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REGISTRATION, INVOICE, RETURNS &
PAYMENT UNDER GST
CA. Rashmin Vaja Khandhar Mehta & Shah
1
CONTENTS
REGISTRATION
INVOICE PATTERN
DEBIT NOTES & CREDIT NOTES
RETURNS
PAYMENT OF TAXES
2
REGISTRATION
3
Section 23
• Schedule V of the Act specifies the list of person who are liable to be registered. Every supplier
shall be liable to be registered under the Act in the state from which he makes a taxable supply of
Goods and/or services. Registration is required if his aggregate turnover in a financial year
exceeds Rupees Twenty Lakhs.
• This Threshold limit will be Rupees Ten Lakhs if a taxable person conducts his business in states –
Arunachal Pradesh, Assam, J & K, Manipur, Meghalay, Mizoram, Nagaland, Sikkim, Tripura,
Himachal Pradesh and Tripura
• Casual taxable person or a non-resident taxable person shall apply for registration at least 5 days
prior to commencement of business.
4
Section 23
• Aggregate turnover means aggregate value of all taxable supplies and non taxable supplies ,
exempt supplies, export of goods and/or services and inter-state supplies of a person having the
same PAN, to be computed on all India basis and excludes taxes, if any charged under the CGST,
SGST and IGST Act, as the case may be;
• Aggregate turnover does not include the value of supplies on which tax is levied on reverse
charge basis and the value of inward supplies.
5
COMPULSORY REGISTRATION
Person engaged in following are mandatorily require to take registration irrespective of threshold limit:-
• Interstate taxable supply
• Casual Taxable supply
• Person require to pay tax under Reverse Charge
• E-commerce Operator specified u/s 8(4)
• Non resident Taxable Persons
• Person who is require to deduct tax (TDS)
• Person who is require to collect tax (TCS)
• Person acting as agent
• Input Service Distributor
• E-commerce Operator [other than covered by Sec. 8(4) and who required for TCS]
• Every e-commerce operator
• Peron supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
• Such other person or class of persons as may be notified by Central Govt or a State Govt.
6
Aggregate Turnover
7
Sr. no.
Name Gujarat Maharashtra Assam
1 Mr X Taxable Supply – Rs. 15 Lacs Exempt Supply – Rs. 6 Lacs
2 Mr Y Zero Rated Supply – Rs. 5 Lacs Taxable Supply – Rs. 25 Lacs
3 Mr P Taxable Supply – Rs. 10 Lacs Taxable Supply – Rs. 5 Lacs
4 Mr Q Taxable Supply – Rs. 10 Lacs Exempt Supply – Rs. 5 Lacs
5 Mr Y Supply of Goods belonging to the principal – Rs. 25 Lacs
Labour Jobwork value of Rs. 15 Lacs
6 Mr J Supply as a agent – Rs. 15 Lacs Non-Taxable Supply – Rs. 13 Lacs
7 Mr P Taxable Supply – Rs. 18 Lacs Casual Dealer – Rs. 5 Lacs
8 Mr F Exempt Supply – Rs. 50 Lacs
BUSINESS VERTICAL
• Person is required to take registration in every state from where he is making taxable supply.
• However Person having multiple business vertical s in a State may obtain a separate registration for each business vertical .
• A business vertical is
• a distinguishable component of an enterprise
• that is engaged in providing an individual product or service or a group of related products or services and
• that is subject to risks and returns that are different from those of other business verticals.
Explanation : Factors that should be considered in determining whether products or services are related include:
(a) the nature of the products or services;
(b) the nature of the production processes;
(c) the type or class of customers for the products or services
(d) the methods used to distribute the products or provide the services; and
(e) if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities
8
AMENDMENT OF REGISTRATION
Amendment
• There are various situations in which the Registration issued by the competent authority requires amendment in line with real time situations. Under these circumstances, every registered taxable person shall inform any changes in the information furnished at the time of registration.
• Assessee can file amendment application in FORM REG-11.
• Order of amendment of existing registration will be given in FORM REG-12.
