Based on the content provided, here are the details you asked for: "GST Registration and Compliance Information

Prepared and Presented by: Chartered Accountants Association, Surat Prepared and Presented by:- -

VAT / CST / Purchase Tax Excise / Service Tax Luxury Tax / Entry Tax GST GST

Advantages of GST Overall reduction in prices of goods and services Free Flow of Tax Credit Easy Refunds Easier interstate movement of goods Higher Threshold for Registration of Rs.20 Lakh Composition Scheme for small business Advantages of GST

Do you.. Have Aggregate Turnover > 20/40 Lakh..? Sell goods / services across states..? Paying tax under reverse charge..? Deduct TDS / TCS (not Income Tax TDS/TCS)..? Operate Centralized Office..? Do you.. Then Take GST Registration . Then Take GST Registration .

Disadvantages of being Cannot pass-on Input Tax Credit Your Product / Service Costing increases Your Customer / Client has to bear your legal formalities (1) Customer has to prepare invoice on your behalf (2) Customer has to pay tax in cash (URDRCM) (3) You shall not get compliances rating under GST (4) You may face problem getting big customers Disadvantages of being UNREGISTERED UNREGISTERED

Increases Rating Increases Rating Decreases Rating Decreases Rating Timely Filing of Returns Late Filing of Returns Less Rectification Repetitive Rectification Timely Difference Resolution Delayed Difference Resolution Timely Tax Payments Persistent Payment Defaults

Turnover Less than Rs.75 Lakh Nominal Rate of Tax @ 1 for Traders-Mfgrs / 5% for Restaurants / 6% for Service Not Available for Service Provider No Taxable Invoice & No Input Tax Credit Not Available for interstate Seller

Advantages.. Advantages.. Quarterly Returns (Total 5 GST returns per annum) Less Clerical Work Suitable for Small Businesses No Reverse Charge (URDRCM) applicable to Client

Taxable RCM Purchase Exempt Export Inter State Branch Transfer

Interest on Delayed Payment Penalty for Delayed Payment Subsidy Reimbursement (not Govt) Taxes (not I+C+S) Incidental Expenses Pure Agency Authorized Expenses Invoiced Discount Cash Discount

Section 7: For the purposes of this Act, the expression supply includes - (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease disposal made or agreed to be made for a consideration by a person in the course or furtherance of business sale, transfer, barter, exchange, licence, rental, lease or in the course or furtherance of business;

Gujarat Rest of India IGST or CGST+SGST Supplier Distributor IGST Factory Consumer CGST+SGST CGST+SGST Distributor CGST+SGST Consumer CGST+SGST

Location of Supplier In Same State CGST+SGST If Different States IGST Place of Supply

Transaction #2 Transaction #2 UP Dealer Bill To # 2 IGST Gujarat Dealer Bill To # 1 IGST Ship To Transaction #1 Transaction #1 Maharashtra Dealer

CGST (50%) Gujarat Sales SGST (50%) Sales Out of Gujarat Sales IGST (100%)

Bill paid within 180 days Tax & Return should paid by Supplier Goods / Service received (incl by jobworker) Duty Paid Document / Invoice on hand Used for furtherance of business

Input Tax Credit of IGST Credit of CGST Credit of SGST Adjust CGST Adjust SGST Adjust IGST Adjust CGST Adjust IGST Adjust IGST Adjust SGST

CGST (Accounts and Records) Rules, 2017, Rule 1 (8) Any entry in registers, accounts and documents shall not be erased, overwritten otherwise than those of clerical nature, shall be scored out under attestation and there after correct entry shall be recorded and where the registers and other documents are maintained electronically, a log every maintained. erased, effaced effaced or or overwritten, and all incorrect entries, log of of deletedshall be every entry entry edited edited or or deleted

No Invoice, Bogus Invoicing Tax Collected but not paid to govt Forgets to TDS/ TCS Illegal use of ITC Innocent mistake of ITC availment (10% Penalty, Min Rs.10000) Fraudulent Refund Faking of Accounts and documents / No books of Accounts Document Tampering No Registration Non-Cooperation to GST dept Obstructing GST Officer in his duty Transporting goods without invoice / eway bill Suppressing Turnover Invoicing on GSTIN of other person Penalty of Rs.10000/ Penalty of Rs.10000/- - per instance per instance

