CA. Rashmin Vaja Khandhar Mehta & Shah 1 CONTENTS - - PowerPoint PPT Presentation

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
• utside 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.

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Aggregate Turnover

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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
• r 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

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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
• pportunity 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

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• 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

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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”.

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• 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.

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TAX INVOICE

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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

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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.

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PAYMENT OF TAXES

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SECTION - 44

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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

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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

• r 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

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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

• rder 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

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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

• f 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

• utward 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.

• f 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

• n 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

• ptimize 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 Septemb er 2017

Mapping ‘As-Is’ Scenario Impact Assessment Implementation Go Live / Handholding

Date of release

• f Final Draft of

GST Law Effective date of Implementation

• f 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 : rashmin@kmsindia.in URL : www.kmsindia.in