• The proper officer shall not reject the request for amendment without affording a reasonable opportunity of being heard by following the principles of Natural Justice.
• Any rejection or, approval of amendments under the CGST Act / SGST Act shall be deemed to be a rejection or approval of amendments under the SGST Act / CGST Act respectively.
9
CANCELLATION OF REGISTRATION
Cancellation
• Assessee can file cancellation application in FORM REG-14 or officer in his own motion can cancel the registration having regard to the circumstances like
Business discontinued, transferred, demerged, disposed of
Change in constitution of business
Person no longer liable to registered u/s 19(3)
Person has not furnished returns for a continuous period of 6 months
Person paying tax u/s 8 has not furnished returns for three consecutive tax periods.
Any person who has taken voluntary registration and has not commenced business within
Six months from the date of registration.
• Proper officer shall not cancel the registration without giving a notice to show cause notice opportunity of being a heard.
• The cancellation of registration under the CGST Act/SGST Act shall be deemed to be a cancellation of registration under SGST Act/CGST Act respectively – REG-22.
10
REVOCATION OF CANCELLATION OF REGISTRATION
• A person may apply for revocation of cancellation of registration in form REG-17 within 30 days from the date of service of the cancellation order.
• After filing such form officer may pass the order in form REG-18 for revo the cancellation of the registration or reject the application for revocation in form REG-05 for good and sufficient reasons after giving show cause notice (form REG-19) and opportunity of being heard.
• Revocation of cancellation of registration under the CGST Act / SGST Act shall be deemed to be a revocation of cancellation of registration under the SGST Act / CGST Act.
11
POSERS
12
1. If a service tax assessee has taxable turnover more than Rs. 10 lakhs but below Rs. 20 lakhs, whether the said assessee has to apply for migration process under GST?
2. Are the addresses of construction sites required to be added as Additional Place of Business while making an application for GST enrolment?
3. In case an assessee has business places in Gujarat, Madhya Pradesh and Rajasthan, is he required to file enrolment application separately for each state?
4. In case of an assessee who is registered under State VAT Law and Service Tax, is he required to make separate migration application under VAT and Service tax?
TAX INVOICE, CREDIT AND DEBIT NOTES
13
TAX INVOICE
• A registered taxable person while supplying taxable goods/services shall issue a tax invoice containing following details.
(a). name, address and GSTIN of the supplier,
(b). a consecutive serial number containing only alphabets and/or numerals, unique for a financial year,
(c). Date of its issue
(d). name, address and GSTIN/ Unique ID Number, if registered, of the recipient,
(e). name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered and where the taxable value of supply is fifty thousand rupees or more
(f). HSN code of goods or Accounting Code of services
(g). description of goods or services
(h). quantity in case of goods and unit or Unique Quantity Code thereof
(i). total value of goods or services
14
TAX INVOICE
(j). taxable value of goods or services taking into account discount or abatement, if any,
(k). rate of tax (CGST, SGST or IGST),
(l). amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST),
(m). place of supply along with the name of State, in case of a supply in the course of inter-State trade or commerce
(n). place of delivery where the same is different from the place of supply
(o). whether the tax is payable on reverse charge,
(p). the word “Revised Invoice” or “Supplementary Invoice”, as the case may be, indicated prominently, where applicable along with the date and invoice number of the original invoice; and
(q). signature or digital signature of the supplier or his authorized representative.
• In case of export, the invoice shall carry an endorsement “SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF IGST”.
15
Time Limit
• The invoice shall be issued within a period of thirty days from the date of supply of service.
• In case of continuous supply of services, the invoice shall be issued within a period of thirty days from the date when each event specified in the contract, which requires the recipient to make any payment to the supplier of services, is completed.
• where the supplier of service is a banking company or a financial institution including a non-banking financial company, the period within which the invoice is to be issued shall be forty five days from the date of supply of service.
Manner of Issuing Invoice
• The invoice shall be prepared in triplicate, in case of supply of goods, in the following manner
(a) the original copy being marked as ORIGINAL FOR RECIPIENT,
(b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
(c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.
