Goods and Services Tax

Rule 20 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 20 – 20. Communication and rectification of discrepancy in details furnished by the e-Commerce operator and the supplier (1) Any discrepancy in the details furnished by the operator and those declared by the supplier shall be made available to both electronically in FORM GST ITC-1 through the Common Portal on or before the last date of the month in which the matchi

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Rule 19 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 19 – 19. Matching of details furnished by the e-Commerce operator with the details furnished by the supplier The following details relating to the supplies made through an e-Commerce operator, as declared in FORM GSTR-8, shall be matched with the corresponding details declared by the supplier in FORM GSTR-1- (a) GSTIN of the supplier (b) GSTIN/UIN of the recipient, if the recipient is a registered taxable person (c) State of place of supply (d) Date of invoice of the supplier (e) Invoice Number of the supplier (f) Tax rate (g) Taxable value (h) Tax amount: Provided that for all supplies where the supplier is n

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Rule 18 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 18 – 18. Refund of interest paid on reclaim of reversal The interest to be refunded under sub-section (9) of section 29 or sub-section (9) of section 29A shall be claimed by the taxable person in his return in FORM GSTR-3 and shall be credited to his electronic cash ledger in FORM GST PMT-3 and the amount credited shall be available for payment of any future liabil

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Rule 17 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 17 – 17. Claim of reduction in output tax liability more than once

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Rule 16 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 16 – 16. Communication and rectification of discrepancy in reduction in output tax liability and reversal of claim of reduction (1) Any discrepancy in claim of reduction in output tax liability, specified in subsection (3) of section 29A, and the details of output tax liability to be added under subsection (5) of the said section on account of continuation of such discrepancy shall be made available to the registered taxable person making such claim and the recipient electronically in FORM GST ITC-1 through the Common Portal on or before the last date of the month in which the matching has been carried out. (2

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Rule 15 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 15 – 15. Final acceptance of reduction of output tax liability and communication thereof (1) The final acceptance of claim of reduction in output tax liability in respect of any tax period, specified in sub-section (2) of section 29A, shall be made available electronically to the taxable person making such claim in FORM GST ITC-1 through the Common Portal. (2) The

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Rule 14 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 14 – 14. Matching of claim of reduction in the output tax liability The following details relating to the claim of reduction in output tax liability shall be matched under section 29A after the due date for furnishing the return in FORM GSTR3 (a) GSTIN of the supplier (b) GSTIN of the recipient (c) Credit Note date (d) Credit Note number (e) Taxable value (f) Tax a

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Rule 13 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 13 – 13. Claim of input tax credit on the same invoice more than on

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Rule 12 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 12 – 12. Communication and rectification of discrepancy in claim of input tax credit and reversal of claim of input tax credit (1) Any discrepancy in the claim of input tax credit in respect of any tax period, specified in sub-section (3) of section 29 and the details of output tax liable to be added under sub-section (5) of the said section on account of continuation of such discrepancy shall be made available to the registered taxable person making such claim and the supplier electronically in FORM GST ITC-1 through the Common Portal on or before the last date of the month in which the matching has been carr

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Rule 11 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 11 – 11. Final acceptance of input tax credit and communication thereof (1) The final acceptance of claim of input tax credit in respect of any tax period, specified in sub-section (2) of section 29, shall be made available electronically to the registered taxable person making such claim in FORM GST ITC-1 through the Common Portal. (2) The claim of input tax credi

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Rule 10 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 10 – 10. Matching of claim of input tax credit The following details relating to the claim of input tax credit on inward supplies including imports, provisionally allowed under section 28, shall be matched under section 29 after the due date for furnishing the return in FORM GSTR-3 (a) GSTIN of the supplier (b) GSTIN of the recipient (c) Invoice/Debit Note date (d)

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Notice to non-filers of returns – Rule 9 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 9 – 9. Notice to non-filers of retu

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Rule 8 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 8 – 8. Form and manner of submission of statement of supplies effected through e-Commerce (1) Every e-Commerce operator required to collect tax at source under section 43C shall furnish a statement in FORM GSTR-8 electronically through the Common Portal, either directly or from a Facilitation Centre, notified by the Board or Commissioner, containing details of suppl

