303 – As per Rule 10 of the CGST Rules, if the application for registration is accepted by the GSTN, certificate of registration is issued in FORM GST REG-06 containing the principal place of business. The GSTIN issued will be of 15 digits to the applicant.
302 – As per Rule 9 of the CGST Rules, if the applicant does not reply within the period of 7 working days or the tax officer is not satisfied with the reply/clarification given by the applicant, the application can be rejected and the same has to be communicated within 7 working days and the same will be communicated to the taxpayer electronically in FORM GST REG-05.
301 – As per Rule 9 of the CGST Rules, the applicant who has applied for GST Registration has received the intimation in FORM GST REG-03, the applicant has to give the reply within 7 working days from the date of receipt of FORM GST REG-03 in FORM GST REG-04 electronically.
300 – As per Rule – 9 of the CGST Rules, once the application for registration is filed and acknowledgement is issued, FORM GST REG-03 will be sent electronically to the applicant within 3 working days if there are any discrepancies in the application form. If no communication is received within 3 working days it is deemed to be accepted.
299 – As per Rule 46 of CGST Rules 2017, in the case of inward supplies of reverse charge where the inward supplies are more than Rs 5,000 per day, a consolidated tax invoice can be issued at the end of the month for all such transactions during the month.
298 – As per Rule 46 of the CGST Rules 2017, a registered tax payer, other than a composition taxpayer can issue a consolidated tax invoice at the end of the day for all the transaction where tax invoices are not issued for a value less than Rs 200 per transaction.
297 – GSTR – 3B has to be filed by 20th Aug 2017 for the month of July transaction with GST. Following are the key points
1. Every tax payers under GST except registered under composition has to file this return.
2. Data entered in GSTR – 3B will be reconciled with the GSTR – 2 and GSTR – 2 to e filed subsequently
3. Taxpayers have to discharge the liability of GST only by payment and existing ITC cannot be utilized, stress on cash flows.
4. While entering data in GSTR – 3B, complete the returns of GSTR – 1, so that there will be minimal reconciliation issues
5. No offline utility, return has to be filed online only
296 – Section 6.1 of GSTR – 3B, details of payment for GST has to be shown. Amount of Tax Payable, Amount of Tax paid under GST utilizing the ITC and balance amount in cash has to be shown along with interest and late if any payable for CGST, SGST, UTGST, IGST and Cess.
295 – In section 5 (D) of GSTR – 3B, the amount of input tax credit which is not allowed in GST i.e blocked input tax credit has to be shown in this section along with any other cases where ITC is not eligible in GST. For more details on blocked input tax credit refer the link – https://indiagstdotin.wordpress.com/2017/08/08/blocked-input-tax-credit/
294 – In Section 5 of the GSTR – 3B, inward supplies for interstate and intra-state has to be shown for supplies from composition taxpayer, exempted and NIL rated supplies along with Non-GST supplies have to be shown at the summary level only.
293 – In section 4( B ) of GSTR – 3B, input tax credit availed at the time of inward supply being reversed on account of using the same inputs used for taxable supplies and exempted supplies. Reversal of such input tax credit has to be done for both the inputs and the capital goods. Input tax credit reversed for any other reasons issue of free goods or used for employee purpose or used for a non-business purpose.
292 – In subsection A of Section 4 of GSTR – 3B, input tax credit availed during the month has to be shown separately for all the taxes for import of goods, import of services, inward supplies from ISD, inward supplies which attract reverse charge along with any other sources from where ITC is claimed that is for the inward supplies of goods and services together.
291 – In section 3.2 of GSTR – 3B, outward supplies of inter-State supplies made to unregistered persons, composition taxable persons and UIN holders have to be shown at a summary level along with the taxable value, tax amount by place of supply wise.
290 – In Section 3.1 of GSTR – 3B, details of the outwards supplies along with the inwards supplies on which reverse charge is applicable has to be shown. It should be shown in summary format for the above supplies with the taxable value for each category along with the tax amounts. Outward supplies for Zero Rated, Nil Rated and exempted supplies have to be shown separately in the same section.
289 – All registered taxpayers have to file GSTR – 3B by 20th of August for the transactions related to the month of July 2017. The return is a summary return, unlike the other GST Returns which are to be filed at the transaction level. For more details on the impact visit my blog page – https://indiagstdotin.wordpress.com/2017/08/02/are-we-ready-for-the-game/
288 – Notification No.10/2017-Central Tax (Rate), if a registered tax payer who is in the purchase and sales of second-hand goods is exempted from paying taxes under reverse charge in case if he makes any purchases from the unregistered tax payers. Refer here for full extract of the notification – http://india-gst.in/wp-content/uploads/2017/06/Rate-10-2017.pdf
287 – Notification No. 13/2017-Central Tax (Rate) provides the list of services on which reverse charge is applicable. The list of services are, Supply of Services by a goods transport agency (GTA), services by advocates, Services supplied by an arbitral tribunal to a business entity, Services provided by way of sponsorship to any body corporate or partnership firm, specified services provided by Services supplied by the Central Government, State Government, Union territory or local authority, services of a director, insurance agents, recovery agents of banks or financial institutions, etc, for detailed list view the Notification https://indiagstdotin.files.wordpress.com/2017/07/rate-13-20171.pdf
286 – Notification No. 14/2017-Central Tax (Rate), activities or transactions undertaken by the Central Government or State Government or any local authority in which they are engaged as public authority, shall be treated neither as a supply of goods nor a supply of service, namely:- “Services by way of any activity in relation to a function entrusted to a Panchayat under Article 243G of the Constitution.”
285 – Notification No. 15/2017-Central Tax (Rate), refund of un utilized input tax credit is allowed in case of sub-item (b) of item 5 of Schedule II of the Central Goods and Services Tax Act. It refers to “(b) construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier.”
284 – As per Notification No. 11/2017-Central Tax (Rate), Central Tax is to be levied at Nil rate for Support services to agriculture, hunting, forestry, fishing, mining and utilities which are falling under HSN / SAC 9986. For details of services falling under 9986 refer to https://indiagstdotin.wordpress.com/2017/07/28/support-services-to-agriculture-hunting-forestry-fishing-mining-and-utilities/
283 – As per Notification No. 11/2017-Central Tax (Rate) services falling under HSN/SAC 9988 are related to job work in specific cases and they are Manufacturing services on physical inputs (goods) owned by others. It clearly means that the job worker is not supposed to add any material on his side if he adds then it will be a supply. These services attract a central tax rate of 2.5% and other services at 9%. Details are given in https://indiagstdotin.wordpress.com/2017/07/27/services-by-way-of-job-work-falling-under-hsn-sac-9988/
282 – As per Notification No. 11/2017-Central Tax (Rate) – Maintenance, repair and installation (except construction) services falling under SAC 9987, the Central Tax is levied at 9%. The services which are covered are Maintenance and repair services of fabricated metal products, machinery, and equipment, Repair services of other goods and Installation services (other than construction).
281 – As per Notification No. 11/2017-Central Tax (Rate), Services falling under Other manufacturing services; publishing, printing and reproduction services; materials recovery services, and the tax rate applicable under the Central Goods and Service Tax is 9%. These services are falling under HSN / SAC 9989. The list of services falling under the HSN / SAC 9989 can be accessed from the link – https://indiagstdotin.wordpress.com/2017/07/25/services-falling-under-hsnsac-9989/
280 – As per Notification No. 11/2017-Central Tax (Rate), services falling under HSN / SAC 9991 the Central Tax rate of 9% is levied on services related to Public administration and o provided to the community as a whole; compulsory social security services.
279 – As per Notification No. 11/2017-Central Tax (Rate), services falling under HSN /SAC 9992 i.e Educational Services Central taxes will be levied at the rate of 9%. The following services are covered Pre-primary education services, Primary education services, Secondary Education Services, Higher education services & Other education & training services and educational support services.
278 – As per Notification No. 11/2017-Central Tax (Rate), Health services falling under HSN/SAC 9993 i.e for Human health and social care services, the Central tax is levied at 9%. It covers the following services Inpatient services, Medical and dental services, Childbirth and related services, Nursing and Physiotherapeutic services, Ambulance services, Medical Laboratory and Diagnostic-imaging services & Blood, sperm and organ bank services.
277 – As per Notification No. 11/2017-Central Tax (Rate), Sewage and waste collection, treatment and disposal and other environmental protection services falling under HSN / SAC 9994 is levied at a rate of 9% for central tax.
276 – As per Notification No. 11/2017-Central Tax (Rate), for services related to Services furnished by business, employers and professional organizations Services, Services furnished by trade unions & Services furnished by other membership organizations falling under HSN/SAC 9995 the Central Tax Rate is 9%.
275 – As per Notification No. 11/2017-Central Tax (Rate), services like Recreational, cultural and sporting services are taxed at rate of 9% for the central tax for admission or access to circus, Indian classical dance including folk dance, theatrical performance, drama or movie tickets less than Rs 100 and rest of the recreational & sporting services are taxed at 14%. These services are falling under HSN / SAC 9996.
