GST

Preparation & Transition

Sailesh Bhandari & Associates
Chartered Accountants
 Topics
o GST General Overview
o Registration Process
o Major Changes to Compliance Procedures
o Impact analysis on Supply Chain
o Key Business Decisions to taken before GST

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Goods & Services Tax Act - Why?
Widen the Tax Base
Reduce the number of Laws & Procedures
Standardization of Practices across India
Eliminate the Cascading Effect of Tax
Boost to Investments & E-commerce

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 GST
By
When?

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 Central State
Laws Laws
Service
Tax
VAT
CST Entertainment
What Tax

Entry Tax
Will GST Customs
(Partial)

Replace? Purchase
Central Tax
Excise

GST Luxury
Tax

Major Portion of Customs Duty will Remain same

Property Tax is outside preview of GST
Alcohol & Petroleum Products have been kept out of GST
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 Will GST lead to Inflation?

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 Registration Under GST
Automatic Provisional Migration
6 Months Validity
Existing
Assesses Final Certificate of Registration

Online Registration
New One Registration for One State
Assesses Separate Registration for each Business Vertical

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 Who are Required to Register?
Taxable Supply > 9 lacs in a Financial Year
( > 4 lacs for Northern Eastern States)
Any person making Inter State Supply
E-commerce Operators & their Suppliers
Casual & Non- Resident Taxable Persons
Agents
Others

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Registration Number Under GST

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 Major Changes for Assesse
Compliance Perspective
Transition of Existing Affairs to GST
Input Tax Credit System
Returns to be filed
Invoices, Debit & Credit Notes
Accounts & Audit

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 Transition of Existing Affairs
Input Credit under Excise/ Service Tax / VAT
To the extent allowed under New Act
Amount to be reflected in prior Return filed
Special Focus on Carry Forward credit on Capital
Goods
Input Credit on Stock in Trade
Composition Scheme

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 Input Tax Credit
Tax credit only after the Vendor has filed return
Cross Utilization (Btw Goods & Services) Allowed
Delay or deferred Credit
Difference in Input tax credit

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 Returns to be Filed

37
Returns

5
Returns

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 Changes to Business Practices
Business Contracts & Agreements
Pricing
Accounting Procedures
Vendor Management
Dealing with MSME
Business Model

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Understanding Current Supply Chain

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Key Business Decisions before GST
Impact Analysis on Vendors & Upward Chain
Impact Analysis on Customers & Downward Chain
Compare cost to Decide on:
Job Work / Outsource
Insource
New Products / Services
New Markets
Expansion Plans or Further Investment Strategy
Stock in Hand - Position
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Contact Us
CA Sailesh Bhandari
Sailesh Bhandari & Associates
New 36/ Old 22, Reddy Raman Street,
George Town, Chennai -79
98403 01007
sailesh@sbaa.in
www.sbaa.in
Questions