Goods and Services Tax under Model GST Law By CA Nitin Pathak
Service Tax Excise + VAT Excise + CST VAT or CST Present Scenario Provision of Service Service Tax Mfg + Local Sales Excise + VAT Mfg. + Inter-state Sale Excise + CST Pure Trading VAT or CST CA Nitin Pathak 9825804094
In GST Only concept is : Supply Service Manufacturing Sales CA Nitin Pathak 9825804094
Taxes CGST SGST IGST UTGST Central Goods and Services Tax State Goods and Services Tax IGST Integrated Goods and Services Tax UTGST Union Territory Goods and Services Tax CA Nitin Pathak 9825804094
Mr. A of Gujarat Makes supply in Gujarat CGST SGST outside Gujarat IGST (equal to CGST) IGST (equal to SGST) outside India Exports are ‘zero rated’ No GST CA Nitin Pathak 9825804094
GST ACTS CGST Act IGST Act UTGST Act SGST Act (for Each State) CA Nitin Pathak 9825804094
List of GST Rules Valuation Rules Transition Rules ITC Rules Composition Rules Invoice Rules Payment Rules Refund Rules CA Nitin Pathak 9825804094
List of Rules Registration Rules Return Rules Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit E-Way Bill CA Nitin Pathak 9825804094
Taxes subsumed by GST Central Taxes Subsumed under GST Central Excise Duty, Additional Excise Duties, Excise Duty levied under the Medicinal and Toilet Preparations (Excise Duties) Act, 1955, Service Tax, Additional Customs Duty (Countervailing Duty), Special Additional Duty of Customs (SAD), and Central Surcharges and Cesses so far as they relate to the supply of goods and services; CA Nitin Pathak 9825804094
Taxes subsumed by GST State Taxes Subsumed under GST State Value Added Tax/Sales Tax, Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax Octroi and Entry tax, Purchase Tax, Luxury tax, Taxes on lottery, betting and gambling; and State Cesses and surcharges in so far as they relate to supply of goods and services CA Nitin Pathak 9825804094
Taxes not subsumed by GST Basic custom duty Export duties Stamp duties Taxes on professions, trade, callings and employment Excise duty on petroleum products (Union) Tax on sale of petroleum products levied by the States (State) Tax on alcoholic liquor for human consumption levied by the States (State) CA Nitin Pathak 9825804094
Taxes not subsumed by GST Tax on entertainment and amusement at Panchayat, Municipal or District level will continue (levied and collected by Panchayat / Municipality / District Council) Road & Passenger tax Toll tax Property tax Electricity duty CA Nitin Pathak 9825804094
Registration CA Nitin Pathak 9825804094
Registration – Threshold Limit Current Threshold Limit Service Tax: 10 Lakhs VAT: 5 Lakhs Excise: 1.5 Crore In GST Normally Rs. 20 Lakhs Specific states Rs.10 Lakhs CA Nitin Pathak 9825804094
Registration – Threshold Limit if his aggregate turnover is more than… Rs. 10 Lakhs (for following states) Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh Uttarakhand Rs. 20 Lakhs in all other states In Gujarat the threshold limit will be Rs.20 Lakhs CA Nitin Pathak 9825804094
Persons who are required to Register even when below threshold limit persons making any inter-State taxable supply; casual taxable persons; persons who are required to pay tax under reverse charge; non-resident taxable persons making taxable supply; persons who are required to deduct tax under section 51 (Tax Deduction at Source); persons who supply goods or services or both on behalf of other registered taxable persons whether as an agent; CA Nitin Pathak 9825804094
Persons who are required to Register even when below threshold limit input service distributor; every electronic commerce operator; person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person; such other person or class of persons as may be notified CA Nitin Pathak 9825804094
Various Aspects No Centralised Registration – For each state separate Registration Amendment, cancellation, addition, etc. can be done online Agriculturist or person exclusively engaged in exempt supplies not required to register CA Nitin Pathak 9825804094
Migration CA Nitin Pathak 9825804094
Compulsory Migration ALL NEEDS TO BE MIGRATED TO GST Already having VAT Registration Already having Excise Registration Already having Service Tax Registration CA Nitin Pathak 9825804094
What if I am starting a new business now…? First obtain Registration under VAT / Excise / ST as applicable Obtain Provisional GST ID from VAT / Excise Department As and when migration window opens, get yourself migrated Once GST comes into force, get the provisional number converted to GST Registration CA Nitin Pathak 9825804094
Required Documents 1. Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC): - Company documents PAN card of the company Registration Certificate of the company Memorandum of Association (MOA) /Articles of Association (AOA) Copy of Bank Statement Declaration to comply with the provisions Copy of Board resolution - Director related documents PAN and ID proof of directors - Registered Office documents Copy of electricity bill/landline bill, water Bill No objection certificate of the owner Rent agreement (in case premises are rented) CA Nitin Pathak 9825804094
Required Documents 2. Documents required for Limited Liability Partnerships (LLP): - LLP documents PAN card of the LLP Registration Certificate of the LLP LLP Partnership agreement Copy of Bank Statement of the LLP Declaration to comply with the provisions Copy of Board resolution - Designated Partner related documents PAN and ID proof of designated partners - Registered Office documents Copy of electricity bill/landline bill, water Bill No objection certificate of the owner Rent agreement (in case premises are rented) CA Nitin Pathak 9825804094
Required Documents 3. Documents required for Normal Partnerships - Partnership documents PAN card of the Partnership Partnership Deed Copy of Bank Statement Declaration to comply with the provisions - Partner related documents PAN and ID proof of designated partners - Registered Office documents Copy of electricity bill/landline bill, water Bill No objection certificate of the owner Rent agreement (in case premises are rented) CA Nitin Pathak 9825804094
Required Documents 4. Documents required for Sole proprietorship/Individual - Individual documents PAN card and ID proof of the individual. Copy of Cancelled cheque or bank statement. Declaration to comply with the provisions. - Registered Office documents Copy of electricity bill/landline bill, water Bill No objection certificate of the owner Rent agreement (in case premises are rented) CA Nitin Pathak 9825804094
Returns CA Nitin Pathak 9825804094
Returns CA Nitin Pathak 9825804094
Returns CA Nitin Pathak 9825804094
Returns CA Nitin Pathak 9825804094
NEW PROVISIONS Anti Profiteering E-way bill CA Nitin Pathak 9825804094
Anti-profiteering Section 171 Map your profit Pass on benefit to the recipient CA Nitin Pathak 9825804094
Anti-profiteering HOW THE TRANSFER OF BENEFIT TO CONSUMER WILL BE MONITORED? By an Authority constituted or an existing Authority Empowered for examination that a corresponding reduction of price has taken place or not on account of availed input tax credits or the reduced tax rate. CA Nitin Pathak 9825804094
E-way Bill of consignment value over Rs. 50,000 (voluntary) Movement of goods of consignment value over Rs. 50,000 (voluntary) Conveyance own conveyance or a hired one or through a transporter When Before commencing movement Form Furnish information in FORM GST INS-01 (Part-A or Part-B) Unique EBN No. consolidated e-way bill in FORM GST INS-02 – multiple consignments CA Nitin Pathak 9825804094
E-way Bill Validity Less than 100 km - One day 100 km to 300km - Three days 300 km to 500km - Five days 500 km to 1000km - Ten days 1000 km or more - Fifteen days CA Nitin Pathak 9825804094
THANK YOU CA Nitin Pathak 9825804094