274 – As per Notification No. 11/2017-Central Tax (Rate), services falling under HSN /SAC Code 9972, the rate for central taxes is 9%. The services covered are Real estate services involving owned or leased property & Real estate services on a fee/commission basis or contract basis.
273 – As per Notification No. 11/2017-Central Tax (Rate), services falling under HSN / SAC Code 9965 i.e for Goods transport services, the applicable tax rate will be 2.5% only if the supplier of services provided that credit of input tax charged in respect of goods used in supplying the service is not utilised for paying central tax or integrated tax on the supply of the service.
272 – As per Notification No. 11/2017-Central Tax (Rate), services falling under HSN / SAC Code 9965 i.e for Goods transport services, the applicable CGST rate is cases for transportation of goods by Rail, Vessel and by GTA it is 2.5% and for Transport of goods in containers by rail by any person other than Indian Railways it is 6% and in all other cases it is 9%.
271 – As per Notification No. 11/2017-Central Tax (Rate), for Passenger transport services as per clause 8, the CGST rate is 2.5% except for services falling in sub clause (vii), Provided that credit of input tax charged in respect of goods used in supplying the service is not utilized for paying central tax or integrated tax on the supply of the service.
270 – Services falling under HSN / SAC Code 996111 are given in Notification No. 11/2017-Central Tax (Rate), serial no 5 and they are services in wholesale trade includes, Services of commission agents, commodity brokers, and auctioneers and all other traders who negotiate wholesale commercial transactions between buyers and sellers, for a fee or commission’, Services of electronic wholesale agents and brokers and Services of wholesale auctioning houses.
269 – As per Notification No. 12/2017- Central Tax (Rate), entities registered under Section 12AA of Income Tax Act 1961 are exempted from GST.
268 – As per Notification No. 11/2017-Central Tax (Rate), construction services falling under heading 9954, where it is involving transfer of property in land or undivided share of land, as the case may be, the value of supply of service and goods portion in such supply shall be equivalent to the total amount charged for such supply less the value of land or undivided share of land, as the case may be, and the value of land or undivided share of land, as the case may be, in such supply shall be deemed to be one third of the total amount charged for such supply. This means the value of the land can be reduced from the transaction value and then only taxes under GST has to be computed.
267 – As per Notification No. 11/2017-Central Tax (Rate), “declared tariff” has to be considered for determining the tariff for accommodation in hotels, inns, guest houses, clubs or at campsites. Declared Tariff includes charges for all amenities provided in the unit of accommodation (given on rent for stay) like furniture, air-conditioner, refrigerators or any other amenities, but without excluding any discount offered on the published charges for such unit.
266 – As per Circular No. 4/4/2017-GST, every taxpayer who is exporting goods or services is required to furnish a running bond or a letter of undertaking in FORM GST RFD-11, in cases, if the goods or services are being exported without payment of IGST.
265 – Notification No. 15/2017-Central Tax (Rate), refund of unutilized input tax credit is not is not allowed for the services given in subitem (b) of item 5 of Schedule II of the Central Goods and Services Tax Act, i.e construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier.
264 – As per Notification No. 18/2017 -Integrated Tax (Rate), services imported by SEZ or SEZ developer for authorized operations are exempted completely from Integrated Goods and Service Tax.
263 – Notification No.8/2017-Central Tax (Rate), provides relief to lot taxpayers as it gives exemption up to Rs 5,000 per day for paying tax under reverse charge for inward supplies from unregistered taxpayers.
262 – Notification No.5/2017-Central Tax (Rate) dated 28th June 2017 provides the list of items under various chapters where the refund of excess credit is not eligible in cases where the input tax is greater than the outward supplies. http://india-gst.in/wp-content/uploads/2017/06/Rate-5-2017.pdf
261 – Notification No. 13/2017 – Central Tax, states the rate of interest to be paid or received by the taxpayers under CGST. The interest rate in case of delayed payment is 28%, reversal of input tax credit in case of a mismatch, ITC availed before supplier uploads the invoice the interest rate is 24%, in case of delayed refund the interest rate is 6% and in case of refund under adjudication process it is 9%.
260 – As per Notification No. 8/2017-Central Tax dated 27th June 2017, the threshold limit for Composition Scheme has been increased to Rs 75 Lacs in all states and Rs 50 Lacs with states under special category status. Manufacturers of Ice cream and other edible ice, whether or not containing cocoa, Pan masala & All goods, i.e. Tobacco and manufactured tobacco substitutes are not eligible for registration under Composition Scheme.
259 – The list of products on which Reverse Charge is applicable for the supply of goods is given in Notification No.4/2017-Central Tax (Rate), the products on which GST is applicable on reverse charge are Cashew nuts, not shelled or peeled, Bidi wrapper leaves (tendu) & Tobacco leaves if the supplier of goods is Agriculturist. If Silk yarn is being supplied by Any person who manufactures silk yarn from raw silk or silk worm cocoons for the supply of silk yarn, then the registered taxable person has to pay GST on Reverse Charge basis. In the case of supply of lottery tickets by state or local bodies GST on Reverse Charge is to be paid by the lottery distributor or selling agent.
258 – As per Notification No.2/2017-Central Tax (Rate) exemption is available only if the products are not put up in “other than those put up in unit container and bearing a registered brand name”. This means that the products should not be pre-packed and have registered trademark on the packaging under Trademarks Act 1999.
257 – As per Notification No.2/2017-Central Tax (Rate), 149 items are exempted from the CGST on the recommendation of the GST Council which are of public interest. The same can be accessed from here – http://india-gst.in/wp-content/uploads/2017/06/Rate-2-2017.pdf
256 – As per the final return formats, Table 3 in GSTR – 2 will be auto-populated based on the data entered by the supplier’s outward return in GSTR – 1. This table will contain all inward supplies except the inward supplies on account of reverse charge.
255- As per the Final GST Returns, the taxpayer has to enter the aggregate turnover in GSTR – 1 for the previous year in the first year and from the subsequent year the same will be auto populated.
254 – In the Final GST Returns, for the HSN Summary in GSTR – 1, the HSN codes are not mandatory for turnover upto Rs 1.5 Crs and two digits of HSN Code mandatory for turnover from Rs 1.5 Crs to Rs 5 Crs and for turnover above Rs 5 crs, four digits of HSN code are mandatory.
253 – As per the Final Returns, in GSTR – 1, table 13 we have to show the number of documents issued for the tax period i.e beginning of the serial number and end of the serial number and then the difference between the two will give the number of document issued for tax invoice, receipt voucher, refund voucher, delivery challan issue for job work etc.
252 – As per the Final Returns, in GSTR – 1, HSN wise Summary has to be shown for the outwards supplies for the month along with the Unit of Measure, Quantity supplied, total value, taxable value along with the tax amounts for CGST, SGST/ UT GST, IGST and Cess in Table 12.
251 – As per the latest GST Returns, In Table 11 B of GSTR – 1, tax invoice issued during the return filing period will be shown for which advances have been received in the previous months. It will be grouped by rate wise for the interstate and intrastate supplies.
250 – As per the latest GST Returns, In Table 11 A of GSTR – 1, advances received from the customers have to be shown rate wise for the interstate and intrastate grouped by the tax rate. Taxes on these will be added to be output tax liability.
249 – As per the GST Returns Final Formats, in Table 10 of the GSTR – 1, all the debit notes, credit notes, refund vouchers issued for the supplies made for the earlier period has to be shown here. This is for the B2C supplies with value than Rs 2.5 Lacs which are not included in Table 9.
248 – As per the GST Returns Final Formats, in Table 9 of the GSTR – 1, all the debit notes, credit notes, refund vouchers issued for the supplies made for the earlier period has to be shown here. The documents for the B2B and B2C will be shown here.
247 – As per the Final GST Returns Formats, in table 8 of GSTR – 1, supplies for the month has to be classified as Nil Rated, GST Exempted and Non-GST Supplies have to be shown at a summary level for B2B and B2C for interstate and intrastate.
246 – As per the Final Returns Formats, supplies to B2C have to be shown in Table 7 of GSTR – 1, grouped by Tax Rates only for Intrastate and Interstate supplies. In the case of interstate supplies, it has to be grouped by State Code and then by Tax Rates. HSN Code /SAC Code along with Tax paid on provisional assessment from the old formats given in Table 7.
245 – As per Final GST Returns, in Table 6 of GSTR – 1, data for exports / deemed exports and supplies to SEZ should be shown in this table. The columns related to CGST & SGST rates and amount, tax paid on the provisional basis, HSN Code and identification of line as the supply of goods or services have been dropped. Grouping of the data is to be done on the basis of exports / deemed exports or SEZ supplies in the new returns unlike the previous formats of exports with payment of GST and without payment of GST.
