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CA Vikas singh chauhan gst presentation VMR

  1. GSTGoods and Services Tax &COMPANY Chartered Accountants | +91 – 7428243651 | 9013308933 | 45170547 GST | SOLAR | MSME
  2. GST is an Indirect Tax which has replaced many Indirect Taxes in India.  The Goods and Service Tax Act, 2017 was passed in the Parliament on 29th March 2017.  The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition What is GST in India?
  3. GST is one indirect tax for the entire country. So, before Goods and Service Tax, the pattern of tax levy was as follows: Buying Raw Materials Manufacture Final sale to customer Sale to retailer Sale to warehouse/war ehousing VAT/CST + Excise VAT/CST + Excise Duty VAT VAT
  4. Final sale to customer GST Multi-stage There are multiple change-of- hands an item goes through along its supply chain: from manufacture to final sale to the consumer. Let us consider the following case: Purchase of raw materials Production or manufacture Warehousing of finished goods Sale to wholesaler Sale of the product to the retailer Sale to the end consumer Buying Raw Materials Manufacture Sale to retailer Sale to warehouse/wareho using Goods and Services Tax is levied on each of these stages which makes it a multi-stage tax IMPORT
  5. What are the components of GST? There are 3 taxes applicable under this system: CGST, SGST & IGST. CGST: Collected by the Central Government on an intra-state sale SGST: Collected by the State Government on an intra-state sale IGST: Collected by the Central Government for inter-state sale
  7. Advantages Of GST GST has mainly removed the Cascading effect on the sale of goods and services. Removal of cascading effect has impacted the cost of goods. Since the GST regime eliminates the tax on tax, the cost of goods decreases. GST is also mainly technologically driven. All activities like registration, return filing, application for refund and response to notice needs to be done online on the GST Portal; this accelerates the processes  Uniformity in Taxation  Helping Government Revenue Find Buoyancy  Cascading of Taxes  Simpler and Lesser Number of Compliances  Common Procedures  Common Portal
  8. Collection of taxes – GST registration helps to collect taxes from customers also pass on the tax credit to customers on purchases made Input Tax Credit – A customer can claim ITC (Input Tax Credit) for taxes paid on purchases and can utilize the same credit towards payment of due taxes Seamless Flow – At the national level, GST helps the seamless flow of ITC towards recipients from suppliers Advantages of GST Registration
  9. Who Should Register for GST? > Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.) > Businesses with turnover above the threshold limit of Rs. 20 Lakhs Rs. 40 Lakh(wef 01-04-19) (Rs. 20 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand) > Casual taxable person / Non-Resident taxable person > Agents of a supplier & Input service distributor > Those paying tax under the reverse charge mechanism > Person who supplies via e-commerce aggregator > Every e-commerce aggregator > 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
  10. 1. The limit of GST Registration is Increase from Rs. 20 Lakh to Rs. 40 Lakh for suppliers of goods. However, this limit remains Rs 20 lakhs for suppliers of services 2. GST Composition limit is hiked to Rs. 1.5 crore. Tax payments to be made quarterly and returns to be filed annually starting 1st April 2019. 3. New composition scheme is introduced for service providers and those who supply services along with goods; the Turnover limit set is Rs 50 lakhs and the Tax rate is fixed at 6% Effective Date 01-Apr-2019 Latest for 32nd GST Council Meeting
  11. Who can opt for Composition Scheme? A taxpayer whose turnover is below Rs 1.0 crore* Rs. 1.5 Crore can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh. The following people cannot opt for the scheme:  Supplier of services other than restaurant related services  Manufacturer of ice cream, pan masala, or tobacco  A person making inter-state supplies  A casual taxable person or a non-resident taxable person  Businesses which supply goods through an e-commerce operator
  12. Composition Scheme  Lesser compliance (returns, maintaining books of record, issuance of invoices)  Limited tax liability  High liquidity as taxes are at a lower rate  Within State  No Input Tax Credit  The taxpayer will not be eligible to supply exempt goods or goods through an e- commerce portal. Advantages Disadvantages
