EY GST News Alert. Executive summary

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1 4 April 2017 EY GST News Alert GST Council approves revised rules on Registration, Return, Invoice, Payment and Refund and clears draft rules on Valuation, Transition, Input Tax Credit and Composition for public comment Executive summary This Alert provides an insightful coverage of news related to GST and recent developments that are likely to impact trade. It will act as a summary to keep you on top of the latest GST news. For more information, please contact your EY advisor. The GST Council, in the meeting held on 31 March 2017, approved five GST related rules dealing with Registration, Returns, Invoice, Payment and Refunds, amended in line with the changes in GST Law, viz., Central GST (CGST), Integrated GST (IGST) and Union Territory GST (UTGST) laws, passed by the Lok Sabha on 29 March The Council also tentatively approved four new draft rules on Valuation, Transition, Input Tax Credit and Composition. The said draft rules have been made public, seeking comments from the stakeholders by 10 April They would be finally approved at the next meeting of the Council. The next meeting of the Council is scheduled on May 2017 wherein the Council is likely to decide on the classification of goods and services into different GST rates. Also, the CBEC has put up on its website revised FAQs based on the final CGST, SGST, IGST, UTGST and Compensation Cess laws, along with a host of rules approved by the Council. In the meanwhile, the four GST Bills are likely to be tabled in the Upper House of the Parliament on 5 April 2017.

2 Background After the passage of GST Bills in the Lok Sabha on 29 March 2017, the GST Council, in its 13 th meeting held on 31 March 2017, approved five GST related rules dealing with registration, return, invoice, payment and refund. Council also tentatively approved four draft rules on valuation, transition, input tax credit and composition. Government had earlier released draft GST rules on registration, invoicing and payments on 26 September 2016 and on returns and refund on 27 September The draft of four new rules on valuation, transition, input tax credit and composition are put in public domain for stakeholders comments by 10 April The same will be taken up during the next meeting of GST Council scheduled on May 2017 for final approval. The key features of the rules have been summarised below: GST Valuation Rules Value of supply where the consideration is not wholly in money Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall be as follows: Open market value of supply; If open market value is not available, sum total of consideration in money and the amount equivalent to the consideration in kind, if known at the time of supply; Value of supply of goods or services of like kind and quality if the value of supply is not determinable as per above methods; If value is not determinable under any of the earlier provisions, sum total of consideration in money and amount equivalent to consideration in kind as determined by rule 4 or rule 5. Value of supply between distinct 1 or related persons, other than through an agent Value of the supply of goods or services shall be: Open market value of supply If open market value is not available - Value of supply of goods or services of like kind and quality If value is not determinable as per above methods - Value determined under rule 4 or rule 5. However, where the recipient is eligible for full ITC, invoice value shall be deemed to be the open market value. Value of supply of goods made or received through an agent Value of supply of goods between the principal and his agent shall be: Open market value of the goods or 90% 2 of the price charged for the supply of goods of like kind and quality by the recipient to his customer not being a related person, where the goods are intended for further supply by the said recipient; If the value is not determinable as per above method, the same shall be determined under rule 4 or rule 5. This is only in case of goods and not services. Cost based Valuation Where the value of a supply of goods or services or both is not determinable by any of the preceding rules, the value shall be 110% of cost of production or manufacture or cost of acquisition of such goods or cost of provision of such services. 1 Distinct persons as specified in section 25(4) and (5) of CGST Bill. 2 To be exercised at the option of the supplier