• The invoice shall be prepared in duplicate, in case of supply of services in the following manner
(a) the original copy being marked as ORIGINAL FOR RECEIPIENT; and
(b) the duplicate copy being marked as DUPLICATE FOR SUPPLIER.
16
TAX INVOICE
17
FORM GST INV-1
• Invoice Reference Number
• A registered taxable person may obtain an Invoice Reference Number from the Common Portal by uploading, on the said Portal, a tax invoice issued by him in FORM GST INV-1, and produce the same for verification by the proper officer as required under section 61 in lieu of the tax invoice.
• Invoice Reference Number will be valid for a period of 30 days from the date of uploading .
Bill of Supply
• Following persons are required to issue bill of supply.
1. Supplying non-taxable goods/services
2. Paying tax under Section-9, i.e. composition levy
• Bill of Supply shall contain following details.
1. name, address and GSTIN of the supplier, serial number, date of issue
2. name, address and GSTIN/ Unique ID Number, if registered, of the recipient
3. HSN Code of goods or Accounting Code for services
4. description of goods or services
5. value of goods or services taking into account discount or abatement, if any
6. signature or digital signature of the supplier or his authorized representative
18
TAX INVOICE
CREDIT OR DEBIT NOTE
Particular Provision
Credit Note
After issuance, invoice is found to exceed taxable value/ tax payable on such supply Credit note to issue up to earlier of following
• 30th day of the September following the end of the financial year in which supply made
• date of filing of relevant annual return
No credit note shall be issued by the said person if the incidence of tax and interest on such supply has been passed by him to any other person.
Debit Note After issuance, invoice is found to be less the than taxable value/ tax payable on such supply Credit note to issue up to earlier of following
• 30th day of the September following the end of the financial year in which supply made
• date of filing of relevant annual return
No credit note shall be issued by the said person if the incidence of tax and interest on such supply has been passed by him to any other person.
19
CREDIT OR DEBIT NOTE
Particular Provision
Declaration
Issue or receipt of credit or debit note is required to declare in return
• For the month during which credit or debit note issued/received • in subsequent return • but not later than September following the end of financial year in which
such supply was made.
Revised or Supplementary
Tax Invoice
Where effective date of registration is prior to date of issue of certificate of registration then person may issue revised invoices for supply made between period from effective date of registration to date of issue of certificate of registration.
Consolidated Revised Tax
Invoice
Issue a consolidated revised tax invoice in respect of all taxable supplies made to a recipient who is not registered under the act during such period. In case of inter-State supplies, where the value of a supply does not exceed two hundred and fifty thousand rupees, a consolidated revised invoice may be issued separately in respect of all recipients located in a State, who are not registered under the Act.
20
PAYMENT OF TAXES
21
SECTION - 44
22
Provisions for payment of tax, interest, penalty and other amounts
Section 44 deals with the provisions relating to tax, interest, penalty and other amounts.
Due date for payment of tax, interest and other amounts is yet to be prescribed.
Proposed mode of payments of tax under GST regime:
• Internet banking
• Credit or debit card
• Over the counter payment (up to Rs. 10,000/- per challan)
• NEFT/RTGS
• Any other mode as may be prescribed
All deposit made by a taxable person shall be credited to electronic credit ledger of such
person.
SECTION - 44
23
Provisions for payment of tax, interest, penalty and other amounts
• For making the payment, challan will be generated in FORM GSTR-4 at the common portal.
• Enter the details of the amount to be deposited by him towards tax, interest, penalties,
fees, any other amount.
• Challan generated will be valid for 15 days.
• On making successful payment, amount will be credited to electronic cash ledger.
• A unique identification number shall be generated at the Common Portal for each debit or
credit to the electronic cash or credit ledger.
• The unique identification number relating to discharge of any liablity shall be indicated in the
corresponding entry in the electronic tax liability.