Invoice of incorrect format Fraudulent mistake of ITC availment (Full Tax, Min Rs.10000) Helping wrong-doer in previous slide Holding goods liable for confiscation Not appearing before officer when called Not showing documents to GST officer when called Penalty of Rs.25000/ Penalty of Rs.25000/- - per instance per instance

Not filing GST Return Rs.100 per day upto Rs.5000 (S.123) Difference in Tax liability due to innocent mistake if payable at the time of assessment - 10% of Tax amount (Minimum Penalty Rs.10000 for innocent mistake) Difference in Tax liability due to Fraud / Willful mistake if payable at the time of assessment 15/25/50/100% of Tax amount

Particulars Intra State Supply Inter State Supply Value of Goods / Services Levy of GST CGST @9% SGST @9% IGST @18% Total 100 100 9 9 - - - 18 18 18

Tax Invoices (For Taxable Supply) Bill of Supply (For Exempt Services) Receipt Voucher Refund Voucher Payment Voucher Debit Note (for increase in transaction value) Credit Note (for decrease in transaction value)

Entity Vendor GSTR-2A/2B will show all ITC on basis of GSTR-1 GSTR-1 showing sales / tax charged by 10th Take Credit only as per GSTR-2B File periodic return GSTR-3B

Return Form Title Frequency No. Of Returns p.a. GSTR-1 Sales of taxable goods and / or services Monthly 12 GSTR-2BVerification of Monthly Invoice wise ITC based on GSTR-1 uploaded by Vendors Monthly 12 GSTR-3BReturn of Purchase and Sale for Finalizing Net GST Payable Monthly 12 GSTR-4 For those opting for Composition Scheme Quarter 4 GSTR-9 Annual Return Annual For Monthly For Composite 1 37 5

Accounts/Records Information required Register of Goods Produced manufactured in a factory or Production house Purchase Register All Purchases made within a tax period By Whom Every assessee carrying out mfg activity All Assessees Account should contain details of goods Sales Register Stock Register All Sales made within a tax period Correct Stock of inventory available at any given point of time All Assessees All Assessees Input Tax Credit Availed Output Tax Liability Input Tax Credit availed for a given tax periodAll Assessees GST Liability outstanding to be adjusted against input credit or paid out directly All Assessees Output Tax Paid GST Paid for a particular tax period All Assessees

Electronic Cash Ledger used for:- Output Tax Interest Penalty Fees Other Amount TDS TCS Electronic Credit Ledger used for:- Output Tax (only) Electronic Liability Ledger used for:- Accrual of various liabilities under GST and settlement thereof

GST Earlier Law BCD BCD CVD IGST SAD

Reverse charge supplier not to collect tax Recipient pays tax RCM Categories Notified mostly applicable Transporter Advocates Government payments Import of Services Security Services Disadvantage for Recipient Responsibility for Tax payment Responsibility for Reverse Invoicing Responsibility for Maintaining Records of Supplier

Unregistered persons cant collect tax as no number Recipient of Goods / Services to pay URDRCM Possible categories All those not opting for GST Registration Purchase / Service from Non-Resident Imports (already covered in earlier slide) Disadvantage for Recipient Responsibility for Tax payment Responsibility for Reverse Invoicing Responsibility for Maintaining Records of Supplier

Goods should be sent to Jobwork on Delivery Challan Getting back goods for sending out -timelimit 1 Years for inputs 3 Years for Capital goods Goods on jobwork can also be directly sold to 3rd party if tax paid Goods on jobwork can also be exported without tax Pre-conditions for Sending goods on Jobworker Goods to be sent on Delivery Challan Jobworker should be registered under GST Jobworker if not registered, RCM applicable Accounts and records of business with Jobworker to be kept at jobworker s place If Jobworker fails to pay tax, Joint and Several liability of Principal Mfgr and Jobworker GST on Scrap and wastage from Jobworker is Joint and several liability of Principal Mfgr and Jobworker

Job work Job work Section Section- -143 143 Taxable goods Taxable goods Principal/ Registered tax payer Job worker 1 Job worker 2 without payment of tax without payment of tax Taxable goods without payment of tax Supply within India Supply within India Payment of tax Principle place of business Principle place of business Without payment of tax Export Export

Forget earlier concept of VAT & Service Tax Under GST any work done attached/affixed to earth (not machinery), then it is works contract Rate of Tax is 18%

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