  13. Return Due Date Persons Required To File GSTR-1 11th Of Every Month Turnover Exceeding Rs.1.50 Cr. Or Opted To File Monthly Return. And 31st Of The Month Following The Quarter For Which The Return Is Being Filed. Quarterly Return For Registered Persons With Aggregate Turnover Up To Rs.1.50 Cr. All Registered Person GSTR-2 For The Time Of Being GST Council Has Suspended All Registered Person GSTR-3B 20TH OF Every Month All Registered Person GSTR-4 18Th Of The Month Following The Quarter For Which The Return Is Being Filed. Person Registered Under Composition Scheme GSTR-5 20Th Of Every Month And Within 7 Days After Expiry Of Registration Non-Resident Taxable Person GSTR-6 13Th Of Every Month Input Service Distributors GSTR-7 10Th Of Every Month Persons Remitting TDS Under Section 51 Of The GST Act GSTR-8 10Th Of Every Month E-Commerce Operators GSTR-9 31St Dec Of Next Financial Year, CBIC Revise The Due Date Of GSTR9 FY 17-18 is 31St Mar-2019 Registered Persons GSTR-10 Within 3 Months Of Cancellation Of GST Registration Registered Persons Who Opts Cancel Or Surrender GST Registration Types of GST Returns & Due Dates
  14. on solar power generating plant and other renewable energy plants
  15. > GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. > Other goods or services used in these plants attract applicable GST. GST on Solar Power Plant In the 31st GST Council Meeting on 22nd Dec., 18 decided as follows:
  16. > Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied along with services of construction etc and other goods for solar power plant. > To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting standard GST rate. GST on Solar Power Plant
  17. UDYOG AADHAAR MSMEMICRO SMALL AND MEDIUM ENTERPRISES उद्योगआधार UDYOG AADHAR is a unique 12 digit UDYOG AADHAR Number (UAN). The government of India initiated UDYOG AADHAR registration. In recent times, for reinforcing small-scale businesses within the country, the govt. of India has initiated the UDYOG AADHAR Registration method.
  18. Benefits of UDYOG AADHAR  Collateral free loans from bank  Excise exemption  Government subsidy  1% exemption in interest on OD  Reduce rate of interest of Banks  Protection on delay in payments  Exemptions while applying government tenders  Waiver of stamp duty & registration fee  Octroi benefits  Fast resolution of disputes उद्योगआधार
  19. MCA issued notification for filing of MSME-1 form: Who need to file ? Every Company which has received goods or services from Micro & Small Enterprise AND Payment is due/ not paid to such enterprise for 46 days from date of acceptance E-FORM MSME-1
  20. Refund on GST SITUATIONS LEADING TO REFUND CLAIMS 1.Export of Goods or services 2. Supplies to SEZs units and developers 3. Deemed Export supplies 4. Refund of taxes on purchase made by UN or embassies etc 5. Refund arising on account of judgment, decree, order or direction of the Appellate Authority, Appellate Tribunal or any court 6. Refund of accumulated Input Tax Credit on account of inverted duty structure 7. Finalisation of provisional assessment 8. Refund of pre-deposit 9. Excess payment due to mistake 10. Refunds to International tourists of GST paid on goods in India and carried abroad at the time of their departure from India 11. Refund on account of issuance of refund vouchers for taxes paid on advances against which goods or services have not been supplied 12. Refund of CGST & SGST paid by treating the supply as intra-State supply which is subsequently held as inter-State supply and vice versa.
  21. STANDARDISATION OF PROCEDURE > The GST laws makes standardised provisions for making a refund claim. > Every claim has to be filed online in a standardised form. The application shall be forwarded to the proper officer who shall, within a period of fifteen days of filing of the said application, scrutinize the application for its completeness and where the application is found to be complete in all terms, an acknowledgement shall be made available to the applicant through the common portal electronically. However, till the time the refund module on the GSTN portal is operationalised, facility for manual filing of refund claims has been provided. The claim for refund of amount lying in the credit balance of the cash ledger can be made in the monthly returns also. The proper officer has to convey deficiencies if any in the refund claimed in such cases the claim will be sent back to the applicant along with the notified deficiencies and the applicant can file the refund claim again after making goods the deficiencies.
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