SECTION - 44
24
Provisions for payment of tax, interest, penalty and other amounts
Every person who has paid the tax under this act shall unless contrary provided by him, be
deemed to be have passed on full incidence of such tax to the recipient of such
goods/services
Electronic Cash Ledger means [FORM GSTR PMT 3] :
• Cash ledger in electronic form
• Maintained at common portal
• For each registered taxable person
• In the manner as may be prescribed in this behalf
Electronic Credit Ledger means [FORM GSTR PMT 2]:
• Input Tax Credit ledger in electronic form
• Maintained at common portal
• For each registered taxable person
• In the manner as may be prescribed in this behalf
Electronic Tax Liability Register [ FORM GSTR PMT-1]
25
• Electronic Tax Liability Register shall be maintained in ‘FORM GSTR PMT-1 on the common portal.
• All liabilities of a taxable person under this act shall be recorded and maintained in such register.
Meaning
Debit
Credit
Amount Payable by • tax, Interest, Late fee, • as a result of mismatch u/s 29, 29A, 43C
By debiting • Electronic Credit Ledger or • Electronic Cash Ledger
Credits and Debits – Electronic Cash Ledger
26
• Deposits by a taxable person through debit/credit cards, Internet banking, RTGS/NEFT or any other mode: Tax, Interest, Penalty, Fee or any other amount
• Advance deposit of estimated tax liability by a Casual taxable person / non-resident taxable person / non-resident taxable person u/s 19A(3)
• TCS paid to the credit of suppliers
• TDS paid to the credit of deductee
Electronic Cash Ledger - Credits
• Payments of Tax, interest, penalty, fee, any other amount
• Balance of ITC on Inputs/Semi-finished goods/Finished goods held in stock on switch over from normal scheme to
• Composition scheme u/s 8
• To make absolute exempt supplies
• On cancellation of registration higher of
• balance of ITC on inputs/semi-finished goods/finished goods held in case of cancellation of registration or
• Output tax payable on such goods
• On cancellation of registration in respect of Capital goods:
higher of
• ITC taken on capital goods (less) % points as may be prescribed
• Transaction value of such capital goods
Electronic Cash Ledger - Debits
Credits and Debits – Electronic Credit Ledger
27
• Self-assessed Input tax credit (ITC) reflected in the return of taxable person
• In case of a person liable to tax under earlier laws and following credit carried forward in return of taxable person:
• Admissible CENVAT u/s 143(1) of CGST Law
• Admissible VAT credit u/s 143(1) SGST Law
• CENVAT of capital goods u/s 144(1) of CGST and SGST law unavailed under earlier law
Electronic Credit Ledger - Credits
• Payments of Tax only, can’t be used for payment of interest, penalty, fee, any other amount
• Balance of ITC on Inputs/Semi-finished goods/Finished goods held in stock on switch over from normal scheme to
• Composition scheme u/s 8
• To make absolute exempt supplies
• On cancellation of registration higher of
• balance of ITC on inputs/semi-finished goods/finished goods held in case of cancellation of registration or
• Output tax payable on such goods
• On cancellation of registration in respect of Capital goods:
higher of
• ITC taken on capital goods (less) % points as may be prescribed
• Transaction value of such capital goods
Electronic Credit Ledger - Debits
28
Central GST Credit
State GST Credit
IGST Credit
Central GST Liability
State GST Liability
IGST Liability
Credit available
Credit not available
Utilization of Credit while Paying Tax - GST
To be Setoff in the same order
Credit of CGST Credit of SGST Credit of IGST
1 CGST Liability SGST Liability IGST Liability
2 IGST Liability IGST Liability CGST Liability
3 X X SGST Liability
RETURNS
29
RETURNS
30
Types of Return Form Period for filing Return
Outward supplier GSTR -1 10th of next month
Inward supplier GSTR-2 15th of next month
All assessees except specified
GSTR-3 20th of next month
Composition Dealer GSTR-4 18th of next month following end of quarter
Non - Resident taxable person
GSTR-5 20th of next month
ISD GSTR-6 13th of next month
Person paying TDS GSTR-7 10th of next month
Supplies affected through E- commerce operator
GSTR-8
10th of next month
Annual Return GSTR-9 31st December following F.Y.
Final Return GSTR-10
3 months from the date of cancellation or order of cancellation whichever is later
Nature of Returns Total
Returns
p.a.