3 Residual method Where the value of supply of goods or services cannot be determined under rules 1 to 4, the same shall be determined using reasonable means consistent with the principles and general provisions of section 15 of CGST Bill and these rules. However, in case of supply of services, the supplier may opt for this rule, disregarding rule 4. Determination of value in respect of certain supplies Detailed valuation mechanism is provided in case of Services in relation to purchase or sale of foreign currency, including money changing; Services in relation to life insurance business; Services of Air Travel agent for booking of air tickets. Value of supply provided by a person dealing in buying and selling of second hand goods 3 and where ITC has not been availed on purchase of such goods shall be the difference between the selling and purchase price. Where the value of such supply is negative, it shall be ignored. Value of a token, voucher, coupon, stamp (other than postage stamp) which is redeemable against supply of goods or services shall be equal to the money value of the goods or services. Value of taxable services provided by service providers 4 to be notified, shall be deemed to be NIL. This will not apply in cases where ITC is ineligible under Section 17(5) of GST Act. Value of supply of services in case of pure agent Parameters have been laid down to determine when a person shall be qualified as a pure agent of services. 3 Goods used as such or after such minor processing which does not change the nature of the goods 4 In case of distinct person Cost/expenditure incurred by pure agent shall be excluded from the value of his supply. Rate of exchange of currency, other than INR The rate of exchange for determination of value of goods or services shall be the applicable RBI reference rate for that currency on the date when point of taxation arises. Explanation to the rules Open market value of a supply of goods or services means the full value in money, excluding taxes 5, where the supplier and the recipient of the supply are not related and price is the sole consideration. Supply of goods or services or both of like kind and quality means any other supply of goods or services made under similar circumstances that, in respect of the characteristics, quality, quantity, functional components, materials, and reputation of the goods or services first mentioned, is the same as, or closely or substantially resembles, that supply of goods or services. GST Transition Rules Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day Every registered person shall submit an application in FORM GST TRAN-1, within sixty days of the appointed day, specifying the amount of credit of which the said person is entitled. Where the inputs have been received from an Export Oriented Unit or a unit located in Electronic hardware Technology Park, the amount of credit under CGST shall be allowed to the extent provided in rule 3(7) of CENVAT Credit Rules, Integrated tax, central tax, State tax, Union territory tax and the cess payable, if any

4 The registered person shall furnish the following information in the application: The value of inter-state, penultimate, in-transit & SEZ sales and stock transfer during the financial year relating to the relevant return. Serial number and value of Form C/ E/ F/ H/ I needs to be submitted by the person in support of the claims referred above. The registered person, for claim of credit of the un-availed CENVAT credit in respect of capital goods, shall specify the following particulars in respect of every item of capital goods as on the appointed day:- the amount of tax or duty availed or utilised as ITC under each of the existing laws till the appointed day the amount of duty or tax yet to be availed or utilized as ITC under each of the existing laws till appointed day. The following persons have to specify the details of stock held on appointed day: Person currently manufacturing exempted goods or providing exempted services; Person not in possession of an invoice or any other documents evidencing payment of duty in respect of inputs; Person currently engaged in taxable as well as exempted goods or provision of taxable as well as exempted services; Person currently paying tax at a fixed rate or fixed amount in lieu of the tax payable; Person having centralised registration; Person who has reversed the CENVAT credit availed on input services due to non-payment of the consideration within a period of three months. The registered person availing credit of eligible duties and taxes in respect of inputs or input service received on or after the appointed day but the duty or tax in respect of which has been paid by the supplier under the existing laws shall furnish the following details:- The name of the supplier, serial number and date of issue of invoice; The description, quantity and value of the goods or services; The amount of taxes and duties charged by the supplier; The date on which the receipt of goods or services is entered in the books of account of the recipient. The person, who was not registered under existing law, shall be allowed to avail input tax credit on goods held in stock in respect of which he is not in possession of any document evidencing payment of duty or tax, subject to the following conditions: Such credit shall be allowed at the rate of 40% of the tax applicable on supply of such goods after the appointed date and shall be credited after the tax on such supply has been paid. The scheme shall be available for six tax periods from the appointed date. The conditions for said scheme are as under:- Such goods were not wholly exempt or nil rated; Document for procurement of such goods is available with the person; The person needs to submit a statement at the end of each of the six tax periods indicating the details of supplies of such goods effected during the tax period; The amount of credit allowed shall be credited to electronic credit ledger of the person;

