As per Final GST Returns, in Table 6 of GSTR – 1, data for exports / deemed exports and supplies to SEZ should be shown in this table. The columns related to CGST & SGST rates and amount, tax paid on the provisional basis, HSN Code and identification of line as the supply of goods or services have been dropped. Grouping of the data is to be done on the basis of exports / deemed exports or SEZ supplies in the new returns unlike the previous formats of exports with payment of GST and without payment of GST.
As per the Determination of Value Supply, Open Market Value has to be considered for some transactions and OMV is “open market value” of a supply of goods or services or both means the full value in money, excluding the integrated tax, central tax, State tax, Union territory tax and the cess payable by a person in a transaction, where the supplier and the recipient of the supply are not related and price is the sole consideration, to obtain such supply at the same time when the supply being valued is made.
As per the Determination of Value of Supply Rules, the formula is given to derive the tax amount from the total value of supply in cases where the value of supply includes GST taxes. Tax amount= Value inclusive of taxes X tax rate in % of IGST or as the case may be CGST, SGST or UTGST divided by (100+ sum of tax rates, as applicable, in %).
As per CGST Act, all taxes, levies, and charges collected from the buyer should be part of the valuation except for the taxes under GST (SGST UTGST & Cess), if buyer and seller are not related parties.
In the proposed Goods and Service Tax, the returns are to be filed on monthly basis and same return for all the taxes i.e CGST (Central Goods and Service Tax), SGST (State Goods and Service Tax) and IGST (Integrated Goods and Service Tax) in case of regular tax payers and quarterly for tax payers under composite scheme.
As per the transitional provisions in GST, Central Excise and Service Tax Credit will be carried forward as CGST Credit, Value Added Tax Credit will be carried forward as SGST Credit in the electronic credit ledger based on the input tax credit shown in the returns filed immediately prior to the appointed day.
54 – As per the revised GST Law, while determining the turnover, supply of non-taxable goods and services is excluded, previously the same was included in determining the turnover.
53 – Composition levy under revised Model GST Law has been redefined and as per this, if the tax payer is having any interstate supplies or supplies to e-commerce operators, he will not be eligible to be registered as a composite tax payer.
52 – In the revised Model GST Law, the definition of input has been simplified, it says “means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business;” means any input used directly or indirectly for furtherance of business will be eligible for input tax credit. The usage of the word furtherance of business reduces litigation’s in future.
51 – As per the provisions of the revised Model GST Law, GST is not applicable or not to be levied on free goods.
50 – Input tax credit in case of telecommunication tower fixed to earth by foundation or structural support including foundation and structural support and pipelines can be taken in three equal installments spreading over a period of three years.
49 – The definition of Captial goods has been widened and made simple, now as per the Revised MGL Captial Goods means, the value of which is capitalized in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business; This replaces the existing definition of Captial goods as per Cenvat Credit Rules 2002 in the first draft of the Model GST Law released in June 2016.
48 – As per section 65 of the revised Model GST Law, the Comptroller and Auditor General is also empowered to call for information through its authorized representative.
47 – Service tax reversal provision is back in the revised Model GST Law, if the supplier of goods and services is not paid within three months, the input tax credit availed has to be added to the output tax liability.
46 – In the revised Model GST Law, the time limit for matching for provisional credit has been increased to three months from two months.
45 – As per the revised GST Law, the time limit for return of goods from the job worker has been increased from 180 days to one year for inputs and for capital goods from two years to three years.
44 – In the revised GST Law put in the public domain, securities have been dropped from the definition of Goods, it means on sale and purchase of securities GST will not be applicable and existing Securities Transaction Tax continues to be levied.
43 – In the revised Model GST Law, in the time of supply for the goods continuous supply of goods and supply of goods on sale or approval provisions have been dropped.
42 – In the revised draft CGST Bill, a new cause Anti Profiteering clause has been added… It mean the reduction of tax rate benefit and uninterrupted input Tax Credit benefits have to passed on. More clarity is awaited on how it works…
41 – Time of Supply under Revesre Charge for Services is earliest of the following dates, Date Of Accounting, Date of Receipt of services or date of payment.
40 – Time of Supply of Services is the earliest date of the following dates, date of issue of invoice or date of receipt of payment if invoice is issued within 30 days of completion of service.
39 – The time of supply for services under forward charge or regular services will be the earliest of the following dates, date of completion of service, date of issue of the invoice within 30 days or date of completion of service or the date on which the recipient shows the receipt of services in his books of account.
38 – If goods are removed on sale or approval basis, the time of supply shall be at the time when it becomes known that the supply has taken place or six months from the date of removal, whichever is earlier.
37 – In the case of continuous supply of goods like piped gas etc the time of supply will be the earliest date of issue of invoice or payment. In the case of issue of the statement of account, the date of expiry of the statement of account or payment date whichever is earlier.
36 – Time of supply for the reverse charge of goods is the earliest of the following dates 1. date of receipt of goods 2. the date on which payment is made, 3. date of receipt of invoice and 4. date of debit in the books.
35 – Time of Supply for the supply of goods under forward charge is earliest of the following dates, 1. issue of tax invoice, 2. moment of goods, 3. receipt of the advance, 4. making goods available to the buyer and 5. buyer shows the goods in his books of accounts.
