Professional Documents
Culture Documents
Section Particulars
1 GOODS & SERVICES TAX- CONCEPT
4 LEGAL ASPECTS OF GST
3 GST & POWER SECTOR
CGA
GOODS & SERVICES TAX
Key
Notes
Indirect Taxation in India- Current Structure
Present Indirect Tax Structure
(Four Major Constituents)
Tax
Excise Duty Service Tax Sales Tax/VAT Customs Duty
(CENVAT)
Entry No. 84, List I, Residuary Entry Entry No. 54 of List Entry No. 83, List I,
Schedule VII of the No. 97, List I, II (State VAT) and Schedule VII, (COI)
Relevant Entry Constitution of India Schedule VII, of 92A of List I
in Constitution (COI) COI (Central Sales Tax),
Schedule VII of COI
Rate of Median Rate- Single Rate- 15% Rates- 0%, 4%, Median Rate- 24%
Taxation 12.50% 12.5% & 20% (plus cess)
What is GST ?
Goods and Services Tax is
- a comprehensive value added tax on supply of goods or
services or both EXCEPT
- Alcoholic liquor for human consumption
- Petroleum Crude
- Petrol
- High Speed Diesel
- Motor Spirit (petrol)
- Aviation Turbine Fuel
Destination based
Multipoint Levy
GST on Stock
Dual GST- CGST &
Transfers/
SGST
Imports also
Taxes to be Subsumed in GST
Taxes not to
be
Subsumed
Basic Customs Duty: These are protective duties levied at the time of
Import of goods into India.
Exports Duty: This duty is imposed at the time of export of certain
goods which are not available in India in abundance.
Road & Passenger Tax: These are in the nature of fees and not
in the
nature of taxes on goods and services.
Toll Tax: These are in the nature of user fees and not in the nature
of taxes on goods and services.
Property Tax
Stamp Duty
Electricity Duty.
CGA
Types of Tax: Current Vs GST
Regime
Transaction Type Current Regime GST Regime
Supply within State Excise, VAT CGST & SGST
CGA
How Will GST
Work?
CGA
Understanding the Working of GST
Current scenario
Outside India India – state A
India – state B
* Inter-state stock transfer attracts VAT retention; sale in transit as well as imports exempt
from VAT/ CST
CGA
Understanding the Working of GST
* Inter-state stock transfer, imports, sales in transit expected to attract IGST which is
creditable
GOODS & SERVICES TAX
LAW
LEGAL ASPECTS
CGA
Structure of GST Law
GST Law
Laws Procedures
CGST Rules
IGST Exemptons
UTGST
Taxable Event - Supply
͞͞SUPPLY͟ includes––
all forms of supply of goods or services or both such as sale, transfer,
barter, exchange, licence, rental, lease or disposal made or agreed to
be made for a consideraton by a person in the course or furtherance
of business;
import of services for a consideration whether or not in the course
or furtherance of business;
the actvities specified in Schedule I, made or agreed to be made
without a consideraton; and
the actvities to be treated as supply of goods or supply of services
as referred to in Schedule II.
Schedule I: Supply Without Consideraton
RCM is applicable
When GST will be Levied : Time of Supply
Time of Supply of
Goods (Earliest of
Following)
If Invoice issued in
prescribed period:
Date of Issue of Invoice or Date
of Payment whichever is earlier
the supplier and the recipient of the supply are not related
and
Dealer is
in Tax charged
Goods / Dealer has
possession in respect
Services furnished
of Tax of such
have the valid
invoice or supply has
been return
other Tax been paid
received
paying
document
Conditons for Availment of ITC
Recipient fails to pay full value along with Tax of goods and or
services within 180 days- ITC claimed will be reversed and added to
Output tax liability along with Interest.
Can be reclaimed after payment
Utlizaton of
ITC
Amount of electronic credit ledger – payment towards
tax payable.
Output
SGST
Output
UTGST
Registrato
n
under
GST
EXISTING
to be automatcally migrated
TAXPAYERS
Delivery of
Removal of Issue Payment
goods or making
goods for Supply
to the recipient,
them available Voucher at the tme
to recipient
of Payment o
service
Time Limit for Issue of Invoice-
Services
Tax Invoice
for Supply of
Services
Within 30
Days from the
date of service
Manner of Issue of Invoice
Goods Services
The invoice shall be prepared in The Invoices shall be prepared in
triplicate in case of supply of Goods. Duplicate in case of Supply of
Services
Sup Sup
ply Original Copy- ply Original Copy
of Original For Recipient of Original For Recipient
Goo Servi
ds - ces -
Invo Duplicate Copy- Invoi Duplicate Copy-
ice Duplicate for Transporter ce Duplicate For Supplier
public domain.
Interest / Late Fee/ Penalty for Delayed Payment of any consideration for
Supply
will attract GST
CGA
Transitional Credit- Taxable Goods
Current Regime
Appointed
Date
Cenvat Credit as appearing in the
return for the period Available as credit in
immediately preceding appointed CGST
date
Distribution
Power Grid Tata
Generaton
NTPC Transmissio
NHPC Corporaton Power
THDC BRPL
Other
n
NLC
Gencos
&
Power – Current Indirect Taxaton Structure
Coal
Natural Gas
Excise @ 6%
Entry Tax
Updation of IT System