Gst act, 2017

Basic of GST Act 2017 and simple explanation

1. Presented By: 12. Kavisha Shah 33. Vaidehi Patel 56. Vishwanath Iyer 58. Hetvi Vora
59. Ashutosh Vyas

2. History of GST

3. Goods & Services Goods “goods” means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply . Services “services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged .

4. Features of GST Service Tax Central Sales Tax Central Excise Duty Purchase Tax Duties of Excise Luxury Tax Additional Duties of Excise (goods of special importance. i.e. T extile and textile products) Entry Tax Special Additional Duty of Customs Entertainment Tax State VAT Tax on Advertisement

5. Following tax will be continue Customs Duty Professional Tax Stamp Duty Motor Vehicle Tax Electric Duty (Tax on electricity Usage) V A T on petroleum products

6. Goods not cover under GST Coverage of all goods and services, except alcoholic liquor for human consumption. petroleum and petroleum products , .

7. Types of GST

8. GST slab system

9. GST @ 0% Type Products Goods Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, Bones and horn cores, bone grist, bone meal, etc.; hoof meal, horn meal, Cereal grains hulled, Palmyra jaggery, Salt - all types, Kajal, Children's' picture, drawing or colouring books, Human hair Services Hotels and lodges with tariff below Rs 1,000, Rough precious and semi-precious stones will attract GST rate of 0.25 per cent.

10. GST @ 5% Type Products Goods Items such as fish fillet, Apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stent, lifeboats, Cashew nut , Cashew nut in shell, Raisin, Ice and snow, Bio gas, Insulin , Agarbatti, Kites, Postage or revenue stamps, stamp-post marks, first-day covers Services Transport services (Railways, air transport), small restraurants will be under the 5% category because their main input is petroleum, which is outside GST ambit. 19

11. GST @ 12% Type Products Goods Apparel above Rs 1000, frozen meat products , butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, Bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cellphones, Ketchup & Sauces, All diagnostic kits and reagents, Exercise books and note books, Spoons, forks, ladles, skimmers, cake servers, fish knives, tongs, Spectacles, corrective, Playing cards, chess board, carom board and other board games, like ludo etc… Services Non-AC hotels, business class air ticket, fertilisers,

12. GST @ 18% Type Products Goods Footwear costing more than Rs 500, Bidi Patta, Biscuits (All catogories), flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors, Kajal pencil sticks, Headgear and parts thereof, Aluminium foil, Weighing Machinery [other than electric or electronic weighing machinery], Printers [other than multifunction printers], Electrical Transformer, CCTV, Optical Fiber, Bamboo furniture, Swimming pools and padding pools, Curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings Services AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST, Room tariffs between Rs 2,500 and Rs 7,500, Restaurants inside five-star hotels

13. GST @ 28% Type Products Goods Bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with choclate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, Services Private-run lotteries authorised by the states, hotels with room tariffs above Rs 7,500, 5- star hotels, race club betting , cinema will attract tax 28 per cent tax slab under GST

14. Person liable to register Aggregate turnover > Rs 20 Lakh . Turnover Has to be calculated on all India basis Does not includes the goods sent to the another job worker/directly supplied to the customer (of principal) by Job worker

15. Definition of a person person” includes— (a) an individual; (b) a Hindu Undivided Family; (c) a company; (d) a firm; (e) a Limited Liability Partnership; (f) an association of persons or a body of individuals, whether incorporated or not, in India or outside India; (g) any corporation established by or under any Central Act, State Act or Provincial Act or a Government company as defined in clause (45) of section 2 of the Companies Act, 2013; (h) anybody corporate incorporated by or under the laws of a country outside India; (i) a co-operative society registered under any law relating to co-operative societies; j) a local authority; (k) Central Government or a State Government; (l) society as defined under the Societies Registration Act, 1860; (m) trust; and (n) every artificial juridical person, not falling within any of the above .

16. Registration Process under GST Act 2017 Step 1 – Applicant can go to GST portal and Register them under Taxpayers (Normal) Step 2 – Applicant require to e nter the following details in Part A – Select New Registration In the drop-down under I am a – select Taxpayer Applicant require to Select State and District from the drop down Enter the Name of Business and PAN of the business Key is the Email Address and Mobile Number. The registered email id and mobile number will receive the OTP . Step 3 – Enter the OTP received on the email and mobile. Step 4 – Applicant will receive the Temporary Reference Number (TRN) now. This will also be sent to email and mobile. Step 5 – Once again applicnt require to go at GST portal. Click on Register Now. Step 6 – Applicant require to s elect Temporary Reference Number (TRN). Step 7 – Applicant will receive an OTP on the registered mobile and email. Enter the OTP and click on Proceed

17. Step 8 – Applicant will see that the status of the application is shown as drafts. Application require to edit information and documents. Step 9 – Part B has 10 sections. Fill in all the details and submit appropriate documents. Here is the list of documents applicant need to keep handy while applying for GST registration- Photographs Constitution of the taxpayer Proof for the place of business Bank account details Step 10 – Once all the details are filled in go to the Verification page. Applicant require to submit the application using any of the following ways – Companies must submit application using DSC Using e-Sign – OTP will be sent to Aadhaar registered number Using EVC – OTP will be sent to the registered mobile Step 11 – A success message is displayed and Application Reference Number(ARN) is sent to registered email and mobile.

18. Thank You