244 – As per the GST Return Formats, In table 5 of GSTR – 1, all inter-state outward supplies to B2C has to be shown here. Columns for Recipient’s State Code, Name of the Recipient, HSN Code, Classification of the line as the supply of Goods or Service and Tax paid on the Provisional basis.
243 – In the GST Return Formats approved by the GST Council, there are some changes in the return formats. In Table 4 of GSTR – 1, all outwards supplies to B2B (Business to Business have to be shown and they have dropped the column for HSN codes, provisional assessment.
242 – As per Transitional Rules, if a job worker or agent is not registered under GST, then the principal has to file FORM GST TRAN-1 within 90 days from the appointed date, the closing stock held in form of inputs, semi-finished goods or finished goods.
241 – As per Transitional Rules, if goods are sent on sale or approval basis before the appointed date, the taxpayer has to submit the details of goods sent on sale or approval basis in FORM GST TRAN-1 within 90 days from the appointed date.
240 – As per Transition Rules, an unregistered person claiming input tax credit of Central Excise on the opening stock as on the appointed day, have to file monthly return known as FORM GST TRAN 2 with details of the outwards supplies made for the tax period.
239 – As per Transition Rules, input tax credit of 60% is allowed if the tax rate is above 9% and in other cases 40% of the central tax on the goods laying in stock dealers how are not registered under Central Excise as on the appointed date.
238 – As per Transitional Rules, any registered taxpayer as on the appointed day, who is not registered under the existing law is allowed to take input tax credit on the on the goods for Central Excise or Customs Duties held in stock on the appointed day even though is not in possession of the duty payable documents with him.
237 – As per the Transition Rules, the amount of credit specified in the FORM GST TRAN-1 shall be credited to the electronic credit ledger maintained by the common portal in FORM GST PMT-2.
236 – As per the Transitional Rules, every taxpayer opting to take input tax credit under Section 140 of CGST Act is required to file FORM GST TRAN-1 within 90 days from the appointed date. The same can be extended for another 90 days by the commissioner on recommendations of the GST Council.
235 – As per the Tax Invoice, Credit and Debit Note Rules, in case of supplies provided by banking company, insurer or non-banking financial company or telecom operator or any other class of suppliers as specified by the government from time to time can issue the tax invoice for the services provided to distinct persons as specified in section 25, on the date it enters it in its books of accounts or within the completion of the quarter during which supply is made.
234 – As per the Tax Invoice, Credit and Debit Note Rules, a transporter is required to issue a tax invoice or any other document in lieu of tax invoice but should contain the following information gross weight of the consignment, name of consignor, consignee, registration number of the vehicle carrying goods, description of the goods, details of the starting place and final delivery place of the goods, registration number of the consignor, consignee or transporter who is liable to pay tax along with other information as per Rule 1.
233 – As per the Tax Invoice, Credit and Debit Note Rules, in case of supplier who is giving passenger transportation services, a tax invoice shall include ticket in any form, by whatever name called, whether or not serially numbered, and whether or not containing the address of the recipient of service but should contain other information related to tax invoice.
232 – As per the Tax Invoice, Credit and Debit Note Rules, an insurer, banking company or financial institution or non-banking company are exempted from serial numbering & address of the recipient to be shown on tax invoice or any other document issued physically or electronically to the customers for the service charges levied for services but it should contain all other information required to be shown on the tax invoice.
231 – As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, as per Rule 5 at the time of creation of receipt voucher, if the nature of supply is not known, then the supply will be determined as inter-state supply and IGST should be levied.
230 – As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, as per Rule 5 at the time of creation of receipt voucher, if the tax rate is not determinable, then the tax rate to be considered is 18%.
229 – As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, the document issued like Tax Invoice, Bill of Supply, Receipt Voucher, Payment Voucher, Refund Voucher, Delivery Challan, Revised Tax Invoice, Debit / Credit Notes & Tax Invoice in special cases should be unique for a financial year and the length should not exceed 16 characters.
228 – As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017 a “Payment Voucher” as per Rule 7 has to be issued at the time of making payment to the supplier under reverse charge.
227 – As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, on receipt of advance from customer for supply of goods or services or both under GST for future supply a receipt voucher is being issued by the recipient to account tax, if the same supply is not executed for some reason or other, the recipient has to return the money to the customer which is taken as advance and for this a new document has to be issued known as refund voucher along with the tax amount to the customer. The data elements to be shown on refund voucher are given in Rule 6.
226 – As per the CGST Act, the government on the recommendation of the GST Council can increase the threshold limit for composition levy from Rs 50 Lacs to maximum Rs 1 Cr through a notification.
225 – As per Composition Rules, a taxpayer registered under composition scheme is required to file FORM GST CMP-04 if he ceases to follow any of the rules as per the act or rules within 7 days of such event and then issue a regular tax invoice.
224 – As per the Composition Rules, every person registered under composition scheme should mention “composition taxable person” on every notice or signboard displayed at a prominent place at his principal place of business and at every additional place or places of business.
223 – As per the Composition Rules, a person is not eligible to take registration under the composition scheme if he is required to pay taxes under reverse charge on the closing stock or if he is having goods imported from any place other the state outside the state from where is he opting to take registration under composition scheme.
222 – As per the Composition Rules, a person who is registered as a casual taxable person or non-resident taxable person cannot apply for registration under GST for composition taxpayer.
221 – As per Composition Rules, the person who wants to pay tax under Composition Scheme has to file FORM GST ITC-3 for within 60 days to identify and pay the amount of ITC to be reversed on the closing stock of finished goods, capital goods or inputs, semi-finished goods on which input tax credit has bee availed.
220 – As per the Composition Rules, any taxpayer who has been provided provisional registration, have to file an intimation in FORM GST CMP-01 if he opts to pay tax under composition scheme on the common portal or through GST facilitation center notified by the commissioner prior to appointed day or within 30 days from appointed day.
219 – As per the Composition Rules, every person registered as Composition person under GST on the bill of supply issued by him has to mention the words “composition taxable person, not eligible to collect tax on supplies”.
218 – As per the Determination of Value of Supply Rules, “supply of goods or services or both of like kind and quality” means any other supply of goods or services or both made under similar circumstances that, in respect of the characteristics, quality, quantity, functional components, materials, and reputation of the goods or services or both first mentioned, is the same as, or closely or substantially resembles, that supply of goods or services or both.
217 – As per the Determination of Value Supply Rules, Open Market Value has to be considered for some transactions and OMV is “open market value” of a supply of goods or services or both means the full value in money, excluding the integrated tax, central tax, State tax, Union territory tax and the cess payable by a person in a transaction, where the supplier and the recipient of the supply are not related and price is the sole consideration, to obtain such supply at the same time when the supply being valued is made.
216 – As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes. Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST or UTGST divided by (100+ sum of tax rates, as applicable, in %).
215 – As per the Determination of Value of Supply, in the case of insurance premiums, the value of supply for determining GST will be 25% of the premium charged for the first year and 12.5% from the subsequent years only if the policyholder is aware of the amount to be allocated for investment or other than single premiums.
214 – As per the Determination of the Value of Supply Rules, the value of supply in case of single premium policies, the value of supply is 10% of the premium paid by the policyholder.
213 – As per the Draft Determination of Value of Supply, there are specific provisions for the insurance premiums. The value for determining the supply is the premium amount paid by the policyholder reduced by the amount allocated for investment if the investment amount is made available to the policyholder before only.
212 – As per the draft rules for Determination of Value of Supply, the tax rate in GST for the purchase of the domestic air tickets is at the rate of 5% and in the case of international flight tickets, it is 10% at the same is computed on the basic fare of the ticket.
211 – As per the Draft Determination of Value of Supply in the case of exchange of foreign currency notes into INR, the value shall be equal to the difference in the buying rate or the selling rate, as the case may be by the Reserve Bank of India (RBI) reference rate for that currency at that time, multiplied by the total units of currency to derive the value of supply.
210 – As per the Draft Determination of Value of Supply Rules, valuation in case of related parties or distinct parties or through an agent, the value of supply of goods or services or both is the open market value, if the same is not available then the value of same or similar quality of goods or services and in case if the same is not available then it can be derived based on cost plus 10%.
209 – As per the draft Determination of the Value of Supply, if the open market value is not known or the total amount of consideration in money or kind is also not known at the time of supply, valuation can be determined for the value of supply of goods or services or both on supply of similar goods or services for similar quality.
208 – As per the draft Determination of Value of Supply, for a supply, if the open market value is not available then the consideration received in cash or in kind or sum of both is to be considered for the transaction value and taxes are applicable on the transaction value.
207 – As per the draft Determination of Value of Supply Rules, where the supply of goods or services is for consideration not wholly money, the value of supply shall be the open market value.
