Analysis of GST Model, Forms to be Filed and the Due Dates for Filing of Returns under GST

Analysis of Model of GST

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Existing Indirect Tax Structure

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NEW GST Model

This Act may be called the Central/State Goods and Services Tax Act, 2016 as per the Model Goods and Services (GST) Law released by the empowered committee of State Finance Minister on 14th June 2016.

The Act shall extend to whole of India/State’s name.

Supply includes all forms of supply of goods and/or services such as

  • Sale
  • Transfer
  • Barter
  • Exchange
  • Licensing
  • Rental
  • Lease
  • Disposal

for a consideration from one person to another.

There are separate models of inter-state and intra-state GST transactions.

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Registration

Every person who is liable to get registered under this Act shall apply for registration in each State, he operates, within 30 days.

A person having multiple business verticals may obtain separate registration for each verticals, as may be prescribed.

Who are liable to get registered?

Threshold limit as per Model GST Act, 2014 is of 10 lakhs and 5 lakhs (for persons conducting business in North Eastern states and Sikkim). However, as per the decision of GST Council, the limit has been raised to 20 Lakhs and 10 lakhs.

List of GST Registration forms including draft registration formats

S.No. Form No. Content
1 GST REG 01 Application for Registration under Section 19(1) of Goods and Services Tax Act, 2016
2 GST REG 02 Acknowledgement
3 GST REG 03 Notice for Seeking Additional Information/ Clarification/ Documents relating to Application for<<Registration/Amendment/Cancellation>>
4 GST REG 04 Application for filing clarification/additional information/ document for <<Registration/Amendment/Cancellation/ Revocation of Cancellation>>
5 GST REG 05 Order of Rejection of Application for <<Registration /Amendment / Cancellation/ Revocation of Cancellation>>
6 GST REG 06 Registration Certificate issued under Section 19(8A) of the Goods and Services Tax Act, 20–
7 GST REG 07 Application for Registration as Tax Deductor or Tax Collector at Source under Section 19(1) of the Goods and Service Tax Act, 20–
8 GST REG 08 Order of Cancellation of Application for Registration as Tax Deductor or Tax Collector at Source under Section 21 of the Goods and Service Tax Act, 20–.
9 GST REG 09 Application for Allotment of Unique ID to UN Bodies/Embassies /any other person under Section 19(6) of the Goods and Service Tax Act, 20–.
10 GST REG 10 Application for Registration for Non Resident Taxable Person.
11 GST REG 11 Application for Amendment in Particulars subsequent to Registration
12 GST REG 12 Order of Amendment of existing Registration
13 GST REG 13 Order of Allotment of Temporary Registration/ Suo Moto Registration
14 GST REG 14 Application for Cancellation of Registration under Goods and Services Tax Act, 20–.
15 GST REG 15 Show Cause Notice for Cancellation of Registration
16 GST REG 16 Order for Cancellation of Registration
17 GST REG 17 Application for Revocation of Cancelled Registration under Goods and Services Act, 20–.
18 GST REG 18 Order for Approval of Application for Revocation of Cancelled Registration
19 GST REG 19 Notice for Seeking Clarification/Documents relating to Application for << Revocation of Cancellation>>
20 GST REG 20 Application for Enrolment of Existing Taxpayer
21 GST REG 21 Provisional Registration Certificate to existing taxpayer
22 GST REG 22 Order of cancellation of provisional certificate
23 GST REG 23 Intimation of discrepancies in Application for Enrolment of existing taxpayer
24 GST REG 24 Application for Cancellation of Registration for the Migrated Taxpayers not liable for registration under Goods and Services Tax Act 20–
25 GST REG 25 Application for extension of registration period by Casual / Non-Resident taxable person.
26 GST REG 26 Form for Field Visit Report
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Tax Invoices

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Every person making a taxable supply of goods and services shall issue a tax invoice containing prescribed particulars.

Input tax credit shall be allowed on the basis of such tax invoices.

Input Tax Credit (ITC)

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Utilization of ITC under GST Law

Subject to conditions and restrictions, as may be prescribed and time and manner specified in section 35, every registered taxable person can take input tax credit admissible to him.

  • The input tax credit shall be credited to electronic credit ledger as self-assessed in the return by the assessee and can be used for the payment of tax, interest or penalty.
  • Unutilised credit in case of export transaction (where no output duty is payable) refund can be claimed

Returns

Following are the due dates for furnishing of returns

Outward supplies 10th of succeeding month
Input Supplies 15th of succeeding month
Outward supplies, inward supplies, input tax credit availed, tax payable, tax paid 20th of succeeding month
  • No return can be filed unless the tax due as per the return is deposited and also no credit of input tax shall be available to the customer if tax is not paid by the supplier.
  • No return can be filed unless a valid return of previous period has been filed. In addition to that annual return is also required to be filed.

