1. GST – General Awareness & E-Way bill Processing Systems
TANGATUR SUBOSE CHANDRA BOSE
FCMA, M.Com.,
PRACTICING COST ACCOUNTANT

2. Goods & Service Tax (GST ) implemented w.e.f 1st July 2017
Object to make India a common Market, Common Tax and Common procedure.
Mitigate ill effects of cascading, improve competitiveness & liquidity of business.
Eliminated various Central & State Acts like Excise Act, Service Tax, VAT Acts Octroi etc.,Total 17 Acts (9 Central & 8 State Acts)

3. GST contains Central Goods & service Tax (CGST) , State Goods & service Tax ( SGST ) and Integrated Goods & Service ACT (IGST)
CGST Rules 2017 contains 19 chapters
Covers Registration, Input Tax Credits, Determination of Value of supply, Accounts & Records, Returns, Refunds, etc.
Act is relevant to Practitioners, consultants etc.,
For Traders & other Taxpayers at least initial 9 chapters are essential

4. GSTIN- IT Infrastructure service to Central & state Governments, Tax payers and others.
GSTIN provides online functions - Registration, filing Returns, Computation statement of IGST etc.,
Technology driven & reduces human interface
More transference of indirect laws.
GST Council is Governing Body.

5. Equal opportunity given to State/union territory finance ministers to advise.
GST Council is meeting periodically for reviewing the suggestions, difficulties etc.
Till now Government has given 86 notifications ( 75 in 2017 and 11 in 2018) .
Registration Minimum Thresold limit
Composition scheme Rs. 20 lakhs Rs. 150 lakhs
Registration Rs. 20 lakhs No limit
For north eastren states the minimum limit is Rs.10 lakhs
Composition scheme holders cannot pass Input tax Credit , Tax is 1 % & GSTR 4 Return filing quarterly.
Normal Registered tax payer pass on input Tax credit & to file monthly returns.

6. Chapter 8 of the rules has given returns filing proceedure & periodicity
GSTR Monthly sales Returns
GSTR Monthly Purchase Return
GSTR Monthly Reconciliation – See Rule 61(1) & set off format of GST collected and paid.
Provision for discharge of liability towards tax, Interest, penalty and other charges payable / availed.
GSTR 3 B – Monthly return
Due to Technical/ Administrative difficulties GOI kept on hold filing of GSTR 2 and GSTR 3 returns upto march 2018

7. GST prescribed 5 categories of Taxes - zero rated, 5%, 12% 18% and 28%.
Excluded certain products ie., Alcholic liquors, and 5 items of Petroleum products from its preview.
Exports & supplies to SEZ is treated as Zero rated supplies
Import of goods / services will be treated as Inter state supplies & charged IGST beside levy applicable custom duty.

8. Forth coming Return filing due dates
Composite dealer Regular dealer > 150 lakhs Regular dealer < 150 lakhs
GSTR th of the month Quarterly
GSTR 3 B 20th of the month th of the month th of the month
Invoice should contain the details of HSN code.
GST on Capital goods can be availed in full as ITC

9. GST web sites www. gst. gov. in & www. cbec. gov
GST web sites & will provide GST Acts, Rules, Notifications and amendments.
Provides FAQs while Registration, filing of returns etc.,
It covers issue like sector wise FAQs- Transportation & Logistics, Jems & Jewellery, Textiles, Mining, Food processing etc.,
The FAQs are given on Topic wise also like Composition scheme, GST on services etc.,

10. THANK YOU