PRESENTATION ON OVERVIEW OF GST Subodh Vora & Co. Rotary Club 14.05.2017 Powerpoint Templates

OVERVIEW OF GST Powerpoint Templates

GST ROADMAP- APRIL 2017 July 16 Aug 16 Sept 16 Sept 16 Nov 16 Mar 17 Model GST Law Published Constitutional Bill ratified by states & President + GST Council formed Revised Model GST Law published GST Constitutional Bill passed in Parliament Draft GST Rules Published GST laws passed by Council Subodh Vora & Co., Chartered Accountants. All rights reserved

Subodh Vora & Co., Chartered Accountants. All rights reserved To be formed within 60 days Constitutional body to control law & take admin decisions Recommendatory powers GST COUNCIL Union FM + Union MOS Minister in charge of Finance/ Taxation of each state Chairperson- Union FM Vice Chairperson- Minister of State Govt COMPOSITION Quorum- 50% of total members Majority by 75% of Weighted votes Weights- 1/3rd of Centre & 2/3rd of State MAJORITY GST COUNCIL Subodh Vora & Co., Chartered Accountants. All rights reserved

Subodh Vora & Co., Chartered Accountants. All rights reserved WHAT IS GST? 1. Comprehensive tax on supply of goods + services 2. Destination/ consumption based tax 3. Indian GST- Dual Model- CGST + SGST or (IGST-Inter-state transaction) 4. IGST- Inter state supply, stock transfers, imports, exports of goods & services 5. Fungibility of Credits. No Overlapping of tax Subodh Vora & Co., Chartered Accountants. All rights reserved

TAXES TO BE SUBSUMED & NOT TO BE SUBSUMED Central Levy State Levy Customs Duty- CVD/ SAD Excise Duty State VAT Entry Tax/ Purchase Tax GST CST Service Tax Octroi/ LBT Luxury/ Entertainment Tax Basic Customs Duty Tax on Electricity Stamp Duty Profession Tax Lottery, Betting & Gambling Tax Toll Tax Road Tax Terminal Tax on goods/ passengers Subodh Vora & Co., Chartered Accountants. All rights reserved

GST RATES- SPECULATIONS? STANDARD RATE (12%) STANDARD RATE (18%) HIGH RATE (28%) Consumer Durables NIL RATE BASIC RATE (5%) Necessities Plus CESS GST RATES Subodh Vora & Co., Chartered Accountants. All rights reserved

REGISTRATION Powerpoint Templates

Threshold limit for registration AGGREGATE TURNOVER In each State where Supply takes place Taxable Supplies Exempt Supplies CGST + SGST Registration 20 Lakhs- Normal States 10 Lakhs - North Eastern States > Same PAN All India NON TAXABLE SUPPLIES TO BE REMOVED GST Tax to be excluded Exports Subodh Vora & Co., Chartered Accountants. All rights reserved

No Threshold. Registration mandatory from 1st transaction Casual Taxable Person Any other person as notified Inter state Supply Reverse Charge Aggregators No Threshold Non Resident Taxable person E-Commerce Players Input Service Distributor Subodh Vora & Co., Chartered Accountants. All rights reserved

‘SUPPLY- MEANING’ Powerpoint Templates

“SUPPLY” For ‘Consideration’ & for ‘Business’ For ‘Consideration’ & without ‘Business’ Schedule I- Without Consideration Sale, Transfer Barter Exchange; License; Rental, Lease; Disposal Importation of Service Permanent transfer/disposal of business assets where ITC is availed. Supply of goods or services between related persons made in furtherance of business Supply of goods between principal and agents Importation of service from related person or any of its other establishment for furtherance of business. Subodh Vora & Co., Chartered Accountants. All rights reserved

IGST VS CSGST/SGST (Section 3 of IGST) CGST + SGST ‘Location of supplier’ and ‘place of supply’ are in same state Location of supplier’ and ‘place of supply’ in different states IGST Import of goods/ services Supply of service – any treatment or process which is being applied to another persons goods is a supply of service. Supply of goods/ services to SEZ Any supply of goods/ service which is not intra state Subodh Vora & Co., Chartered Accountants. All rights reserved

‘INPUT TAX CREDIT’ Powerpoint Templates

Subodh Vora & Co., Chartered Accountants. All rights reserved AVAILABILITY OF ITC INPUTS INPUT SERVICES CAPITAL GOODS Except in case of pipelines & telecommunication towers where ITC available in staggered manner Income tax disallowances Subodh Vora & Co., Chartered Accountants. All rights reserved

COMPLIANCES UNDER GST Powerpoint Templates

RETURN PROCESSES Return Form Type of Return Time Limit Total Returns per year GSTR-1 Outward Supplies 10th of Next Month 12 GSTR-2 Inward Supplies 15th of Next Month GSTR-3 Main Return 20th of Next Month GSTR-6 Input Service Distributor 13th of Next Month GSTR-7 TDS Return GSTR-8 Annual Return 31st December following F.Y. 1 61 Subodh Vora & Co., Chartered Accountants. All rights reserved

OTHER IMPORTANT PROVISIONS Powerpoint Templates

OTHER IMPORTANT PROVISIONS GST Compliance rating [S. 138] Rating to each dealer on scale on 1 to 10 Possible trigger points for blacklisting- Continuous return non filers, short reporting of turnover Profile of blacklisted dealers to be published in public domain Advantages of blacklisting Burden of Proof S. 145 Burden of proof is on person who is claiming the ITC Anti profiteering measure S. 163 There should be reduction in prices on account of reduction of tax rate/ seamless credit Imposition of penalty as may be prescribed in case on non compliance How to control, method, complications, more power to bureaucracy Subodh Vora & Co., Chartered Accountants. All rights reserved

THANK YOU Powerpoint Templates