206 – As per the Draft Input Tax Credit Rules, when regular taxable person changes to composition scheme, for the capital goods remaining in stock the input tax credit to be reversed, is based on the residual life of the asset as 5 years and input tax credit will be computed on pro-rata basis for the remaining life of the asset.
205 – As per Draft Input Tax Credit Rules, the taxpayer who has registered for GST as regular taxpayer now opts for Composition Scheme, then the input tax credit has to paid in FORM GST ITC-03 as output tax liability for the inputs lying in stock, and inputs contained in semi-finished and finished goods lying in stock, the input tax credit shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such input.
204 – As per the Draft Input Tax Credit Rules, details of the delivery challan sent to a job worker and received back from the job worker in a tax period has to be shown/submitted in the outward monthly return FORM GSTR-1.
203 – As per the Draft Input Tax Credit Rules, Input Tax Credit is available only if the registered person has issued the tax invoice for the supply of goods or services as given in the Revised Invoice Rules and the same is furnished in the GSTR – 2 of the recipient and GSTR -1 of the supplier of goods or services are matched.
202 – As per the Draft Input Tax Credit Rules, input tax credit on capital goods is allowed if the same are used exclusively for the supply of taxable goods including zero-rated goods. If they are used partially for the exempted goods and taxable goods, then ITC has to be taken the basis of Rule 8.
201 – As per the Draft Input Tax Credit Rules, the registered person on sale, merger, de-merger, amalgamation, lease or transfer or change in ownership of business for any reason, furnish the details of sale, merger, demerger, amalgamation, lease or transfer of business, in FORM GST ITC-02 on common portal electronically for the transfer of the Input Tax Credit balance in his electronic credit ledger to the transferee.
200 – As per the Draft Input Tax Credit Rules, the Input Service Distributor will issue an ISD invoice clearly indicating on the invoice that it is issued only for distribution of input tax credit.
199 – The input service distributor (ISD) will distribute the credit to all the recipients where the inputs are consumed on pro rata on the basis of the turnover. The recipient can be registered under GST or not registered under GST or engaged in making exempt supply.
198 – As per the Draft Input Tax Credit Rules, Input tax credit can be availed only the debit note issued by the supplier of goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services or both supplied are found to be deficient. This means the recipient cannot issue a credit note under GST and adjust the tax for any of the above-said reasons.
197 – As per the draft e-waybill rules released there is a time limit/shelf life for the each and every e-waybill issued through the common portal. The time limit is determined based on the distance like 1 day if the distance is 100 Kms and the same is extended to 15 days if the distance is beyond 1000 kms. Details can be accessed from here.
196 – As per the Draft e-waybill rules, When the physical verification of goods being transported on any conveyance has been done during transit at one place within the State or in any other State, it will not be verified again during the journey unless there is specific information relating to evasion of tax is made available subsequently.
195 – As per the Draft E-waybill rules, during the transit of the material, if the vehicle is intercepted and detained for more than 30 minutes by the inspection authorities, the transporter can lodge a complaint online with all the details on the common portal using the FORM GST INS – 04.
194 – As per the Draft e-waybill rules, the transporter or the person carrying the goods or conveyance should carry the tax invoice or delivery challan or bill of supply along with the copy of e-waybill or e-waybill number mapped to RFID device.
193 – As per the draft e-waybill rules, on the generation of the e-waybill on the common portal using the FORM GST INS-01, a unique e-waybill number (EBN) shall be made available to the supplier, recipient of goods and the transporter.
192 – Every registered tax payer has to issue an electronic waybill aka e-waybill if the consignment value is more than Rs 50,000 (fifty thousand) for the following cases, a) in relation to a supply, b) for reasons other than supply (job work, moving out machinery for repairs) and c) on purchases/supplies from unregistered persons.
191 – The last set of FORM GST MIS forms as per GST Revised Returns Rules are FORM GST MIS-5 & FORM GST MIS-6. These are issued by the common portal if there is any discrepancy between the data of the supplier and the e-commerce portal uploaded in the respective returns. The discrepancy will be communicated to the supplier in FORM GST MIS-5 and the e -commerce operator in FORM GST MIS-6.
190 – Under the Revised GST Return Rules, FORM GST MIS – 4 will be generated by the common portal to show the reduction of the output liability on account of rematching of records of the recipient.
189 – One more form is given in the Revised GST Returns Rules, FORM GST MIS – 3 will show data for the records which are initially mismatched and rejected and later on matched resulting in the reduction of the output liability will be shown in the report FORM GST MIS – 3.
188 – Another new form “FORM GST MIS-2” has been introduced in the Revised Return Rules. This form will be issued to the supplier of the goods and services in cases of mismatch between the supplier’s and recipient’s records in cases where the recipient has claimed excess input tax credit or the supplier has not uploaded his records in the GSTR – 1.
187 – A new form has been introduced in the Revised Return Rules called FORM GST MIS – 1, and this form will be made available on the common portal. It will contain the list of invoices which are matched by the supplier’s records, re-credit is taken on input tax on account of matching subsequently, re-credit on making suppliers payment where ITC is reversed for non-payment, excess ITC claimed or when the claim is taken twice on the same invoice.
186 – As per the CGST Act, every taxpayer/registered person has to maintain books of accounts or other records for 72 months i.e for 6 years from the due date of furnishing of the annual return.
185 – As per CGST Act, all taxes, levies, and charges collected from the buyer should be part of the valuation except for the taxes under GST (SGST UTGST & Cess), if buyer and seller are not related parties.
184 – As per the CGST Act, a receipt voucher can be issued for recording the receipt of advance from the customer under GST, as taxes are applicable on receipt of money under GST for the supply of goods and services.
183 – The tax rate for Cess under GST as part of the Goods and Services Tax (Compensation to States) Act, 2017, starts from 15% to 190% in case of sin goods on ad valorem basis and in the case of goods, it is on per ton basis like coal, peat etc at the rate of Rs 400 per ton.
182 – Input tax credit for cess being levied under Goods and Services Tax (Compensation to States) Act, 2017, is eligible only for the making the output tax liability of the Cess under the same act and not for payment of any other taxes output liability under GST.
181 – Under the Goods and Services Tax (Compensation to States) Act, 2017, Cess will be levied on all interstate and intra-state transactions on the supply of goods and service notified by the GST council from time to time. Cess is not applicable to be paid by persons who have opted for registration under composition scheme.
180 – As per the CGST Act, The time of supply for interest, late fee or penalty for delayed payment of any consideration is the date on which the payment is received by the supplier but not on the date on which the suppliers raises the debit note.
179 – In the CGST Bill as introduced in the Parliament, for registration under the Composition levy, prior permission of the tax officials is removed and also the tax rates have been reduced. The revised maximum rates for manufacturing is 1% previously it was 2.5%, in other cases (traders) it is 0.5% previously it was 1%. In the case of restaurants, the rate should not be more than 2.5%.
178 – As per the GST Bills introduced in the Parliament, the taxpayer has to pay GST on the gifts given to the employees if the value of the gifts is more than Rs 50,000 worth in a financial year.
177 – Under Composition Scheme, the threshold limit is Rs 50 Lacs, the same can be increased up to a maximum of Rs 1 Crore basis on the recommendation of the GST Council.
176 – Composition Scheme under GST is not eligible if the person is having any interstate supplies or supplies to e-commerce operators or supply of services other than supplies referred to in clause (b) of paragraph 6 of Schedule II.
175 : Input tax credit with respect to a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances have an option to claim only 50% of the GST taxes paid as Input Tax Credit. Alternatively, they can avail input tax credit to the extent excluding the services used for exempted and zero rated supplies.
174 – Input tax credit availed has to be reversed as output tax liability if the supplier of goods or services is not paid within 180 days from the date of issue of the tax invoice.
173 – In the revised Invoice Rules, the time limit for issue of tax invoice is given as 30 days from the date of supply of service and in the case of an insurer or a banking company or a financial institution, including a non-banking financial company, the time limit is 45 days from the supply of service.
172 – A special provision is provided in the Revised Invoice Rules, wherein the supplier of goods can ship the same in different consignments in the case of transportation of goods in a semi-knocked down or completely knocked down condition. Complete tax invoice has to be issued before the removal of the goods, and endorsed copy of the tax invoice should be accompanied with all the consignments along with the delivery challan, the original copy of the tax invoice should be sent at the time of final removal of goods.
171 – As per the Revised Invoice Rules released on 1st April, now special characters like “/” or “-” are allowed in the numbering of the Tax Invoice in GST. It is also clearly mentioned in the rules that multiple series can also be maintained for tax invoice numbering in GST.
170 – As per the revised Invoice Rules, Delivery challan can be issued in place of tax invoice during the transportation of goods for job work or for repairs of machinery or in the case of supply of liquefied gas or as may be notified by the GST Council from time to time.
169 – Input tax credit availed on provisional basis has to be reversed if the supplier has not paid the input tax credit along with interest for the period from the date of availing ITC to the reversal. The same be taken if the supplier pays the tax but in the new GST Law released looks like the interest paid will not be allowed to the recipient which means a cost.
