GST 1 Day Before Exam GST Most Important Topics Revision Notes

VG STUDY HUB & ASC GST CAPSULE REVISION NOTES CA VIVEK GABA
GOODS
&
SERVICES TAX
CAPSULE REVISION NOTES
Relevant for – CS EXECUTIVE
Compilation & Authored

by
CA VIVEK GABA
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GOODS & SERVICES TAX

REVISION CONCEPT – 1
What is Tax
- The Money that you have to pay to the government so that it can provide public services ( i.e
Compulsory Charge payable under an ACT).
For example, Defence, health services, provision of education, infrastructure facility like
Roads/Dams etc.
- Taxes are basic source of Revenue for government.
There are generally two type of taxes in India
DIFFERENCE BETWEEN DIRECT TAX & INDIRECT TAX
Aspect Direct Tax Indirect Tax

1. Nature Direct Taxes are the taxes which are Indirect Taxes are the taxes which are
levied & Burden on the Same Person. levied and burden of different
(it means burden can’t be shifted) person.
(it means burden can be shifted)
2. Levied on Levied on the Total income of Levied on Purchase / Sale /
the Assessees. Manufacturer of goods and
Provision of Services.
3. Nature Progressive in Nature Regressive in Nature
4. Time of Direct Taxes are collected after the It is collected at the time of sale or
Collection income for a year is earned. purchase or rendering of services.
5. Examples Income Tax. Goods and Services Tax, Customs
Duty
6. Department CBDT CBIC
History of GST
- 19th December, 2014

The constitution 122nd Amendment bill, 2014 seeking to amend constitution to introduce the
goods & services tax was introduced in lok sabha but congress object.
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- Feb 2015:
Sh. Arun Jaitly SET April 1st 2016 as dead line for GST Roll out.
- 6th May 2015:

Lok Sabha passes GST Constitutional amendment bill
- 12th May 2015:

The Amendment bill presented in Rajya Sabha.
- 14th May 2015

GST Bill forwarded to joint committee of Rajya Sabha & Lok Sabha.
- 3rd Aug, 2016

Rajya sabha passes constitution amendment bill by 2/3rd majority
- 8th Aug, 2016

Changes made by Rajya Sabha were unanimously passed by Lok Sabha on 8th Aug, 2016.
- On 2nd September 2016 – will was adopted by majority of state legislature where in approval of
at least 50% of sate Assemblies was required.
- On 8th September 2016 – the president of India sh. Pranab mukherjee gave assent to constitution
ament bill & ie had become censt (101st ament) Act, 2016
- On September 12th, the union cabinet cleared formation of GST council.
- On September 22 and 23 – the council met for 1st time
- 16th January 2017- Finance Minister announced 1st july 2017 as GST roll out dead line.
- 20 march 2017 – cabinet approved CGST, IGST, UTGST, compensation bill.
- 27th march 2017 – Finance Minister tabled CGST/IGST/UTGST compensation bill in parliament &
all 4 key bills were passes
- 12th April 2017 – president assented all 4 key bills.
- 1 July 2017 – GST Applicable to whole of India except J&K.
- 8th July – GST law was made applicable state of J&K.
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GOODS & SERVICES TAX
Article 366 (12A) – GST means any tax on supply of goods or services or both except tax on supply of
AlcoholicLiquor for Human Consumption
Features of GST as given as below.
(i) It is a dual structure
(ii) It is based on destination based concept
(iii) It is levied on Goods & Services
(iv) It based on value added by giving seamless credits to Recipient.
CONSTITUTIONAL BACKGROUND
246A(1) 246A(2)
Parliament & Legislature of state Parliament has exclusive power to make laws
have powers to make laws in respect to GST IRT GST
 when Trade/Commerce  inter-state
Reason of GST (problems in existing law)
(i) Multiple Taxes
(ii) Cascading effects
(iii) Double Taxation
(iv) No Uniformity
(v) Classification issue
(vi) Higher Compliance Burden
Intentional scenario
 France  first country to levy GST 1954

 More than 160 countries adopted GST in world
 India has opted dual GST Model
 Along with India  Canada & Brazil also adopted Dual based GST
Taxes  sub-summed in GST
Central taxes State taxes

(i)Excise (ii) service tax (i) State VAT
(iii) Excise ( M & TP)
(iv) Add Excise Duty (ii) purchase tax
(v) Add T & TA (iii) Luxury Tax
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(vi) CVD (iv) Entry Tax

(vii) SAD (v) Entertainment tax (except levied by local bodies)
(viii) Cess/ surcharge (vi) Tax on advertisement
(ix) CST (viii) Tax on lottery betting/ gambling
(viii) State Cess/ surcharge
Goods out of GST
5 petro product at any time at later Date
on recommendation of council petro
Alcoholic liquor (Article 366 (12A))
crude/motor spirit (petrol)/ HSD aviation
turbine fuel/ natural gas
GST council  Article  279 A
CONSTITUTION
(i) Chair person  union finance minister

(ii) Union minister of state  in charge of revenue & Finance (Member)
(iii) Minister in charge of finance nominated by SG.
(iv) Vice – chair man to be selected out of (iii) above them selves
(v) Quorum of meeting  50% of total number of members
(vi) Vote of CG  1/3 of total votes cast
vote of SG  2/3 of total votes cast
(vii) For taking any decision minimum 75% of weighted votes
votes  in favour of decision
(viii) Matter on which  council can make recommendation to Centre & State
(i) (ii) (iii) (iv) (v)

thresh-hold limit of
Goods to be Special provision IRT
turnover GST not Rates any other matter
exempted north Eastern states
leviable
(i) Goods 2(52)  means Every kind of movable property except money &
securities  include  actionable claim/ growing crops/grass, things attached/
forming part of land
Which are agreed to be severed before supply or under a Contract of supply
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(ii) Types of Goods
2 (19) 2 (59)
capital goods Input
Capitalized in books Other than capital goods
Used/intended to used in course or in furtherance of business
(iii) Service  section 2(102)
Means Anything  other than

Goods/Money/securities but include activities relating to use of money or its
conversion by cash or any other mode from one form, currency, demonization to
another form.
(iv) Taxable supply  section 2 (108): Means supply of goods or services or both
which is leviable to tax under this Act.
(v) Outward supply  IRT taxable person means  supply by way of

sale/trans/barter/ exchange/license rent/lease/disposal or any other mode
 by such person in course/furtherance of business
(vi) SECTION 2 (47): EXEMPT SUPPLY

“Exempt supply” means supply of any goods or services or both which attracts nil rate of tax
or which may be wholly exempt from tax under section 11, or under section 6 of the
Integrated Goods and Services Tax Act, and includes non-taxable supply;
SCOPE OF SUPPLY (SECTION 7)
Supply includes (Section 7 (1))

7 (1)(a) 7 (1)(b) 7 (1)(c)
Activities in
Import of Schedule I without consideration
All form of supply such as
service
 sale, transfer Schedule I
in course or not
 barter, exchange
in course of
 disposal (i) permanent disposal of asset
business for
 lease/license/rentMade or  on which ITC has
consideration
agreed to be been taken
made for a consideration (ii) branch transfer or
by a person in course or related person
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furtherance of business
(iii) principal/agent
7 (1) (aa)
The Activities or transactions, by a
person, other an individual, to its
members or Constituents or Vice-
versa, For cash, deferred payment or
other Valuable Consideration.
(iv) import from related/anyof his
establishment
located outside India
(1A) where certain activities or transactions constitute a supply in accordance with the
provisions of sub-section (1), they shall be treated either as supply of goods or supply of
services as referred to in Schedule II.]
Section 7 (2)  Neither supply of Goods/nor supply of services
Activities/trans  in Schedule III Undertaken by CG/SG/LA  in which
they are engaged as public authority
Section 7 (3)  Govt. may on recommendations of council, Specify by notification transactions to be treated
as  supply of Goods  not services & supply of service  not as Goods
Schedule III
(i) (ii) (iii) (iv) (v) (vi)
Services of
Service by employee to Service by funeral, burial
(a) functions performed Actionable
Employer in course of court/tribunal crematorium or
by MP/MLA/MO Sale of land claim except
Employment Established under mortuary
Panchayat member of building lottery betting
any law for time including
municipal or other LA gambling
being in force transportation of
deceased
(b) duties performed by
any person who hold
post under constitution
(c) Duties by chair
person/member director
in body established by
CG/SG/LA
7. Supply of goods from a place in the non-taxable territory to another place in the nontaxable
territory without such goods entering into India.
8.
(a) Supply of warehoused goods to any person before clearance for home consumption;
(b) Supply of goods by the consignee to any other person, by endorsement of documents of title to the goods, after the
goods have been dispatched from the port of origin located outside India but before clearance for home consumption.”
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COMPOSITE /MIXED SUPPLY

