ORGANISED AT :-

OSWAL COMPUTERS AND CONSULTANTS PVT LTD.

PRESENTED BY :-
CA RACHANA MAHESHWARI
FCA,DISA(ICAI),B.COM
ONE NATION
ONE TAX
ONE MARKET
 GST is a destination-based consumption tax
based on VAT principle.
 It is Multi Stage Tax
 Applicable in J&K
 GST stands for-
1. What is the taxable Event? (Supply)
2. Who should pay the tax?(Forward or
reverse)
3. To whom should the tax be paid? (IGST,
CGST/SGST/UTGST)
4. How much to pay? (Based on valuation
and rate of tax)
5. When to pay tax? (Time of Supply)
6. How to pay tax? (Input credit/ E
payment)
Taxes to be subsumed Taxes not to be subsumed Product out of purview of GST
Excise Duty Excise duty on alcohol and Alcoholic Liquor for
liquor (Governed by State Human Consumption
Excise Act)
State VAT/ CST/ Stamp Duty Petroleum Crude
Entry Tax
Service Tax Taxes on professional and Motor Spirit (Petrol)
trade
Additional Excise Basic Custom Duty High Speed Diesel
Duty, CVD,SAD
Luxury Taxes on Vehicle and Road Natural Gas
Tax/Entertainment Tax
Tax
Taxes on Lottery, Entertainment Tax levied by Aviation Turbine Fuel
Batting and Gambling local bodies
Various Cess Tolls
As per the model GST Law, SUPPLY means:
1. All forms of supply
2. Made, or agreed to be made
3. For a consideration (deemed supply for no
consideration supply)
4. By a person (Supply to oneself – Stock Transfer)
5. In the course of furtherance of business (Ex.
OLX)
6. It includes Sales, Transfer, Barter, Exchange,
Licensing, Rentals, Leases or Disposals.
Taxable events when there is no consideration:
1. Inter-branch adjustment of services availed
at HO
2. Permanent Transfer or Disposal of Assets –
• Surrender of damaged goods by the insured to the insurer
• Loss of assets by Theft / Fire ?

3. Business Goods / Services put to private use

– (Temporary Application)
• CA in a partnership firm files his own return
• Manager uses vehicles of business for transport to ply
guests to his son’s wedding.

4. Gift / Inheritance
5. Free samples
6. Laptops given for official / personal use of
 In GST
Stock Transfer is taxable only in 2 situations-

Intra state • Only when an entity has

stock more than one
transfer registration in one state

• Transfer between two

Inter State
entities located in
Stock
different states is
transfer
taxable
 Q. Why to Q. What is the
get registration
registered procedure under
under GST GST

Q. What are the

duties of
Q. Who all are Registered
required to get person under
registered under GST
GST
 CGST stands for Central GST
CGST This is applicable on supplies within the states or UTs.
Tax collection will go to Centre

SGST Stands for State GST

SGST This is applicable on supplies within the state
Tax collection will go to state account.

UTGST stands for Union Territory GST

UTGST This is applicable in supplies within the Union Territory
Tax collected will be credited to union territory account.

IGST stands for Integrated GST

IGST This is applicable on all supplies from one state to another

or one union territory to another or vice versa.
Tax collected will be shared by the Centre and State / UT
 Example 1 : A distributor of Dhamnod purchases
goods from manufacturer in Ujjain

Solution: These will be Intra State Supply subject

to CGST and SGST
In case of Intra
State/UT Supply In case of Inter State/UT
CGST and SGST would Supply
be applicable, For IGST =
example- SGST/UTGST+CGST
IF GST Rate is 18%’ For example GST rate is
Then 18% then IGST would be
CGST-9% 18%.
SGST/UTGST-9%
1. What is the taxable Event? (Supply)
2. Who should pay the tax?(Forward or
reverse)
3. To whom should the tax be paid? (IGST,
CGST/SGST/UTGST)
4. How much to pay? (Based on valuation
and rate of tax)
5. When to pay tax? (Time of Supply)
6. How to pay tax? (Input credit/ E
payment)
 -Every Registered Taxable Person entitled to take
credit of eligible Input Tax.

 No input credit to the receiver if supplier has

either not paid taxes or paid taxes but not filed
the return.

 Matching, Reversal, Reclaim concept introduced

for ITC

 Full Credit for Capital Goods. Capital Goods have

been defined as items capitalized in books.
A registered taxable person, whose aggregate
turnover

does not exceed 75 lakh rupees

be eligible to opt for payment of tax under

this scheme
 A registered person, whose aggregate turnover in
preceding financial year does not exceed 75 lakh
rupees will be eligible to opt for payment of tax
under this scheme.

 Conditions for availing Composition Scheme:-

 Person opting for the scheme will not be eligible to

avail ITC or pass on credit.

 Composition scheme not applicable for- Interstate

Transaction, Supplier making supply through E-
Commerce Operator or for Service Providers (Except
Restaurant service)
 • Traders: 1%
Rate of Tax • Specific Manufacturer: 2%
• Restaurants: 5%

• Shall not collect the tax from

Conditions for Recipient
availing Composition
Scheme • Not authorized to pass on Input Tax
Credit on supplies made by them
S.No. Situation Time Of supply
1. Time of Supply of Goods Earliest of the following, namely:-

1. Date of removal of goods

2. Date of invoice

3. Date of receipt of payment.

4. Date of receipt of goods in

receiver’s books of account

2. Time of supply of Service, (if Earlier of the following, namely:-
Invoice is issued within time 1. Date of invoice or

period of 30 days) 2. Date of receipt of payment

 0%- Food Grains

 5%-Goods for common use – Edible Oil,

Spices, Tea, Coffee

 12%- Computers, Processed Foods

 18%- Standard Rate - Majority of the Goods and
Services – Small cars, Soaps, majority of the services

 28%- Luxury and Demerit Goods,

White Goods, Luxury Cars,
Tobacco, Aerated Drinks*

*The cess will be applicable above the 28% tax

on luxury goods, aerated drinks & tobacco
products
 VALUATION UNDER GST
Case Study

Buys a new Phone of Rs

20000 with exchange of
old phone

But price of new phone of Seller

Buyer
Rs 24000

As per Valuation rules , Value of this Transaction will be

Rs. 24000
 Registered Person at his principal place of business (as
mentioned in certificate of registration) a true and correct
account of-

Producti
on or output such other
manufac tax particulars
input
ture of payabl as may be
inward / stock tax
goods e and prescribed
outward of credit
paid
supply of goods availe
goods or d
services or