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Rule 7 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 7 – 7. Form and manner of submission of return by a person required to deduct tax at source (1) Every registered taxable person required to deduct tax at source under section 37 shall furnish a return in FORM GSTR-7 electronically through the Common Portal either directly or from a Facilitation Centre, notified by the Board or Commissioner. (2) The details furnished

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Rule 6 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 6 – 6. Form and manner of submission of return by an input service distributor Every input service distributor shall, after adding, correcting or deleting the details contained in FORM GSTR-6A, furnish electronically a return in FORM GSTR-6, containing the details of tax invoices on which credit has been received and those issued under section 17, through the Common

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Rule 5 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 5 – 5. Form and manner of submission of return by non-resident taxable person Every registered non-resident taxable person shall furnish a return in FORM GSTR-5 electronically through the Common Portal, either directly or from a Facilitation Centre, notified by the Board or Commissioner, including therein the details of outward supplies and inward supplies and shall

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Rule 4 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 4 – 4. Form and manner of submission of quarterly return by the composition supplier (1) Every registered taxable person paying tax under section 8 shall, after adding, correcting or deleting the details contained in FORM GSTR-4A, furnish a quarterly return in FORM GSTR-4 electronically through the Common Portal, either directly or from a Facilitation Centre, notifi

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Rule 3 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 3 – 3. Form and manner of submission of monthly return (1) Every registered taxable person, other than a taxable person paying tax under section 8, shall furnish a return under sub-section (1) of section 27 in FORM GSTR-3 electronically through the Common Portal either directly or from a Facilitation Centre, notified by the Board or Commissioner. (2) Part A of the return under sub-rule (1) shall be electronically generated on the basis of information furnished through returns in FORM GSTR-1, FORM GSTR-2, electronic credit ledger, electronic cash ledger and electronic tax liability register of the taxable person

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Rule 2 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 2 – 2. Form and manner of furnishing details of inward supplies (1) Every registered taxable person required to furnish the details of inward supplies of goods and/or services received during a tax period under sub-section (2) of section 26 shall, on the basis of details contained in Part A of FORM GSTR-2A, prepare such details in the manner specified in sub-section (1) of the said section and furnish the same in FORM GSTR-2 electronically through the Common Portal, either directly or from a Facilitation Centre, notified by the Board or Commissioner, after including therein details of such other inward supplies

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furnished by an Input Service Distributor in his return in FORM GSTR-6 under rule 7 shall be made available to the recipient of credit in Part B of FORM GSTR 2A electronically through the Common Portal and the said recipient may include the same in FORM GSTR-2. (6) The details of tax deducted at source by the deductor under section 37 furnished in FORM GSTR-7 shall be made available to the deductee in Part C of FORM GSTR-2A electronically through the Common Portal and the said deductee may include the same in FORM GSTR-2. electronically through the Common Portal and the said deductee may include the same in FORM GSTR-2. (7) The details of tax collected at source by an e-commerce operator under section 43C furnished in FORM GSTR-8 shall be m

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Rule 1 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 1 – DRAFT GOODS AND SERVICES TAX – RETURN RULES, 20- Note: Corresponding changes in the Model GST Law are being carried out separately. Comments , if any may kindly be given by 28th September, 2016. Chapter-__: RETURNS 1. Form and manner of furnishing details of outward supplies (1) Every registered taxable person required to furnish the details: (a) of outward supplies of goods and/or services effected during a tax period under sub-section (1) of section 25; and (b) of outward supplies of goods and/or services effected during an earlier tax period under sub-section (2) of section 25 shall furnish such details

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Goods and Services Tax – GST – By: – Anuj Bansal – Dated:- 5-10-2016 Last Replied Date:- 5-10-2016 – This article is in continuity of the article earlier written by the Author and is published in Tax Management India as regards transition of registration of the dealers under the existing system to GST system. In short, it was explained in the earlier article that the registration of existing dealers will automatically be converted to registrations under GST law and certain basic details of the dealers will also be inserted in the new registration system except that details which may further be required. Another important aspect in the transition from the existing system to GST regime is the carryover of closing balance of ITC from present tax regime to GST regime. It is quite important to understand the process of carryover of closing balance of ITC to GST regime so that full benefit of ITC is available to a dealer. ITC is available to a dealer under different categories and broadly t

