Accounts EWay bills Payments Returns under GST Kush
Accounts, E-Way bills Payments & Returns under GST Kush Vora Kalyan- Dombivli Branch of WIRC of ICAI 06. 2017 Powerpoint Templates
1. Accounts and Records Powerpoint Templates
Accounts & Records. . Production or manufacture of goods E. g. • Invoices • Bill of supply • Delivery challans • Credit notes • Debit notes • Receipt vouchers • Refund vouchers • E-Way bills Output tax payable and paid Input tax credit availed Subodh Vora & Co. , Chartered Accountants. All rights reserved Inward & outward supply of goods & service both Stock of goods
. . Accounts & Records (Other Points) 1. Accounts of additional place to be kept at respective places in addition to principal place of business 2. Accounts maintainable even in electronic form as may be prescribed 3. Accounts to be audited by Chartered Accountant or Cost Accountant if TO exceeds prescribed limit 4. Accounts to be retained till 72 months from due date of filing of annual return i. e. effectively 6 year 9 months. 5. In case of pending appeal, revision, etc till 1 year after disposal of case Subodh Vora & Co. , Chartered Accountants. All rights reserved
. . Accounts & Records (Other Points) 6. Accounts to be maintained separately for trading, manufacturing and services 7. Monthly production accounts showing quantitative details of RM, services , etc 8. Agents to maintain specific accounts such as authorization papers, accounts furnished to principal, etc 9. Works contractor- Separate account for each WC and as prescribed 10. Godown operator/ transporters- Stringent provisions Subodh Vora & Co. , Chartered Accountants. All rights reserved
2. E-Way Bill Powerpoint Templates
PROCESS OF E-WAY BILL Every supplier whose consignment value > 50, 000 Before commencement of movement- part A of EWay Bill If goods sent through transporter, he has to file part B of E-Way bill If no reply filed, deemed to be accepted] Recipient to communicate acceptance or rejection within 72 hours Unique E-Way Bill No. to be provided to supplier, transporter & recipient Subodh Vora & Co. , Chartered Accountants. All rights reserved 7
OTHER POINTS (E-WAY BILL) Multiple consignment in one truck- Consolidated E-Way Bill Cancellation of E- Way bill provided Copy of E-Way bill along with invoice copy to be carried by transporter Facility of linking E-Way bill to RFID also provided Proper officers to be empowered to verify E-Way Bill for all inter state and intra state movement of goods. Inspection report also to be uploaded. Subodh Vora & Co. , Chartered Accountants. All rights reserved
VALIDITY OF E-WAY BILL Sr. No. Distance Validity period 1. Less than 100 km 1 day 2. 100 km – 300 km 3 days 3. 300 km – 500 km 5 days 4. 500 km – 1000 km 10 days 5. 1000 km or more 15 days Subodh Vora & Co. , Chartered Accountants. All rights reserved
3. Payments under GST Powerpoint Templates
“ELECTRONIC CASH LEDGER Debit Credit • Payment of liability XXX • TDS liability XXX • TCS liability XXX • RCM liability XXX • Cash Payment/ NEFT/ RTGS/ETC Subodh Vora & Co. , Chartered Accountants. All rights reserved XXX
“ELECTRONIC CREDIT LEDGER Debit Credit • Payment of liability XXX • Refund of unutilized credit XXX • ITC claimed as per return Subodh Vora & Co. , Chartered Accountants. All rights reserved XXX
AVAILMENT OF INPUT TAX CREDIT ITC CGST SGST CGST IGST Subodh Vora & Co. , Chartered Accountants. All rights reserved CGST SGST
ELECTRONIC TAX LIABILITY LEDGER Debit Credit • Tax, Interest, Late fees payable as per return XXX • Payment by Electronic Credit Ledger XXX • Tax, interest, penalty as determined by proper officer in any proceedings XXX • Payment by Electronic Cash Ledger XXX • Tax and interest payable due to mismatch XXX • Any relief given by Appellate Tribunal or court XXX • Interest from time to time XXX Subodh Vora & Co. , Chartered Accountants. All rights reserved
4. Returns and matching under GST Powerpoint Templates
RETURN PROCESSES Return Form Type of Return Time Limit GSTR-1 Outward Supplies 10 th of Next Month 12 GSTR-2 Inward Supplies 15 th of Next Month 12 GSTR-3 Main Return 20 th of Next Month 12 GSTR-4 Quarterly return (Composition) 18 th of next quarter 4 GSTR-6 Input Service Distributor 13 th of Next Month 12 GSTR-7 TDS Return 10 th of Next Month 12 GSTR-7 E-Commerce Operator To be prescribed 1 GSTR-8 Annual Return 31 st December following F. Y. 1 Subodh Vora & Co. , Chartered Accountants. All rights reserved Total Returns per year
MATCHING CONCEPT 10 th- GSTR 1 Auto populated 11 th- GSTR 2 A Omission or correction (Draft Inward details) (Outward Supply) 15 th- GSTR 2 (Final Inward supply) Auto populated MIS 1 20 th- GST 3 Mismatch report (Main return) Final matching Accept or reject changes & modify GST 1 Subodh Vora & Co. , Chartered Accountants. All rights reserved 16 th- GSTR 1 A 17
MATCHING CRITERIA GSTIN of supplier GSTIN of recipient Invoice/ debit note number Invoice/ debit note date Taxable Value Tax amount Subodh Vora & Co. , Chartered Accountants. All rights reserved
THANK YOU Partners Subodh Vora M: +91 -9821151467 | E: subodh@scvora. com D-723/ 724, Neelkanth Business Park, Vidyavihar (West), Mumbai 400086 022 -25138594 | 022 -25148595 | 022 -25148596 www. scvora. com Kush Vora M: +91 -9821305187| E: kush. vora@scvora. com Bhakti Vora M: +91 -9821362481| E: bhakti. vora@scvora. com
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