual Returns & Reconciliation Statement. Presented By CA. Kevin Shah
WIRC of ICAI Understanding Annual Returns & Reconciliation Statement Presented By CA. Kevin Shah STATUTORY PROVISIONS Section 35 (5) of the CGST Act, 2017 (5) Every registered person whose turnover during
More informationAssociation of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017
Association of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017 Page 1 of 12 Table of Contents Introduction to GST... 3 Registration... 4 Place of Supply & Levy of GST...7
More informationAll About GST and Model GST Law
All About GST and Model GST Law 1 Contents GST Basics Supply Meaning & Scope Supply - Time & Place Valuation Rules Input Tax Credit Administration & Procedures Transitional Provisions 2 Basics of GST 3
More informationGST. Concept & Roadmap By CA. Ashwarya Agarwal
GST Concept & Roadmap By CA. Ashwarya Agarwal 1 What is GST?? GST Goods and Services Tax Clause 12A of Article 366 of The Constitution of India goods and services tax means any tax on supply of goods,
More information4. Inward supplies on which tax is to be paid on reverse charge
Form GSTR-2 [See Rule..] Details inward supplies goods or services Year Month 1. GSTIN 2. (a) Legal name the registered person Auto populated (b) Trade name, if any Auto populated 3. Inward supplies received
More informationMock Test paper Assessment Test on GST
Mock Test paper Assessment Test on GST (Answers given at the end) 1. Which article of 101 st Constitution provides for Levy and collection of GST in course of Inter-State trade or commerce: a) 279A b)
More informationCHAPTER 1 INTRODUCTION TO GST CHAPTER 2 CHARGE OF GST
1 CHAPTER 1 INTRODUCTION TO GST CHAPTER 2 CHARGE OF GST REVERSE CHARGE IN CASE OF SERVICES {Section 9(3)} {GST To Be Payable Under Reverse Charge On Renting Of Immovable Property By Central/State Government,
More informationInput Tax Credit Rules
Input Tax Credit Rules Rule# Rule title Form # Time Limit Section Reference Text of the Provision Analysis 1 (1) Documentary requirements and conditions for claiming input tax credit 1 (2) Documentary
More informationGOODS & SERVICES TAX / IDT UPDATE 67
GOODS & SERVICES TAX / IDT UPDATE 67 Amendment in the meaning Advance Authorisation The Central Government vide N No. 1/2019- CT dt 15 th Jan, 2019 made the following amendments in the N No. 48/2018- CT
More informationAnswer to MTP_Intermediate_Syllabus 2016_Dec 2018_Set 1 Paper 11- Indirect Taxation
Paper 11- Indirect Taxation DoS, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 11- Indirect Taxation Full Marks: 100 Time allowed: 3 hours The figures
More informationUPDATE ON AMENDMENTS TO CGST ACT, 2017
UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-
More informationInput Tax Credit Rules
Input Tax Credit Rules Rule# Rule title Form # Time Limit Section Reference Text of the Provision Bizsol Analysis 1 (1) Documentary requirements and conditions for claiming input tax credit 1 (2) Documentary
More information