Adv. Pradeep Dhiman
1. Type of Sale
a. Local Sale (Within the State) –
Two taxes – a. SGST b. CGST. Rate of Tax (14% + 14%) Total 28% will be applicable.
b. Central Sale ( Outside State)-
Only one tax – IGST – Rate of Tax 28% will be applicable.
2. REGISTRATION :-
(i) Unregistered: – If turnover is less than 20 Lac., No need to take GST Registration. However for North Eastern States, the limit is 10 Lac
(ii) Registered: – Turnover above 20 Lac / 10 Lac as stated above.
(iii) Compounding Scheme :-If Turnover is below than 75 Lac, Compounding scheme can be taken from Government of India, subject to following condition:-
> ITC (Input tax credit will not available)
> Cannot make purchase or sale to outside state.
> GST payable @1% (0.5% CGST and 0.5% SGST) on turnover and cannot be changed in invoice.
3. TRANSITIONAL CREDIT :-
Dealer is entitled to take Input tax credit on stock lying on 30.06.2017 in case GST is applicable from 01.07.2017, he has to fulfill following transitional provision:
1. He has to submit a declaration within 90 days (upto 30th Sept) specifying the credit he wants to take on stocks lying with him on 30th June.
2. Declaration will have to be submitted in from GST Tran-1.
3. Commissioner can extend this timeline by another 90 days.
4. Input Tax Credit of Excise Duty & Vat paid on capital goods:-
He will have to submit the declaration specifying – Amount of credit already availed & amount of credit yet to be availed under GST period.
5. Dealer having excise invoices for stocks lying as on 30th June will be entitled to take full credit of excise mentioned in the invoices.
6. Credit of excise duty cannot be claimed for stocks which are purchased prior to 01/07/2016.
7. Dealer who do not have excise invoice, will be eligible to take credit in the following manner:-
8. Credit in the above Deemed Credit scheme will be available only once the said goods are sold and GST is paid
9. Input Tax Credit on Stock lying on 30.06.2017 will go on for 6 months from GST date, so stocks lying as on 30th June have to be sold maximum upto 31st December, 2017. No credit will be available if these goods are sold after December 2017.
10. Separate return under for GST TRAN-2 will have to be filed.
11. If any dealer receives the material after 01.07.2017 to 30.07.2017, Credit of Input will be available (both Excise Duty and VAT).
12. In case of dealer wants to return the material which was purchased before GST implemented within a period of 6 months, credits are available.
4. INPUT TAX CREDIT (ITC)
ITC will not be allowed after expiry of one year from the date of invoice.
TAXES >> ADJUSTED FROM
> IGST will be adjusted firstly IGST, after that CGST and SGST.
> CGST will be adjusted firstly CGST, after that IGST.
> SGST will be adjusted firstly SGST, after that IGST.
> CGST cannot be adjusted from SGST and SGST cannot be from CGST.
> Details of outward supplies: within 10th day of Next Month (GSTR-1).
The details of outward supplies furnished by the supplier shall be available electronically to the receiver of the goods in Part A of FORM GSTR-2A, in FORM GSTR-4A and in FORM GSTR-6A through the Common Portal.
> Details of inward supplies : within 15th day of Next Month (GSTR-2)
The details of inward supplies added, corrected or deleted by the recipient in his FORM GSTR-2 under section 38 or FORM GSTR-4 or FORM GSTR-6 under section 39 shall be made available to the supplier electronically in FORM GSTR-1A through the Common Portal and such supplier may either accept or reject the modifications made by the recipient and FORM GSTR-1 furnished earlier by the supplier shall stand amended to the extent of modifications accepted by him.
> Monthly Return: within 20 days after the end of such month (GSTR-3).
> Return for Composition Scheme: each quarter or part thereof, electronically, within 18 days after the end of such quarter (GSTR-4)
> Annual return: Every registered taxable person except certain specified person shall have to furnish an annual return for every financial year electronically on or before the 31st day of December following the end of such financial year. (GSTR-9)
Note :- We cannot revise GST Return but we can modify our uploaded data by Debit or Credit Notes.
Matching of claim of input tax credit
The following details relating to the claim of input tax credit on inward supplies including imports, provisionally allowed under section 41, shall be matched under section 42 after the due date for furnishing the return in FORM GSTR-3
> (a) GSTIN of the supplier;
> (b) GSTIN of the recipient;
> (c) invoice or debit note number;
> (d) invoice or debit note date; and
> (e) tax amount:
1. Non filling of monthly GST Return Rs. 100/- per day but maximum Rs. 5000/-.
2. Non filling of Annual Return 0.25% of Annual Turnover.