PPT on Goods and Service Tax (GST)
By: – CSSANJAY MALHOTRA
Goods and Services Tax – GST
Dated:- 6-9-2016<\/p>\n
Enclosing herewith is the PPT on Goods and Service Tax (GST). Hope all will find the same beneficial to understand the concepts in GST and align the Business Model in times to come, as GST would lead to Business Transformation.
\nAny suggestions please do get back so that the same may be putforth to CBEC.
\nregards
\nCS Sanjay Malhotra
\n Reply By Ganeshan Kalyani as =
\nSir, nice ppt. Simple and easy to understand. Thanks for sharing sir.
\n Dated: 6-9-2016
\n Reply By SNEHAL SHAH as =
\nDear sir ,
\nThanks sir for providing such valuable inputs .
\nRegards,
\nSNEHAL SHAH
\n Dated: 7-9-2016
\n=============
\nDocument 1GST
\nGOODS AND SERVICES TAX \u2022
\nBy: BS SANJAY MALHOTRA
\nPracticing Company Secretary (Indirect Tax Matters),
\nMember Taxation Committee- FICCI Chandigarh,
\nMember GST Core Group Committee (ICSI)
\n# 95011-76633 (sanjaymalhotra.cs@gmail.com)
\nBY: CS SANJAY MALHOTRA
\nGOO<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e Providers = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n A = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nsale = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n CREDIT = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n or = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eriod is 6 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s, tax charged etc. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ce = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n h immovable property or = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ION = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n day. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n axable supplies. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n lace, No Tax shall = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n of earlier = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" PPT on Goods and Service Tax (GST)By: – CSSANJAY MALHOTRAGoods and Services Tax – GSTDated:- 6-9-2016 Enclosing herewith is the PPT on Goods and Service Tax (GST). Hope all will find the same beneficial to understand the concepts in GST and align the Business Model in times to come, as GST would lead to Business Transformation. … Continue reading “PPT on Goods and Service Tax (GST)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-963","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=963"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/963\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nReduce Compliance Costs
\nBroadening Tax Base.
\n\u2022 Reduce Tax Distortions.
\nIncrease in Employment.
\nIncrease in GDP by 2%
\nBY: CS SANJAY MALHOTRA
\nCONCEPT – PRESENT v\/s PROPOSED
\nService tax\/Excise\/Sales tax\/
\nOther taxes
\nPresent
\nTAXES
\nTAXES
\nTAXES
\nTAXES TAXES
\nTAKES
\nTAXES
\nTAXE AXES TAXES
\nTAXES TAXES
\nTAXE TAXES
\nTAVES
\nTAXE
\nTAXES
\nTAXES
\nTAXES
\nTAXES
\nTAXES
\nTAXES
\nTAKETAXES
\nTAXES
\nTAXE
\nTAXES
\nMAES
\nTAXES
\nTAXES
\nPackaging Automation layout prouide d
\nby Barry-Wehmiller Design Group, Inc.
\nMANUFACTURE
\nTax Regime
\nIN INNN\u00c3\u0160N
\nE
\nBY: CS SANJAY MALLIGRA
\nGST
\nProposed
\nSUPPLY BASED
\ndreamstime
\nATE
\nPresent Regime
\nMRP of “X” : Rs 300\/-
\nCENVAT@12.5% : Rs 26.25
\nEffective Duty Rate: 8.75%
\nAbatement: 30%
\nTotal Taxes
\nEffective Duty
\nS.P
\n150
\nS.P
\nTotal
\nAdd:CENVAT 26.25
\n176.25
\nTotal
\n200
\nAdd:CENVAT 26.25
\n226.25
\nS.P
\nAdd:CENVAT
\nTotal
\n273.75
\n26.25
\n300.00
\nRs 26.25
\n8.75%
\nManufacturer
\nGST Regime
\nWholesaler
\nRetailer
\nConsumer
\nS.P
\n150
\nC.P
\n177
\nC.P
\n236
\n\u2022 GST @ 18%
\nAdd: GST 18%
\n27
\nLess: ITC
\n27
\nLess: ITC
\n36
\nTotal
\n177
\n15<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGERMANY
\n10%
\n16%
\n\u00e2\u02dc\u0090 9
\nSOUTH KOREA
\n10%
\n10
\nSWITZERLAND
\n8%
\nBY: CS SANJAY MALHOTRA
\n17
\nFINANCE & ADMIN
\nSALES &
\nMARKETING
\nBUSINESS STRATEGY
\n& OPERATION
\nLEGAL
\nHOW DOES
\nGST IMPACT
\nYOUR BUSINESS?
