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1. What is the meaning of GST?
The introduction of the GST bill is one of the biggest tax reforms in India. The GST (Goods and services tax) will simplify the current system of taxation. As the name suggests the GST is a tax levied when a consumer buys a good or service, it is a consumer based tax. GST will enable broadening of the tax base, which will further result in reduction in effective rate of tax.
2. Which other taxes will be replaced by GST?
Central Excise duty
Additional duties of excise
Excise duty levied under Medicinal & Toiletries Preparation Act
Additional duties of Customs (CVD & SAD)
Surcharges & Cess
State VAT / Sales Tax
Central Sales Tax
Entertainment Tax (not levied by the local bodies)
Entry Tax (All forms)
Taxes on lottery, betting & gambling
Surcharges & Cess
3. All goods or services likely to be covered under GST except :
1. Alcohol for human consumption – State Excise plus VAT
2. Electricity – Electricity Duty
3. Real Estate – Stamp Duty plus Property Taxes
4. Petroleum Products (to be brought under GST from date to be notified on
Recommendation of GST Council)
4. Tobacco Products under GST with Central Excise duty.
5. Following are the stages of the GST implementation process (What we will do as Business consultants at Pearl)
Step1: Meet our consultant to discuss about your company and we will propose the customized GST Impact Analysis Approach.
Step2: We will conduct an interview with the concerned person of your organisation and complete Business Review Questionnaires.
Step3: Our consultant analyses and reviews the Business Review Questionnaires (BRQ).
Step4: Our consultant prepares GST Impact Advisory Report on GST impact assessment, implications and actions required.
Step5: Organize GST training for management and staff.
Step6: GST registration and post implementation support.
6. E-Registration under GST
The E- Government has already initiated the process of collecting data of the existing registered dealers Under the VAT, Excise and Service tax laws so as to auto register the Assessee under the GST law Without any further compliance. The key features of the registration process for the new dealers under GST would be as follows:
• A simple PAN based registration procedure
• A GST identification number a 15 digit common identification number (GSTIN) will be allotted to the applicant.
• Deemed registration in case no query is raised within 3 days
• Verification may be initiated post registration by the department in certain cases.
7. Persons requiring registration
Following are the persons required to take registration under this act.
|Nature of supply||Registration Required|
|1. Taxable inter-state supply||Yes|
|2. Exempted inter-state supply||No|
|3. Intra-state supply(upto Rs 9 Lacs)||No|
|4. Intra-state supply(exceeding Rs 9 Lacs)||Yes|
|5. Casual taxable person||Yes|
|6. Non-resident persons||Yes|
|7. Input service distributor||Yes|
|8. Agent or the like||Yes|
|9. E-commerce operator||Yes|
|10. Supply through E-commerce operator-Branded or otherwise||Yes|
|11. Intra-state supply upto Rs 9 Lacs As an agent||Yes|
|12. Aggregator-supplying services||Yes|
|13. Persons required to deduct TDS providing intra-state supply upto Rs 9 Lacs.||Yes|
|14. Reverse charge-for personal use beyond prescribed limit||Yes|
|15. Reverse charge-other than personal use||Yes|
8. Other Aspects of GST
• Option available for separate registration for each business vertical
• Option of voluntary registration is available.
• Every person applying for registration should have PAN number.
• Non residents may be granted registration on any other documents as prescribed in absence of PAN number.
GST AND APPLICABILITY
One must register for GST if the aggregate turnover of supply of goods and services is 9 lakhs. The threshold for payment of tax is 10 lakhs. However, in certain cases persons shall be taxable irrespective of the threshold or value of aggregate turnover;
Benefits of the GST Model
The taxable person may be eligible to take tax credit on input tax not more than one year from the date of issue of tax invoice relating to supply. However, certain transfers may not be eligible for an input tax claim such as goods and services used primarily for personal use or consumption of employees, or goods and services acquired by the principal in the execution of works contracts of immovable property, other than plant and machinery, or if the taxable person has claimed depreciation on the tax component of the cost of capital goods under Income Tax Act, 1961.
GST AND TRANSITIONAL PROVISIONS
The existing tax payers/persons registered under any of the earlier laws shall be granted provisional registration under the GST law. The provisional registration is valid for 6 months and on furnishing certain information as may be prescribed the certificate of registration will be granted on a final basis.
To claim an input tax credit under GST the amount of duty, tax or cess carried forward as per the accounts will be immaterial. The input tax credit carried forward as per the last return under the earlier law for the period ending 31st March 2017 with the day proceeding the day when the GST becomes applicable will only be taken into account.
Input tax credit under VAT law will be carried forward as SGST. Swachh Bharat Cess will not be admissible as Opening CGST. If no CENVAT credit on Capital goods was availed during the year the full input tax credit will be available as CGST on 1st April, 2017 if the same is applicable under the earlier law and the GST. CENVAT Credit on capital goods can only be availed as CGST credit in the Electronic Credit Ledger and VAT credit as SGST credit in the very same Electronic Credit Ledger. The CENVAT Credit Rules provides a period of 1 year from the date of issue of invoice for allow ability of CENVAT Credit the same applied to GST law. If an unavailed Input Tax Credit on Capital Goods was availed under the GST law was found to be inadmissible as per the proceedings of the Department such amount will be recovered under the GST law.
It is compulsory to be registered under GST if the existing tax payer is liable to be registered under the Schedule III of the Act within 30 days from the date he becomes liable to registration.
Every Registered taxable person must furnish every calendar month in prescribed form and manner, an electronic return
A return furnished by the registered taxable person without payment of full tax due as per the return shall not be treated as a valid return for allowing input tax credit in respect of supplies made by such person
Summary of the due dates
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