Presentation arjun mehra

INTRODUCTION OF GST

1. GST ONE NATION ONE TAX

2. MEANING OF GST : The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government .                                                                 

3. IMPORTANCE OF GST VAT rates and regulations differ from state to state. And it has been observed that states often resort to slashing these rates for attracting investors. This results in loss of revenue for both the Central as well as State government. On the other hand, GST brings in uniform tax laws across all the states spanning across diverse industries. Here, the taxes would be divided between the Central and State government based on a predefined and pre-approved formula. In addition, it would become much easier to offer services and goods uniformly across the nation, since there won’t be any additional state-levied tax. GST rollout missed several deadlines due to disagreement among many states over certain important issues on the new tax reform. However, as per recent reports, GST is scheduled for a nation-wide rollout on April 1, 2016.

4. TYPES OF GST :

5. IMPORTANT DATES OF GST Period (Quarterly) Last Dates April – June 2018 31st July 2018 July – September 2018 31st October 2018 October – December 2018 31st January 2019 January – March 2019 30th April 2019 GSTR 1 Due Dates for August 2018 (Turnover up to INR 1.5 Crore )

6. GSTR 1 Due Date for August 2018 (Turnover More Than INR 1.5 Crore ) Period (Monthly) Last Dates July 2018 11th August 2018 August 2018 11th September 2018 September 2018 11th October 2018

7. NOTE : The filing of GSTR-2 and GSTR-3 has been suspended by the Committee of Officers, which will resume after 30th June 2018. The detailed schedule shall be updated accordingly. The further month of filing for GSTR-1 and GSTR 3B are also decided to be filed till for 6 more months as announced by GST council meeting .

8. GSTR 3B Form Filing Due Dates for August 2018 Period (Monthly) Due Dates July 2018 24th August 2018 ( Revised Date ) August 2018 20th September 2018

9. GST Due Dates Extension for Kerala ,  ( Puducherry ) & Kodagu (Karnataka ) GST Return Form Month & Eligibility Revised Due Dates Form GSTR-3B For Month of July 2018 5th October 2018 Form GSTR-3B For Month of August 2018 10th October 2018 Form GSTR-1 For Turnover Up to 1.5 Crore (July 2018 to September 2018) 15th November 2018 Form GSTR-1 For Turnover Above 1.5 Crore (July 2018) 5th October 2018 Form GSTR-1 For Turnover Above 1.5 Crore(August 2018) 10th October 2018

10. July to September 2018 GSTR 4 Quarterly Filing Due Dates : Period (Quarterly) Due Dates April to June 2018 18th July 2018 July to September 2018 18th October 2018

11. GST REGISTRATION : In the GST Regime, businesses whose turnover exceeds Rs . 20 lakhs ( Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

12. Who Should Register for GST? * Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.) * Businesses with turnover above the threshold limit of Rs . 20 Lakhs ( Rs . 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttrakhand ) * Casual taxable person / Non-Resident taxable person * Agents of a supplier & Input service distributor * Those paying tax under the reverse charge mechanism * Person who supplies via e-commerce aggregator

13. * Every e-commerce aggregator * Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person .

14. Documents Required for GST Registration * PAN of the Applicant * Aadhaar card * Proof of business registration or Incorporation certificate * Identity and Address proof of Promoters/Director with Photographs * Address proof of the place of business * Bank Account statement/Cancelled cheque * Digital Signature * Letter of Authorization/Board Resolution for Authorized Signatory

15. Penalty for not registering under GS T : An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000. The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxe s .

16. What are the benefits of registering under GST? A. For normal registered businesses: 1. Take input tax credit 2. Make interstate sales without restrictions . B. For Composition dealers: 1. Limited compliance 2. Less tax liability 3. High working capital C. For businesses that voluntarily opt-in for GST registration (Below Rs . 20 lakhs) 1. Take input tax credit 2. Make interstate sales without restrictions 3. Register on e-commerce websites 4. Have a competitive advantage compared to other businesses

17. Who can Register for Composition scheme under GST? This scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST. A GST taxpayer whose turnover is below Rs 1 crore * can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the present limit is Rs 75* lakh. Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover. * Limit is raised to Rs . 1.5 crores after decision taken by the GST Council. However notification is awaited. Learn the Rules about Composition scheme & Know the pros & cons of being a composition dealer. Obtain GST registration and file CMP-02 to opt in for the scheme.

18. What is GSTIN? All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also know as GSTIN .

19. When should a business apply for multiple GST registrations? If a business operates from more than one state, then a separate GST registration is required for each state. For instance, If a sweet vendor sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and TN respectively. A business with multiple business verticals in a state may obtain a separate registration for each business vertical.

20. Procedure for registration under GST : ( 1) Every person who is liable to be registered under section 22 or section 24 shall apply for registration in every such State or Union territory in which he is so liable within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed: Provided that a casual taxable person or a non-resident taxable person shall apply for registration at least five days prior to the commencement of business. Explanation.— Every person who makes a supply from the territorial waters of India shall obtain registration in the coastal State or Union territory where the nearest point of the appropriate baseline is located.