Section 2 (30)  Composite supply Section 2 (74)  mixed supply
Supply made by taxable person to recipient consisting Means Two or more individual supplies/or any
of 2 or more taxable supplies of goods/Services or combination by a taxable person for a single price
both or combination thereof where such supply do not constitute a composite
 which are naturally bundled supply
one of which is principal
Taxability : Section 8 (a) Taxability : Section 8 (b)
Shall be treated as a supply of that particular supply
Shall be treated as a supply of such principal supply
which attract highest rate of tax
Import of service
Without consideration [Section 7 (1) (c)
With consideration [Section 7 (1) (b)]
Schedule I]
in course of furtherance of business +
In course or furtherance of Not in course or furtherance
from related person any of his
business of Business
establishment located outside India
Supply Supply Supply
 Section 7 (4)  IGST Act  import of service  shall always be treated as

inter-state Supply  hence subject to IGST
OIDAR Services Section 14 IGST Act

SUPPLIER RECIPIENT
Taxable Online
any person located in Non- taxable territory Non-Taxable online recipient recipient
Liability to pay  Supplier recipient under
FCM RCM
For place of supply of OIDAR Supplies  Section 13 (12), GST Act.
Location of Recipient of services
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Import of Goods  Subject to GST via Section 3 of custom tariff Act & on
value as determine under section 14 of Custom Act.
As per section 7 (2) of IGST  shall be treated as inter-State unless it crosses
custom frontier.
SUPPLY FROM PRINCIPAL TO AGENT. & VICE VERSA
Even if without Consideration 7 (1) (c)+ Schedule I for value refer torule 29 Covers in scope of supply
Rule 29
OMV or 90% of price charged for supply of Goods of like kind & Quality by recipient
Optional
to his customer where Goods intended for further supply, by said recipient
Otherwise  Apply Rule 30 or Rule 31 in that order
Supply of Goods or Service or both between distinct or Related person

Distinct person Related person
25 (4) 25 (5) Explanation to Section 15
A person who has obtained Where a person who has
or is required to obtain obtained or is required to
more than one obtain registration in a State
registration, whether in or Union territory in respect of
one State or Union an establishment, has an
(i) Such persons are officers or directors of
territory or more than one establishment in another State
one another’s businesses
State or Union territory or Union territory, then such
shall, in respect of each establishments shall be
such registration, be treated as establishments of
treated as distinct persons distinct persons for the
for the purposes of this Act purposes of this Act
(ii) Such persons are legally recognised
partners in business;
(iii) Such persons are employer and
employee;
(iv) Any person directly or indirectly owns,
controls or holds twenty-five per cent. Or
more of the outstanding voting stock or
shares of both of them
(v) One of them directly or indirectly
controls the other;
(vi) Both of them are directly or indirectly

controlled by a third person
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(vii) Together they directly or indirectly

control a third person; or
(viii)they are members of the same family;
Section
Section 10(1) Section 10(3) Section 10(4) Section 10(5)
10(2)
Notwithstanding
anything contained in
this act but subject to Person
the Provision of Sub. shall
Section (3) and (4) of not be No credit of
Lapse of option Demand and recovery
section 9, A eligible Input Tax
registered Person to opt.
whose aggregate scheme
Turnover in
preceding financial
year If the proper officer has
reasons to believe that a
option availed by
taxable person has paid tax
Registered person Composition
under sub-section (1)
U/s 10(1) shall person shall not
despite not being eligible,
lapse with effect collect any tax
such person shall, in
from the day on from Receipient in
Did not exceed 1.5 ↓ addition to any tax that
which his supplies made by
Crore May opt. may be payable by him
aggregate him nor shall be
scheme and pay tax under any other provisions
turnover during a entitle to any
at rate given under of this Act, be liable to a
financial year credit of input tax
Rule 7. penalty and the provisions
exceed Rs 1.5
On turnover in a of section 73 or section 74
Crore
state shall,
Note: Reduce limit of Rs 75 Lakh have been kept for special category states. (Total 8 States)
Section 10(2) Composition Levy

(a) (b) (c) (d) (e) (f) (g)
Engaged in Engaged in Engaged Engaged in Manufacturer of Casual Supplier who has
supply of making any in making making any - Tobacco taxable purchased any
service supply of any supply of - Ice-Cream person goods or service
other than goods which is Interstate goods - Pan Masala or from unregistered
- not leviable to outward through and - Manufactured Non- supplier unless he
Restaurant tax supply of ECO who is tobacco substitute Resident has paid GST on
- Mandap - goods required to - Aerated Water taxable such goods or
keeper Alcoholic liquor collect tax at person service on RCM
Outdoor - Petroleum source u/s 52 Basis
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catering crude
- high speed
diesel
- motor spirit
- Natural gas
- aviation
turbine fuel
Provided: - More than one registered person having SAME PAN, the registered person shall not beeligible to
opt. for the scheme unless all registered person opt to pay tax under that sub-section
AGGREGATE TURNOVER for Eligibility

Taxable Supplies (excluding the value of Exempt Supplies Exports of goods or inter-State supplies of
inward supplies on which tax is payable service or both persons having the same
by a person on reverse charge basis) Permanent Account Number
(2A) Notwithstanding anything to the contrary contained in this Act, but subject to the provisions of sub-sections (3) and (4) of
section 9, a registered person, not eligible to opt to pay tax under sub-section (1) and sub-section (2), whose aggregate turnover
in the preceding financial year did not exceed fifty lakh rupees, may opt to pay, in lieu of the tax payable by him under sub-
section (1) of section 9, an amount of tax calculated at such rate as may be prescribed, but not exceeding three per cent. of
the turnover in State or turnover in Union
territory, if he is not––
(a) engaged in making any supply of goods or services which are not leviable to tax under this act;
(b) engaged in making any inter-State outward supplies of goods or services;
(c) engaged in making any supply of goods or services through an electronic commerce operator who is required to collect tax at
source under section 52;
(d) a manufacturer of such goods (Total 8 goods PATI and Brickes etc) or supplier of such services as may be notified by the
Government on the recommendations of the Council; and
(e) a casual taxable person or a non-resident taxable person:
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RULE 3
COMPOSITION LEVY
Rule 3 (1) of Rule3(2) Rule 3 (3) of
CGST Rules 2017 Of CGST Rules 2017 CGST Rules 2017
  
Migrated Taxpayer Fresh GST Registration Fresh GST Registration
  taken (normal scheme) &
Migrated to GST law through Intimate through subsequently, switching
provisional Registration registration application over to composition
 Separate intimation itself, which shall be 
Form GST CMP-01 considered as an intimation Separate intimation
 Time Limit to pay tax under the said required (before Start of
 Prior to appointed day, but not section FY for which option to pay
later than 30 days after the  Part B of Form GST Tax is exercised)
appointed day, or such further REG-01  Form GST CMP-02
period as may be extended by Regular supplier now
Commissioner becoming Composition
supplier : Reversals of ITC
availed on stock
He shall also furnish
statement he shall also
furnish the statement in
Form GST ITC-03 (as
required by Rule 44 (4))
within 60 days from the
commencement of
relevant FY,
RULE 4 EFFECTION DATE OF COMPOSITION LEVY
Rule 4 (1) of CGST Rules, 2017 Rule 4 (2) of CGST Rules, Rule 4 (1) of CGST Rules,
 2017 2017
Option shall be effective from  
appointed day. Intimation shall be Beginning of the FY
considered only after grant of
registration.
Option shall be effective
from date of
registration
Rule 3(5) Any intimation under sub-rule (1) or sub-rule (3) in respect of any place of business in
any State or Union territory shall be deemed to be an intimation in respect of all other places of
business registered on the same Permanent Account Number.
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RULE 5 (1) CONDITIONS AND RESTRICTIONS FOR COMPOSITION LEVY.-

The person exercising the option to pay tax under section 10 shall comply with the following conditions, namely:-
a) he is neither a casual taxable person nor a non-resident taxable person;
b) the goods held in stock by him on the appointed day have not been purchased in the course of inter-
State trade or commerce or imported from a place outside India or received from his branch situated
outside the State or from his agent or principal outside the State, where the option is exercised under
sub-rule (1) of rule 3;
c) the goods held in stock by him have not been purchased from an unregistered supplier and where
purchased, he pays the tax under sub-section (4) of section 9;
d) he shall pay tax under sub-section (3) or sub-section (4) of section 9 on inward supply of goods or
services or both;
e) he was not engaged in the manufacture of goods as notified under clause (e) of sub-section (2) of
section 10, during the preceding financial year;
f) he shall mention the words “composition taxable person, not eligible to collect tax on supplies” at the
top of the bill of supply issued by him; and
g) he shall mention the words “composition taxable person” on every notice or signboard displayed at a
prominent place at his principal place of business and at every additional place or places of business.
RULE 6
RULE 6 (1) OF CGST RULE 2017
Once opted for, its valid for life time so long as he satisfies all the conditions mentioned in the said section and
under these rules.
WITHDRAWAL OF OPTION
AUTO WITHDRAWAL DISCRETIONARY DENIAL BY PROPER
(may take place at any time in WITHDRAWAL OF OFFICER( AC/DC)
the CY) SUPPLIER (as he has reason to
(may take place at any believe That supplier was
When supplier ceases to satisfy time in the CY) ineligible or has
any of condition mentioned in  contravenedcondition)
section-10 Intimation of withdrawal 
 shall be given by supplier SCN proposing denial –
Intimation of withdrawal shall (before withdrawal) FORM GST CMP-05
be given of occurrence of event Form GST CMP-04 Reply of SCN by supplier
 Form GST CMP-04 (within 15 days-) FORM
GST CMP-06
Order (within 30 days)-
FORM GST CMP-07
COMPOSITION SUPPLIER NOW BECOMING REGULAR SUPPLIER : ENTITLED TO TAKE ITC ON STOCK
Such person shall also furnish a statement in FORM GST ITC-01 containing details of stock in hand on the
date on which composition option is withdrawn or denied.
 FORM GST ITC-01
 It shall be filed (within 30 days (or extended period) from the date from which the option is
withdrawn or from the date of the order passed in FORM GST CMP-07,as the case may be.
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CHAPTER - 2 CHARGING
SECTION
1. Extent & Commencement of CGST Act/ SGST Act/ UTGST Act/ IGST Act
Applicability CGST SGST UTGST IGST
Intra-State supply Inter-State

supply
States of India
Union Territories with
State Legislature
Union Territories
without State
Legislature
2. Levy and collection of CGST/IGST
Particulars CGST IGST
Levied on Intra-State supplies of Inter-State supplies of

goods/services/both goods/services/both
Collected and Taxable person

paid by
Supply Alcoholic liquor for human consumption

outside
purview of tax
Value for levy Transaction value under section 15 of the CGST Act
Rates Rates as notified by IGST rate= CGST rate + SGST
Page 14
Government. rate (more or less)