Outward Supply --
Inward Supply --
Periodic return --
ISD return --
Annual return --
Total --
Nature of Returns Total
Returns
p.a.
Excise --
VAT --
CST --
Service Tax --
Luxury Tax --
Total --
PRESENT TAX REGIME GST REGIME
RETURNS UNDER GST – XYZ Ltd
WHO SHOULD FILE WHAT
32
Nature of Taxpayer Must file
Taxpayer Under Regular scheme Monthly GSTR-1, GSTR-2, GSTR-3, Annual Return
Tax Payer composition scheme Quarterly GSTR-4, Annual Return
Casual Tax Payer GSTR-1, GSTR-2, GSTR-3 during validity period of registration and GSTR-5 on expiry of registration
Non-resident/Foreign tax payer Monthly GSTR-06
Input Service Distributor (ISD) Monthly GSTR-06
Tax Deductor (TDS Authority) GSTR-07 for month in which TDS is done, Annual Return
UN Bodies and UID cases GSTR-2 for the month in which inward supplies are received
GSTR-1 OUTWARD SUPPLIES
33
Particulars
• Section 25 requires to furnish details of outward supplies made during the tax period as well
as corrected details of earlier tax period.
• Outward supplies shall include details relating to
• zero-rated supplies,
• return of goods received in relation to an inward supplies,
• exports,
• debit notes,
• credit notes and
• supplementary invoices issue during the tax period.
• Following persons are excluded form requirement of Section 25.
• Person paying tax u/s 8 (i.e. Composition Levy) and
• Person paying tax u/s 37 (i.e. Tax Deductor)
GSTR-1 OUTWARD SUPPLIES
34
Outward supplies to furnish form GSTR-1
Details will reflected in form GSTR-2A to recipient
(auto populated)
Details correction, deletion, addition by recipient
Such modified details will reflected to supplier in
form GSTR-1A
Supplier may accept, reject modifications made by recipient
FORM GSTR-1
35
36
Place of Supply (State) if different than (*)
FORM GSTR-1A o/w supplies as added, corrected or deleted by the recipient
46
Addition or Deletion of the invoice by the
taxpayer will be permitted between 12th and 15th of the succeeding month.
49
Details will auto-populated in form GSTR-2A
Verify, validate, modify, delete the details relating to outward supplies
Filing of form GSTR-2
Receiver shall declare quantum of ineligible ITC on I/W supplies
Supplier may accept, reject modifications made by recipient
GSTR-2 INWARD SUPPLIES
FORM GSTR-2A
50
Auto populated
from FORM GSTR 6
Auto populated from FORM GSTR
7
Auto populated from FORM GSTR
8
FORM GSTR-2 : INWARD SUPPLIES
55
GSTR-3 MONTHLY RETURNS
67
PROVISIONS
• Section -27 requires to file a monthly return within 20th of next month.
• Return will not be treated as a valid return unless tax due as per such return is paid.
• In case of invalid return, input tax credit (ITC) in respect of supplies made by such person will
not be allowed to recipient.
• Person shall not be allowed to furnish return for a tax period if valid return for any previous tax
period has not been furnished by him.
• Even if there is no supplies of goods/services have been effected during such tax period, every
registered taxable person shall furnish a return for every tax period. (i.e. NIL Return)
• Part - A of the GSTR-3 shall be auto-populated through
• Electronic credit ledger,
• Electronic cash ledger,
• Electronic tax liability register of the taxable person.