List of Return forms

S.No. Form Who to File? What to file? When to File?
1 GSTR-1 Registered taxable supplier Outward supplies 10th of the month succeeding the tax period
2 GSTR-2 Registered taxable recipient Inward supplies /Purchases 15th of the month succeeding the tax period
3 GSTR-3 Registered taxable person Monthly Return 20th of the month succeeding the tax period
4 GSTR-4 Composition supplier Outward supplies, inward supplies 18th of the month succeeding the Quarter
5 GSTR-5 Non-resident person Outward supplies, inward supplies 20th of the month succeeding tax period & within 7 days after expiry of registration
6 GSTR-6 Input service distributor details of tax invoices on which credit has been received 13th of the month succeeding the tax period
7 GSTR-7 Tax deductor Details of tax deducted 10th of the month succeeding the month of deduction
8 GSTR-8 E commerce operator/tax collector Details of tax collected. 10th of the month succeeding the tax period
9 GSTR-9 Registered Taxable Persons Annual Return 31st December of the next Financial Year]
10 GSTR 9A Taxable Person paying tax u/s 8 (Compounding Taxable Person) Annual Return 31st December of the next Financial Year]
11 GSTR 9B Registered Taxable Person (if Turnover Exceeds 1Crore) Audit Report with Reconciliation Statement 31st December of the next Financial Year
12 GSTR 10 Taxable person whose registration has been surrendered or cancelled Final return within three months of the date of cancellation or date of cancellation order, whichever is later
13 GSTR 11 Persons having Unique Identity Number and Claiming Refund Details of inward supplies 28th of the month following the month for which statement is filed
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GST Tax Return Preparer Form

S.No. Form No Purpose
1 GST TRP 1 Application for Enrolment as Tax Return Preparer under GST
2 GST TRP 1A Acknowledgement Receipt
3 GST TRP 2 Enrolment Certificate for Tax Return Preparer
4 GST TRP 3 Notice for Seeking Additional Information / Clarification / Documents for Application for Registration as Tax Return Preparer,
  or,
  Show cause for disqualification in case of misconduct in connection to proceeding by Tax Return Preparer
5 GST TRP 4 Order of Rejection of Application for enrolment as Tax Return Preparer/
  Or Disqualification to function as Tax Return Preparer
6 GST TRP 5 List of Tax Return Preparers enrolled
7 GST TRP 6 Engagement of TRP
8 GST TRP 7 Disengagement from the assignment

 

GST Refund Forms

S.No. Form Number Content
1 GST RFD 01 Refund Application form
-Annexure 1 Details of Goods
–Annexure 2 Certificate by CA
2 GST RFD 02 Acknowledgement
3 GST RFD 03 Notice of Deficiency on Application for Refund
4 GST RFD 04 Provisional Refund Sanction Order
5 GST RFD 05 Refund Sanction/Rejection Order
6 GST RFD 06 Order for Complete adjustment of claimed Refund
7 GST RFD 07 Show cause notice for reject of refund application
8 GST RFD 08 Payment Advice
9 GST RFD 09 Order for Interest on delayed refunds
10 GST RFD 10 Refund application form for Embassy/International Organizations

 

Composition Scheme

Conditions for composition scheme:

  • Taxable person under this Act
  • Involved in intra state supply of goods and services
  • Aggregate turnover doesn’t exceed rupees 50 lakhs

Matters to be Treated as Supply of Goods and Services

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Time of Supply

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  • In case of continuous supply of services
  1. Date on which the recipient of services is liable to make payments if ascertainable from the contract
  2. Date on which payment is made or invoice is issued whichever is earlier if no due date is ascertainable form the contract.
  3. When payment is linked with certain completion of events then time of completion of the event.
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Value of Taxable Services

Value of supply of goods and/or services shall be the transaction value, the amount paid or payable for the said supply of good or/and services, where the supplier and recipient are not related and the price is the sole consideration.

Transaction value shall include the following (if they are not included in the transaction value already paid or payable):

  • The amount the supplier is liable to pay in relation to such supply but which has been incurred by the recipient of the supply.
  • Any duties, cess or tax charged other than SGST, CGST or IGST
  • Subsidies provided in any form, linked with the supply
  • Any reimbursable cost incurred by the supplier in relation to the supply
  • Any royalties or fees in relation to supply
  • Incident expenses such as commission packing etc. relating to supply
  • Any discount allowed after the supply of services (however, if the post supply discount is well known before the supply of services than it shall not be included in the value of supply).

GST Transitional Provisions

  • Input credit of previous Act can be carried forward and utilised under the new Act
  • Unavailed CENVAT credit on capital goods, not carried forward in return, to be allowed in certain situations.
  • Credit of eligible duties and taxes in respect of inputs held in stock, to allowed in certain situations.
  • Pending refunds and claims shall be disposed under earlier law.
  • Pending proceeding of appeal, reference, revision and review shall be disposed under earlier law.