Maximum rate of CGST Maximum rate of IGST will
will be 20%. be 40%.
Supplies on petroleum crude

which tax to high speed diesel
be levied
motor spirit (commonly known as petrol)
w.e.f. a
notified date natural gas and
Section 9(2) aviation turbine fuel
Tax payable Supply of goods or services or both, notified by the

under reverse Government on the recommendations of the GST Council.
charge Supply of taxable goods or services or both by an
Section unregistered supplier to a registered person
9(3)/9(4)
Tax payable The Government may notify specific categories of services the
by the tax on supplies of which shall be paid by electronic commerce
electronic operator (ECO) as if such services are supplied through it.
commerce
operator
Section 9(5) If the ECO is located in Person liable to pay tax is the
taxable territory ECO
If the ECO does not have Person liable to pay tax is the
physical presence in the person representing the ECO
taxable territory
If the ECO has neither the Person liable to pay tax is the
physical presence nor any person appointed by the ECO for
representative in the the purpose of paying thetax
taxable territory
Goods No CGST and IGST shall be levied and

imported into SGST/UTGST payable. collected on import of goods
India as per the section 3 of the
Page 15
Custom Tariff Act, 1975.
NotificationNo.–17/2017
- Service by Transportation of passengers by a Radio-Taxi, Motor-Cab,

Maxi- Cab, Motorcycle.
- Service by providing accommodation in Hotel except person supplying

though Eco liable to be registered U/s 22.
- Service by house-keeping, except person supplying though Eco liable to

be registered U/s 22.
- supply of restaurant service other than the services supplied by restaurant,

eating joints etc. located at specified premises specified premises means
premises providing hotel accommodation service having declared tariff of
any unit of accommodation above seven thousand five hundred rupees per
unit per day or equivalent
Page 16
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CHAPTER-4 EXEMPTION
1. Power to exempt from tax [Section 11 of the CGST Act/ section 6 of IGST
Act]
Power to exempt from tax
by way of issuance of
Notification Special order
either absolutely or subject to such exempt from payment of tax under

conditions as may be specified, circumstances of an exceptional
goods and/or services of any specified nature to be stated in such order, in
description. public interest.
Special Points:-
(1) The Government may, if it considers necessary or expedient so to do for the purpose
of clarifying the scope or applicability of any notification issued under sub- section (1) or
order issued under sub-section (2), insert an explanation in such notification or order,
as the case may be, by notification at any time within one year of issue of the notification
under sub-section (1) or order under sub-section (2), and every such explanation shall have
effect as if it had always been the part of the first such notification or order, as the case
may be.
Explanation.––For the purposes of this section, where an exemption in respect of any goods
or services or both from the whole or part of the tax leviable thereon has been granted
absolutely, the registered person supplying such goods or services or both shall not
collect the tax, in excess of the effective rate, on such supply of goods or services or both.
Page 27
CHAPTER-5 TIME OF SUPPLY
TIME OF SUPPLY WHERE TAX IS PAYABLE UNDER FORWARD CHARGE
Time of supply of goods [Section Time of supply of services [Section

12(2)] 13(2)]
Earliest of the following: (a) Invoice issued within the time

(a) Date of issue of invoice by the period prescribed under section
supplier or 31(2)
(b) the last date on which he is Earliest of the following:
required, to issue the invoice under  Date of issue of invoice by the
section 31(1) with respect to the supplier
supply or  Date of receipt of payment
(entering the payment in books
of account or crediting of
(c) Date on which the supplier payment in bank account,
whichever is earlier)
receives the payment (entering
(b) Invoice not issued within the time
the payment in books of account or
period prescribed under section
crediting of payment in bank
31(2)
account, whichever is earlier) with
respect to the supply Earliest of the following:
 Date of provision of service
 Date of receipt of payment
(entering the payment in books
of account or crediting of
payment in bank account,
whichever is earlier)
(c) When the above events are
unascertainable
 Date on which the recipient shows
the receipt of services in his
books of account
Page 28
Provided that where the supplier of taxable goods receives an amount up to one thousand rupees in excess of the
amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of
the said supplier, be the date of issue of invoice in respect of such excess amount.
The last date for issuance of an invoice under section 31 (1) shall be determined in the following
manner
Where supply involves movement of goods Where supply does not involve movement of goods
Before or at the time of removal of goods for Before or at the time of delivery of goods or making
supply to the recipient the goods available to the recipient
However, as per notification No.40/2017-CT, dated 13.10.2017, the registered person whose aggregate turnover in the
preceding financial year did not exceed Rs 1.5 crore or the registered person whose aggregate turnover in the year in
which such person has obtained registration is likely to be less than Rs. 1.5 crore and who did not opt for the
composition levy under section 10 shall pay the central tax on the outward supply of goods (as per section 12 (2)(a)i.e. on
the date of issue of invoice by the supplier or the last date of on which he is required under section 31 (1)with respect of
the supply and not at the time of receipt of advance of such supplies)
GENERAL TIME LIMIT FOR RAISING INVOICES
Supply of goods [Section 31(1)] Supply of services [Section 31(2)]
Before or at the time of,- Before or after the provision of service

(a) removal of goods for supply to the but within 30 days [45 days in case of
recipient, where the supply involvesinsurance cos./banking and financial
movement of goods, or institutions including NBFCs] from the
(b) delivery of goods or making date of supply of services
available thereof to therecipient,
in any other case
TIME OF SUPPLY WHERE TAX IS PAYABLE UNDER REVERSE CHARGE
Time of supply of goods [Section Time of supply of services [Section

12(3)] 13(3)]
Earliest of the following: Earliest of the following:

(a) Date of receipt of goods, or (a) Date of payment as entered in the
(b) Date of payment as entered in the books of account of the recipient or
books of account of the recipient or the date on which the payment is
the date on which the payment is debited to his bank account,
debited to his bank account, whichever is earlier, or
whichever is earlier, or
Page 29
(c) 31st day from the date of issue of (b) 61st day from the date of issue of
invoice invoice
Where the above events are not ascertainable, the time of supply shall be the
date of entry in the books of account of the recipient of supply
- Import of service from associated

enterprise Date of entry in the books of
account of the recipient or the date of
payment, whichever is earlier
TIME OF SUPPLY OF VOUCHERS EXCHANGEABLE FOR GOODS AND SERVICES
Supply of vouchers exchangeable for goods and services [Sections 12(4) and 13(4)]
(a) Supply of goods or services is identifiable at the time of issue of voucher

 Date of issue of the voucher
(b) Other cases
 Date of redemption of the voucher
TIME OF SUPPLY OF GOODS AND SERVICES IN RESIDUAL CASES
Supply of goods and services in residual cases [Sections 12(5) and 13(5)]
(a) Where a periodical return is required to be filed

 Due date of filing such return
(b) Other cases
 Date of payment of tax
Page 30
TIME OF SUPPLY FOR ADDITION IN VALUE BY WAY OF INTEREST/ LATE

FEE/PENALTY FOR DELAYED PAYMENT OF CONSIDERATION
Addition in value by way of interest, late fee/penalty for delayed payment of

consideration
Time of Supply Date on which the supplier receives such addition in value
CHANGE IN RATE OF TAX
In case of change in rate of tax, determination of rate of tax depends upon three
events namely,-
 Date of supply of goods or services,
 Date of invoice; and
 Date of receipt of payment
If any two of the above events occur before the change of rate, the time of supply
is before the change of rate. If any two of them occur after the change of rate, the
time of supply is after the change of rate and the new rate becomes applicable to
the supply. Using this principle, time of supply, in case of changein rate of tax,
can be determined as under:
Supply Issue of Receipt of Time of supply

invoice payment
BEFORE BEFORE AFTER Date of issue of invoice
BEFORE AFTER BEFORE Date of receipt of payment
BEFORE AFTER AFTER Date of issue of invoice or

date of receipt of
payment, whichever is
earlier
Page 31
AFTER AFTER BEFORE Date of issue of invoice
AFTER BEFORE AFTER Date of receipt of payment
AFTER BEFORE BEFORE Date of issue of invoice or

date of receipt of
payment, whichever is
earlier
Page 32
CHAPTER-6 VALUATION
Assessable Value
=
Transaction value u/s 15
Page 33
VALUATION RULES
RULE 27: Consideration RULE 28: Supplybetween RULE 29: Supply RULE 31: Residual
not wholly in money distinct/ made/received method (Best
Value shall be either of the related persons, other through an agent Judgement Method)
following in the given than agent Value shall be either of Value shall be determined
order: Value shall be either of the the following in the using reasonable means
• open market value following in the given given order: consistent with the
• total of consideration in order: • open market value or principles and general
money + amount equal • open market value 90% of price charged provisions of section 15 &
to the consideration not • value of supplies of like by recipient to his valuation rules. For
in money kind and quality unrelated customer services, rule 31 can be
• value of supplies of like • value as per rule 30 or for supplies of like adopted before rule 30.
kind and quality 31 in that order. kind and quality;
RULE 34: Rate of
• consideration in money ♦ Option to supplier to • value as per rule 30 or
exchange for
+ money value of value goods sold as such 31 in that order.
consideration as per rule determination of value
by recipient⇒Value= 90%
30 or 31 in that order. of price charged by RULE 30: Value based Goods = Rate notified by
on cost CBEC under Customs Act
recipient to its unrelated
RULE 33: Supply as a on the date of time of
customer Value shall be 110% of
pure agent
♦ Recipient eligible for ITC cost of supply of such goods;
Costs incurred by the
* invoice value = open production/acquisition/ Services = Rate as per
supplier as a pure agent of GAAP on the date of time
market value (taxable provision of goods or
recipient shall be excluded of supply of such services
value) services
from value
Rule 35: Value inclusive of taxes