\nINFORMATION
\nTECHNOLOGY
\nCUSTOMERS
\nSUPPLIERS \/
\nPROCUREMENT
\nHUMAN RESOURCE
\nBY: CS SANJAY MALHOTRA
\nCommodity
\nGST – Impact on Businesses
\nProposed GST Rate (Lets
\nPresent Tax Rates
\nsay 20%)
\nDifference
\nExcise
\nDuty VAT
\nTotal
\nCGST
\nSGST
\nTotal
\nCHEMICALS
\n12.50% 6.05% 18.55%
\n10%
\n10%
\n20%
\n1.45%
\nPHARMACEUTICALS 12.50% 6.05% 18.55%
\n10%
\n10%
\n20%
\n1.45%
\nSMALL PASSENGERS
\nCARS
\n12.50% 14.50% 27.00%
\n10%
\n10%
\n20%
\n7.00%
\nMID SIZE CARS
\n24% 12.50% 36.50%
\n20%
\n20%
\n40%
\n3.50%
\nENGINEERING
\nGOODS
\n12.50% 14.50% 27.00%
\n10%
\n10%
\n20%
\n7.00%
\nBY: CS SANJAY MALHOTRA
\nTOI
\nDU
\nGOODS & SERVICE TAX
\nEating out
\nPhone Bills
\nHigh Segment cars
\nParcel\/Courier
\nQ
\nJ
\n….
\nPhones
\nWhat will become
\nCHEAPER
\nFurniture
\nNeeds Tax Rates
\nReview or else Price
\nIncrease
\nSmall Cars
\nSatellite TV
\nHeater\/Air cooler
\nBiscuits\/cakes
\nBATTERY
\nBY: CS SANJAY MALHOTRA
\nBuying House
\nBa<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGarment
\nManufacturer “B”
\nGarment
\nsale
\nWholesaler
\n“C”
\nTOTAL COST-
\nRs 354\/-
\nConsumer
\n\u201cE\u201d
\nTax Invoice-“A”
\nSale Price:
\n150\/-
\nTax Invoice-“B”
\nCGST 10%
\n15
\nRetailer
\nGarment
\nsale
\n“D”
\nGarment
\nsale
\nSale Price:
\nSGST 8%
\n12
\n200\/-
\nCGST 10%
\n20
\nTax Invoice-“C”
\nSGST 8%
\n16
\nSale Price:
\n250\/-
\nTotal
\n177\/-
\nTax Invoice-“D”
\nCGST 10%
\n25
\nSale Price:
\n300\/-
\nTotal
\n236\/-
\nSGST 8%
\n20
\nCGST 10%
\n30
\nTax Payments
\nSGST 8%
\n24
\nPayable
\n(in Rs)
\nTotal
\n295\/-
\nCGST
\n15
\nTax Payments
\nPayable
\nSGST
\n12
\n(in Rs)
\nTotal
\n354\/-
\nCGST
\n20
\n27\/-
\nSGST
\nLess: Receivable
\nCGST
\nSGST
\n10
\n8
\n18\/-
\nLess: Receivable
\nCGST
\nSGST
\nNet Payable Rs 9
\n\u00e0\u00bd\u017e\u00e0\u00bd\u00ba\u00e0\u00bd\u2039\u00e0\u00bd\u00a6\u00e0\u00be\u00b3\u00e0\u00bd\u00ba
\n16
\n36\/-
\nTax Payments
\nPayable
\n(in Rs)
\nCGST
\n25
\nTax Payments
\nSGST
\n\u00e0\u00bc\u0090
\n20
\nPayable
\n(in Rs)
\nCGST
\n30
\n45\/-
\nSGST
\n24
\nLess: Receivable
\n27\/-
\nCGST
\n54\/-
\n20
\nLess: Receivable
\nNet Payable Rs 9
\nSGST
\n16
\nCGST
\n25
\n36\/-
\nSGST
\n20
\nNet Payable Rs 9
\n45\/-
\nNet Payable Rs 9
\nBY: CS SANJAY MALHOTRA
\nGST FLOW – INTER – STATE MOVEMENT
\nSTATE: PUNJAB
\nCotton Price: Rs 100
\nCGST 10% : Rs 10
\nSGST 8% : Rs<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nIGST
\nRs 45
\nTOTAL COST-
\nRs 354\/-
\nManufacturer \u201cA\u201d
\nYarn
\nsale
\nGarment
\nManufacturer “B”
\nGarment
\nsale
\nWholesaler
\n“C”
\nConsumer
\n“E”
\nTax Invoice-“A”
\nSale Price:
\n150\/-
\nTax Invoice-“B”
\nIGST 18%
\n27
\nSale Price:
\n200\/-
\nGarment
\nsale
\nRetailer
\n“D”
\nGarment
\nsale
\nIGST 18%
\n36
\nTax Invoice-“C”
\nTotal
