The Institute of Cost Accountants of India Erode

The Institute of Cost Accountants of India Erode Chapter CEP Seminar--date 17. 06. 2017 Role of CMA in GST BY CMA R. GOPAL MFM. , M. Phil. , FCMA Practicing Cost Accountant

Various acts in GST Act CMA Role The Central Goods And Services Tax Act, 2017 The Integrated Goods And Services Tax Act, 2017 The Union Territory Goods And Services Tax Act, 2017 The Goods And Services Tax (Compensation To States) Act, 2017 Available -------------

Various rules in GST CMA Role Composition Rules & forms Valuation Rules & ITC Refund Rules Registration Rules Returns Rules Goods And Service Tax Practitioner ------ Available -----Available

OTHER AREAS IN GST • • • Migration to GST Step by Step guide to tax payers Communication to tax payers Guidance note to department officers Public notice • Services Under Reverse Charge

THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 • 35. (5) audited annual accounts • 66. (1) If at any stage of scrutiny, inquiry, investigation or any other proceedings before him, any officer not below the rank of Assistant Commissioner----ninety days • • • 71. (2) (i) such records as prepared or maintained by the registered person and declared to the proper officer in such manner as may be prescribed; (ii) trial balance or its equivalent; (iii) statements of annual financial accounts, duly audited, wherever required; (iv) cost audit report, if any, under section 148 of the Companies Act, 2013; (v) the income-tax audit report, if any, under section 44 AB of the Income-tax Act, 1961; and (vi) any other relevant record, for the scrutiny by the officer or audit party or the chartered accountant or cost accountant within a period not exceeding fifteen working days

Determination of Value of Supply-Rules • 4. Value of supply of goods or services or both based on cost Where the value of a supply of goods or services or both is not determinable by any of the preceding rules, the value shall be (110%) one hundred and ten percent of the cost of production or manufacture or cost of • acquisition of such goods or cost of provision of such services.

Input Tax Credit---Rules • 5. Manner of claiming credit in special circumstances • (d) The details furnished in the declaration of input credit under clause (b) shall be duly certified by a • practicing chartered accountant or a cost accountant if the aggregate value of claim on account of central tax, • State tax, Union territory tax and integrated tax exceeds two lakh rupees.

INPUT TAX CREDIT --FORMATS • Form GST ITC – 1 ---Declaration for claim of input tax credit under sub-section (1) of section 18. • Form GST ITC – 2 -*--Declaration for transfer of ITC in case of sale, merger, demerger, amalgamation, • lease or transfer of a business under subsection (3) of section 18.

REFUND—Rules • 1(2)(m) a Certificate in Annex 2 of FORM GST RFD-01 issued by a chartered accountant or a cost • accountant to the effect that the incidence of tax, interest or any other amount claimed as refund has not been • passed on to any other person, in a case where the amount of refund claimed exceeds two lakh rupees:

REFUND FORMS ------ Annexure-2 --certificate • Signature of the Chartered Accountant/ Cost Accountant: Name: Membership Number: • This Certificate is not required to be furnished by the applicant, claiming refund under clause (a) or clause • (b) or clause (c) or clause (d) or clause (f) of sub-section (8) of section 54 of the Act

RETURNS • 24. Provisions relating to a goods and services tax practitioner • Goods And Service Tax Practitioner Formats

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