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d over in the system for the purpose of CGST or SGST as the case may be. In other words, the amount of ITC to be carried over shown in the return for Service Tax / Excise Duty or for VAT as the case may be shown by a dealer will be automatically taken by the system. It may be stated once the ITC is carried over in the return of the present law and considered in the first return under GST law, there is no mechanism to correct / revise ITC carried forward from the earlier period. Therefore, the dealer is required to take an extra precaution in filing the last return for the present tax regime and first return for the GST regime. In other words, in case any amount of ITC is left out in the return for the period ending March, 2017, the dealer can only claim cash refund from the department and which would be difficult. As per the existing provisions of Service Tax / Excise Duty return for the month of March 2017 will be required to be filed by 25th of April / 10th of April. Similarly, retur

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ed that the dealer has to be cautious in filing the returns under existing laws for the month of March 2017 claiming the correct amount of ITC carried over and such returns should be in any case filed before 20th May 2017 on which date the returns under GST Law will become due. Transition of closing balance ITC on the appointed date in relation to capital goods: This situation is relevant in the cases where the assesse has partly claimed ITC on the Capital Goods in the present tax regime and the balance is pending for claim during GST Regime. In such situation, the assessee will determine the total balance ITC on capital goods on the appointed date and he will be allowed to consider the ITC in his first return under GST regime. Here the department has allowed the assessee to manually insert the value of the balance ITC relating to capital goods. It is suggested that the dealer should maintain proper accounts / records of capital goods purchased and ITC available during April 2017. Same

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nt of duty/ tax under the earlier law. Therefore, it is suggested in such situations to start preparing / documenting such kind of invoices which would be relevant for claiming ITC on the closing stock. Dealers who are registered under the composition scheme under earlier law but under GST regime paying tax as general / normal dealer, the ITC in regard to the stock held by such dealers on the appointed date will be available in GST regime. However, the dealer should be in possession of invoices or any other prescribed documents evidencing the payment of duty / tax.Moreover, the dealer would be eligible for ITC on receipt of such goods under earlier law but for being a composite dealer has not claimed ITC in earlier law. Such kind of ITC shall also be admissible under the GST regime. Therefore, it is suggested that if any such kind of situation is envisaged, proper records of invoices / documents evidencing payment of duty / tax shall be maintained. There are certain other important con

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 5-10-2016 Last Replied Date:- 5-10-2016 – Chapter VII of Model GST law ( law for short) discusses about the tax invoice, credit and debit notes. Tax invoice Tax invoice is to be issued for both taxable goods as well as taxable service. Section 23 of the law provides that a registered taxable person supplying- Taxable goods shall issue a tax invoice showing the description, quantity and value of goods, the tax thereon and such other particulars as may be prescribed; Taxable service shall issue a tax invoice, within the prescribed time, showing the description, the tax charges thereon and such other particulars as may be prescribed. Contents of tax invoice The tax invoice, in general, shall have the following details- name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/unique id number, if r

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of the original invoice; and signature or digital signature of the supplier or his authorized representative; The Board/Commissioner may specify, by notification- the number of digits of HSN code for goods or the accounting code for services, that a class of taxable persons shall be required to mention, for such period as may be specified in the said notification, and the class of taxable persons that would not be required to mention the HSN code for goods or, the Accounting Code for Services, for such period as may be specified in the said notification. Invoice in exports The invoice, in case of exports, shall carry an endorsement Supply meant for Export on Payment of IGST or Supply meant for export under bond without payment of IGST . The following details are to be incorporated in the invoice- name and address of the recipient; address of delivery; name of the country of destination; and number and date of application for removal of goods for Export (ARE-1). Period of issue of invoi

