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and Going Forward …. Updates on GST
By Yash Dhadda | Chartered Accountant | Jaipur © GST-World
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Returns © GST-World
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RETURNS GSTR-1- 10th GSTR-2 – 15th GSTR-3 – 20th GSTR-9 – 31st Dec
Registered Taxable Person GSTR-1- 10th GSTR-2 – 15th GSTR-3 – 20th GSTR-9 – 31st Dec Compounding Taxable Person GSTR-4 – 18th GSTR-9 Non – Resident Foreign Taxable Person GSTR-5 – 20th Input Service Distributor GSTR-6 – 13th Return for TDS GSTR-7 – 10th E-Commerce Operator GSTR-8 – 10th Persons having UIN GSTR-11 GSTR-10 – Final Return to be filed at the time of cancellation of registration – 3 months Additional returns for Compensation Cess – yet not prescribed nor any formats has been suggested © GST-World
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Matching Concept : Process Flow
Vendor Invoice Uploads information through GSTR-1 GST PORTAL Company MATCHING PROCESS Approvals and Recording in ERP Systems ERP Matched Missing in ERP Missing in GST Portal Immediate Upto 30-Sept 2 month Prov. Credit © GST-World
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Tax Payer Shouted !! © GST-World
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GST COUNCIL RESPONDED CALMY
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And ASPs, GSPs and Software Companies said !
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New Dates ! New Compliances- GSTR-1 (Jul 17 to Mar 18)
The time limit for filing GSTR-2 and GSTR-3 for above months shall be worked out by Committee headed by GSTN Chairman. © GST-World
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New Compliance Requirements ) (Till March 2018)
GSTR 2: On the basis of above GSTR-2A, details of inward supplies added, corrected or deleted by recipient to be disclosed under GSTR-2, including RCM details GSTR 3B: Monthly Summary Return with Tax Payment New Issues Refunds GSTR 1: Details of Outward Supplies Mismatched Credits GSTR-1A : The details of inward supplies added, corrected or deleted by the recipient shall be made available to the supplier Fate Unknown GSTR 2A: Auto- populated in part A of the GSTR-2A of recipients Payment Cycle GSTR 3 Reconciliations © GST-World
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LATE FEES © GST-World
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Substantial Reduction
The late fees charged earlier and later waived shall be re-credited to “Tax” instead of “Fees” © GST-World
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COMPOSITION SCHEME © GST-World
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Composition Scheme Uniform rate of 1% under composition scheme for manufacturers and traders For traders, turnover will be counted only for supply of taxable goods. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum. The changes recommended by GST Council red above will be implemented only after the necessary amendment of the CGST Act and SGST Acts. © GST-World
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Funny Situation For Goods Particulars Turnover less than 2 cr
Composition Scheme Quarterly Return, No Invoice Wise Details. (GSTR-4) Turnover less than 1.5 cr Normal Tax Payer Quarterly Return, Invoice Wise Details (GSTR-1) & (GSTR-3B) Turnover more than 1.5 cr and less than 2 cr Monthly Return, Invoice Wise Details. (GSTR-1) & (GSTR-3B) Turnover more than 2 cr For Services Particulars Turnover less than 1.5 cr Normal Tax Payer Quarterly Return, Invoice Wise Details (GSTR-1) & (GSTR-3B) Turnover more than 1.5 cr Monthly Return, Invoice Wise Details. (GSTR-1) & (GSTR-3B) © GST-World
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Other compliances © GST-World
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TRAN-1, ITC 04 & Other GST Returns
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TAX RATE CHANGES © GST-World
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What Moved from Where to Where?
Restaurants Restaurants excluding 5-star can charge 5% without input tax credit. Restaurant in 5-star hotels where room rent per day Rs. 7,500/- and above can charge 18% with input tax credit. Outdoor Catering will be taxed at 18% with Input Tax Credit. No change for composition scheme for restaurant. Job Work GST rate on job work services in relation to manufacture of those handicraft goods in respect of which the casual taxable person has been exempted from obtaining registration, to be reduced to 5% with full input tax credit. © GST-World
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OTHER CHANGES © GST-World
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Pro Assessee Changes Supplier of Goods having Turnover Less than 1.5 cr in the previous year shall not be required to pay tax on advances. (Notification No 40/2017-CT dated ) Clarification on Inter state movement of Cranes, Rigs, Tools, Spares etc not to be treated as Inter State Supply in case movement is not in course or furtherance of supply of said goods. Supplier of Services providing Services through E-Commerce Platform need not take Compulsory Registration. Sale of Vehicle purchased prior to – Taxable at 65% Value (No ITC of Excise, VAT taken) Inter State Supply of Services – Mandatory Registration not required. (upto 20 lacs) Services by GTA to non registered client shall be exempt from GST RCM on 9(4) supplies deferred up to © GST-World
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Thank You Yash Dhadda Mentor-GSTi World Consulting Private Limited
Dhadda & Co. | Partner Chartered Accountants Jaipur | Kota Phone : : © GST-World
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