Where value of supply is inclusive of CGST, SGST/UTGST or IGST, the tax amount is calculated by making back
calculations. Tax amount = (Value inclusive of GST x GST rate in % of IGST or CGST, SGST/UTGST)/100 + sum
of applicable GST rates in %)
RULE 32: Value of in respect of certain specific supplies

* Purchase/sale of foreign currency: 1st method-Value = [Buying/Selling rate - RBI reference rate at that
time] x total units of currency. If no RBI reference rate, value = 1% of INR received/provided. If the currencies
exchanged are not in INR, value = lesser of the 2 amounts that would have been received by converting any
of currencies into INR at RBI reference rate OR 2nd method
Currency Value
Upto ` 1,00,000 1% or ` 250 whichever is higher
From `1,0001 to ` 10,00,000 ` 1,000 + 0.5%
From ` 10,00,001 ` 5,500 + 0.1% subject to maximum of ` 60,000
* Booking of tickets by air travel agent: Value = 5% of basic fare for domestic bookings and 10% of the
basic fare for international bookings.
* Life insurance business: If amount allocated for investment is intimated - Value = Gross premium less
amount allocated for investment; Single premium annuity policies where amount allocated for investment is
not intimated - Value = 10% of single premium; Other cases – Value = 25% of premium in 1st year and 12.5%
of premium in subsequent years; Policy only towards risk cover – Value = Entire premium
* Buying & selling of second hand goods: Value = Selling price – Buying price (ignore if value is negative);
Purchase value of goods repossessed from unregistered borrower = Purchase price- 5% per quarter or part
thereof from date of purchase till the date of disposal by the person making repossession
* Coupon/voucher: Value = money value of supplies redeemable against such voucher/ coupon
* Notified services between distinct persons without consideration: Value = Nil, if ITC is available
Page 34
CHAPTER-7
INPUT TAX CREDIT
Goods Services
CAPITAL GOODS INPUTS INPUT SERVICES
means means means
goods value of which is

goods other than services
capitalized in the books of
capital goods
account of person claiming ITC
used/intended to be
used in the course/
furtherance of business
EXEMPT SUPPLY
includes
Non-
taxable
Supply attracting NIL rate of Supply wholly exempt
supply
tax from
IGST
Page 35
INPUT TAX
Means Includes Excludes
IGST
Tax payable Tax payable Composition
leviable on
under forward under reverse tax
import of
charge charge
goods
CGST SGST UTGST IGST
NON-RESIDENT TAXABLE PERSON
Principal
Agent
any person supplying goods and/or as
services occasionally
In any other
capacity
having NO fixed place of

business/residence in India
Page 36
INWARD SUPPLY
means
receipt of goods and/or services by
purchase acquisition any other means
with/without consideration
ZERO-RATED SUPPLY
Export of goods and/or services Supply of goods and /or services to

SEZ developer/ SEZ unit
Page 37
II. Provisions of section 16 relating to eligibility and

conditions for taking ITC read with relevant rules are
summarized below:
Sec-16(1) Registered used/ intended to be used in

person to take credit of tax Sec-16(2) if the
the course or furtherance of
paid on inward supplies of following four
business
goods and/or services conditions are fulfilled:
He has valid tax

invoice/debit
He has furnished Tax on such supply He has received note/prescribed
GSTR 3 has been paid either goods and/or tax paying
in services document
Proviso to Sec 16(2) Sec 16(4)

Cash Utilisation of
ITC Goods delivered to Time limit for
third person on the availing ITC - ITC
Goods received direction of the pertaining to a
in lots – ITC Sec 16(3) registered person particular FY canbe
allowed upon If depreciation deemed to be availed by 20th
receipt of last lot claimed on tax received by the October of next FY
component, ITC not registered person or filing of annual
allowed * ITC available to return, whichever
registered person is earlier.
[Bill to Ship to Exception: Re-
Proviso to Sec 16(2) Model] availment of ITC
reversed earlier
 ITC to be reversed with interest @ 18% if value

+ tax of goods and /or services is not paid
within 180 days of the issuance of invoice. Rule 37
 Such supplies will be specified in GSTR -2 of the • Supplies under
month immediately following 180 days and ITC reverse charge
EXCEPTIONS
added in the output tax liability of the said • Deemed supplies
month. without
 On payment, the ITC could be re-availed consideration
without any time limit.
Page 38
III. The provisions of section 17 relating to apportionment of

credit and blocked credits read with relevant rulesare
summarized as under:
A. Apportionment of credit
Sec 17(1)
Attributable to
Used partly for business
business purposes
and partly for non-
business purposes
Goods and/or
services ITC available
Sec 17(2) only as
Used partly for making
taxable (including zero
rated supplies) supplies Attributable to taxable
& partly for exempt supplies including zero
supplies rated supplies
Sec 17(3)
Exempt supplies include supplies charged to tax under reverse charge, transactions in securities,
sale of land and sale of building when entire consideration is received post completion certificate.
B. Special provisions for banking companies and NBFCs
• Remaining 50% ITC

Sec 17(4) will lapse.
• Restriction of 50%
shall not apply to the
Option 1: Avail Option 2: Avail tax paid on supplies
made to another
proportionate 50% of eligible registration within
ITC ITC the same entity.
• Option once
exercised cannot be
withdrawn during
remaining part of the
year.
Page 39
(i) Exempt supplies include reverse

charge supplies, transactions in T4
securities, sale of land and sale of
building when entire consideration is
received after CC. Credit attributable to I + IS used exclusively in taxable supplies
(ii) Aggregate value of exempt
supplies and total turnover exclude the
CED, SED & VAT.
Page 40
Section 17(5) BLOCKED CREDITS PART-A
F & B, Out cat, BT, Rent a cab, life

Inward supplies
MV & OC insurance and health
HS, C & PS received by NRTP
insurance
EXCEPTIONS EXCEPTION EXCEPTIONS EXCEPTION
(A) MV & OC used for Where a particular (A) Services notified by the Goods
transportation of goods category of such Government as being imported
(B) MV & OC used for inward supplies is obligatory for an employer by him
making taxable suppliesof- used for making an to provide to its employees
(i) such MV & OC outward taxable under any law
(ii) transportation of supply of the same (B) Where a particular
passengers category - [Sub- category of such inward
(iii) imparting training on contracting] or as an supplies is used for making
driving/ flying/ navigating element of a taxable an outward taxable supply of
such MV & OC composite or mixed the same category [Sub-
supply contracting] or as part of a
taxable composite or mixed
supply
Credit available on the above exceptions
Tax paid u/s 74 (Tax short / not paid or

erroneously refunded due to fraud etc.,)
129 (Amount paid for release of goodsand Goods lost/ stolen/ destroyed/ Inward supplies used
conveyances in transit which are detained) written off or disposed of by way of for personal
and 130 (Fine paid in lieu ofconfiscation) gift or free samples consumption
Page 41
Section 17(5)
BLOCKED CREDITS PART-B
Inward supplies received by taxable person for construction

WCS for construction of
of immovable property on his own account including when
immovable property
such supplies are used in the course or furtherance of business
EXCEPTIONS EXCEPTIONS
Credit available on
Construction of P & M
such exceptions
WCS for P & M Construction of
Where WCS for immovable immovable property for
property is input service for further others
supply of WCS [Sub-contracting]
Travel benefits to Membership of a club/

Inward supplies charged to
employees on vacation health & fitness centre
composition levy
[LTC/HT]
MV&OC-Motor vehicle & other conveyance; Construction includes re-construction/

F&B-Food & beverages; Out cat-Outdoor renovation/ addition/ alterations/ repairs to the
catering; BT-Beauty treatment extent of capitalisation to said immovable
HS-Health services; C&PS-Cosmetic & property.
plastic surgery; NRTP-Non-resident taxable P & M means apparatus, equipment, &
person; WCS-Works contract service; LTC- machinery fixed to earth by foundation or
Leave Travel Concession; HT-Home town structural supports but excludes land,
building/ other civil structures,
telecommunication towers, and pipelines laid
outside the factory premises.
Page 42
IV. The provisions of section 18 read with relevant rules have

been summarized as under:
A. Special circumstances enabling availing of credit
Section 18)
Special circumstances enabling availing of credit
Registered person
switching from Registered person's Person applying for Person obtaining
composition levy to exempt supplies registration within 30 voluntary
regular scheme of becoming taxable days of becoming liable registration
payment of taxes for registration
Credit entitled on
Credit entitled on
• Inputs as such held in stock
• Inputs as such held in stock
• Inputs contained in semi-finished goods held in
• Inputs contained in semi-
stock
finished goods held in stock
• Inputs contained in finished goods held in stock
• Inputs contained in finished
• Capital goods [In case of exempt supply
goods held in stock
becoming taxable Capital Goods used
exclusively for such exempt supply] reduced by
5% per quarter or part thereof from the date of
invoice
Note: ITC claimed shall be verified with the
corresponding details furnished by the corresponding
supplier.
On the day On the day On the day