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ned an Invoice Reference Number. The invoice in case of supply of services shall be prepared in duplicate. The original copy is to be marked as original for recipient and the duplicate copy is to be marked as duplicate for supplier . The serial number of invoices issued during a tax period shall be furnished electronically through the common portal in Form GSTR-1. Invoice Reference Number A registered taxable person may obtain an invoice reference number from the common portal (the common GST electronic portal approved by the Central Government and State Governments, on the recommendation of the Council, for the specified purposes, as may be notified under this Act) 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 tax invoice. The Invoice Reference Number shall be valid for a period of 30 days from the date of uploading. Revised invoice A registered taxable

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number containing only alphabets and/or numerals, unique for a financial year; date of issue; name, address and GSTIM/.UID, if registered of the recipient; HSN Code of goods or Accounting Code for services; Description of goods of services; value of goods or services taking into account discount or abatement, if any; and signature or digital signature of the supplier or his authorized representative. The bill of supply is not required to be issued if the value of the goods or services is less than ₹ 100/- where the recipient of the goods or services requires such bill. The registered taxable person shall prepare a consolidated bill of supply at the close of each day in respect of all such supplies where the bill of supply has not been issued due to lesser value to ₹ 100/-. Credit or debit notes The explanation to Section 23 provides that tax invoice shall be deemed to include a document issued by an Input Service Distributor under section 17, and shall also include any sup

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for supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to be less than the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, shall issue to the recipient a debit note containing such particulars as may be prescribed on or before the thirtieth day of September following the end of the financial year in which such supply was made, or the date of filing of the relevant annual return, whichever is earlier. Section 24(3) of the law imposes an obligation on a person who issues or receives a debit note or credit note. Any registered taxable person who issues or receives a credit or debit note in relation to a supply of goods and/or services shall declare the details of such credit or debit note, as the case may be, in the return for the month during which such credit or debit note has been issued or received or in the return for any subsequent month but not later t

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Service Distributor means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above. For the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST, Input Service Distributor shall be deemed to be a supplier of services. A tax invoice issued by an Input Service Distributor shall contain the following details- name, address and GSTIN of the Input Service Distributor; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN of supplier of services, the credit in respect of which is being distributed and the serial number and da

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a GTA Where the supplier of taxable service is a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage, he shall issue a tax invoice or any other document in lieu thereof, by whatever named called- containing the gross weight of the consignment; name of the consignor and the consignee; registration number of goods carriage in which the goods are transported; details of goods transported; details of place of origin and designation; GSTIN of the person liable for paying tax whether as consignor or consignee or GST; and also contains other information as prescribed for tax invoice. Tax invoice of passenger transportation service Where the supplier of taxable service is supplying passenger transportation service, a tax invoice shall include ticket in any form, by whatever name called, and whether or not containing the address of the recipient of service but containing other information for a tax invoice. – Reply By Ganeshan Kalyani –

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Goods and Services Tax – GST – By: – atul rathod – Dated:- 4-10-2016 Last Replied Date:- 5-10-2016 – Impact of GST on Real Estate Sector:- Background:- Since the Model law of GST has come in public domain on 14.06.2016 and bill has been passed in Rajya Sabha and even expected to get effective from 01.04.2017. The purpose of this article is to give overview on impact of GST on Real Estate Sector due to change in Indirect tax structure. GST will play a major role in real estate sector as most of the purchases made by builder from unorganized persons, but in GST they need to purchase from organized persons. This is 2nd in Series. (Impact of GST on various sectors) Positive Impact:- One Tax: In Present structure of GST, there are various kinds of taxes such as Service tax, VAT, CST But in GST Regime there is only one tax i.e. GST however, there will be three parts such as CGST, SGST, IGST. Works Contract is deemed as Supply of Service : The major issues are in Present regime of Indirect T

