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PPT -GST ISD.pdf
1.
6 December 2017
© Copyrights Reserved 2017 1 of 15 Input Service Distributor (ISD) Law & Rules www.alankitgst.com
2.
6 December 2017
© Copyrights Reserved 2017 2 of 15 What is GST? Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. In simple words, GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India. Central Taxes • Central Excise duty • Additional duties of excise • Excise duty levied under Medicinal & Toilet Preparation Act • Additional duties of customs (CVD & SAD) • Service Tax • Surcharges & Cesses State Taxes • State VAT / Sales Tax • Central Sales Tax • Purchase Tax • Entertainment Tax (other than those levied by local bodies) • Luxury Tax • Entry Tax (All forms) • Taxes on lottery, betting & gambling • Surcharges & Cesses GST
3.
6 December 2017
© Copyrights Reserved 2017 3 of 15 GST Types
4.
6 December 2017
© Copyrights Reserved 2017 4 of 15 Index Particulars Page No What is Input Service Distributor 5 Registration under Input service distributor? 6 Manner of distribution of credit 7-8 Return forms under GST 9 Analysis of ISD with case Study 10-12
5.
6 December 2017
© Copyrights Reserved 2017 5 of 15 As per Section 2(61) of CGST Act, 2017Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services or both having same PAN as that of the ISD.
6.
6 December 2017
© Copyrights Reserved 2017 6 of 15 Registration under GST An ISD is required to obtain a separate registration. The registration is mandatory and there is no threshold limit for registration for an ISD. Businesses who are already registered as an ISD under the existing regime (i.e. under Service Tax), will be required obtain a new ISD registration under GST. This is because, the existing ISD registration will not be migrated to the GST regime. The other locations may be registered separately. Since the services relate to other locations the corresponding credit should be transferred to such locations (having separate registrations) as the output services are being provided there.
7.
6 December 2017
© Copyrights Reserved 2017 7 of 15 Rule 39: Manner of Distribution of Credit For the purposes of distributing the input tax credit, an ISD has to issue an ISD invoice, as prescribed in rule 54(1) of the CGST Rules, 2017, clearly indicating in such invoice that it is issued only for distribution of input tax credit. The input tax credit available for distribution in a month shall be distributed in the same month and details furnished in FORM GSTR-6. Further, an ISD shall separately distribute both the amount of ineligible and eligible input tax credit. ISD and recipient of credit are located in the same state Recipient Of Credit and ISD are in Same State Input Credit with ISD Distribution to Recipient of credit IGST IGST CGST CGST SGST SGST UTGST UTGST
8.
6 December 2017
© Copyrights Reserved 2017 8 of 15 Recipient of credit and ISD are located in different states When the ISD and the recipient of credit are located in different states/union territory, the input tax credit of IGST, CGST, SGST, and UTGST should be distributed to the recipient of credit in the following manner: Input Tax credit With ISD Distribution to Recipient of Credit IGST IGST CGST SGST UTGST
9.
6 December 2017
© Copyrights Reserved 2017 9 of 15 Return Forms under GST Return Type Frequency Due Date Details to be Furnished Form GSTR 6 Monthly 13th of succeeding month Furnish the details of input credit distributed Form GSTR 6A Monthly On 11th of succeeding month Details of inward supplies made available to the ISD Recipient on the basis of form GSTR 1 furnished by supplier The details in the returns will be made available to the respective recipients in their GSTR 2A. The recipients may include these in its GSTR-2 and take credit. An ISD shall not be required to file Annual return. An ISD cannot accept any invoices on which tax is to be discharged under reverse charge mechanism. This is because the ISD mechanism is only to facilitate distribution of credit of taxes paid.
10.