On the day immediately
immediately immediately immediately
preceding the date
preceding the date preceding the preceding the
from which such
from which he date from which date of
supply becomes
becomes liable to pay he becomes registration
taxable
tax under regular liable to pay tax
Section 18(2)
ITC, in all the above cases, is to be availed within 1 year from the date of issue of invoice
by the supplier.
Page 43
Conditions for availing above credit:

(i) Filing of electronic declaration giving details of inputs held in stock/contained in semi-
finished goods and finished goods held in stock and capital goods on the days immediately
preceding the day on which credit becomes eligible.
(ii) Declaration has to be filed within 30 days from becoming eligible to avail credit.
(iii) Details in (i) above to be certified by a CA/ Cost Accountant if aggregate claim of CGST,
SGST/ IGST credit is more than ` 2,00,000.
B. Special circumstances leading to reversal of credit/payment of amount
Special circumstances leading to reversal

of credit /payment of amount
Section 18(4) Section 18(6)
Registered person (who has Supplies of registered Cancellation of

Supply of capital goods
availed ITC) switching from person getting wholly registration
(CG)/ plant and machinery
regular scheme of payment exempted from tax (P& M) on which ITC has
of tax to composition levy been taken
Amount to be paid is
Amount to be reversed is equivalent to ITC on : equivalent to higher of
Inputs held in stock/ inputs contained in semi-finished or finished goods the following:
held in stock (i) ITC on CG or P&M
Capital goods less 5% per quarter or
on the day immediately preceding the date of switch over/ date of part thereof from the
exemption/date of cancellation of registration date of invoice
(ii) Tax on transaction
value of such CG or P &M
Section 18(5) If amount at (i)
Manner of reversal of credit on inputs and capital goods & other conditions exceeds (ii), then
(i) reversal amount willbe
added to output tax
liability.
Separate ITC reversal
(ii) is to be done for CGST,
SGST/UTGST and IGST
(iii) ITC to be reversed will be calculated separately for ITC of CGST, SGST/UTGST Tax to be paid on
and IGST. transaction valuewhen
(iv) Reversal amount will be added to output tax liability of the registered person. refractory bricks,
(v) Electronic credit/cash ledger will be debited with such amount. Balance ITC moulds, dies, jigs &
if any will lapse. fixtures are supplied as
scrap.
Page 44
Section 18 (3) , RULE - 41

In case of sale, merger, amalgamation, lease or transfer of business,
unutilised ITC can be transferred to the new entity if there is a specific
change in constitution of registered person
Transfer of unutilised ITC on account of
provision for transfer of liabilities to the new entity. The inputs and
capital goods so transferred shall be duly accounted for by the
transferee in his books of accounts.
In case of demerger, ITC will be apportioned in the ratio of value of

assets of new unit as per the demerger scheme.
Details of change in constitution will have to be furnished on common

portal along with request to transfer unutilised ITC. CA/Cost
Accountant certificate will have to be submitted certifying that change
in constitution has been done with specific provision for transfer of
liabilities.
Upon acceptance of such details by the transferee on the common
portal, the unutilized ITC will be credited to his Electronic Credit
Ledger.
V. The provisions of section 19 relating to ITC on goods sent for job work read
with relevant rules are summarized as under:
Rule: 45
 Principal can take credit o n Time limit for return of goods sent
goods (inputs and capitall for job work/supply from job
goods) sent for job work. worker's place of business
 Credit can be taken even if t he • Inputs - 1 year
said goods are sent directly t o • Capital goods - 3 years
job worker without being first from the date of sending the same for
brought to the principal' s job work or from the date of receipt
place of business of the same by the job worker
 On failing to comply with the timelines for return of goods, the goods will
be deemed to be supplied to the job worker on the day they were sent
out.
 Principal is liable to pay tax along with applicable interest on suchsupply.
 Time-lines for return of goods do not apply to moulds and dies, jigs
and fixtures or tools sent out for job work.
Page 45
VI. The provisions of section 20 relating to ISD are

summarized as under:
ISD is basically an office meant to receive tax invoices towards

receipt of input services and distribute the credit of taxes paid on
such input services to supplier units (having the same PAN)
proportionately
• ITC of input services is distributed only

An ISD is required to amongst those recipients to whom
obtain a separate the input services are attributable.
registration even • ITC is distributed amongst the
though it may be operational units only and in the
separately registered. ratio of turnover in a State/UT of
The threshold limit of the recipient during the relevant
registration is not period to the aggregate of
applicable to ISD. turnover of all recipients during
the relevant period to whom input
service being distributed is
• ISD should issue an ISD invoice for attributable.
distributing ITC. It should be clearly • Relevant period is previous FY or last
indicated in such invoice that it is quarter prior to the month of
issued only for distribution of ITC. distribution for which turnover of all
• The ISD needs to issue a ISD credit recipients is available.
note, for reduction in credit if the • Distributed ITC should not exceed the
distributed credit gets reduced for credit available for distribution.
any reason.
• ITC available for distribution in a
month is to be distributed in the
same month. If the ISD has distributed excess
• Details of distribution of credit and credit to any recipient, the excess
all ISD invoices issued should be will be recovered from the
furnished by ISD in monthly GSTR-6 recipient with interest as if it was tax
within 13 days after the end of the not paid.
month.
Page 46
VII. The provisions relating to availing and utilizing the ITC

are summarized as under:
A registered person is entitled to credits as under:
Transaction Credit
Intra-State supply CGST & SGST/UTGST
Inter-State-supply IGST
Imports of goods and services IGST
The protocol to avail and utilize the credit of CGST, SGST/UTGST and IGST is
as follows:
Credit of To be utilized first May be utilized further

for payment of for payment of
CGST CGST IGST
SGST/UTGST SGST/UTGST IGST
IGST IGST CGST, then SGST/UTGST
Credit of CGST cannot be used for payment of SGST/UTGST and credit of

SGST/UTGST cannot be utilised for payment of CGST.
Initially ITC will be credited to the

Electronic Credit Ledger (EcrL) of a
recipient provisionally for a period
of two months.
ITC matching of a month will be done

after filing of the GSTR 3 of that month
and discrepancy (claiming of excess
credit by the recipient), if any, will be
communicated to both the supplier and
the recipient.
If the supplier rectifies such discrepancy in his return

of the month in which discrepancy has been
communicated, credit will be confirmed for the
recipient else such excess credit will be added to the
recipient’s output tax liability along with interest @ 18%
in the return of the month succeeding the month in
which discrepancy has been communicated.
Page 47
CHAPTER-8 REGISTRATION
1. Nature of registration
The registration in GST is PAN based and State specific.
One registration per State/UT.
However, a business entity having separate business verticals in a State

may obtain separate registration for each of its business verticals.
GST identification number called “GSTIN” - a 15-digit number and a

certificate of registration incorporating therein this GSTIN is made
available to the applicant on the GSTN common portal.
Registration under GST is not tax specific, i.e. single registration for all
the taxes i.e. CGST, SGST/UTGST, IGST and cesses.
Page 48
2. Persons liable to registration (Section - 22(1)
• Aggregate turnover > ` 20 lakh

Those who exceed threshold
limit • Aggregate turnover > `10 lakh in case of Special
Category States
Who are registered under • shall be liable to be registered under GST

earlier law
In case of transfer of • transferee liable to be registered from the date of

business on account of succession of business
succession, etc.
• transferee liable to be registered from the date

In case of amalgamation/
on which Registrar of Companies issues
demerger by an order of
incorporation certificate giving effect to order of
High Court etc.
High Court etc.
Taxable Exempt Inter State Aggregate

Supplies supplies Exports Turnover
supplies
Aggregate Turnover will be computed on All-India basis for same PAN
3. Compulsory registration in certain cases (Section - 24
(i) Persons making any inter-State taxable supply;

(ii) Casual taxable persons making taxable supply;
(iii) Persons who are required to pay tax under reverse charge;
(iv) Person who are required to pay tax under sub-section (5) of section 9;
(v) Non-resident taxable persons making taxable supply;
(vi) Persons who are required to deduct tax under section 51, whether or not separately registered under this Act;
(vii) Persons who make taxable supply of goods or services or both on behalf of other taxable persons whether as
an agent or otherwise;
(viii) Input Service Distributor, whether or not separately registered under this Act;
(ix) Persons who supply goods or services or both, other than supplies specified under sub-section (5) of section 9,
through such electronic commerce operator who is required to collect tax at source under section 52;
(x) Every electronic commerce operator;
(xi) Every person supplying online information and database access or retrieval services from a place outside India
to a person in India, other than a registered person; and
(xii) Such other person or class of persons as may be notified by the Government on the recommendations of the
Council.
Page 49
4. Persons not liable for registration (Section - 23)
- Person engaged exclusively in supplying

goods/services/both not liable to tax
- Person engaged exclusively in supplying

goods/services/both wholly exempt from tax
Agriculturist limited to supply of produce out of

cultivation of land
- Specified category of persons notified by the

Government
5. Where and by when to apply for registration? (Section - 25)
Person who is liable to be registered A casual taxable person or a non-

under section 22 or section 24 resident taxable person
• in every such State/UT in which he is • in every such State/UT in which he is
so liable so liable
• within 30 days from the date on • at least 5 days prior to the
which he becomes liable to commencement of business
registration
6. Voluntary Registration and UIN (Section - 25)
•Person not liable to be registered under

sections 22/24 may get himself registered
Voluntary Registration
voluntarily.
• In respect of supplies to some notified

Unique Identification agencies of United Nations organisation,
Number (UIN) multinational financial institutions and
other organisations, a UIN is issued.
Page 50
Rule 10 7. Effective date of registration
Application submitted
within 30 days of the •Effective date is the date on which he
applicant becoming liable becomes liable to registration
to registration
Application submitted
after 30 days of the •Effective date is date of grant of
applicant becoming liable registration
to registration
8. Procedure for registration
Rule 8
How to apply for registration?