168 – The definition of “manufacturer” having reference to the existing reference of Central Excise Act 1944. The new definition of manufacture is “manufacture” means processing of raw material or inputs in any manner that results in emergence of a new product having a distinct name, character and use and the term “manufacturer” shall be construed accordingly.
167 – A new definition of Family has been added in the revised CGST Law and family includes spouse, children, parents, grandparents, brother, sister if they are wholly dependent on the person.
166 – Union Territory GST is applicable for the supply of goods and services within the Union territories. It applies in the following places (a) the Andaman and Nicobar Islands, (b) Lakshadweep, (c) Dadra and Nagar Haveli, (d) Daman and Diu, (e) Chandigarh & (f) other territory. With the addition of the clause “f” in the definition, future is safeguarded.
165 – The definition of “address of delivery” has been changed, the wording of “by a taxable person” has been replaced with “by a registered person” and new definition has been added for “registered person”. A Registered person includes all who are all required to take registration under GST except for persons having been issued “Unique Identification Number”.
164 – The definition of “agriculture” has been dropped and the definition for “agriculturist” has been changed. Now “agriculturist” includes, who cultivates land on his own or with the help of the family or by employing from outside by payment of wages in cash or in kind.
163 – Goods and Service Tax is applicable whole of India except in the state of Jammu and Kashmir. Definition of India is added in section 2 and it is as per article 1 of the Constitution of India.
162 – The maximum tax rate applicable under CGST ss 20% , for IGST the tax rate cannot exceed 40% and for the UT GST Bill the max rate is given as 20% as per the CGST Bill, IGST Bill and UT – GST Bill introduced in the Parliament on 27th Mar 2017.
161 – Tax Invoice under GST has to be issued in Three Copies for the supply of goods, first one is to be marked as “ORIGINAL FOR RECIPIENT”, the copy second should be marked as “DUPLICATE FOR TRANSPORTER” and the third copy should be marked as “TRIPLICATE FOR SUPPLIER”.
160 – The tax invoice numbering under GST should be alpha or numeric or alpha-numeric. It should not contain any special characters like “/” or “-” etc., and for each year the number should be a unique number and the length of the invoice number less than or equal to 50 characters.
159 – Every tax invoice issued by the taxpayer under GST should have HSN (Harmonized System Nomenclature) Code in the case of supply of goods and in the case of supply of services SAC (Services Accounting Code)
158 – Relevant date in the following cases for refund under GST
a) in the case of unutilized input tax credit, last day of the financial year
b) in the case of a person, other than the supplier, the date of receipt of goods or services by such person;
c) in any other cases, the date of payment of tax
157 – Relevant date for the refund in case of on account of a judgment, decree, order or direction of the Appellate Authority, Appellate Tribunal or any Court, the date on which the same is communicated will be the relevant date.
156 – In the case of export of services, input tax refund is available on the inputs used for the same. The relevant date for refund is a) receipt of payment in convertible foreign exchange, where the supply of service had been completed prior to the receipt of such payment; or b) the date of issue of invoice, where payment for the service had been received in advance prior to the date of issue of the invoice.
155 – Relevant date for the refund in case of deemed exports is the date on which the return relating to such deemed exports is filed.
154 – Relevant date for the refund in case of export of goods by land is the date on which the goods pass the border and in the case of export of goods by post is the date on which the goods are dispatched by the concerned post office to place outside India.
153 – For processing of refund relevant date plays a key and it determines the eligibility of the refund to be processed. The relevant date for goods exported by sea or air, is the date on which the goods are loaded on the ship or the date on which the goods leave India.
152 – The concerned officer who is approving the refund order may deduct the amount which is due to be paid to the applicant, if there are any amounts pending to the GST authorities in form of penalty or interest or late fee or any tax due and pay the balance amount if any remaining. The amount will be deducted only the same is not stayed by any court or tribunal.
151 – In the case of refund filed by the taxpayer for export of goods and services, the provisional refund will be issued within 7 days for 90% of the amount will be issued on accepting the application of the refund within 15 days from the filing of the refund application.
150 – Taxpayers will apply for the refund of GST for any of the following reasons Excess balance in Cash ledger, Exports of goods or services, Supply of goods or services to SEZ/EOU, Assessment or provisional assessment or Appeal or Order No and for ITC accumulated due to inverted duty structure.
149 – Refund under GST can be claimed if there is balance in cash or in credit ledger after payment of tax, interest, penalty, fee or any other amounts payable under GST. Refund has to be filed online using the form FORM-GST-RFD-01.
148 – As per November 2016 Model GST Law, the taxpayer has to file for refund within 2 years in all cases except by United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), Consulate or Embassy of foreign countries where the time limit is 6 months if they want to claim refund of tax paid by them on their inward supplies.
147 – GSTR – 11 has to be filed by all taxpayers who have been issued Unique Identification Number under GST if they want to claim the refund by 28th of the next month on their inward supplies.
146 – GSTR – 10 is a Final Return to be filed by the taxpayer when he surrenders his tax registration number. The return will show a statement of input tax credit to be paid on the closing stock on which input tax credit has been availed previously when goods were purchased.
145 – GSTR – 9A is an annual return to be filed by the Compounding Taxable Person. In Section 5 of the return details relating to the inward supply of goods and service without reverse charge, with reverse charge, import of goods and services along with the expenses for each ledger account has to be provided.
144 – In Annex – 12 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for TDS deducted along with the reasons if there are any differences for all the taxes applicable under GST.
143 – In Annex – 11 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for the Balances as on date of financial statements (Input Tax Credit along with the reasons if there are any differences for all the taxes applicable under GST.
142 – In Annex – 10 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for the Balances as on date of financial statements (GST payable) along with the reasons for all the taxes applicable under GST.
141 – In Annex – 9 of GSTR – 9b, the taxpayer has to furnish a reconciliation statement between the financial results and the GST Returns for the Amounts paid under protest/ as pre-deposit against demand along with the reasons for all the taxes applicable under GST.
140 – In Annex 8 of GSTR – 9b, a reconciliation statement for the refunds has to be provided between the financial statements and GSTR Returns. It has to show the opening balance of refunds to be received, refund claimed during the year, refund claim received during the years and refund claims to be received at end of the year.
139 – In Annex – 7 of GSTR – 9B, a reconciliation statement for the TDS deducted as per the deductor and as per the financial statements has to be furnished along with the reasons if there are any differences for all the taxes under GST wherever TDS is applicable.
138 – In Annex 6 of GSTR – 9b, the taxpayer has to provide a reconciliation statement between the tax deposited through challans and tax deposit in the books of accounts along with reasons for all the applicable taxes under GST.
137 – In Annex 5 of GSTR – 9B, a reconciliation statement for Payment of Tax liability on output supply and supplies liable to reverse charge between the annual return and the financial statements has to be provided along with remarks. It will show the utilization of cash, input tax credit and TDS credit used for payment for output liability.
136 – In Annex 4 of GSTR – 9B, reconciliation statement for the Input Tax Credit availed has to be shown between the GST Return and the financial statements for inputs tax availed on interstate supplies, intrastate supplies, imports and purchase returns.
135 – Summary details for the differences between the Annual Return and as per the Published Financial Statements for the outward supplies for Tax Liabilities on Interstate supplies, Intrastate Supplies, Exports, Sales returns, and Supplies liable for Reverse Charge along with remarks in Annex 3 of GSTR – 9B.
134 – In Annexe 2 of GSTR – 9B, the effective turnover per state (inward supplies ) has to be furnished and it is derived like this Total turnover as per financial statements ( as per financial statements)
Less: Turnover pertaining to other States ( as per financial statements)
Add: Turnover of stock transfer inward
Effective turnover for present State(Derived value)
133 – In Section B of Annex 2 of GSTR – 9B, the taxpayer has to show additional information which is not included in the Financial Statements like the amount has to be incurred by supplier but the recipient has paid the same, inward supplies at a reduced price, royalties or licence fee to be paid by the recipient but paid by the supplier, incidental expenses incurred by the supplier, out of pocket expenses, subsidies received or any other taxes or levied paid other that taxes under GST.
132 – In Annexe 2 of GSTR – 9B, the taxpayer has to furnish a reconciliation statement for the inward supplies made in a particular state to the financial statements with the following details, supplies for which consideration is paid, and under barter, supplies to related parties, transactions carried out as a pure agent or money exchanger and other supplier notified by the State and the Central Government from time to time, all these details should be provided in Section A.
131 – In Annexe 1 of GSTR – 9B, the effective turnover per state has to be furnished and it is derived like this
Total Turnover as per Financial Statements
Less : Turnover of other states
Add : Inward Stock Transfer
This is to be computed for each GSTIN and filed along with the annual return GSTR – 9.