34 – Time of Supply for Goods is divided into three categories broadly first is regular supply or forward charge, second is reverse charge and third is miscellaneous provisions.
33 – The time of supply for goods and services is different, but the overall logic is very simple, time of supply is the earliest of all the dates of the transaction like issue of invoice, supply of goods, completion of service, receipt of money etc.,
32 – Time of Supply is the event during which the supply of goods or services takes place or deemed to take place and at this point, the tax invoice has to be issued and the tax liability has to be accounted.
31 – The officer may grant cancellation of registration within 30 days and the tax payer has to pay all the amounts due like interest, penalty etc along with the tax amount based on computation for input credit or capital goods whichever is higher and in case of capital goods based on the process defined in law.
30 – If a tax payer has to cancel registration under GST, he has to file FORM GST REG-14 and also Final Return Form GSTR-10, which shows details of input tax on closing stock, market value of the goods and tax on it.
29 – Registration Number under GST is required under the following cases irrespective of turnover, All tax payers registered under the current tax regimes Any person who is required to pay tax under reverse charge mechanism, Any person marking interstate supplies, Casual taxable person, Non-Residential taxable person, Person needed to deduct tax under Sec 37, A person who provides goods or services on behalf of a principal has to be obtained irrespective of the threshold, Input service distributor & E-Commerce operators.
28 – Threshold limit under GST as per the GST Council is Rs 20 lacs across India expect north eastern states where it is Rs 10 Lakhs.
27 – The concept of payment of tax on manufacture of goods, on sales, provision of service is replaced by a single tax point called “Time of Supply” in GST.
26n – Under GST, Unique Identifaction Number (UIN) has to be obtained by bodies registered under United Nations and foreign embassies for claiming refund of GST on their purchases.
25 – For imports SAD and CVD is replaced by IGST and importer can avail full credit of IGST.
24 – Cancellation of Registration under GST is very complicated. The taxpayer has to file an application for cancellation along with the closing stock and pay all the taxes due and file valid returns for cancellation of application to be accepted.
23 – The portal for GST registration is allowing only one GST registration per PAN, in case if anyone has multiple businesses under same PAN have to approach their concerned Jurisdictional Authority.
22 – Suo moto registration – During survey, search, inspection, enquiry if an concerned officer finds business is not registered, he can issue temporary registration number and this process is called suo moto registration under GST.
21 – A Tax Payer can have up to 35 registration numbers in the same state based on his line of business / business vertical
20 – According to Draft Registration Rules, all registered tax payers have to display their GST Registration Number i.e GSTIN on the name board in all the locations of the place of business.
19 – Under GST each and every location of business has to be registered as an additional place of business. Registration number has to be displayed in a prominent place for each place of business.
18 – Three basic requirements for obtaining registration under GST are, PAN Number, e-mail id and mobile number. PAN will be validated online for information with CBDT Servers, Mobile number is required for sending OTP (one-time password) and email id for verification through a separate OTP
17 – For existing tax payers under Central Excise, VAT or Service Tax the data will be migrated and the tax payer will be given 6 months for furnish all the required information.
16 – Registration Number under GST is called GSTIN and it is 15 digit number,the first two digits are for the state code, next 10 digits PAN, 13th digit is for business vertical, 14th digit is blank and 15th digit is check digit.
15 – Under GST there is no concept of a manufacturer, first stage dealer,registered dealer, service provider etc., anyone who registers under GST is called a tax payer.
14 – Under GST all tax payers have to file single return for the state and the central taxes (SGST, CGST & IGST)
13 – In India we have adopted dual GST i.e the Central Government and the State Government will be levying and collecting taxes due to constitutional provisions in our constitution.
12 – GST is a destination based tax i.e taxes will go to the state where the goods are consumed.
11 – Under GST there is no concept of Tax on Tax like VAT computed on item price + Excise duties
10 – Under GST there is uninterrupted input tax credit in the supply chain process i.e input tax credit can be taken in each and every stage
9 – GST Is applicable to whole of India including Jammu and Kashmir
8 – Under GST, Goods and Services share the same taxes
7 – Integrated Goods and Service Tax (IGST) will replace Central Sales Tax for all inter-state transactions under GST
6 – Taxes which are not subsumed under SGST are Stamp Duty, Electricity Duty,Vehicle Tax, Royalty, State taxes on petroleum and alcoholic products and Entertainment Duty levied by local bodies.
5 – State Goods and Service Tax (SGST) – taxes merged with SGST are Value Added Tax, Entry Tax, Purchase Tax, Luxury Tax,Entertainment Tax,Octroi, Various Surcharges & Cess
4 – Taxes which are not subsumed under CGST are Basic Customs Duty, other import duties, excise duties on petroleum products and tobacco products
3 – Central Goods and Service Tax (CGST) to replace Central Excise, Service Tax, Additional Excise Duty, Special Additional Customs Duty (SAD), Countervailing Duty (CVD) along with various cesss and surcharges
2 – There are three taxes under GST ; Central Goods & Service Tax (CGST), State Goods & Service Tax (SGST), Integrated Goods and Service Tax (IGST).
1 – under GST, there is only one registration number per state called GSTIN – Goods and Service Tax Identification Number