5 The stock of goods on which the credit is availed is so stored that it can be easily identified. The amount of credit specified in the application in FORM GST TRAN-1 shall be credited to the electronic credit ledger of the applicant maintained in FORM GST PMT-2 on the common portal. Stock held by principal Every principal manufacturer (where the goods are sent to job worker premises) shall submit an application in FORM GST TRAN-1 within sixty days of the appointed day specifying the stock or capital goods held by him on the appointed day as a principal at the place of business of his agent/branch. Goods sent on approval basis the option for composition levy is exercised. Any registered person opting for composition levy, needs to file an intimation in Form GST CMP-02 prior to the commencement of the financial year for which the composition option is to be exercised. Additionally, such person needs to furnish the statement pertaining to ITC in Form GST ITC -3 within sixty days from the date of commencement of financial year. Effective date for composition The option to pay tax under composition scheme shall be effective from the appointed date or the beginning of the financial year. Conditions for composition Every person who sent goods on approval basis under existing law shall submit the details of such goods in FORM GST TRAN- 1 within sixty days of the appointed day. Recovery of credit wrongly availed The amount credited under the scheme as per rule 2 may be verified and proceedings of demand and recovery shall be initiated in respect of credit wrongly availed. Person opting for composition levy has to fulfil certain conditions like the goods in stock are not to be purchased from unregistered person or from outside the state, disclosure of its status as composition dealer on bill of supply, notice or signboard etc. Person opting for composition levy may not file a fresh intimation every year and may continue to pay taxes subject to provisions of the GST law. GST Composition Rules Validity of composition levy Intimation for composition levy A person to whom provisional registration has been granted and who opts to pay tax under composition, shall file an intimation in Form GST CMP 01 prior to appointed date but not later than thirty days after the said day or the extended period. The person shall not collect the tax from the appointed day if he files the intimation after such appointed day and such person cannot issue tax invoice but has to issue bill for supply. Such person needs to furnish details of stock held by him in Form GST CMP 03 within sixty days of the date from which In case a composition dealer ceases to satisfy any conditions, he shall be liable to discharge tax as a normal registered person and has to issue tax invoice instead of bill of supply. Person who intends to withdraw from the composition scheme has to file an intimation for withdrawal from the scheme in FORM GST CMP-04 within seven days of occurrence of such event. Appropriate officer may issue show cause notice in FORM GST CMP-05 if he is not satisfied with the status of a person under composition levy. Upon receipt of reply in Form GST CMP-06 and after giving an opportunity of being heard, the officer may pass the

6 appropriate order in FORM GST CMP-07 within thirty days of receipt of such reply. Rate of tax Category of registered persons, eligible for composition levy and rate of tax is provided in the table as follows: following the period of 180 days from the issuance of invoice. Interest is to be paid from the period the credit is availed till the time amount is added to the output tax liability. Claim of credit by a banking company or a financial institution Category of registered persons Manufacturers, other than manufacturers of such goods as may be notified by the Government. Suppliers making supplies like food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption (referred to in para 6(b) of Schedule II). Any other supplier eligible for composition levy. Rate of tax 1% 2.5% 0.5% Credit of tax paid on inputs or input services that are used for non-business purposes and in the exception list specified in Section 17(5) of the GST Act, shall not be available. ITC shall be admissible upto 50% of the remaining input tax and should be furnished in FORM GSTR-2. Distribution of ITC by Input Service Distributor (ISD) ITC available for distribution shall be distributed in the same month. Details are required to be furnished in FORM GSTR-6. GST Input Tax Credit (ITC) Rules Documentation requirements and conditions for claiming ITC: ITC can be availed by a registered person on basis of the documents like tax invoice, a debit note, a bill of entry, a document issued by ISD etc. It can be availed only if all the requisite information is furnished in Invoice and FORM GSTR-2 returns. It shall not be availed in cases where any demand has been raised on account of any fraud, wilful misstatement or suppression of facts. Reversal of ITC in case of non-payment of consideration In case, the person fails to pay the value of the supply and tax thereon within 180 days to the supplier, the details of the value of supply and amount of ITC availed needs to be furnished in FORM GSTR-2 return of the month immediately ITC on account of IGST shall be distributed as IGST to every recipient. ITC on account of CGST and SGST as CGST and SGST if recipient and ISD are located in same state CGST and SGST respectively and as IGST, if both are located in different states. ISD invoice shall be issued by the ISD indicating that it is issued only for distribution of ITC. ISD credit note shall be issued for reduction of credit in case ITC already distributed gets reduced for any reason. Manner of claiming credit in special circumstances In case of new registration or taxability: ITC on capital goods should be claimed after reducing tax paid on capital goods