130 – In Annexe – 1 of the GSTR – 9B, the data related to Revenue has to be furnished. In Section D ( Adjustments (Differences on account of time of supply)) the taxpayer has to show the Opening Unbilled Revenue and the Closing Unbilled Revenue.
129 – In Annexure 1 of GSTR -9B, the taxpayer has to furnish a reconciliation statement for the outward supplies made in a particular state to the financial statements with the following details, supplies made under barter, supplies to related parties, transactions carried out as a pure agent or money exchanger and other supplier notified by the State and the Central Government from time to time, all these details should be provided in Section A of Annexure -1.
128 – Similar to the sales details shown in the Income Sheet of GSTR – 9B, inward supplies have to be shown in Expenditure sheet along with the unit of measure and quantity. Also, reconciliation has to be provided for expenditure as per the P & L at the legal entity level and expenses at the state level basis of accounting head.
127 – In GSTR -9B, the taxpayer has to give the differences between the supplies furnished in the GSTR – 9 and the audited financial statements for Inter-State supplies, Intra-state supplies, exports on which GST is not paid, and sales return in Income Sheet. In the income sheet details of other incomes on which GST is not applicable with reference to ledger accounts.
126 – Along with the annual return GSTR – 9, the taxpayer has to file the reconciliation statements in GSTR – 9B. The format of the reconciliation statements is given in xls and it has 16 sheets apart from the declaration from the Statutory Auditor. The format of the GSTR – 9B -http://india-gst.in/wp-content/uploads/2016/09/gstr_9b-26092016.xlsx
125 – In the Annual Return GSTR – 9, the taxpayer is also required to furnish information relating to other amounts payable to the department on the orders received by him. This information has to be shown in Section 8 of GSTR – 9, details of the order, tax payable, interest, penalty and status of the order.
124 – In the annual return GSTR – 9, the taxpayer has to show the status of the refund also. In Section 7 B, they have to show the date of claim, date of filing o refund, the amount of refund along with the status of the refund.
123- In GSTR-9, a reconciliation statement has to be furnished month wise for the taxes paid and payable as per the audited financial statements. The reconciliation statement will show the if there is any difference for the tax payable and paid along with the interest and penalty. This information will be shown in Section 7 of GSTR – 9.
122 – In GSTR – 9 the taxpayer has to give the declare if he is eligible for the statutory audit, if yes, then the taxpayer has to furnish the details of “Date of Statutory Audit” and the name of the Auditors.
121 – Annual Return GSTR – 9 has to be prepared, from the audited results of the tax taxpayers. A reconciliation statement for the inward supplies and outward supplies for each registration number along with expenses for each GSTIN (GST registration number) basis of the audited financial statements has to be filed.
120 – Every registered tax payer under GST has to file an annual return called GSTR – 9. This return has to be filed by every tax payer expect by the ISD (input service distributor) by 31st of December of the next year. Say for example Annual return for FY 2016 -17 has to be filed by 31st December of 2017.
119 – The tax payer who has obtained registration as non-resident tax payer has to file his return GSTR – 5, earliest of the following dates, within 20 days from the end of the month or seven days after the validity of his registration period electronically.
118 – A Non-resident taxable person has to file the GSTR-5 return showing all the details of inward supples, outward supplies along with any interest or penalty, fees or any other amount liable.
117 – A non-resident taxable person is required to apply for registration at least 5 days prior the commencement of business in India in a trade show or an exhibition. The non-resident taxable person has to apply for registration filing the form “GST REG-10”.
116 – Under GST, a non-resident taxable person i.e a foreign person how is not having any fixed place of business in India has to obtain registration for the period of his business tenure in India, either in the capacity of principal or agent and file returns accordingly for the business transactions carried during that period i.e for inward / outward supply of goods and services and pay GST on it accordingly.
115 – Registered Tax Payers liable to deduct Tax Deduction at Source (TDS) under GST, will be required to file a monthly return for the tax deducted under GST in GSTR – 7. A certificate of tax deducted is issued by the deductor to the deductee through GSTR – 7A, which can be downloaded from common portal.
114 – Input Service Distributor has to file a return known as GSTR – 6 every month within 13 days from the end of the month. It will contain all the taxes invoices issued during the month along with the input credit received details during the month.
113 – In the GSTR Returns, the matching of the buyers and sellers invoices is done in the following manner first by matching (a) GSTIN of the supplier (b) GSTIN of the recipient (c) Invoice/Debit Note date (d) Invoice/Debit Note number (e) Taxable value (f) Tax amount. If all attributes are matched, once supplier makes the payment of taxes, the same will be updated in the buyers Electronic Credit Ledger.
112 – GSTR – 4A is a return in which all the inward supplies of the Composition Tax Payer are auto-populated from the outward supplies of the tax payers who supplied goods and services to the Composition Tax Payer. The data is auto populated from the supplier GSTR – 1 GSTR – 7. Surprisingly the data does not come from GSTR – 6(Input Service Distributor’s return) & GSTR – 8 (Return filed by e-commerce operator). Need more clarity on this.
111 – GSTR – 4 is the quarterly return to be filed by the tax payers who have opted for the Composition Scheme under GST. The tax payer how has registered under Composition scheme will file only return per quarter compared to three returns filed by regular tax payer every month.
110 – Part B of the GSTR – 3 will be auto-populated for Tax, Interest, late fee, penalty from Cash Ledger and Input Tax Credit Ledger in GSTR – 3.
109 – GSTR – 3 is a monthly return to be filed on basis of the finalized data of outward supplies i.e GSTR – 1 and inward supplies i.e GSTR – 2 along with the amount of tax, interest, late fees and penalty paid for the month.
108 – GST Tip – 108 : GSTR – 2A data will be auto-populated based on the data filed in GSTR – 1(outward supplies return filed by the supplier), GSTR – 6 (Quarterly return filed by the Input Service Distributor), GSTR – 7 (Monthly return filed by the Tax Deductor) & GSTR – 8 ( Monthly return filed by the tax collector at source (e-commerce operator) in various tables.
107 – In GST, there will be some cases where the input tax credit availed has to be reversed like if the buyer has taken on provisional basis and supplier has not paid the tax or input tax credit availed on inward supplies but the same were used in supply of exempted goods, then Input tax credit availed has to be reversed along with the reason for reversal in Table 14 of GSTR – 2
106 – In table 13 of the GSTR – 2, the tax invoices issued during the month should be shown after adjusting any advances paid during previous months. The tax invoice issued during this month should be shown only for the net amount of tax payable.
105 – Advances paid for supplies falling under Reverse Charge are to be shown in Table 12 of GSTR – 2. For each and every advance being uploaded here, a unique identification number will be generated by the GSTN for the advances paid for supplies falling under reverse charge where invoice is not received.
104 – Table 11 of GSTR – 2 will show the invoices for which input tax credit has been taken partially in the previous returns. This is for capital goods where 100% credit is not available like telecom towers, pipe line or in banking , financial institution or non-banking financial company. The balance credit is auto populated based on the tax invoice number selected.
103 – The amount of tax recovered by the e-commerce operator as collection of tax at source (TCS) should be shown in Table 10(2) of GSTR – 2. It is applicable only when the goods or services are supplied through e-commerce operator. TCS Taxes eligible for ITC are TCS_IGST, TCS_CGST and TCS_SGST.
102 – If a tax payer is also registered as Input Service Distributor, the Input Tax Credit transferred from ISD through Tax Invoice will be auto populated in Table 9 of GSTR – 2.
101 – GST Tip – 101 : Inward supplies from Composite Tax Payer, Un Registered Tax Payer, Non-GST Inward Supplies, Nil Rated Supplies and Exempted Supplies should be shown in Table 8 of the GSTR – 2 at a summary level for both inter state and intrastate supplies.
100 – In GSTR – 2, the total amount of Input Tax Credit (ITC) available should be shown for each and every transaction and also the amount of ITC eligible / available for credit during the month. This has to be shown for inward purchases from registered tax payers for domestic transactions and for import of goods and services.
99 – Tax Deducted at Source under GST will be shown in Table 10 of GSTR – 2, basis of the return filed by the deductor in the return GSTR – 7. The amount of TDS deducted under TDS_CGST, TDS_SGST and TDS_IGST will be eligible for ITC and can be utilized for payment of output tax liability.
98 – GST Tip – 98 : GSTR – 2 return is for inward supplies of goods and services and it has to be filed by 15th of next month. Data in GSTR – 2 will be auto populated based on GSTR – 1 & GSTR – 5.
97 – Table 9 of GSTR -1 shows the summary of the outward supplies for both goods and services grouped by supplies within the state and outside the state for Nil Rated, Exempted and Non-GST Supplies.
96 – In table 14 of the GSTR – 1 report, starting number and ending number of each series of tax invoice has to be shown along with the net number of tax invoices issued and number of tax invoices canceled. Though the model GST Law or Draft invoice rules have no provision for cancellation of tax invoice, GSTR – 1 has provision to report the same.
