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Delhi

OVERVIEW OF GST

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Published in: Accountancy | Indirect Tax
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THE BASICS OF GST

Nidhi A / Raipur

3 years of teaching experience

Qualification: CA (ICAI - 2017)

Teaches: Advanced Excel, Basic Computer, Computer for official job, GST Training, MS Office, Tally ERP 9, Accounts, Banking & Finance, e-Filing, CA - CPT, CA Foundation, Direct Tax Laws, Accountancy, Business Studies, Income Tax, Indirect Tax

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  1. OVERVIEW of qsT NIDHI AGRAWAL
  2. HISTORY OF GST 2011 o- Constitution Amendement Bill to enable GST Law introduced iii 2012 Standing Committee begins discussion on GST but stalled it over clause 279B o- Rajya Sabha passes four supplementary GST Bills. Final GST to implemented on July 1, 2017 2000 PM Vajpayee set up a committee to draft GST law 2010 Project to computerise commercial taxes launched but GST implementation postponed 000 2013 -o- Standing Committee tables its report on GST 2017 Four supplementary GST Bills passed in Lok Sabha and approved by Cabinet 2004 A task force concludes GST must be implemented to improve current tax structure 2008 -o- EC finalises dual GST structure to have seperate levy, legislation O 2014 GST Bill reintroduced in Parliament by Finance Minister 2016 -o- Amended Model GST law passed in both Houses. President gives assent 2006 Finance Minister proposes GST introduction from April 12010 2007 -o CST to be phased out. Rates reduced from 4% 2015 GST Bill passed in Lok Sabha but not passed in Rajya Sabha 2016 GSTN goes live
  3. WHY GST •To achieve the ideology of 'One Nation, One Tax' •To subsume a majority of the indirect taxes in India •To eliminate the cascading effect of taxes •To curb tax evasion •To increase the taxpayer base •Online procedures for ease of doing business •To promote competitive pricing and increase consumption
  4. DIRECT INCOME TAX CORPORATIO TAX WEALTH TAX DIREC ( JSTA EXCISE DUTY SERVICE TAX SALES TAX VAT
  5. WHAT IS GST ' Goods and ServåceTax GST is levied on the supply of goods and services 'Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition
  6. TYPES OF GST Parliament CGST Act IGST Act Comp CJS Assembly SGST Act UTGST Act
  7. REGISTRATION Persons liable for registration (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees: (IF OPTED BY STATE THAN 40 LAICH) Provided that where such person makes taxable supplies of goods or services or both from any of the special category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees, (IF OPTED BY STATE THAN 20 LAICH)
  8. TURNOVER YES LESS THAN 20 LAI
  9. INTRASTATE VS INTERSTATE ORB AFGHANISTAN • KABUL PAKIST It-atlbs.de ZAREAS NORTHE upycd by Pausta anbaeimod by • Ka mir Aksai Chin by and A If the location of the supplier and the place of supply are within the same State, the transaction will be an intra-State supply, barring the case of supplies made by / to SEZ, and all other supplies will be regarded as inter-State supplies JAMMU AND Srinagar KASHMIR D India -HIMACHAL Dharmshala . PRADE Changigå PUNJAB HARYANA Mee M DELHI •peilly ew De Bikaner THMANDU u hpur Luc PRADESH Varanasi Weltiatlas.de ARUNACHAL.,—• PRADESH • BHUTA k THIMPHU ASSAM NAY-AND Jaisalmer •Jaipur Ajmer Jodhpur Barmer Abu U Gandhina yjjam• •Indore Bana Rewa • MADHYA PRADESH • Bhopal Ja Patna BIHAR Rap-Chi Jåmshedpur. ..-$iKk BENGAL BA •shill LADE Aiz Kolkata Haora QB-DE Sur KART agpur• vati Jalgaon DAMANANDDIU Ma aon Akola Diu Damarie Aurangabad DADRA AND NAGAR HAVEU Thane• • Mumbai. MAHARASHTRA Fune Warangal rg Raipur Cuttack ORISSA Bhubaneshwar Brahmapur •Vishakhapatman Kakinada sPONDlCHERRY QB-DESKKART BAY DESKKART BENGAL Sholer Sangareddi Hyderabad QB-DESKKART Kolhapur Panaji • • Hub RB-DESKKART KA"A AKA ARABIAN RB-DESKKART SEA LAKSHADWEEP ISLANDS ANDHRÄA •Viiayawada Machilipatnam • PRADESH Anatapur *J.BOESKKART angalore Man"luru Bengaluro • RB-DESKKAR PONDICHERR Cuddapah Tirupati 'Chennai Ilore PONDICHERRY Pondicherry RB-DESKKART INDIA YAN YANG N RAN O RB-DESKKART ANDAMAN SEA port Blair ANDAMAN QB-DESK AND NICOBAR ISLANDS Kavaratti • TAMIL Kozhikode• Coim atore Tiruchchirappalü KERALA Madurai æESKKART Kochi Rameshwaram Konam Tutiårin S I LANKA Ouaon Thiruvananthapuram• Nagercoil• QB-DESKKART INDIAN QB-DESKKART OCEAN 100 200 R&bESKKART 300 400 500 km
  10. HOW GST PAID INPUT PURCHASE OF GOODS INPUTS TAX BUSINESS CLAIMED INPUTS TAX CREDIT OUTPUT SALE OF GOODS OUTPUT TAX EX: A PURCHASE A PEN FROM B FOR 100+ CIST =118 AND SALE TO C AT 150 +GST 18% = 177 GST TO BE PAID BY B OUTPUT GST = 27 INPUT GST TO BE PAID = 9
  11. GST RATES O/ 00050 MANY ITEMS LISTED MILK FOOD GRAINS LCOYOLIC LUXURY ITEMS LIKE cess
  12. GSTIN - GST IDBNT1mCATION FORMAT OF CIST 22 AAAAA0000A1 I STATE CODE PERMANE T ACCOUNT NUMBER PAN RANDOM NUMBER v DEFAULT ENTITY NUMBER OF SAME PAN IN A STATE
  13. , PAN CARD ,ELECTRICITY BILL(LATEsT) ,PHOTO LEGAL OWNERSHIP PAPER MOBILE NO. ,EMAIL ID
  14. RTuRMS GSTR 1 - DETAIL OF OUTWARD SUPPLY GSTR 3B - DETAIL OF OUTWARD AND INWARD SUPPLY GSTR 7- TDS RETURN CMP 08 - COMPOSITION DEALER GSTR 9- ANNUAL RETURN GSTR 4 -ANNUAL RETURN FOR COMPOSITION DEALER GSTR 9C - GST RECONCILIATION
  15. CAREER OPPORTUNITY 'ACCOUNTANT OCS? DEPARTMENT OCS? P ? C 10N3R OCS? CONSULTANT OCS? ? NER ? 4 NCC?ION ? 4 ION -A-NT4-LYST IN GST
  16. Email Id: [email protected] You can connect with me on instagram to get more such updates by following canidhiagrawal_

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