7 by 5% per quarter of a year or part thereof from date of invoice or other document basis which the capital goods were received by taxable person. Declaration should be made within 30 days from the date of becoming eligible to avail ITC in FORM GSTR ITC-01. Details furnished should be duly certified by a practicing CA or cost accountant if the aggregate value of the claim on account of CGST, SGST and IGST exceeds Rs 2 Lakh. Details of ITC should be verified with corresponding details furnished by the supplier in Form GSTR-1 or GSTR-4. Transfer of credit on sale, transfer of business etc. Details of sale, merger, de-merger, amalgamation, lease or transfer of business shall be furnished by the transferor in Form GSTR ITC-02 with request to transfer the unutilised ITC lying in electronic credit ledger to the transferee. Transferee should accept the details to reflect the same in its electronic credit ledger. The inputs and capital goods transferred should be duly accounted by the transferee in his books of accounts. Transferor shall submit a copy of a certificate issued by a practising CA or cost accountant certifying that the sale, merger, de-merger, amalgamation, lease or transfer of business has been done with a specific provision for transfer of liabilities. In case of demerger, ITC shall be apportioned in ratio of the value of assets of the new units as specified in demerger scheme. Manner of determination of ITC and its reversal Mechanism is prescribed to determine eligible ITC in cases where the inputs or input services are used for both personal and business use or for exempt and taxable supply. Determination of ITC in respect of capital goods and reversal in certain cases The life of the capital goods should be taken as 5 years. In case, capital goods which were earlier used exclusively for non-business use or exempt supply is subsequently used for effecting both exempt as well as taxable supply, credit of capital goods will be allowed after reducing the ITC at 5% for each quarter or part thereof. The amount of common credit shall be computed separately for CGST, SGST, UTGST and IGST. Manner of reversal of credit under special circumstances In case a person opts for composition scheme or the supplies become exempt or his registration is cancelled, the amount payable by him shall be computed as follows: The ITC should be calculated proportionately on the basis of corresponding invoices in respect of which credit has been availed. In case of capital goods lying in stock, the ITC for the remaining residual life in months should be computed on pro-rata basis taking the residual life as 5 years. The details shall be furnished in Form GSTR ITC-03 in case of Composite dealer or where goods and services or both supplied are exempt and in Form GSTR-10 if it relates to cancellation of registration. Conditions in respect of inputs and capital goods sent to the job-worker The inputs or capital goods shall be sent to the job worker by the principal under the cover of a challan containing all requisite details specified in Rule 8 of invoice. Details of challan issued in respect of goods sent or received from job worker shall be included in Form GSTR-1. If inputs or capital goods are not returned to the principal within the stipulated time,

8 the challan issued shall be deemed to be an invoice. Explanation to the rules For determining the value of an exempt supply: The value of land and building shall be taken as the same as adopted for the purpose of paying stamp duty; and The value of security shall be taken as 1% of the sale value of such security. Key changes - GST Registration Rules (Revised) Application for registration Special Economic Zone (SEZ) unit or developer need to apply for registration separately as a distinct business vertical from its units located outside the SEZ. Issue of Registration Certificate Certification of Registration granted to the applicant in Form GST REG 06 shall be made available on the common portal and GST Identification Number (GSTIN) shall be assigned in the following format: Two characters for the state code; Ten characters for the PAN or the Tax Deduction and Collection Account Number; Two characters for the entity code; One checksum character. Grant of registration to a person supplying online information and data base access or retrieval (OIDAR) services on the date from which cancellation of registration is sought, liability, details of payment along with the application, relevant documents in support within 30 days of application for cancellation. Registration to be cancelled in certain cases The registration granted to a person shall be liable to be cancelled if the said person: does not conduct any business from the declared place of business; or issues invoice or bill without supply of goods or services in violation of the provisions of this Act or rules. Migration of persons registered under the existing law Every person, other than ISD or a person deducting TDS, registered under an existing law and having a PAN issued under Income Tax Act, 1961 shall be granted a registration on a provisional basis in Form GST REG 25, incorporating GSTIN therein. Applicants having multiple registrations under the existing law on single PAN, shall be granted only one provisional registration under the Act. Key changes - GST Payment Rules (Revised) Electronic tax liability register Payment of amount under GST have been now categorised as tax, interest, penalty, late fee and any other amount. Electronic Credit Ledger Any person supplying OIDAR services from a place outside India to a nontaxable online recipient shall apply for registration in Form GST REG 09A. Application for cancellation of registration The application for cancellation shall contain the details of goods held in stock No entries shall be made directly in the electronic credit ledger except under certain circumstances. Further, the rule requires the registered person to communicate discrepancy in the credit ledger to the jurisdictional officer.