\n177
\nSale Price:
\n250\/-
\nTax Invoice-“D”
\nTotal
\n236
\nIGST 18%
\n45
\nSale Price:
\n300\/-
\nTax Payments
\nIGST 18%
\n54
\nPayable
\nTotal
\n(in Rs)
\n295
\nTax Payments
\nIGST
\n27
\nTotal
\n354
\nLess: Receivable
\nIGST
\n18
\nPayable
\nIGST
\nLess: Receivable
\n(in Rs)
\n36
\nIGST
\n27
\nTax Payments
\nPayable
\nIGST
\n(in Rs)
\n45
\nNet Payable Rs 9
\nNet Payable Rs 9
\nLess: Receivable
\nTax Payments
\nPayable
\nIGST
\n(in Rs)
\n54
\nIGST
\n36
\nLess: Receivable
\nNet Payable Rs 9
\nIGST
\n45
\nNet Payable Rs 9
\nBY: CS SANJAY MALHOTRA
\nPURCHASING STATE: PUNJAB
\nCotton Price: Rs 100
\nCGST 10% : Rs 10
\nSGST 8% : Rs 8
\nGST FLOW
\nWithin State Supply
\nSale Price:
\n100\/-
\nCGST 10% 10
\nSGST 8%
\n8
\nTotal
\n118\/-
\nInter-State Supply
\nSale Price:
\n100\/-
\nIGST 18%
\n18
\nTax Payments
\nPAYABLE
\nITC Net Payable
\nTotal
\n11<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRegistration
\nIn case of multiple business,
\nseparate registration may be
\nobtained.
\nSpecialized agency of UNO
\n,
\nMultilateral financial
\nInstitution etc shall obtain
\nUNIQUE IDENTITY
\nNUMBER(UIN) for notified
\npurposes
\nDon't
\nFORGET!
\nIf eligible person fails to
\nobtain registration, Proper
\nofficer may proceed to
\nregister such person himself.
\nBY: CS SANJAY MALHOTRA
\nMIGRATION OF EXISTING TAXPAYERS TO GSTN DATABASE
\nBackspace
\nScre
\nOnline
\nRegistration
\nPage
\nUp
\nPage
\nDow
\nExisting Registrants either with states or with
\ncentre to be migrated to GSTIN.
\n(Provisional Registration – Validity – 6 Months)
\nValidation of existing registration information by GSTN
\nAPPROVED
\nVERIFIED
\nAPPROVED
\nRegistration
\nInformation
\n*********
\nVerification by authorities
\nVerification\/updation of migrated data by existing
\nregistrants within specified period
\nAre you
\nready
\nfor
\n\u00e2\u02dc\u0090 Issuance of GSTIN by GSTN
\nGST SANJAY MALHOTRA
\nRegistration of New Applicant
\n\u00e2\u017e\u00a4 Online Application through common portal
\nAPPLY
\nONLINE
\nApplication no<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(May be extended
\nfor further 90 days)
\n\u2022 Shall make an
\nadvance deposit of
\ntax equal to est. Tax
\nLiability.
\nBY: CS LAY MALHOTRA
\nRegistration
\nInformation
\nDocuments to be filed for
\nRegistration :-
\n13
\nConstitution of
\nbusiness
\nPrincipal place
\nof business
\nBank Accounts
\nBY: CS SANJAY MALHOTRA
\nAuthorised
\nSignatory
\nAmendment of Registration
\n(SECTION 20)
\nInform the proper officer of any changes in
\ninformation furnished initially or subsequently.
\nGOODS & SERVICE
\nTAX
\nProper officer may approve or reject amendment
\nPrinciple of natural justice shall be followed while
\nrejecting the request for amendment.