 On common portal www.gst.gov.in
 Part A: PAN + Mobile no. + E-mail ID
Part A
Temporary Reference
PAN Mobile No. Email id Number
Complete and submit

CBDT database OTP based verification Part B of application to
proper officer
Acknowledgment shall
be issued Electronically
in From GSTREG - 02
Page 51
Page 52
Rule 9
Sec 9(1) Approval of Grant of registration - in 3 working day from date of submission
of application
Within 7 working Response/

Notice days
Clarification/
Documents?
GST Reg. - 03
Yes No
If found in
deficient with
in 3 working
Yes
days Deficient?
No Sec 9(4)
Sec 9(3)
Within 7 working Rejection of Registration

Registration Certificate days Application
10. Special procedure for registration of CTD and NRTD (Section - 27)
Casual Taxable Person Non-resident Taxable Person
A Casual taxable person is one

who has a registered business
in some State in India, but wants
to effect supplies from some A Non-Resident taxable
other State in which he is not person is one who is a
having any fixed place of foreigner and occasionally
business. wants to effect taxable
supplies from any State in
Such person needs to register in
India, and for that he needs
the State from where he seeks
GST registration.
to supply as a Casual taxable
person.
Page 53
Casual Taxable Person Non-resident taxable person
GST law prescribes special procedure for registration, as also for extension of the
operation period of such Casual or Non-Resident taxable persons.
They have to apply for registration at least 5 days in advance before making any
supply.
Registration is granted to them or period of operation is extended only after

they make advance deposit of the estimated tax liability.
Registration is granted to them for the period specified in the registration

application or 90 days from the effective date of registration.
11. Amendment of Registration (Sec - 28) (Rule - 19)
Except for the changes in some core information in the registration application,
a taxable person shall be able to make amendments without requiring any
specific approval from the tax authority.
In case the change is for legal name of the business, or the State of place of
business or additional place of business, the taxable person will apply for
amendment within 15 days of the event necessitating the change.
The Proper Officer, then, will approve the amendment within the next 15 days.
For other changes like the name of day-to-day functionaries, e-mail IDs, mobile
numbers etc. no approval of the Proper Officer is required, and the amendment
can be affected by the taxable person on his own on the common portal.
Page 54
CHAPTER-9INVOICE
1. Who can raise a tax invoice?
Registered Person
Receiving taxable goods

Supplying taxable
or services from
goods or services
unregistered supplier
2. Time limit for issuance of invoice
Taxable
supply
Goods Services
Involving No Sale or Within 30 days

movement movement return from the supply
of goods of goods supplies of services
Before or at the time

At the time At the time of supply, or within 6 Insurance,
of removal of delivery months from the Banking - 45
removal – whichever days
is earlier
Page 55
• before/at the time each successive statements of

In case of
accounts is issued or each successive payment is
continuous
received
supply of goods
In case of due date of payment is on/before due date of payment

continuous ascertainable from the contract
supply of not so ascertainable before/at the time of receipt of
services payment
payment is linked to the on/before the date of
completion of an event completion of that event
3. Important contents of tax invoice
Name &
Consecutive GSTIN of
GSTIN of address of
recipient, if HSN
supplier recipient, if not
& date of issue registered
registered
Tax rate –
Description of Central tax &
Quantity in Total Value of Taxable Value
goods or State tax or
case of goods supply of supply
services Integrated tax,
cess
Address of
Tax payable on Signature of
Amount of tax delivery where
Place of supply reverse charge authorised
charged different than
basis signatory
place of supply
Page 56
4. Manner of issuing the invoice
Supply of Goods Supply of services
Triplicate Duplicate
Original copy for recipient Original copy for recipient; and

Duplicate copy for transporter; and Duplicate copy for supplier
Triplicate copy for supplier
The serial number of invoices issued during a month / quarter shall be

furnished electronically in FORM GSTR-1.
5. Revised Tax Invoice
Revised Tax Invoices to be issued in respect of taxable supplies

effected during this period
Effective date of Date of issuance of certificate

registration of registration
Consolidated Revised Tax Invoice (CTRI) may be issued in respect of taxable

supplies made to an unregistered recipient during this period
In case of inter-State supplies, CTRI cannot be issued in respect of all unregistered

recipients if the value of a supply exceeds ` 2,50,000 during this period.
Particulars of the Debit and Credit Notes are also same as revised tax invoices
Page 57
6. Consolidated Tax Invoice

Tax invoice is not required
Consolidated Tax
Value of supply < `200 Invoice shall be
to be issued
issued for such

Recipient is unregistered supplies at the close
of each day inrespect
Recipient does not require such of all suchsupplies
invoice
7. Bill of Supply
Supplying exempted goods or services

Registered Person
or both
Tax Invoice
Paying tax under composition levy
8. Receipt Voucher
Advance payment
Supplier Recipient
Receipt Voucher
Where at the time of receipt of advance, rate of tax/ nature of supply is not
determinable
Where at the time of receipt of

advance
(i) rate of tax is not determinable tax shall be paid at the rate of 18%
(ii) nature of supply is not same shall be treated as inter-State

determinable supply
Page 58
9. Refund Voucher
Advance payment
Receipt Voucher
Supplier Supply Recipient
Tax Invoice
Refund Voucher
10. Invoice and Payment Vouchers to be issued by recipient of

supply liable to pay tax under reverse charge
Payment Voucher
Where Recipient Receives the supplies

is registered taxable on Reverse
Charge basis
under section 9(3) under section 9(4)

[Notified services] [Unregistered supplier]
Supplier is Supplier is Supplier is

registered
Recipient shall issue a

Payment Voucher at thetime
of making payment to the
supplier.
Page 59
Invoice
Where Recipient Receives the supplies

is registered taxable on Reverse
Charge basis
under section 9(3)

[Notified services] [Unregistered
supplier]
Supplier is Supplier is Supplier is

registered
Recipient shall
issue Invoice
Recipient may issue a

Where
consolidated invoice
value of supplies in a
at the end of the
day from any/ all the
month
unregistered
suppliers > ` 5,000,
Page 60
11. Credit Notes Section 34
Where a tax invoice has been issued for supply of any goods or services or both
Taxable value in invoice >

where the where goods or
Taxable value in respect of
goods services or both
such supply
supplied are OR supplied are
Tax charged in invoice > OR returned by found to be
Tax payable in respect of the recipient deficient
such supply
Registered Supplier
of goods or services may issue Credit Note
or both
12. Debit Notes
Where a tax invoice has been issued for supply of any goods or services or both
Taxable value in invoice < Taxable value in respect of such

supply
Tax charged in invoice < Tax payable in respect of such supply
Registered Supplier
of goods or services shall issue Debit Note
or both
Page 61
BOOKS OF ACCOUNTS
SECTION 35 ACCOUNTS AND OTHER RECORDS.
1) Every registered person shall keep and maintain, at his principal place of business, as mentioned in the
certificate of registration, a true and correct account of–
(a) production or manufacture of goods;

(b) inward and outward supply of goods or services or both;
(c) stock of goods;
(d) input tax credit availed;
(e) output tax payable and paid; and
(f) such other particulars as may be prescribed:
Provided that where more than one place of business is specified in the certificate of registration, the accounts
relating to each place of business shall be kept at such places of business:
Provided further that the registered person may keep and maintain such accounts and other particulars in
electronic form in such manner as may be prescribed.
2) Every owner or operator of warehouse or godown or any other place used for storage of goods and every
transporter, irrespective of whether he is a registered person or not, shall maintain records of the consigner,
consignee and other relevant details of the goods in such manner as may be prescribed.
5) Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his
accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual
accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form
and manner as may be prescribed.
SECTION 36 PERIOD OF RETENTION OF ACCOUNTS.