9 Electronic Cash Ledger Requirement of maintaining records of payments by unregistered person in the specified format is no more required. Key changes - GST Invoice Rules (Revised) Tax Invoice Tax invoice should contain a consecutive serial number, in one or multiple series. Earlier, Rules were silent on multiple series. Similar changes have been made in case of particulars required for bill of supply, supplementary invoice, debit or credit note, invoice by ISD. Following conditions are prescribed for non-issuance of tax invoice in case of taxable supplies of value below INR 200 : Recipient is not registered. Recipient does not require invoice. A consolidated tax invoice is to be issued in respect of such supplies, at the close of each day. Time limit for issuing tax invoice Provision for issuance of invoice within 30 days of occurrence of specified events in case of continuous supply of services, is removed. In case of taxable supplies between distinct persons, where service provider is an insurance company, banking company, financial institutions (including NBFC), telecom operator or any other notified class of supplier of services, tax invoice may be issued before or at the time of recording in the books of accounts or before the expiry of the quarter during which the supply was made. Consequently, the provisions regarding transporter being allowed to not carry duplicate invoice copy in case of supplier obtaining Invoice Reference Number and validity of Invoice Reference Number, are also removed. Receipt Voucher Details to be mentioned on receipt voucher issued at the time of collection of advance, have been prescribed. These are in line with particulars required for tax invoice and bill of supply. Supplementary Tax Invoice and Credit or Debit Notes The words INPUT TAX CREDIT NOT ADMISSIBLE to be mentioned on invoice or debit note issued in pursuance of any tax payable in following cases: Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts. Detention, seizure and release of goods and conveyances in transit. Confiscation of goods or conveyances. Tax Invoice in special cases In case of tax invoice issued by ISD, requirement of providing details of supplier of services and invoice issued, the credit in respect of which is being distributed, is removed. Transportation of goods without issue of invoice Consigner may issue delivery challan in place of invoice, at the time of removal of goods for transportation, in following cases: Manner of issuing invoice The provision regarding obtaining an Invoice Reference Number from common portal on uploading of tax invoice in Form GST INV-1 is removed. Supply of liquid gas where the quantity at the time of removal from the place of business of the supplier is not known; Transportation of goods for job work;

10 Transportation of goods for reasons other than by way of supply; Other supplies as may be notified. Details to be mentioned on delivery challan have been prescribed. The delivery challan is to be prepared in triplicate in case of supply of goods. Where goods are being transported on delivery challan in lieu of invoice, the same shall be declared in Form (Way Bill). Where the goods being transported are for the purpose of supply to the recipient but the tax invoice could not be issued at the time of removal of goods, the supplier shall issue a tax invoice after delivery of goods. Procedure has been laid down for goods transported in semi knocked down or completely knocked down condition. Key changes - GST Refund Rules (Revised) Application for refund of tax, interest, penalty, fees and any other amount The application of refund in case of supplies made to Special Economic Zone (SEZ) unit or developer shall be filed by the supplier. In case of supply of goods, refund application is to filed after such goods have been admitted in full in the SEZ for authorized operations, as endorsed by the specified officer of the Zone In case of supply of services, evidence regarding receipt of services for authorized operations, as endorsed by the specified officer of the Zone, is to be submitted along with refund application. A declaration that the incidence of tax, interest or any other amount claimed as refund has not been passed on to any other person and a certificate by a chartered accountant or a cost accountant is required in cases where refund claim exceeds INR 200,000. Declaration or Certificate is not required in following cases where refund relates to: (i) (ii) (iii) (iv) (v) (vi) Tax paid on zero-rated supplies; Inputs or input services used in making zero-rated supplies; Unutilized ITC; Tax paid on a supply which is not provided; Central and State tax/ut tax paid for inter-state supply; or Integrated tax paid for intra-state supply. In case of zero-rated supply of goods or services, without payment of tax, under bond or letter of undertaking, refund of ITC shall be granted as per the following formula: Refund = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) * Net ITC / Adjusted Total turnover Key changes - GST Return Rules (Revised) Form and manner of submission of monthly return Every registered person, other than ISD, non-resident taxable person, composition dealer or person liable to deduct or collect tax, shall furnish monthly return in Form GSTR-3. Annual return Every registered person, other than ISD, casual person, non-resident taxable person, or person liable to deduct or collect tax, shall furnish an annual return in Form GSTR-9. Provisions relating to a GST practitioner Tax return preparer is renamed as GST practitioner.

11 Comments The timely release of GST-related rules in the public domain provides much-needed insights into the GST Law framework and would help the industry in undertaking the necessary changes in business processes, thereby enabling smooth transition to the new tax regime. The Valuation Rules clarifies key aspects relating to the valuation of supplies of goods and services, such as stock transfers, principal-agent transactions, vouchers, second hand goods etc. While the Valuation Rules appear to prescribe a fairly simple mechanism for selfsupplies, tax payers could face challenges in cases where credits of tax paid are inadmissible, as the justification of value adopted could lead to subjectivity and additional burden. The Transition provision to allow credit on goods held in stock where invoice /duty paying document is not available is a welcome move. However, the allowance to the extent of 40% of CGST/SGST appears to be lower than the expectation of the industry. It would help the industry if the Council could revisit the said provision. SEZ units would need to take a separate GST registration even if the said entity has a VAT or Service Tax registration and has migrated to GST in the state. All the stakeholders should take this opportunity to provide their comments and recommendations on the four new rules to enable the Council to address their concerns.

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