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ct service and not Construction of residential complex service or vice versa, whereas no such disputes is going to arise in GST. This will save litigation cost as part of the cases in litigation is around classification issues. No Cascading effect: In Current Regime of tax a builder is not eligible to take credit of CST on purchases made from interstate where as in GST the same is allowed as credit and there is no cascading effect to the extent of CST. However, Petrol & Diesel which is also key raw material of the Real estate has been kept out of the GST Regime, hence to the extent of the same cascading effect is going to be retain and the same will be added as cost. Further, there is no provision of exclusion of Property tax in GST Regime, may invoke basis fundamental of GST Regime. No Joint Charge In works contract service: In Present Regime of law, there is huge problems has been facing while calculating the liability where the partly reverse charge is applicable for the procuri

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ax authorities: Generally A Builder are facing many difficulties in handling the assessments done by the Separate authorities for VAT, Service Tax, CST, etc. In GST Regime it is expected that assessment will be done by one authority to the extent of limit of turnover, if the turnover exceed prescribed limit than assessment going to be done by another authority. Electronic Mode for Forms: In current Regime of tax there is very much manual filing of documents such as initial declaration and other forms but in GST Regime there will be less manual filing of documents and more through electronic mode. Further, the communication with department also could be through electronic mode. Compliance:-In GST Regime huge Compliance would be there however, it could be negative impact as well as positive. Negative Impact Rate of tax: In current tax regime the consumer pays approximately 6% as Service tax and 5% as VAT which comes around 11% whereas GST consumer might end up paying tax at the rate betw

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ed in Valuation for GST. Further, freebies given at the initial bookings also must be assessable to GST. Registration: Generally it is seen that Construction Company may have various sites in the country, in present regime he may take centralized registration and was adding the sites in registration certificate whereas in GST Regime construction company does not have any option and has to take registration in state wise which may increase the compliance cost. Reverse Charge on Goods: In Current Regime Of tax structure there was reverse charge on specified services but in case of GST even the reverse charge will be applicable on goods. Post supply Discount: If the Discount has to be given post supply than it must be known to both the parties at the time of supply or pre-supply and the proof of being known is the clause of discount must be there either in contract or agreement or offer etc. Credit Criteria in Returns: In Current if the tax has been made the purchaser to supplier then he

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Goods and Services Tax – GST – By: – Bimal jain – Dated:- 3-10-2016 Last Replied Date:- 3-10-2016 – Dear Professional Colleague, Highlights of Draft GST Rules & Formats which got approved by the GST Council The Government is not leaving any stone unturned to roll out the much awaited indirect tax reform from April 1, 2017. In less than a week after the first meeting of the GST Council (on September 22-23, 2016), the Central Board of Excise and Customs ( CBEC ) on September 26, 2016, has unveiled the Draft Rules and formats under GST relating to registration, invoice and payment. Further on September 27, 2016, more GST Draft Rules and formats on return and refunds were also put in public domain (collectively referred to as the Draft GST Rules ). Earlier, in the month of October, 2015, the Draft GST Business Processes on registration, payment, returns and refunds were put in public domain for public comments. Draft GST Rules approved by the GST Council The CBEC invited comments on t

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power for assessment to Centre for assessing 11 lakh Service tax assessees who are currently assessed by them. However, there were divisions over ratifying/ approving the minutes of the first meeting of the GST Council after at least two States disagreed with the Centre's power for assessing these taxpayers in the new dispensation. The discussion was in conclusive and therefore it will continue in the next meeting. The next meeting of GST Council will be held on October 18-20, 2016 to discuss on issues like Service tax assessment and the formula for calculating compensation to be paid to States in case of revenue shortfall as a result of implementation of the GST regime, possibly from April 1, 2017.GST rates, Draft GST law to be decided by November 22, 2016. Key Highlights of the Draft GST Rules Key highlights of the Draft GST Rules for registration, invoice, payment, return and refunds are stated below for easy digest: I: Draft Rules and Formats for Registration under GST Section

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ation/ Clarification/ Documents relating to Application for<> 4 GST REG-04 Application for filing clarification/additional information/ document for <> 5 GST REG-05 Order of Rejection of Application for <> 6 GST REG-06 Registration Certificate issued under Section 19(8A) of the Goods and Services Tax Act, 20- 7 GST REG-07 Application for Registration as Tax Deductor or Tax Collector at Source under Section 19(1) of the Goods and Service Tax Act, 20- 8 GST REG-08 Order of Cancellation of Application for Registration as Tax Deductor or Tax Collector at Source under Section 21 of the Goods and Service Tax Act, 20-. 9 GST REG-09 Application for Allotment of Unique ID to UN Bodies/Embassies /any other person under Section 19(6) of the Goods and Service Tax Act, 20-. 10 GST REG-10

