GST General Awareness EWay bill Processing Systems TANGATUR

GST – General Awareness & E-Way bill Processing Systems TANGATUR SUBOSE CHANDRA BOSE FCMA, M. Com. , PRACTICING COST ACCOUNTANT

Ø Goods & Service Tax (GST ) implemented w. e. f 1 st July 2017 Ø Object to make India a common Market, Common Tax and Common procedure. Ø Mitigate ill effects of cascading, competitiveness & liquidity of business. improve Ø Eliminated various Central & State Acts like Excise Act, Service Tax, VAT Acts Octroi etc. , Total 17 Acts (9 Central & 8 State Acts)

Ø GST contains Central Goods & service Tax (CGST) , State Goods & service Tax ( SGST ) and Integrated Goods & Service ACT (IGST) Ø CGST Rules 2017 contains 19 chapters Ø Covers Registration, Input Tax Credits, Determination of Value of supply, Accounts & Records, Returns, Refunds, etc. Ø Act is relevant to Practitioners, consultants etc. , Ø For Traders & other Taxpayers at least initial 9 chapters are essential

Ø GSTIN- IT Infrastructure service to Central & state Governments, Tax payers and others. ØGSTIN provides online functions - Registration, filing Returns, Computation statement of IGST etc. , ØTechnology driven & reduces human interface Ø More transference of indirect laws. ØGST Council is Governing Body.

ØEqual opportunity given to State/union territory finance ministers to advise. Ø GST Council is meeting periodically for reviewing the suggestions, difficulties etc. Ø Till now Government has given 86 notifications ( 75 in 2017 and 11 in 2018). Registration Minimum Thresold limit Composition scheme Rs. 20 lakhs Rs. 150 lakhs Registration Rs. 20 lakhs No limit For north eastren states the minimum limit is Rs. 10 lakhs Composition scheme holders cannot pass Input tax Credit , Tax is 1 % & GSTR 4 Return filing quarterly. Normal Registered tax payer pass on input Tax credit & to file monthly returns.

ØChapter 8 of the rules has given returns filing proceedure & periodicity GSTR 1 - Monthly sales Returns GSTR 2 - Monthly Purchase Return GSTR 3 - Monthly Reconciliation – See Rule 61(1) & set off format of GST collected and paid. Ø Provision for discharge of liability towards tax, Interest, penalty and other charges payable / availed. ØGSTR 3 B – Monthly return ØDue to Technical/ Administrative difficulties GOI kept on hold filing of GSTR 2 and GSTR 3 returns upto march 2018

ØGST prescribed 5 categories of Taxes - zero rated, 5%, 12% 18% and 28%. Ø Excluded certain products ie. , Alcholic liquors, and 5 items of Petroleum products from its preview. ØExports & supplies to SEZ is treated as Zero rated supplies ØImport of goods / services will be treated as Inter state supplies & charged IGST beside levy applicable custom duty.

ØForth coming Return filing due dates Composite dealer Regular dealer > 150 lakhs Regular dealer < 150 lakhs GSTR 1 18. 4. 18 10 th of the month Quarterly 30. 4. 2018 GSTR 3 B 20 th of the month ØInvoice should contain the details of HSN code. ØGST on Capital goods can be availed in full as ITC

Ø GST web sites www. gst. gov. in & www. cbec. gov. in will provide GST Acts, Rules, Notifications and amendments. ØProvides FAQs returns etc. , while Registration, filing of Ø It covers issue like sector wise FAQs. Transportation & Logistics, Jems & Jewellery, Textiles, Mining, Food processing etc. , Ø The FAQs are given on Topic wise also like Composition scheme, GST on services etc. ,

THANK YOU