6 December 2017
© Copyrights Reserved 2017 10 of 15 Case Study- M/s ABC Ltd, having its head Office at Mumbai, is registered as ISD. It has three units in different states namely ‘Mumbai’, ‘Jabalpur’ and ‘Delhi’ which are operational in the current year. M/s ABC Ltd furnishes the following information for the month of July, 2017 & asks for permission to distribute the below input tax credit to various units. (i) CGST paid on services used only for Mumbai Unit: Rs.300000/- (ii) IGST, CGST & SGST paid on services used for all units: Rs.1200000/- Total Turnover of the units for the Financial Year 2015-16 are as follows: - Unit Turnover (Rs.) Total Turnover of three units Rs. 10,00,00,000 Turnover of Mumbai unit Rs. 5,00,00,000 (50%) Turnover of Jabalpur unit Rs. 3,00,00,000 (30%)
11.
6 December 2017
© Copyrights Reserved 2017 11 of 15 Case Study - Contd…. Particulars Credit distributed to all units Total Credit Available Mumbai Jabalpur Delhi CGST paid for services used only for Mumbai unit 300000 300000 0 0 IGST, CGST & SGST paid on services used in all units-Distribution on pro-rata basis to all the units which are operational in the current year 1200000 600000 360000 240000 Total 1500000 900000 360000 240000
12.
6 December 2017
© Copyrights Reserved 2017 12 of 15 Case Study - Contd…. Note 1: Credit distributed pro rata basis on the basis of the turnover of all the units is as under:- (a) Unit Mumbai: (50000000/100000000)*1200000= Rs.600000 (b) Unit Jabalpur: (30000000/100000000)*1200000= Rs.360000 (c) Unit Delhi: (20000000/100000000)*1200000=Rs.240000 Relevant period for distribution of credit: (a) If the recipient of credit has turnover in their State in preceding financial year of the year in which credit is distributed – Such financial year. (b) If some or all recipients do not have any turnover in their State in preceding financial year of the year in which credit is distributed – Last quarter for which details of such turnover of all the recipients are available, previous to the month during which credit is to be distributed.
13.
6 December 2017
© Copyrights Reserved 2017 13 of 15 THANK YOU
14.
6 December 2017
© Copyrights Reserved 2017 14 of 15 Sources 1. Central Goods and Services Tax, 2017 2. Bare Law on GST by ICAI- IDT Department 3. Central Goods and Services Tax (CGST) Rules,2017 Notified vide Notification No. 3 /2017-Central Tax (Dated 19th June 2017) and further as amended by • Notification No. 7/2017-Central Tax (Dated 27th June 2017) • Notification No. 10/2017-Central Tax (Dated 28th June 2017) • Notification No. 15/2017-Central Tax (Dated 1st July 2017) • Notification No. 17/2017- Central Tax (Dated 27th July 2017) • Notification No. 22/2017-Central Tax (Dated 17th August 2017) • Notification No. 27/2017-Central Tax (Dated 30th August 2017) • Notification No. 34/2017-Central Tax (Dated 15th September 2017) • Notification No. 36/2017-Central Tax (Dated 29th September 2017) • Notification No. 45/2017-Central Tax (Dated 13th October 2017) • Notification No. 47/2017-Central Tax (Dated 18th October, 2017) • Notification No. 51/2017-Central Tax (Dated 28th October, 2017) • Notification No. 55/2017-Central Tax (Dated 15th November, 2017)
15.
6 December 2017
© Copyrights Reserved 2017 15 of 15 Disclaimer • This Presentation has been prepared by Alankit Group and has to be read in conjunction with its oral presentation. The information in this presentation does not propose to be comprehensive. Neither Alankit nor any of its officers employees, advisers or agents accepts any responsibility for/ or makes any representation or warranty, express or implied, as to the truth, fullness, accuracy or completeness of the information in this presentation (or whether any information has been omitted from the presentation) or any other information relating to Alankit, its subsidiaries or associated companies, whether written, oral or in a visual or electric form, transmitted or made available. This document is confidential and is being provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. This document is directed only at relevant persons. Other persons should not act or rely on this document or any of its contents. No reliance may be placed for any purposes whatsoever on the information contained in this document or any other material discussed during this presentation, or on its completeness, accuracy or fairness. The information in this document and any other material discussed at this presentation is subject to verification, completion and change. The information and opinions contained in this document are provided as at the date of the presentation and are subject to change without notice. By attending the presentation you agree to be bound by the foregoing terms. Trademarks or Registered Trademarks are the property of their respective owners.
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