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onal certificate 23 GST REG-23 Intimation of discrepancies in Application for Enrolment of existing taxpayer 24 GST REG-24 Application for Cancellation of Registration for the Migrated Taxpayers not liable for registration under Goods and Services Tax Act 20- 25 GST REG-25 Application for extension of registration period by Casual / Non-Resident taxable person. 26 GST REG-26 Form for Field Visit Report Online filling of application- Application for registration is to be made online either directly on the GSTN Portal or through Facilitation Centres (FC) notified by the Board or Commissioner. Verification of Information- For GST Registration, Part A of FORM GST REG-01 (application for registration under Section 19(1) of the Model GST Act) seeks to verify PAN through Income Tax Portal, mobile number and email i.d. through one-time password (OTP) sent to the said mobile number/email address. No fee for filling registration application-No fee is payable for filing application for registrati

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w and having a PAN shall be granted registration on a provisional basis and a certificate of registration incorporating the GSTIN therein, shall be made available on the Common Portal. Thereafter, an application along with the information/documents specified therein shall be submitted electronically. Information asked for shall be furnished within a period of 6 months or such further period as may be extended by the Board or Commissioner. Failure to submit relevant information within prescribed time period can lead to cancellation of provisional registration. Physical verification of business premises- Verification of premises may be taken up by the proper officer after granting registration and verification report to be uploaded in Form GST REG-26. Read more on the Draft Rules and Formats for Registration under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-registration-rules.pdf http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-registration-rules.

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credit ledger in FORM GST PMT-2 and the electronic cash ledger in FORM GST PMT-3. Mode of Payment of tax- Tax can be paid either through net banking, credit or debit card, NEFT/RTGS, Over the Counter ( OTC ) [OTC payment only up to ₹ 10,000per challan per tax period]. Unique Identification Number (UIN)- A UIN shall be generated at the Common Portal for each debit or credit to the electronic cash or credit ledger. Generation of UIN for every transaction – to be correlated with tax liability register. 7 Forms for Payment prescribed -7 Forms for payment has been prescribed (Form GST PMT-1 to Form GST PMT -6 and Form GST PMT-2A), namely- Sr No. Form No. Title of the Form 1. Form GST PMT-1 Electronic Tax Liability Register of Taxpayer (Part-I: Return related liabilities) Electronic Tax Liability Register of Taxpayer (Part-II: Other than return related liabilities) 2. Form GST PMT-2 Electronic Credit Ledger 3. Form GST PMT-2A Order for re-credit of the amount to cash or credit ledger

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Rules viz. Tax invoice, Manner of Issuing Invoice, Bill of supply, Supplementary tax invoice and Credit or debit notes, Tax Invoice in special cases. Information to be filed in Tax Invoice-The Draft Invoice Rules provides that the tax invoice which is to be issued by supplier shall have an extensive list of information, numbering around 20 viz. name, address and GSTIN of the supplier, HSN code of goods or Accounting Code of services, rate of tax (CGST, SGST or IGST), place of delivery where the same is different from the place of supply etc. Also, in case of exports information such as name and address of the recipient, address of delivery, name of the country of destination and number and date of application for removal of goods for export [ARE-1] are also required to be given. Manner of issuing invoice- The invoice shall be prepared in triplicate, in case of supply of goods, and in duplicate, in case of supply of services. Form for application for Electronic Reference Number of Invo