\nBY: CS SANJAY MALHOTRA
\nCancellation of Registration
\n(SECTION 21)
\nProper Officer may
\ncancel the registration,
\neither on his own
\nmotion or on an
\napplication filed.
\nCANCEL
\nRegistration can also be
\ncancelled in case of
\ncontravention, fraud,
\nnot furnishing returns etc
\nCancellation shall not
\naffect the previous
\nliability of taxable
\nperson.
\nOn cancellation,
\namount =credit of Input
\ntax or output
\ntax(w<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nmonths.
\nBusiness has not commenced within 6
\nmonths.
\nWithin 30 days from the date of service
\nof cancellation order.
\n6.
\nTime for applying for revocation of
\ncancellation:-
\nBY: CS SANJAY MALHOTRA
\nREFUND
\nBY: CS SANJAY MALHOTRA
\nINTRODUCTION
\nRefund of tax
\nPayment of refund
\n\u00e2\u017e\u00a4 Withheld of refund
\n\u00e2\u017e\u00a4 Important points
\n\u00e2\u017e\u00a4 Relevant date
\n\u00e2\u017e\u00a4 Interest on delayed refunds
\n\u00e2\u017e\u00a4 Consumer Welfare Fund
\n\u00e2\u017e\u00a4 Utilization of the Fund
\nRefunds
\nSituations where refund would arise
\nDocuments to be filed for refund
\n\u00e2\u017e\u00a4 Procedure
\nSummary
\nBY: CS SANJAY MALHOTRA
\nREFUND OF TAX (SECTION 38)
\nTAX
\nREFUND
\nAny person claiming refund & interest of any tax, may make an
\napplication to proper officer before expiry of 2 yrs.
\nA taxable person may claim refund of any unutilized Input Tax credit at
\nthe end of any tax period.
\nApplication shall be accompanied by necessary documentary evidences &
\namount so determined shall be credited to the Fund.
\nThe proper officer shall issue order within 90 days from<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRegistered taxable person,
\nsupplying non taxable
\nGoods\/services or paying tax u\/s 8,
\nshall issue a bill of supply instead
\nof tax invoice.
\nSUMMARY
\nIf taxable value\/tax charged in tax
\ninvoice > taxable value\/payable,
\ntaxable person may issue CREDIT
\nNOTE to recipient on or before
\n30th day of September following
\nthe end of FY or date of filing of
\nannual return (whichever is
\nearlier)
\nIf taxable value\/tax charged in tax
\ninvoice 10
\nlakh
\nBY: CS SANJAY MALHOTRA
\nTAXES
\nThe amount deducted shall be paid the credit of appropriate govt. by
\ndeductor within 10 days after the end of month.
\nDeductor shall furnish to deductee a certificate mentioning contract
\nvalue, amount deducted, date etc.
\n(if deductor fails, he shall be liable for a late fee, sum of 100 Rs\/day)
\noh,
\ndon't forget…
\nDeductee shall claim credit, in his E-Cash Ledger, of tax deducted &
\nreflected in the return of deductor.
\nIf any deductor fails to pay to credit of appropriate govt., he shall be
\nliable to pay interest i<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSupply in the course of intra-
\nstate trade or commerce
\nGoods
\nServices
\nMeans
\nwhere
\nlocation
\nof
\nsupplier
\n& place
\nof supply
\nare in
\ndifferent
\nstates
\nIGST
\nCentral GST
\nState GST
\nBY: CS SANJAY MALHOTRA
\nGoods
\nMeans
\nwhere
\nlocation
\nof
\nsupplier
\n& place
\nof supply
\nare in
\nsame
\nstates
\nServices
\nLevy & Collection of Tax (Section 4)
\nINTEGRATED GOODS &
\nSERVICE TAX
\nTax on all supplies of goods\/Services made in
\ncourse of inter-state shall be levied at the rate
\nspecified.
\nCansto
\nTax
\nPaid
\nShall be paid by every taxable
\nperson
\nBY: CS SANJAY MALHOTRA
\nTAX PAYABLE ON REVERSE
\nCHARGE BASIS
\nEXEMPTED GOODS\/SERVICES
\nTax shall be paid by person
\nreceiving such
\nGoods\/Services.