95 – Supplies made through the e-commerce portals to Business to Consumer (B2C) should be shown in table Part 2 of Table 13 of GSTR – 1. The data shown here will not be considered for computation of the turnover as supplies B2C is already shown in Table 6 & 7. Ideally, there is no requirement to show data here separately, the merchant id issued by the e-commerce operator could be added in the tables 6 & 7 to avoid confusion to the tax payer.
94 – All the supplies made to registered taxable persons through e-commerce operators, data reported in table 5 of GSTR – 1, will be auto populated in table 13, part 1 of GSTR – 1.
93 – Exports out of India and deemed exports have to be reported in Table 10 of GSTR – 1 along with the Shipping Bill or Bill of Export under the categories of exports with payment of duties and without payment of duties.
92 – GST Tip – 91 : In GSTR – 1, all the supplies made to B2C ( Business to consumer) less than Rs 2.5 lacs in the month, for both Intra-state supplies and inter state supplies have to be shown in table 7 by HSN / SAC Code. The tax invoice number or customer name is not required to be shown in the return.
91 – After the Receipt of advance from the customer, the tax invoice issued by the supplier and the recipient or customer cannot take input tax credit from this tax invoice/receipt voucher. The input tax credit can be taken on the tax invoice issued for the supply of goods or services for the whole value of the supplies including the tax paid on the advance. The tax invoice issued during the supply of goods or services has to be reported in Table 12 of the GSTR – 1, along with the reference number issued during the receipt of advance.
90 – As per the time of supply under GST, receipt voucher / tax invoice has to be issued at the time of receipt of advance from the customer (for supply of goods or services) and it has to be uploaded on the GST Portal which will issue a unique reference number for each of the documents and the same has to be reported in table of GSTR – 1.
89 – In GSTR -1, transaction level detail with the invoice number has to be shown in case of all B2B transactions, B2C transactions with invoice value above Rs 2.5 Lacs for supplies to customers outside the state and in case of B2C transactions for supplies within the state or outside the state (less than Rs 2.5 Lacs) summary by HSN / SAC has to be shown along with the tax rates and amounts.
88 – Services Accounting Code (SAC) is mandatory to be shown on the tax the invoice for the supply of services and also in the GSTR – 1 return.
87 – In GSTR – 1, Harmonized System of Nomenclature for goods (HSN) should be shown mandatorily for exports. HSN is not mandatory for taxable person whose aggregate turnover is less than 1.5 crores. HSN shall be restricted to maximum 8 digits. If gross turnover in the previous financial year is greater than Rs 5 crore, HSN should be a minimum of 4 digits. If gross turnover in the previous financial year is equal to or greater than Rs 1.5 crore and less than Rs 5 crores, HSN should be a minimum of 2 digits and would be mandatory from the second year of GST implementation.
86 – In GSTR -1 state code of the buyer has to be shown in case if the buyer and seller are in different states. Customer’s name also has to be shown in the case of B2C transactions if the invoice value is more than Rs 2.5 Lacs.
85- In GSTR – 1 all credit notes/debit notes issued by the supplier to the recipient on account of the difference in tax rate or taxable value or goods returned by the recipient. The credit note should have the reference of the original tax invoice.
84 – The details of the corrections made by the recipient in his inward supplies return GSTR – 2 like additions, deletions and corrections will be made available to the supplier in the GSTR – 1A after 10th i.,e after the due date of filing of the GSTR – 1 by the supplier of goods or services.
83 – The monthly outward return GSTR -1 has to be filed with the data relating to exports, sales to e-commerce operators and receipt of advances from customers. Transaction-level data has to be filed unlike in the current reporting at summary level as in ER -1, ST-3 Etc.,
82 – The outward return GSTR -1 has to be filed by 10th of the subsequent month and it should contain all the tax invoices issued, revised invoices, debit notes and credit notes for the supply of goods and services made during the month.
81 – Every tax payer who has collected tax under GST other than composite tax payer, TDS Deductor, e-commerce operator has to file monthly outward supplies return i.e GSTR -1 by 10th of the next month.
80 – The amount of tax deducted by e-commerce operator and filed in return GSTR-8 will be available to the concerned taxable person in Part D of GSTR 2A electronically through the Common Portal and such taxable person may include the same in FORM GSTR-2.
79 – E-commerce operator has to file GSTR – 8 on monthly basis with the details of the TCS Recovered from various suppliers, tax recovered, tax paid etc.,
78 – The amount of TCS_GST recovered / deducted by the e-commerce operator is eligible as input tax credit for the registered tax payer under GST.
77 – Collection of Tax at Source or TCS_GST is applicable based on section 56 of the Revised Model GST Law and the tax rate is one percent of the net value of the taxable supplies made for consideration.
76 – Tax Collected at Source i.e TCS is also applicable under GST, similar to TCS under Income Tax Act, TCS_GST is to be deducted by e-commerce operators while making payments to their suppliers.
75 – TDS_GST deducted by the deductor, the deductee can utilize the same for payment of out liability of GST or can apply for the refund as per section 48 of the Revised Model GST Law. The deductor can also apply for the refund under section 48 of the Revised Model GST Law.
74 – The deductor has to issue a certificate for the amount deducted on account of TDS_GST to the deductee within 5 days of payment of tax to the respective governments. In case, if the deductor defaults in this, he has to pay a late fee of Rs 100 per day till the certificate is issued. There is a maximum cap of Rs 5000 which can be collected as late fee.
73 – Every Tax Deductor under GST for TDS_GST has to file a monthly return called GSTR – 7 and basis of this return, part C for GSTR – 2A will be auto-populated for the deductee.
72 – The tax recovered under GST as TDS_GST by the deductor has to be paid to the Government within 10 days from the end of the month.
71 – The amount of TDS Deducted by the Deductor is available as input tax credit for the deductee once the TDS_GST is remitted by the deductor to the tax authorities.
70 – The threshold limit for applicability of deduction of tax at source is reduced from Rs 10 Lacs to Rs 5 Lacs in the Revised Model GST Law released in November 2016.
69 – Tax Deducted at source is applicable under GST also. It is different from TDS under Income Tax Act. It is applicable on the supply of goods and services as notified by the Government through GST council. Whenever payment is being made to the supplier of goods or services, GST TDS will be recovered / deducted from the payment and then only balance amount is paid.
68 – Maximum Tax Levy under the composition levy has increased from one percent to two and half percent in the revised Model GST Law released in November 2016.
67 – A Taxpayer can obtain registration under Composition Levy if the turnover is less than Rs 50 Lacs and desires not maintain all records as per GST but pay a flat rate of tax at the end of the period. Under this levy, the taxpayer cannot take input tax credit or issue a tax invoice.
66- Composite Supply as per MGL is, is a supply made by a taxable person having more than on supply of goods or services or in any combination. Where goods are packed and transported with insurance, the supply of goods, packing materials, transport and insurance is a composite supply and supply of goods is the principal supply.
65 – In a Mixed Supply where the supply of goods or services involves more than one goods or services, the tax rate applicable will be the highest tax rate of the goods / services n the mixed supply.
64 – In the revised MGL a new concept called Mixed Supply is introduced. Mixed supply means a supply of more than one good bundled together and supplied. For example combo pack of Soap, detergent, hand wash, toilet cleaner, floor cleaner and room freshener. This combo pack is a mixed supply.
63 – In the proposed Goods and Service Tax, the returns are to be filed on monthly basis and same return for all the taxes i.e CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax) and IGST (Integrated Goods and Service Tax) in case of regular tax payers and quarterly for tax payers under composite scheme.
62 – Under GST, input credit is available on payment and matching of the seller and buyers data in the following sequence GSTIN of the supplier, GSTIN of the recipient , Invoice/Debit Note date, Invoice/Debit Note number ,Taxable value & Tax amount.
61 – As per the transitional provisions in GST, existing credit of CVD (Countervailing Duty) and SAD (Special Additional Duty) available as cenvat credit will be carried forward as IGST Credit in the electronic credit ledger based on the input tax credit shown in the returns filed immediately prior to the appointed day.
60 – As per the transitional provisions in GST, Central Excise and Service Tax Credit will be carried forward as CGST Credit, Value Added Tax Credit will be carried forward as SGST Credit in the electronic credit ledger based on the input tax credit shown in the returns filed immediately prior to the appointed day.
59 – As per the transitional provisions, existing input tax credit under Central Excise, Service Tax and Value Added Tax is available is carried forward to GST if the same credit is taken in the books and part of the return filed before the date of rollout of GST and the same is available under GST also as input tax credit.
58 – In the Revised Model GST Law, a new provision has been added wherein the tax payer can take input tax credit within 30 days of the appointed date for the goods received after appointed date but shipped before appointed date.
57 – In the revised Model GST Law, for the Inspection of goods in movement, the limit of Rs 50,000 has been dropped from the act and the same will now be announced in the notifications from time to time for the prescribed documents to be carried out during the movement of goods.