Every registered person required to keep and maintain books of account or other records in accordance with the
provisions of sub-section (1) of section 35 shall retain them until the expiry of seventy-two months from the due
date of furnishing of annual return for the year pertaining to such accounts and records:
Page 62
CHAPTER-10PAYMENT
Output
Tax
tax
means excludes payable
on
reverse
CGST on taxable supply charge
of goods and /or
services
by agent
by taxable
of taxable
person
person
Taxable
Person
means
a person
liable to be
who is registered
registered
under section 22 under section 24

of CGST Act of CGST Act
Page 63
Payments to be made in GST regime
CGST & SGST

For Intra-state supply
are to be paid.
IGST to be paid,
For Inter-state supply having components of
both CGST & SGST
Interest, penalty,
fees and any other
Wherever applicable
amount also to be
paid
RULE 85 OF CGST RULE

1) The electronic liability register specified under subsection (7) of section 49 shall be maintained in FORM GST PMT-01 for
each person liable to pay tax, interest, penalty, late fee or any other amount on the common portal and all amounts payable by him
shall be debited to the said register.
2) The electronic liability register of the person shall be debited by-
(a) the amount payable towards tax, interest, late fee or any other amount payable as per the return furnished by the said person;
(b) the amount of tax, interest, penalty or any other amount payable as determined by a proper officer in pursuance of any
proceedings under the Act or as ascertained by the said person;
(c) the amount of tax and interest payable as a result of mismatch under section 42 or section 43 or section 50; or
(d) any amount of interest that may accrue from time to time.
3) Subject to the provisions of section 49, payment of every liability by a registered person as per his return shall be made by
debiting the electronic credit ledger maintained as per rule 86 or the electronic cash ledger maintained as per rule 87 and the
electronic liability register shall be credited accordingly.
4) The amount deducted under section 51, or the amount collected under section 52, or the amount payable on reverse
charge basis, or the amount payable under section 10, any amount payable towards interest, penalty, fee or any other amount under
the Act shall be paid by debiting the electronic cash ledger maintained as per rule 87 and the electronic liability register shall be
credited accordingly.
ELECTRONIC CASH LEDGER (ECL) [SECTION 49(1) & (3)] READ WITH RULE 87
1) The electronic cash ledger under sub-section (1) of section 49 shall be maintained in FORM GST PMT-05 for each
person, liable to pay tax, interest, penalty, late fee or any other amount, on the common po
rtal for crediting the amount deposited and debiting the payment therefrom towards tax, interest, penalty, fee or any other amount.
2) Any person, or a person on his behalf, shall generate a challan in FORM GST PMT-06 on the common portal and enter
the details of the amount to be deposited by him towards tax, interest, penalty, fees or any other amount.
Page 64
[Provided that the challan in FORM GST PMT-06 generated at the common portal shall be valid for a period of fifteen
days.
3) The deposit under sub-rule (2) shall be made through any of the following modes, namely:-
(i) Internet Banking through authorised banks;
(ii) Credit card or Debit card through the authorised bank;
(iii) National Electronic Fund Transfer or Real Time Gross Settlement from any bank; or
(iv) Over the Counter payment through authorised banks for deposits up to ten thousand rupees per challan per tax
period, by cash, cheque or demand draft:
Provided that the restriction for deposit up to ten thousand rupees per challan in case of an Over the Counter payment
shall not apply to deposit to be made by –
a) Government Departments or any other deposit to be made by persons as may be notified by the Commissioner in this
behalf;
b) Proper officer or any other officer authorised to recover outstanding dues from any person, whether registered or not,
including recovery made through attachment or sale of movable or immovable properties;
c) Proper officer or any other officer authorised for the amounts collected by way of cash, cheque or demand draft
during any investigation or enforcement activity or any ad hoc deposit:
4) Any payment required to be made by a person who is not registered under the Act, shall be made on the basis of a
temporary identification number generated through the common portal.
5) Any amount deducted under section 51 or collected under section 52 and claimed in FORM GSTR-02 by the
registered taxable person from whom the said amount was deducted or, as the case may be, collected shall be credited to his
electronic cash ledger in accordance with the provisions of rule 87.
6) A registered person shall, upon noticing any discrepancy in his electronic cash ledger, communicate the same to the
officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04.
ELECTRONIC CREDIT LEDGER (ECRL) [SECTION 49(2) & (4)] READ WITH RULE 86
(1) The electronic credit ledger shall be maintained in FORM GST PMT-02 for each registered person eligible for input
tax credit under the Act on the common portal and every claim of input tax credit under the Act shall be credited to the said
ledger.
(2) The electronic credit ledger shall be debited to the extent of discharge of any liability in accordance with the
provisions of section 49.
(3) Where a registered person has claimed refund of any unutilized amount from the electronic credit ledger in
accordance with the provisions of section 54, the amount to the extent of the claim shall be debited in the said ledger.
(4) If the refund so filed is rejected, either fully or partly, the amount debited under sub rule (3), to the extent of rejection,
shall be re-credited to the electronic credit ledger by the proper officer by an order made in FORM GST PMT-03.
(5) A registered person shall, upon noticing any discrepancy in his electronic credit ledger, communicate the same to the
officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04.
Page 65
What are E-Ledgers?
Electronic Ledgers or E-Ledgers are statements of cash and input tax

credit in respect of each registered taxpayer. In addition, each taxpayer
shall also have an electronic tax liability register.
Types of Electronic ledgers
Electronic Cash
Ledger
Electronic
Ledgers
Electronic Electronic Credit
Liability Register Ledger
A. Electronic Cash Ledger
Page 66
Modes of Deposit in Electronic Cash Ledger
Major and Minor Heads of Payment
Each of these Major

Major Heads Heads have the five
• IGST
following Minor Heads
Minor Heads
•CGST
• Tax
• SGST/UTGST
• Interest
•CESS
• Penalty
• Fee
• Others
Date of deposit of tax dues
Which date is considered as date of deposit of the tax dues ?

(i) Date of presentation of cheque ×
(ii) Date of payment ×
(iii) Date of credit of amount in the account of √
government
Page 67
B. Electronic credit ledger

Order of utilisation of input tax credit available in electronic
credit ledger [Section 49(5) of CGST Act]
Input tax credit of IGST
IGST SGST/ UTGST
CGST
Input tax credit of CGST
CGST NO SGST/ No UTGST
IGST
Input tax credit of SGST
SGST NO CGST
IGST
Input tax credit of UTGST
UTGST NO CGST
IGST
The CGST credit cannot be utilized for payment of SGST/UTGST.

The SGST/UTGST credit cannot be utilized for payment of CGST.
Page 68
C. Electronic liability register

Order of discharge of liability of taxable person
3. All dues
including
2. All dues demand
related to determined
current tax under section
period 73 and 74
1. All dues
related to
previous tax
period
Manner of making payment
Through debit of Electronic Credit In cash, by debit in the Electronic

Ledger Cash Ledger
Through debit of Credit Ledger of the Payment can be made in cash, by debit
tax payer maintained on the Common in the Cash Ledger of the tax payer
portal – ONLY Tax can be paid. maintained on the common portal.
E-Ledgers
• It will reflect all deposits made in cash, and TDS/TCS
made on account of the tax payer.
Electronic Cash
• This ledger can be used for making ANY PAYMENT
Ledger
towards tax, interest, penalty, fees or any other
amount on account of GST.
• It will reflect Input Tax Credit as self-assessed in
Electronic Credit monthly returns.
Ledger • The credit in this ledger can be used to make payment
of TAX ONLY i.e. output tax and not other amounts
such as interest, penalty, fees etc.
•Electronic Liability Register will reflect the total tax
Electronic Liability liability of a taxpayer (after netting) for the particular
Register month.
Page 69
Payment of Tax via Electronic Ledger

A. Electronic Cash Ledger
(Assume it as an account statement provided by bank, for easy understanding)
Debit Amount (DR) Credit Amount (CR)

• Credit amount of this ledger may be used • Any deposit made towards tax,
for payment of tax, interest, fees etc. interest, penalty, late fee etc.
• Remaining credit balance amount after via internet banking, RTGS,
payment of above tax etc. will be fund transfer etc.
refunded to taxable person. • TDS/TCS claimed
B. Electronic Credit ledger

• Credit amount of this ledger may be • Input Tax credit as self-assessed

used for payment of output tax viz in the return in the form of IGST,
IGST, CGST, SGST, UTGST in the CGST, SGST, UTGST
prescribed order.
C. Electronic Liability Register

• Amount payable towards tax, interest, • Electronic cash ledger
fees etc.
• Tax or interest payable due to
mismatch
• Any other dues
• Amount payable towards output tax • Electronic credit ledger
Page 70
Interest on delayed payment of tax [Section 50]
Interest Rates
Undue or excess claim of

If person pays the unpaid Input tax credit or undue
amount on his own or excess reduction in
output tax liability
18% per annum 24% per annum
Page 71
CHAPTER 11(TDS)
RATE OF TDS
under CGST 1%
Rate of TDS
under IGST 2%
TDS
Person liable to Threshold Rate of Due date of

deduct tax at limit deduction NO TDS payment of TDS to
source Government
Central and 1%
State
Within 10 days
Total value of from the end
supply under a of month
contract > ` 2.5
Local authority lakhs, exclusive When location
of gst as per of supplier and
invoice place of supply
Governmental is different from
agencies the state of
registration of
recipient
persons
Page 72
MANNER OF ACCOUNT OF TDS BY TDS DEDUCTOR
1. Such deductors needs to get compulsorily registered under section 24 of the

CGST/SGST Act.
2. They need to remit such TDS collected by the 10th day of the month
succeeding the month in which TDS was collected.
3. The amount deposited as TDS will be reflected in the electronic cash ledger
of the supplier.
4. They need to issue certificate of such TDS to the deductee within 5 days of
deducting TDS failing which fees of ` 100 per day subject to maximum of
` 5,000/- will be payable by such deductor.
MANNER OF ACCOUNT OF TDS BY SUPPLIER

 Any amount shown as TDS will be reflected in the electronic cash ledger of the
concerned supplier.
 He can utilize this amount towards discharging his liability towards tax, interest
fees and any other amount.
APPLICABILITY OF TDS
Situations
Supplier & place of