FORM GSTR-3 : MONTHLY RETURN
68
FORM GSTR-3A : Notice to person who fails to furnish return
79
RETURNS – First Return
80
Person Supplies From To
Under section 8 (i.e. normal levy)
Outward date on which he became liable to registration
till the end of month in which the registration has been granted
Inward effective date of registration
till the end of month in which the registration has been granted
Under section 9 (Composition levy)
As may be prescribed
date on which he becomes a registered taxable person
till the end of quarter in which the registration has been granted
Matching, reversal and reclaim of ITC
81
Inward supply details shall be matched with outward supply after due date of filing monthly return
If ITC claimed is more than tax declared by Supplier : It shall be Communication to both person
If not rectified by supplier : shall be added to output liability of recipient
Duplication of claim of ITC : shall be communicated to Recipient. If not rectified then shall be added to output liability
Liability added can be reduced if proper rectification has been made in subsequent return
Matching, reversal and reclaim of Output Tax Liability
82
Credit Note issued by supplier shall be matched with corresponding reduction in claim of Input Tax Credit
Reduction in output tax liability is more than reduction in claim of ITC : It shall be Communication to both person
If not rectified by recipient: shall be added to output liability of supplier
Duplication of claim for reduction in output tax liability : shall be communicated to supplier. If not rectified then shall be added to output liability
Liability added can reduce if proper rectification has been made in subsequent return
83
FLOW OF RETURN
For example, ABC Ltd. sells goods worth Rs. 100/- to XYZ Ltd. in the month July’17; where ABC Ltd. charges GST of Rs. 18/-. Now, returns will flow as under in GST regime:
GSTR-1 Upload data by ABC
Ltd.
GSTR-2A Auto-populated in stmt. of XYZ Ltd.
GSTR-2 Modification/
Addition by XYZ Ltd.
GSTR-1A Acceptance/
Rejection by ABC Ltd.
GSTR-1 Auto Amended stmt.
of ABC Ltd.
GSTR-3
Most of the data will be auto populated from
GSTR-1 & 2 of ABC Ltd. & XYZ Ltd.
By 10th 11th to 15th 11th to 15th
16th & 17th 16th & 17th 18th to 20th
84
SCENARIO
ABC Ltd. files outward supply statement in GSTR-1 & shown GST liability of Rs. 18/- on 10th Aug’17
Details will reflected in form GSTR-2A to XYZ Ltd.
(auto populated)
XYZ Ltd. files GSTR-2 by claiming credit of Rs. 20/- on 15th Aug’17
Such modified details will reflected to ABC Ltd. in
form GSTR-1A
Assume ABC Ltd. has rejected the said modification on 17th Aug’17
85
Cont…
ABC Ltd. has shown liability of Rs. 18/- where as XYZ Ltd. claimed Rs. 20/-. Mismatch reports will be delivered to both before the end of the 31st Aug’17
Both can revise the said details in it’s GSTR-1 or GSTR-2 to be filed for the month Aug’17 [Transactions pertaining to earlier period]
If ABC Ltd. has not amended the liability or XYZ Ltd. has not reduced the claim in it’s returns to be filed for the month Aug’17 then, in such case the said excess claim made by XYZ Ltd. shall be added in it’s GSTR-3 to be for the month Sept’17
Liabilities Amounts Payments Amounts
Self Assessed* ITC (GST PMT-02)#
C.G.S.T XXXX C.G.S.T XXXX
S.G.S.T XXXX S.G.S.T XXXX
I.G.S.T XXXX I.G.S.T XXXX
Departmental Audit# Cash (GST PMT-05) #
C.G.S.T/S.G.S.T/I.G.S.T XXXX C.G.S.T/S.G.S.T/I.G.S.T XXXX
Interest XXX Interest XXX
Penalty XXXX Penalty XXXX
Total XXXXX Total XXXXX
GST PMT – 01 (Electronic Tax Liability Register)
Dr. Cr.
* Auto populated from Form GSTR - 01. # Manually input in ledger.
TAX LIABILITY LEDGER
ITC – Utilized Amounts ITC – Availed Amounts
Transferred to PMT-01# Self Assessed*
C.G.S.T XXXX C.G.S.T XXXX
S.G.S.T XXXX S.G.S.T XXXX
I.G.S.T XXXX I.G.S.T XXXX
Refund – Claimed# Refund – Rejected#
C.G.S.T/S.G.S.T/I.G.S.T XXXX C.G.S.T/S.G.S.T/I.G.S.T XXXX
Total XXXXX Total XXXXX
GST PMT – 02 (Electronic Tax Credit Ledger)
Dr. Cr.
* Auto populated from Form GSTR - 02. # Manually input in ledger.