\nNo tax shall be payable by
\nany taxable person
\nEnter
\n1E0
\nBY: CS SANJAY MALHOTRA
\nPlace of supply of Goods (Section 5)
\nYes
\nLocation of goods at
\ntime at which
\nmovement of goods
\nterminates for delivery
\nto recipient
\nMovement of goods
\nNo
\nLocation of such Goods
\nat the time of delivery
\nto the recipient
\nBY: CS SANJAY MALHOTRA
\n10
\nshutterstock
\nshutterst
\nsh<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nboat or vessel is located
\nServices provided by
\nway of organization
\nof cultural, scientific,
\nsporting, educational
\netc.
\nBY: CS SANJAY MALHOTRA
\n\u00e2\u2013\u00a0 To a registered person, shall be the
\nlocation of such person
\n\u00e2\u2013\u00a0 To other person, shall be the place
\nwhere the event is actually held
\nSeminar
\nServices related to
\nP3R
\nBRE
\n123RF
\nRestaurant &
\ncatering,
\nfitness
\ntraining &
\nperformance
\nappraisal
\nCultural,
\nentertainment
\nevent or
\namusement
\npark etc.
\nservices on
\nboard a
\nconveyance such
\nas vessel, aircraft
\nWhere
\nservices are
\nactually
\nperformed
\n\u2022 Location of such
\nperson for registered
\nperson.
\n\u2022 For any other
\nperson, where
\nservices are actually
\nperformed.
\nwhere event is
\nactually held or
\nwhere park or
\nsuch place is
\nlocated
\nlocation of the
\nfirst scheduled
\npoint of
\ndeparture of that
\nconveyance
\nBY: CS SANJAY MALHOTRA
\n23R
\n123RF
\nTransportation of
\ngoods, Inc. mail
\nor courier
\nSupply of services
\nPassenger
\ntransportation
\nservices
\n11
\n11
\nRegistered
\nPerson
\nAny other
\nperson\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nKNOWLEDGE
\nAWARENESS
\nLocation of
\nthe recipient
\nof services
\n.
\nLocation of
\nsuch person for
\nregistered
\nperson.
\n\u2022 For any other
\nperson, location
\nof recipient of
\nservice
\nShall be taken
\nas located in
\neach of such
\nstates
\nSummary on utilization of amount of ITC
\nInput Tax credit of
\nOutput Liability of
\nIGST
\nCGST
\nIGST
\nSGST
\nCGST
\nCentral GST
\nCentral GST
\nCGST
\nIGST
\nState GST
\nState GST
\nSGST
\nSGST
\nCentral GST
\nState GST
\nBY
\nIGST SANJAY MALHOTRA
\n40
\nTransitional Provisions
\na
\n\u00e4\u00be\u00a1\u00e6\u00a0\u00bc
\n12
\n415
\n32
\n845651
\n125685
\n85221
\n84651
\nBY CS SANJAY MALHOTRA
\n76565A
\n165676
\n5640
\n64898
\n3416545
\n45649
\n1235
\n18541
\n45004
\n123
\n123
\n41523
\n3216
\n9885
\n210
\n450
\nSemi-finished goods removed for
\ncarrying out certain processes & returned
\non or after the appointed day.
\nFinished goods removed for carrying out
\ncertain processes & returned on or after
\nthe appointed day.
\nTransitional
\nProvisions
\nAmount of CENVAT credit carried forward
\nin a return to be allowed as ITC.
\nUnavailed cenvat credit on capital goods,
\nnot carried forward in a retu<\/p>\n
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\nTreatment of long term
\nconstruction\/works contracts
\nCredit distribution of service tax by ISD.
\nInputs removed for job work & returned
\non or after the appointed day.
\nBY: CS SANJAY MALHOTRA
\nProgressive or periodic supply of
\ngoods or services.
\nAMOUNT OF CENVAT CREDIT CARRIED FORWARD IN A RETURN TO BE
\nALLOWED AS INPUT TAX CREDIT
\nA Registered Taxable Person
\nShall be Entitled to credit of
\namount of CENVAT credit
\n(CGST Law) and VAT (SGST
\nLaw) forward in return
\nunder earlier law by him.
\nCENVAT
\nThe amount shall be recovered as an arrear of Tax if said amount is found to be
\nrecoverable as a result of any proceeding instituted against such person under earlier
\nLaw.
\nBY: CS SANJAY MALHOTRA
\nUNAVAILED CENVAT CREDIT ON CAPITAL GOODS, NOT CARRIED FORWARD IN
\nA RETURN TO BE ALLOWED IN CERTAIN SITUATIONS
\nCredit of unavailed CENVAT Credit in
\nrespect of Capital Goods in E-Credit
\nLedger, not carried forward in return
\nshall be allowed.