Supplier, place of Supplier and place
upply - same State &
supply & recipient- of supply-different
recipient located in
same State States
another State
Inter-State supply Intra-State supply

Intra-State supply
TDS (CGST + SGST) TDS (IGST) to be NO TDS

to be deducted deducted
Page 73
CONSEQUENCES OF NOT COMPLYING WITH TDS PROVISIONS
S. No. Event Consequence
1. TDS not deducted Interest to be paid along with the TDS

amount; else the amount shall be determined
and recovered as per the law
2. TDS certificate not issued Late fee of ` 100/- per day subject to a
or delayed beyond the maximum amount of ` 5000/-
prescribed period of five
days
3. TDS deducted but not Interest to be paid along with the TDS
paid to the Government amount; else the amount shall be determined
or paid later than 10th of and recovered as per the law
the succeeding month
Page 74
CHAPTER 13
(TCS)
RATE OF TCS
under CGST not exceeding 1%
Rate of TCS
under IGST not exceeding 2%
TCS
Person liable to Rate of collection Due date of

Value for collection of
Threshold limit
collect tax at under CGST payment of TCS to
tax at source
source Government
Not exceeding 1%
Electronic
commerce Nil
operator Within 10 days
Net value of
from the end of
taxable supply
month
NET VALUE OF TAXABLE SUPPLIES
Aggregate
value of taxable other than notified services under section
supplies of
9(5) by all registered persons
goods and/or
services
Net value of
Taxable
Supplies
taxable
supplies
returned to
supplier
Page 75
FILING OF STATEMENTS
Statements
Annual
GSTR - 8 GSTR - 9B
by 31st
by 10th of
December of
succeeding
month
financial year
KEY POINTS RELATING TO TCS
(a) Every e-commerce operator is required to collect tax on behalf of actual

supplier, where consideration with respect to the supply is being
collected by the e-commerce operator.
(b) The e-commerce operator should make the collection during the month
in which supply was made.
(c) Credit of TCS in electronic cash ledger by supplier.
CONTENT OF MONTHLY & ANNUAL STATEMENTS FURNISHED BY OPERATOR
outward supplies of goods

and/or services through it
Details of
supplies of goods and/or

services returned through it
amount collected as TCS
Page 76
Assessment
Provisional Assessment of Assessment of Scrutiny

Scrutiny of
Self Assessment Non-filers of Unregistered Assessment in
Assessment Returns
Return Persons Certain Special
Cases
Every registered Person unable In order to If return is not Proper officerto Proper officer
person shall to determine verify accuracy furnished even the best of his may issue an
himself assess value of supply of return, the after service of judgment, may assessment
tax liability and or rate of tax. Proper Officer notice u/s 46, issue an order imposing
furnish a return. may examine assessment order, tax liability on a
return and seek within a periodof person based on
explanations. 5 years from the any evidence
Payment of tax date specified showing a tax
on provisional under section 44 liability.
basisonexecution If explanation Proper officer for furnishing of
of bond on a offered is shall assess the the annual return.
request made. adequate, no liability of tax If person to whom
further action. within a period liability pertains is
of 5 years from not ascertainable,
Final Assessment the date the person in
Time: 6 months If no adequate specified u/s 44 charge of goods
from date of e x plana tion for furnishing of shall be assessed.
communication offered or no annual return.
of order corrective
Extension: 6 measures. If order is
months by Joint erroneous, proper
Commissioner officer may
4 years by Proper Action u/s withdraw such
Commissioner Sec. 65,66,67,73 order and follow
or 74. the procedure laid
down in section 73
or section 74.
If short paid, If excess paid,
pay with refund with
interest u/s interest u/s
50 54(8)
Audit
Audit by Tax Authorities Special Audit
• Commissioner or any officer authorized by him • At any stage of scrutiny, inquiry or investigation.
may undertake audit of any registered person. • Assistant Commissioner is of the opinion that
• Audit may be conducted at the place of business the value has not been correctly declared or the
or in their office. credit availed is not within the normal limits
• At least 15 days prior notice should be given • may nominate a chartered accountant or cost
• Time Period : 3 months from the date of conduct accountant
of audit. • Time period : 90 days
• Extension : not exceeding six months. • Extension : further 90 days
• On conclusion, registered person shall be • Audit will be conducted even if accounts have
informed about findings, rights & obligations. already been audited.
• If results in demand of tax, shall be recovered • If results in demand of tax, shall be recovered
under section 73 or 74. under section 73 or 74.
Page 77
Offences related to invoices,

Acquire possession/concerns in
ITC, refund, tax deduction or or utilized
dealing goods which he knows or
collection, furnishing of false
records or information, etc. such as transport, remove, keeps,
Fails to appear when summon is

issued to give evidence/produce a
document
`10,000 or an amount accordance with provision.

equivalent to tax evaded/tax 4
not deducted/collected/not
paid to the government/ITC Fails to furnish
information return
irregularly/fraudulent refund within the period as
`5,000
whichever is higher. specified innotice
Fails to furnish
statistics without
reasonable cause/ In continuing
willfully furnishes offence `100 per
or causes to furnish
false information
5 years and fine 3 years and fine 1 year and fine 6 months or fine
Not less than 6 Months
On 2nd Conviction Punishment will extend to 5 years and fine. Min 6 months
Supplies made without invoice/ false invoice/ invoices or bills issued without any invoice/ transports taxable goods without
document cover.
Falsifies or substitutes financial records/ produces fake accounts/ furnishes false information with an intention to evade tax/
suppresses the turnover in order to evade tax.
Fails to obtain registration/ furnishes false particulars with regard to registration/ issues invoices using registration number of
another person.
or attached.
Page 78
GOODS COVERED UNDER RCM
1. Cashew Nuts (Not Shelled & Pilled)
2. Bidi Wrapper
3. Tobacco leaves
4. Silk Yarn
5. Raw cotton
6. Lottery
7. Used Goods
8. PSLC
Services COVERED UNDER RCM

1. Import of Services except OIDAR
2. GTA if opt for 5%
3. Advocate legal services
4. Arbitral tribunalservices
5. Sponsorship services
6. Director services
7. Insurance agent services
8. Recovery agent services
9. Oceans. Freight
10. Copyright. Services
11. Author to publisher
12. Govt all services except 3 services
13. Renting of immovable property
14. Members of overseeing. Comm ittee
15. Individual DSA
16. B/F to Bank
17. Agent ofB/C to B/C
18. Security services
19. Lending of Securities
20. Lease more than 30 Years
21. Renting of passengers. MV
22. Transfer. Of development rights

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GST 1 Day Before Exam GST Most Important Topics Revision Notes

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VG STUDY HUB & ASC GST CAPSULE REVISION NOTES CA VIVEK GABA

Compilation & Authored

GOODS & SERVICES TAX

- Taxes are basic source of Revenue for government.

There are generally two type of taxes in India

DIFFERENCE BETWEEN DIRECT TAX & INDIRECT TAX

Aspect Direct Tax Indirect Tax

- 19th December, 2014

- 6th May 2015:

- 12th May 2015:

- 14th May 2015

- 3rd Aug, 2016

- 8th Aug, 2016

- On September 12th, the union cabinet cleared formation of GST council.

- On September 22 and 23 – the council met for 1st time

- 20 march 2017 – cabinet approved CGST, IGST, UTGST, compensation bill.

- 12th April 2017 – president assented all 4 key bills.

- 1 July 2017 – GST Applicable to whole of India except J&K.

- 8th July – GST law was made applicable state of J&K.

 France  first country to levy GST 1954

Central taxes State taxes

(vi) CVD (iv) Entry Tax

(i) Chair person  union finance minister

(i) (ii) (iii) (iv) (v)

(ii) Types of Goods

(iii) Service  section 2(102)

Means Anything  other than

(v) Outward supply  IRT taxable person means  supply by way of

(vi) SECTION 2 (47): EXEMPT SUPPLY

Supply includes (Section 7 (1))

COMPOSITE /MIXED SUPPLY

 Section 7 (4)  IGST Act  import of service  shall always be treated as

OIDAR Services Section 14 IGST Act

SUPPLY FROM PRINCIPAL TO AGENT. & VICE VERSA

Otherwise  Apply Rule 30 or Rule 31 in that order

Supply of Goods or Service or both between distinct or Related person

(vi) Both of them are directly or indirectly

(vii) Together they directly or indirectly

(viii)they are members of the same family;

Section 10(2) Composition Levy

AGGREGATE TURNOVER for Eligibility

RULE 5 (1) CONDITIONS AND RESTRICTIONS FOR COMPOSITION LEVY.-

Applicability CGST SGST UTGST IGST

Intra-State supply Inter-State

2. Levy and collection of CGST/IGST

Particulars CGST IGST

Levied on Intra-State supplies of Inter-State supplies of

Collected and Taxable person

Supply Alcoholic liquor for human consumption

Rates Rates as notified by IGST rate= CGST rate + SGST

Government. rate (more or less)

Supplies on petroleum crude

Tax payable Supply of goods or services or both, notified by the

Goods No CGST and IGST shall be levied and

Custom Tariff Act, 1975.

- Service by Transportation of passengers by a Radio-Taxi, Motor-Cab,

- Service by providing accommodation in Hotel except person supplying

- Service by house-keeping, except person supplying though Eco liable to

- supply of restaurant service other than the services supplied by restaurant,

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