TAX CREDIT LEDGER
Cash – Withdrawal Amounts Cash – Availed Amounts
Transferred to PMT-01# Deposited*
C.G.S.T XXXX C.G.S.T XXXX
S.G.S.T XXXX S.G.S.T XXXX
I.G.S.T XXXX I.G.S.T XXXX
Interest XXXX Interest XXXX
Penalty XXXX Penalty XXXX
Refund – Claimed# Refund – Rejected#
C.G.S.T/S.G.S.T/I.G.S.T XXXX C.G.S.T/S.G.S.T/I.G.S.T XXXX
Total XXXXX Total XXXXX
GST PMT – 05 (Electronic Tax Cash Ledger)
Dr. Cr.
* Transferred from GST PMT - 06. # Manually input in ledger.
TAX CASH LEDGER
Form No. Particulars
GST PMT – 03 Refund order issued by officer
GST PMT – 04 Communicating discrepancy found in Form GST PMT – 02
GST PMT – 06 Challan, for depositing cash in Electronic Cash Ledger i.e. GST PMT – 05
GST PMT – 07 Communicating discrepancy with relation to deposit
Other GST Forms of Payment of Tax Rules
OTHER FORMS
VENDOR MANAGEMENT
90
WHAT IS VENDOR MANAGEMENT?
Vendor Management is ongoing management of third-party providers of product or service • The goal of VM is to ensure the organization continuously obtains the best value from external
providers of products and services while controlling exposure to vendor-related risk.
Governance & Process
Select Vendors
Manage Vendor
Contracts
Manage Vendor Risk
Manage Vendor
Performance
Vendor Appraisal Reporting
Vendor Mgt.
Lifecycle
92
GST IMPACT ON BUSINESS VERTICALS
Suppliers
• ITC Credit
Marketing
• Pricing Strategies
• Effect on demand
IT Systems & Human Resource
• Employee education
• System design
• Change Master Record
Supply Chain & Logistics
• Transaction Framework
• Warehousing
• Costing Analysis
Legal & Finance
• Cash Flow Impact
• Drafting Agreement
• Impact on existing contract
Customers
• Financing Model
• Offer Structure
GST RECONCILIATION
Particulars Amount (INR)
Amount (INR)
Sales as per financials statement 110.00
Add: Advances for goods recd. during the year (incl. GST) 25.00
GST on advances refunded 1.00
Branch Transfer Supply 20.00
Packing Charges (not forming part of sales) 5.50 51.50
Less: Advances refunded, if any (incl. GST) 5.00
GST on advances received 4.50
Export of Goods including deemed exports 15.00
Exempted Supply of Goods 5.00 29.50
Value of Supply liable for GST
132.00
GST Payable @ 18% Less: Input Tax Credit
23.75 20.50
Net GST Payable 3.25
GST RECONCILIATION STATEMENT
(Rs. in Crores)
APPROACH TO GST
95
Mapping ‘As-Is’ Scenario
Impact Assessment
Implementation Go Live
Approach to GST Implementation
Mapping of ‘As-is’ Business model
Tax implications on the existing Business Model
Working out impact of Dual GST on ‘As-Is’ model
Transition of tax credits
Evaluation of options to optimize GST impact
Finalization of changes required
Adjust business structure / transactions
Assist for changes in ERP systems / processes
Review contractual arrangements with suppliers/ customers
Train Accounts, Finance and Taxation Team
Review of documentation
Review of Central and State GST Returns
Tax adjustments
Handholding Support
Project Delivery Schedule
Month Task
February 2017
March 2017
April 2017
May 2017
June 2017
July 2017
August 2017
September
2017
Mapping ‘As-Is’ Scenario
Impact Assessment
Implementation
Go Live / Handholding
Date of release of Final Draft of
GST Law
Effective date of Implementation
of GST
Thank You Khandhar Mehta & Shah
3rd Floor, Devpath Complex,
Off C G Road, Bh. Lal Bunglow,
Ahmedabad – 380006
Gujarat – India
Phone : +91 79 66315450/51/52/53
Email : [email protected]
URL : www.kmsindia.in