\nCapital Goods
\nThe amount shall be recovered as an arrear of Tax if sa<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nBY: CS SANJAY MALHOTRA
\nTax Credit available on Switching over from Composition scheme
\nRegistered taxable person
\nINPUT
\nPaying tax under composition scheme
\nTo avail Credit of eligible duties & taxes
\nin respect of inputs held in stock &
\ninputs contained in semi-finished\/
\nfinished Goods held in stock on
\nappointed date.
\nOUTPU
\nBY: CS SANJAY MALHOTRA
\nAMOUNT PAYABLE IN THE EVENT OF TAXABLE PERSON
\nSWITCHING OVER TO COMPOSITION SCHEME
\nTaxable person has carried forward
\nthe amount of eligible Credit in return
\nor on account of VAT in return
\nfurnished under Earlier law.
\nComposition
\nscheme under
\nSection 8
\nVAT
\nINPUT TAX CREDIT
\nDebit of Amount equal to Credit of input
\ntax in respect of inputs held in stock &
\ninputs contained in Semi-Finished
\nGoods\/Finished Goods held in stock on day
\nimmediately preceding date of switch over
\nto be made in E- CENVAT \/ Cash Ledger.
\nBY: CS SANJAY MALHOTRA
\nEXEMPTED GOODS RETURNED TO THE PLACE OF BUSINESS ON OR AFTER
\nAPPOINTED DAY
\nTAX
\nFREE
\nTAX
\nFREE
\nGoods o<\/p>\n
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\nbe payable if inputs
\nare returned within
\n6 months
\nBY: CS SANJAY MALHOTRA
\nSemi-Finished Goods removed for Job work & returned on or after Appointed day
\nWhere any Semi-
\nFinished Goods
\nSemifinished
\nGoods
\nNo Tax shall be payable if
\nGoods after process returned
\nto said place within 6 Months
\nfrom Appointed day,
\nHad been removed or dispatched to
\nany other premises for Manufacturing
\nprocess
\nBY CS SANJAY MALHOTRA
\nZ
\nFinished Goods removed for carrying out certain processes & returned
\non or after appointed day
\nExcisable Goods
\nmanufactured in factory,
\nfor carrying out process
\nnot amounting to
\nmanufacture, removed
\nor despatched without
\npayment of duty, to any
\npremises
\nNo Tax shall be payable if said
\ngoods are returned within 6
\nMonths from the Appointed
\nday
\nBY: CS SANJAY MALHOTRA
\nFinished
\nGoods
\nFinished
\nFinished
\nGoods
\nGoods
\nISSUE OF SUPPLEMENTARY INVOICES, DEBIT\/CREDIT NOTES WHERE
\nPRICE IS REVISED IN PURSUANCE OF CONTRACT
\n\u00e2\u2013\u00aaIn pursuance of contract, if price of any Goods\/Serv<\/p>\n
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\nLaw and if any amount
\nshall be refunded in cash
\n1:1
\nRECOVERY
\nBY: CS SANJAY MALHOTRA
\n\u00e7\u203a\u00ae
\nEvery proceeding of Appeal, Revision, Review or reference relating to any
\noutput duty liability initiated before appointed day shall be disposed of in
\naccordance with provisions of earlier Law
\nOUTPUT
\nFAX
\n\u00e2\u02dc\u0090 If any amount becomes recoverable shall be recovered as an Arrear of tax or if
\nadmissible shall be refunded in cash
\nBY: CS SANJAY MALHOTRA
\nPENALTY!
\nFOTOFNEH
\nIn pursuance of an assessment or adjudication proceedings instituted,
\nany amount of tax, interest, fine or penalty becomes recoverable, same
\nshall be recovered as an Arrear of Tax & amount shall be admissible as ITC
\nIf Refundable, same shall be Refundable in Cash under earlier Law
\nINTEREST
\nBY CS SANJAY MALHOTRA
\nTreatment of Amount Recovered or Refunded pursuant to Revision of Returns
\n$
\nif amount is
\nfound to be
\nRecoverable
\nShall be
\nrecovered as an
\narrear of tax &
\nthat amount shall
\nbe admissible as
\nITC
\nAny return
\nrevised
\nif a<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n