and Going Forward By Yash Dhadda Chartered Accountant
and Going Forward …. By Yash Dhadda | Chartered Accountant | Jaipur Updates on GST © GST-World 1
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RETURNS © GST-World 4
RETURNS Registered Taxable Person Compounding Taxable Person Non – Resident Foreign Taxable Person GSTR-1 - 10 th GSTR-4 – 18 th GSTR-5 – 20 th GSTR-2 – 15 th GSTR-9 GSTR-3 – 20 th GSTR-9 – 31 st Dec Input Service Distributor GSTR-6 – 13 th Return for TDS E-Commerce Operator GSTR-7 – 10 th GSTR-8 – 10 th Persons having UIN GSTR 11 GSTR-10 – Final Return to be filed at the time of cancellation of registration – 3 months Additional returns for Compensation Cess – yet not prescribed nor any formats has been suggested © GST-World 5
Matching Concept : Process Flow Vendor Invoice Uploads information through GSTR-1 GST PORTAL Company MATCHING PROCESS Approvals and Recording in ERP Systems ERP Matched Missing in ERP Missing in GST Portal Immediate Upto 30 -Sept 2 month Prov. Credit © GST-World 6
Tax Payer Shouted !! © GST-World 7
GST COUNCIL RESPONDED CALMY 8 © GST-World
And ASPs, GSPs and Software Companies said ! © GST-World 9
New Dates ! New Compliances- GSTR-1 (Jul 17 to Mar 18) The time limit for filing GSTR-2 and GSTR-3 for above months shall be worked out by Committee headed by GSTN Chairman. © GST-World 10
New Compliance Requirements ) (Till March 2018) GSTR-1 A : The details of inward supplies added, corrected or deleted by the recipient shall be made available to the supplier New Issues GSTR 3 B: Monthly Summary Return with Tax Payment Fate Unknown GSTR 2: On the basis of above GSTR-2 A, details of inward supplies added, corrected or deleted by recipient to be disclosed under GSTR -2, including RCM details GSTR 2 A: Autopopulated in part A of the GSTR-2 A of recipients Refunds GSTR 1: Details of Outward Supplies Mismatched Credits Payment Cycle Reconciliations GSTR 3 © GST-World 11
LATE FEES © GST-World 12
Substantial Reduction § The late fees charged earlier and later waived shall be re-credited to “Tax” instead of “Fees” © GST-World 13
COMPOSITION SCHEME © GST-World 14
Composition Scheme § Uniform rate of tax @ 1% under composition scheme for manufacturers and traders § For traders, turnover will be counted only for supply of taxable goods. § Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same § Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1. 5 Crore per annum. § The changes recommended by GST Council red above will be implemented only after the necessary amendment of the CGST Act and SGST Acts. © GST-World 15
Funny Situation For Goods Particulars Turnover less than 2 cr Composition Scheme Quarterly Return, No Invoice Wise Details. (GSTR-4) Turnover less than 1. 5 cr Normal Tax Payer Quarterly Return, Invoice Wise Details (GSTR-1) & (GSTR-3 B) Turnover more than 1. 5 cr and less than 2 cr Normal Tax Payer Monthly Return, Invoice Wise Details. (GSTR-1) & (GSTR-3 B) Turnover more than 2 cr For Services Particulars Turnover less than 1. 5 cr Normal Tax Payer Quarterly Return, Invoice Wise Details (GSTR-1) & (GSTR-3 B) Turnover more than 1. 5 cr Normal Tax Payer Monthly Return, Invoice Wise Details. (GSTR-1) & (GSTR-3 B) © GST-World 16
OTHER COMPLIANCES © GST-World 17
TRAN-1, ITC 04 & Other GST Returns © GST-World 18
TAX RATE CHANGES © GST-World 19
What Moved from Where to Where? Restaurants • Restaurants excluding 5 -star can charge GST @ 5% without input tax credit. • Restaurant in 5 -star hotels where room rent per day Rs. 7, 500/- and above can charge GST @ 18% with input tax credit. • Outdoor Catering will be taxed at 18% with Input Tax Credit. • No change for composition scheme for restaurant. Job Work GST rate on job work services in relation to manufacture of those handicraft goods in respect of which the casual taxable person has been exempted from obtaining registration, to be reduced to 5% with full input tax credit. © GST-World 20
OTHER CHANGES © GST-World 21
Pro Assessee Changes • Supplier of Goods having Turnover Less than 1. 5 cr in the previous year shall not be required to pay tax on advances. (Notification No 40/2017 -CT dated 13. 10. 2017) • Clarification on Inter state movement of Cranes, Rigs, Tools, Spares etc not to be treated as Inter State Supply in case movement is not in course or furtherance of supply of said goods. • Supplier of Services providing Services through E-Commerce Platform need not take Compulsory Registration. • Sale of Vehicle purchased prior to 1. 7. 17 – Taxable at 65% Value (No ITC of Excise, VAT taken) • Inter State Supply of Services – Mandatory Registration not required. (upto 20 lacs) • Services by GTA to non registered client shall be exempt from GST • RCM on 9(4) supplies deferred up to 31. 3. 2018. © GST-World 22
Thank You Yash Dhadda Mentor-GSTi World Consulting Private Limited Dhadda & Co. | Partner Chartered Accountants Phone +91 -9829186074 : Jaipur | Kota Ema : yash@dhaddaonline. com il © GST-World 23
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