56 – Non-Resident Taxable Person and Casual Taxable Person have to apply for registration, minimum 5 days before the commencement of business as per the revised Model GST Law.
55 – Time of supply for the goods under the revised Model GST Law, is data of issue of invoice or last date to be issued under the provisions or date of receipt of payment whichever is earlier.
54 – As per the revised GST Law, while determining the turnover, supply of non-taxable goods and services is excluded, previously the same was included in determining the turnover.
53 – Composition levy under revised Model GST Law has been redefined and as per this, if the tax payer is having any interstate supplies or supplies to e-commerce operators, he will not be eligible to be registered as a composite tax payer.
52 – In the revised Model GST Law, the definition of input has been simplified, it says “means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business;” means any input used directly or indirectly for furtherance of business will be eligible for input tax credit. The usage of the word furtherance of business reduces litigation’s in future.
51 – As per the provisions of the revised Model GST Law, GST is not applicable or not to be levied on free goods.
50 – Input tax credit in case of telecommunication tower fixed to earth by foundation or structural support including foundation and structural support and pipelines can be taken in three equal installments spreading over a period of three years.
49 – The definition of Captial goods has been widened and made simple, now as per the Revised MGL Captial Goods means, the value of which is capitalized in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business; This replaces the existing definition of Captial goods as per Cenvat Credit Rules 2002 in the first draft of the Model GST Law released in June 2016.
48 – As per section 65 of the revised Model GST Law, the Comptroller and Auditor General is also empowered to call for information through its authorized representative.
47 – Service tax reversal provision is back in the revised Model GST Law, if the supplier of goods and services is not paid within three months, the input tax credit availed has to be added to the output tax liability.
46 – In the revised Model GST Law, the time limit for matching for provisional credit has been increased to three months from two months.
45 – As per the revised GST Law, the time limit for return of goods from the job worker has been increased from 180 days to one year for inputs and for capital goods from two years to three years.
44 – In the revised GST Law put in the public domain, securities have been dropped from the definition of Goods, it means on sale and purchase of securities GST will not be applicable and existing Securities Transaction Tax continues to be levied.
43 – In the revised Model GST Law, in the time of supply for the goods continuous supply of goods and supply of goods on sale or approval provisions have been dropped.
42 – In the revised draft CGST Bill, a new cause Anti Profiteering clause has been added… It mean the reduction of tax rate benefit and uninterrupted input Tax Credit benefits have to passed on. More clarity is awaited on how it works…
41 – Time of Supply under Revesre Charge for Services is earliest of the following dates, Date Of Accounting, Date of Receipt of services or date of payment.
40 – Time of Supply of Services is the earliest date of the following dates, date of issue of invoice or date of receipt of payment if invoice is issued within 30 days of completion of service.
39 – The time of supply for services under forward charge or regular services will be the earliest of the following dates, date of completion of service, date of issue of the invoice within 30 days or date of completion of service or the date on which the recipient shows the receipt of services in his books of account.
38 – If goods are removed on sale or approval basis, the time of supply shall be at the time when it becomes known that the supply has taken place or six months from the date of removal, whichever is earlier.
37 – In the case of continuous supply of goods like piped gas etc the time of supply will be the earliest date of issue of invoice or payment. In the case of issue of the statement of account, the date of expiry of the statement of account or payment date whichever is earlier.
36 – Time of supply for the reverse charge of goods is the earliest of the following dates 1. date of receipt of goods 2. the date on which payment is made, 3. date of receipt of invoice and 4. date of debit in the books.
35 – Time of Supply for the supply of goods under forward charge is earliest of the following dates, 1. issue of tax invoice, 2. moment of goods, 3. receipt of the advance, 4. making goods available to the buyer and 5. buyer shows the goods in his books of accounts.
34 – Time of Supply for Goods is divided into three categories broadly first is regular supply or forward charge, second is reverse charge and third is miscellaneous provisions.
33 – The time of supply for goods and services is different, but the overall logic is very simple, time of supply is the earliest of all the dates of the transaction like issue of invoice, supply of goods, completion of service, receipt of money etc.,
32 – Time of Supply is the event during which the supply of goods or services takes place or deemed to take place and at this point, the tax invoice has to be issued and the tax liability has to be accounted.
31 – The officer may grant cancellation of registration within 30 days and the tax payer has to pay all the amounts due like interest, penalty etc along with the tax amount based on computation for input credit or capital goods whichever is higher and in case of capital goods based on the process defined in law.
30 – If a tax payer has to cancel registration under GST, he has to file FORM GST REG-14 and also Final Return Form GSTR-10, which shows details of input tax on closing stock, market value of the goods and tax on it.
29 – Registration Number under GST is required under the following cases irrespective of turnover, All tax payers registered under the current tax regimes Any person who is required to pay tax under reverse charge mechanism, Any person marking interstate supplies, Casual taxable person, Non-Residential taxable person, Person needed to deduct tax under Sec 37, A person who provides goods or services on behalf of a principal has to be obtained irrespective of the threshold, Input service distributor & E-Commerce operators.
28 – Threshold limit under GST as per the GST Council is Rs 20 lacs across India expect north eastern states where it is Rs 10 Lakhs.
27 – The concept of payment of tax on manufacture of goods, on sales, provision of service is replaced by a single tax point called “Time of Supply” in GST.
26n – Under GST, Unique Identifaction Number (UIN) has to be obtained by bodies registered under United Nations and foreign embassies for claiming refund of GST on their purchases.
25 – For imports SAD and CVD is replaced by IGST and importer can avail full credit of IGST.
24 – Cancellation of Registration under GST is very complicated. The taxpayer has to file an application for cancellation along with the closing stock and pay all the taxes due and file valid returns for cancellation of application to be accepted.
23 – The portal for GST registration is allowing only one GST registration per PAN, in case if anyone has multiple businesses under same PAN have to approach their concerned Jurisdictional Authority.
22 – Suo moto registration – During survey, search, inspection, enquiry if an concerned officer finds business is not registered, he can issue temporary registration number and this process is called suo moto registration under GST.
21 – A Tax Payer can have up to 35 registration numbers in the same state based on his line of business / business vertical
20 – According to Draft Registration Rules, all registered tax payers have to display their GST Registration Number i.e GSTIN on the name board in all the locations of the place of business.
19 – Under GST each and every location of business has to be registered as an additional place of business. Registration number has to be displayed in a prominent place for each place of business.
18 – Three basic requirements for obtaining registration under GST are, PAN Number, e-mail id and mobile number. PAN will be validated online for information with CBDT Servers, Mobile number is required for sending OTP (one-time password) and email id for verification through a separate OTP
17 – For existing tax payers under Central Excise, VAT or Service Tax the data will be migrated and the tax payer will be given 6 months for furnish all the required information.
16 – Registration Number under GST is called GSTIN and it is 15 digit number,the first two digits are for the state code, next 10 digits PAN, 13th digit is for business vertical, 14th digit is blank and 15th digit is check digit.
15 – Under GST there is no concept of a manufacturer, first stage dealer,registered dealer, service provider etc., anyone who registers under GST is called a tax payer.
14 – Under GST all tax payers have to file single return for the state and the central taxes (SGST, CGST & IGST)
13 – In India we have adopted dual GST i.e the Central Government and the State Government will be levying and collecting taxes due to constitutional provisions in our constitution.
12 – GST is a destination based tax i.e taxes will go to the state where the goods are consumed.
11 – Under GST there is no concept of Tax on Tax like VAT computed on item price + Excise duties
10 – Under GST there is uninterrupted input tax credit in the supply chain process i.e input tax credit can be taken in each and every stage
9 – GST Is applicable to whole of India including Jammu and Kashmir
8 – Under GST, Goods and Services share the same taxes
7 – Integrated Goods and Service Tax (IGST) will replace Central Sales Tax for all inter-state transactions under GST
6 – Taxes which are not subsumed under SGST are Stamp Duty, Electricity Duty,Vehicle Tax, Royalty, State taxes on petroleum and alcoholic products and Entertainment Duty levied by local bodies.
5 – State Goods and Service Tax (SGST) – taxes merged with SGST are Value Added Tax, Entry Tax, Purchase Tax, Luxury Tax,Entertainment Tax,Octroi, Various Surcharges & Cess
4 – Taxes which are not subsumed under CGST are Basic Customs Duty, other import duties, excise duties on petroleum products and tobacco products
3 – Central Goods and Service Tax (CGST) to replace Central Excise, Service Tax, Additional Excise Duty, Special Additional Customs Duty (SAD), Countervailing Duty (CVD) along with various cesss and surcharges
2 – There are three taxes under GST ; Central Goods & Service Tax (CGST), State Goods & Service Tax (SGST), Integrated Goods and Service Tax (IGST).
1 – under GST, there is only one registration number per state called GSTIN – Goods and Service Tax Identification Number