1. Business process under GST
CMA Raja Padmanabhan
Finance Head ,
Vision Motors Pvt. Ltd

2. Topics to be covered Sub Topic Act Chapter Section CGST / SGST Act
Tax Invoice
CGST / SGST Act
Chapter VII
Section 28
Amount of tax to be indicated in tax invoice & other documents
Section 30
Credit & Debit Notes
Section 31
Payment of Tax, Interest, Penalty and other Amounts
Chapter IX
Section 44
IGST Act
Chapter V
Section 11 & 12
Interest on Delayed payment of tax
Section 45
Accounts & Records
Chapter XII
Section 53 & 54

3. When Who What Tax invoice – section 28 Before or at the time of supply
Before or after but Within a Prescribed time
Who
Registered Taxable person
Registered Taxable Person
What
Goods
Services

4. Such other Particulars
Tax invoice -contents
General
Description of Product or Service
Quantitative Particulars
Value of Goods/Service
Tax
Rate of Tax
Amount of Tax
Such other Particulars
As may be prescribed

5. Section 28- other provisions
Provision for issuing a revised invoice in place of invoices issued during the period of effective date of registration and actual issuance of certificate within one month from the date of issuance of Certificate of registration.
A registered taxable person supplying exempted goods and or services or paying tax under the provisions of section 9 shall issue a bill of supply instead of a tax invoice.
A registered taxable person may not issue an invoice if the value of goods/service supplied is less than rupees one hundred , except where the recipient requires such invoice.
The expression tax invoice shall be deemed to include a document by an input service distributor under section 17

6. Section 28 other continues
A registered taxable person shall ,on receipt of advance payment in respect to any supply of goods or services issue a receipt voucher or such other document evidencing receipt of such payment.
A registered taxable person who is liable to pay tax under sub.sec (3) of section 8 shall issue an invoice in respect of goods /services received from a unregistered person
In respect of continuous supply goods ,where successive statement of accounts or successive payments are involved , the invoices shall be issued before or at the time of each such statement is issued or each such payment is received

7. Continuous supply of services sec 28
Where the due date of payment is ascertainable from the contract the invoice shall be issued before or after the payment is liable to be made but with in a period prescribed
Where the due date of payment is not ascertainable from the contract , the invoice shall be issued before or after each such time when the supplier of services receives payment but within a period prescribed in this behalf
Where the payment is linked to the completion of an event the invoice shall be issued before or after the completion of the event but with in a period prescribed in this behalf
In a case where the supply of services ceases under a contract of supply before completion , the invoices shall be issued the invoice shall be issued at the time when the supply ceases and the invoice shall be issued to the extent of supply effected

8. Tax not to be collected by unregistered person - Section 29 & Amount of tax to be indicated in tax invoice & other documents – Section -30
Section 29- A person who is not a registered taxable person shall not collect tax under the CGST/SGST Act for supply of goods or Services
Section-30- where any supply is made for a consideration, every taxable person shall prominently indicate all documents relating to assessment , tax invoice and other like documents the amount of TAX which will form part of the price at which such supply is made

9. Debit Note & Credit note ( Section 31)
A registered Taxable Person who has supplied can issue Credit note containing such particulars as may be prescribed under the following circumstances :
If it exceeds Taxable Value/Tax Value
Goods returned
Service Supplied are deficient
A registered Taxable Person who has supplied can issue Debit note containing such particulars as may be prescribed when the invoice issued for supply of goods and or services is found to be less than the taxable value /tax valu
( Debit note shall include a supplementary invoice )
Any registered taxable person who issues a credit note /debit note shall declare of such credit /debit note in the return for the month in which its issued but not later than september following the end of the year in which it relates, or date of filing of the relevant annual return for the year which ever is earlier and the tax liability shall be adjusted as specified in this act .

10. Payment of Tax, Interest, Penalty and other Amounts CGST / SGST Act -Section 44 IGST Act - Section 11 & 12
Internet Banking
NEFT/RTGS
Up to Rs.10,000/-
Per Challan
OTC Challans
Any other modes prescribed
Debit Card /Credit Card
Payment options

11. Electronic Cash Ledger & Electronic Credit Ledger
Credits- in Electronic Cash Ledger
Payment of Tax, interest , penalty, Fees etc remitted through banking channels
TDS & TCS
Advance deposit of estimated Tax by a casual trader/non resident taxable person u/s 19 A( 3)
Credit – in Electronic Credit Ledger
Input Tax Credit as self assessed in the return of a taxable person
Admissible credit of SGST/CGST carried forward from the return of earlier law if in case of person liable to tax under earlier law
Admissible credit of SGST/CGST available from Stock in various forms held on Transition date by a taxable person who are not liable to tax under earlier laws or manufacturer of exempted goods

12. Debits – in Electronic Cash Ledger
Payment Tax ,interest, penalty, Fee and other payments
Reversal of credit availed on inputs /stock lying at the date of cancellation of registration
Debits – in Electronic Credit Ledger
Can be used for payment of output Taxes payable in such manner and subject to such conditions and within such time as may be prescribed
Reversal of proportionate credit on Capital goods availed – based on date of disposal /sale of capital Goods
This cannot used for paying interest, penalty, fee or other payments
Balance in Electronic Ledger will be refunded only in following cases
Exports
Out put Tax rate less than Input tax rate ( inverted duty structuture)

13. Sequence of usage of credit in Electronic Credit ledger
CATEOGORY TAX CREDIT
1ST Priority
2nd priority
SGST
CGST
IGST
CGST/SGST
SGST
IGST
Balance Tax credit if any
Carried forward
Carried forward
Carried forward

14. Interest on delayed payment of Tax Section - 45
Every person liable to pay tax in accordance with the provisions of the act who fails to pay the tax or any part thereof to the account of the Central or state Government within the period prescribed ,shall on his own for the period for which the tax or any part thereof remains unpaid pay interest at such rate as may be prescribed
Interest shall be calculated from the first day on which tax was due to be paid
In case a taxable person makes an undue or excess claim of input tax u/s 37 (10), or excess reduction of out put tax u/s 38 (10) – he shall be liable to pay interest at the prescribed rate for the period computed in the manner prescribed

15. Accounts & records section 53/54
Who
Every registered person u/s 42(1)
Where
In his principle place of business or if he has more than one such places , in each place

16. Period of Retention of Records
Form of Records
Electronically
Or in the manner as may be prescribed
Nature of Records
Certificate of Registration
Records of Production or Manufacture
Inward/Outward supply of goods and or services
Stock of Goods
Record Input tax availed /out put tax payable and paid
Shall get his books audited by a Chartered Accountant /Cost Accountant if during a financial year it exceeds the prescribed limit, And file such audited reports with the appropriate officer with a copy of the audited annual accounts with a reconciliation statement.
And such other particulars as may be prescribed
Period of Retention of Records
Shall Retain until the expiry of 60 months from the date of filing annual return for the relevant financial year
Shall retain books of account and other records for a period of one year after final disposal of such appeal or revision or proceedings ,If there is a pending appeal or revision or any other proceedings or its under investigation for an offence ( or 60 months from date of filing of annual return which ever is later )

17. Thanks Exception if any
The Commissioner/Chief Commissioner may notify a class of taxable person to maintain additional accounts or documents for such purpose as may be prescribed
Where the Commissioner of the considers that any class of taxable person is not in a position to keep and maintain the books of accounts in accordance with the provisions of this section may for reasons to be recorded in writing permit to maintain accounts in such manner as may be prescribed
Thanks