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Read more on the Draft Rules and Formats of Invoice under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-invoice-rules.pdf http://www.cbec.gov.in/htdocs-cbec/gst/draft-formats-under-invoice-rules.pdf IV: Draft Rules and Formats for Return under GST A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. GST is a self-assessed destination based consumption taxation system. Thus, the submission and processing of return is an important link between the taxpayer and tax administration. Chapter – VIII of the Model GST Act contains the provisions regarding returns. The Draft Rules of Return under GST ( the Draft Return Rules ) along with Return Formats have now been put on Public domain. The salient features of the Draft Return Rules and Formats are as follows- 25 Rules on Return prescribed- The Draft Return Rules have 25 Rules viz. Form and manner of furnishing details of outward supplies an

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tax 6 Form GSTR-3A Notice to a registered taxable person who fails to furnish return under section 27 and section 31 7 Form GSTR-4 Quarterly Return for compounding Taxable persons 8 Form GSTR-4A Details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier 9 Form GSTR-5 Return for Non-Resident foreign taxable person 10 Form GSTR-6 ISD return 11 Form GSTR-6A Details of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 furnished by the supplier 12 Form GSTR-7 Return for authorities deducting tax at source 13 Form GSTR-7A TDS Certificate 14 Form GSTITC-1 Communication of acceptance, discrepancy or duplication of input tax credit claim 15 Form GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (1) of section 43C 16 Form GSTR-9 Annual return 17 Form GSTR-9A Simplified Annual return by Compounding taxab

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ms are prescribed for periodical returns by Regular Taxable Persons, composition dealers, Non-resident taxable persons, Persons who are required to deduct or collect tax at source etc. No time period for issuing SCN to non- filers of return-No time period has been prescribed for issuing Notice to non- filers of return under Rule 9 of the Draft Returns Rules. Annual return- Every registered taxable person shall furnish an annual return electronically in FORM GSTR-9 through the Common Portal either directly or from a FC, notified by the Board or Commissioner. Tax return preparers-The Draft Return Rules prescribe the conditions for enrolment as tax return preparers. Read more on the Draft Rules and Formats for Return under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-return-rules-26092016.pdf http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-return-formats-26092016.pdf V: Draft Rules and Formats for Refunds under GST Section 38 of the Model GST Act contains the pr

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GST RFD-06 Order for Complete adjustment of claimed Refund GST RFD-07 Show cause notice for reject of refund application GST RFD-08 Payment Advice GST RFD-09 Order for Interest on delayed refunds GST RFD-10 Refund application form for Embassy/International Organizations Form for Refund application- A common refund application is prescribed for all refunds arising on various instances which is to be made in Form GST RFD-1 electronically through the Common Portal either directly or from a FC notified by the Board or Commissioner. Refund relating to balance amount in electronic cash ledger- Claim for refund of balance amount in the electronic cash ledger is to be made through the return for the relevant tax period. Provisional refund- The Draft Refund Rules provides for a stipulation of provisional refund within 7 days from the date of acknowledgement, where the proper officer after scrutinizing the claim is prima facie satisfied. However, such provisional refund, is only contemplated if

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Goods and Services Tax – Started By: – yogesh Panchal – Dated:- 3-10-2016 Last Replied Date:- 24-12-2016 – Dear All, GST Tax Experts,In current central excise law the levy of excise duty on manufactured of finished goods , also manufactured only charged excise duty, the biggest litigation and issues are goods are manufactured, deemed manufacturer, Traders, Dealers & etc. then in the Trading business Trader purchase brought out goods, do not take cenvat credit of excise & service tax, do not take any manufacturing activity on the brought out goods, do not take excise registration and brought out goods cleared without excise duty with adding profit margin, pay CST/VAT. – Reply By Ganeshan Kalyani – The Reply = Whether you are updatin

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Trader purchase brought out goods, do not take cenvat credit of excise & service tax, do not take any manufacturing activity on the brought out goods, do not take excise registration and brought out goods cleared without excise duty with adding profit margin, pay CST/VAT.Now in GST Régimes above type of Trading business liable for take credit & pay GST on brought material which not doing any manufacturing or deemed manufacturing activity????, (2 ) As per GST Model Law if the credit is not availed and not reflected in the return of march-2017 , as of now there is no provision in GST Model Law to avail the credit in future. In respect of the above condition Following Credit/paid Amount Not reflected In the Excise & Service

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