GST Concept Presented by MM Infosystems Pvt Ltd GST (Goods & - - PowerPoint PPT Presentation

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GST Concept Presented by MM Infosystems Pvt Ltd GST (Goods & - - PowerPoint PPT Presentation

Oct 27, 2023 253 likes •903 views

GST Concept Presented by MM Infosystems Pvt Ltd GST (Goods & Services Tax), a single unified indirect tax system aims at uniting Indias complex taxation structure to a One Nation - One Tax regime. Destination based tax on supplies of

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GST Concept

Presented by

MM Infosystems Pvt Ltd

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GST (Goods & Services Tax), a single unified indirect tax system aims at uniting India’s complex taxation structure to a ‘One Nation- One Tax’ regime.

Destination based tax on supplies of goods and services.

It will be levied on all supplies with seamless flow of credit (for both goods & services) till it reaches the end consumer Only value addition will be taxed and burden of tax is to be borne by the final consumer. GST would replace indirect taxes

  • Central Excise Duty
  • CVD
  • CST & VAT
  • Entry Tax & Octroi
  • Surcharges & Cess

levied by State govt

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Simple Tax Structure Eliminating Cascading Effects Technology Driven System Increase Revenue

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SGST Location of Supplier Place of Supply HARYANA Charge of Tax CGST Intra State

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PUNJAB HARYANA IGST Location of Supplier Place of Supply Charge of Tax Inter State

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GST CONCEPTS

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Invoice Matching Input Tax Credit Return Filing

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TAX

Government GSTN

Buyer Seller

Buyer gets input credit only if seller pays GST

Seller pays tax to the government Buyer gets input credit Government Server Matches Invoices of Buyer & Seller

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CGST IGST CGST - ITC SGST IGST SGST - ITC IGST CGST IGST- ITC SGST Input credit will not be credited to bank. It will be available in an electronic ledger which can be adjusted against tax liability

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  • Seller needs to pay taxes before buyer can take input credit
  • Input credit is available for direct and indirect purchases

To enforce these laws, invoice level detailing is a MUST To implement this effectively, technology is a MUST To make it work effectively Auto Reporting is Must First time ever in India, technology-centric compliance will be implemented

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IMPACT ON BUSINESS

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APRIL May PAID UNPAID CAN’T PAY

If you miss a month’s filing

  • You can’t file for the subsequent

month

  • Unless tax for the previous month

is paid

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Not monitored extensively

Invoices of supplier and recipient NEED to MATCH

VAT

Availed based on returns

Can be availed ONLY WHEN INVOICES ARE MATCHED and SELLER PAYS TAX LIABILITY.

Was not able to claim on all business expenses

Available for ALL INWARD which are used in furtherance of business

3 times EVERY MONTH Once a quarter or month Need to upload EVERY transaction

Summary of sales/purchases needs to be filed

Interaction with Government for compliance

GST

Return filing Invoice Matching Input Credit Input Credit on expenses

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HOW TO PREPARE FOR THE GST

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Make full use of Input Tax Credit & plan for better cash flow by

1. Being compliant 2. Dealing with compliant suppliers

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Use GST Compliant Software

Recording of all Sales transactions Download input data from GSTN Reconcile the input data with data in GSTN Generate Sales Data for uploading to GSTN Upload Reconciled input data to GSTN

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Changes in to make it GST Compliant

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Master Level Changes Done For GST

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  • New GST Master added.
  • In Company Master, column for GSTIN/UIN Number

added.

  • In Unit Master, column for GSTIN/UIN Numbers added.
  • In Party Master, GST Type

(Reg./Unreg./Exempt/Composite) field provided.

  • In Party Master, column of GSTIN/UIN Number

(CGST/SGST/IGST) added.

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  • In Party Master, column of GSTIN/UIN Number

(CGST/SGST/IGST) added address wise.

  • In Item Master, HSN/SAC Number column provided.
  • In Item Master, Provision to define CGST/SGST/IGST

rates added item wise.

  • Mapping of GST Master in Account Master with new

type(GST Account) provided.

  • Provision to define GST openings provided in GST

Opening Balances.

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Transaction Level Changes Done For GST

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  • Column of GST Name/Rate/Amount are provided item wise in

 Purchase Quotation  Purchase Order  Sales Quotation  Sales Order  Material Receipt Note  Invoice  Debit/Credit Note  Sale Rate Directory  Supplementary Invoicing

  • Relevant GST Account Changes incorporated in

 Purchase Voucher,  Sale Voucher,  Debit/Credit Note Voucher,  Purchase Return Voucher,  Sale Return Voucher,  Job Work(I) Voucher,  Job Work(O) Voucher.

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Report Level Changes Done For GST

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  • Reports Designed as per GST Formats for:

 Invoice  Material Receipt Note  Sales Order  Purchase Order  Debit/Credit Note

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GST Returns Level Changes Done For GST

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  • New GST Returns Designed as per GST Rules:

 GSTR-1  GSTR-2  GSTR-3  GSTR-9 (Under development)

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  • New Concept of GST Return Export added:

Outward GST Return Inward GST Return

  • GST Return Uploading can be done:

Through ASP – With GST compliance Application Through GSP – With GSP uploading Application Through GSTN – with Government GST Server

  • We are in process to Tie up with GSP and ASP for

auto uploading of GST Returns & Reconciliation through API

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  • New GST Master (as per excel enclosed)
  • Company Master

 GSTIN/UIN No.

  • Unit Master

 GSTIN/UIN No.  GST State Code

  • State Master

 GST State Code

  • Party Master (as per excel enclosed)
  • Item Master (as per excel enclosed)
  • Accounts Master

 Mapping of GST Master

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Thanks for Your Time Any Queries are welcome