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Important Concepts under GST

Posted @ March 8, 2017, 6:44 am under (GST & TDS Returns)

Important Concepts under GST

What is the taxable event under GST

The taxable event under GST shall be the supply of goods and / or services made for consideration in the course or furtherance of business

Supply of Goods

 

 

 

 

all forms of Sale, Transfer, exchange, Licence, rental, , lease for consideration and Furtherance of business

 

 

Taxable Supply even without consideration are taxable

Such as supplies made without consideration, specified under Schedule-I

1.      Self-supplies (within units of same organisation)

·         Inter-state self-supplies such as stock transfers will be taxable as a taxable person has to take state wise registration in terms of Schedule 1(5). even if there is no consideration.

 

·         However, intra-state self-supplies are not taxable.

2.      Supply To Related or Distinct person

·         Director,

·         Employee or

 

3.      Import of Services

·         Taxable  - if from related person even without consideration or furtherance of business

 

4.      Between Principal & Agents

 

Work Contracts

Catering Services

Renting of Immovable Property

·         Covered under Supply of Services

 

 

Exempt Supplies

·         Employee to Employer

·         Court

·         MP

·         Diplomat

·         Funeral

·         Import without Consideration expect from related person

 

Time of Supply (POT)

 

 

Forward Mechanism

 

 

 

 

 

Under Reverse Charge Mechanism (RCM)

Whichever is earlier

 

Date of Issue of Invoice, If Invoice is issued within prescribed period

date of completion of service

Date of receipt of payment

Date on which Supplier Receive Payment

 

Receipt of Invoice

Receipt of Services.

Debit in Books of Accounts.

Payment in bank or books of account

Place of Supply

 

Intra State - Location of Supplier and place of Supply Same

CGST & SGST are applicable

Inter State (IGST) Different

Single Rate is applicable

 

 

 

Type of Invoices

 

Tax Invoice

Within 30 Days

Bill of Supply

 

Rate of Tax

0% Essential

5% Common

12% Std.

18% Std.

28% Luxury

 

Returns

GST Returns

 

GSTR-1 Outward Supply

By 10thof subsequent month

GSTR-2 Inward Supply

By 10th – 15th of subsequent month

GSTR-3 Monthly Return

By 15-20th of subsequent month

GSTR-7 TDS Supply

By 10thof subsequent month

GSTR-9 Annual Supply

By 31st Dec from the end of F.Y.

 

 

Payment of GST

GST PMT -4

3 Type of E-Ledgers on GST Common Portal

 

E Tax liability Register

GST PMT -1

E Credit Register

GST PMT -2

E Cash Ledger

GST PMT -3

 

 

Late Fee

Rs. 100/- per day max 5000

 

 


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