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Presentation on Payment of GST
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Payment of GST
1.
2021 Payment of GST (Indirect Tax) Classroom Deliberations CA Dr
Prithvi Ranjan Parhi 11:20 AM © CA Dr Prithvi Ranjan Parhi 1
2.
11:20 AM ©
CA Dr Prithvi Ranjan Parhi 2 Within the Union Territory: CGST + UTGST Foreign Territory to Union Territory: IGST Foreign Territory to State: IGST One State to another State: IGST Within the State: CGST + SGST One State to Union Territory: IGST Union Territory to Foreign Territory: No GST ( Exempted Supply) State to Foreign Territory: No GST ( Exempted Supply) One Union Territory to another Union Territory : IGST Union Territory to State: IGST
3.
SGST/CGST/IGST/UTGST ? Sl Supplier
Receiver GST 1 State Same State CGST+SGST 2 State Another State IGST 3 State Union Territory IGST 4 State Foreign Territory Zero rated Supply no GST 5 Union Territory Same Union Territory CGST +UTGST 6 Union Territory Another Union Territory IGST 7 Union Territory State IGST 8 Union Territory Foreign Territory Zero rated Supply no GST 9 Foreign Territory State IGST 1 0 Foreign Territory Union Territory IGST 11:20 AM © CA Dr Prithvi Ranjan Parhi 3
4.
Understanding CGST, SGST,
UTGST & IGST 11:20 AM 4 © CA Dr Prithvi Ranjan Parhi Foreign Territory State 1 State 2 Union Territory IGST IGST IGST IGST CGST +SGST CGST +SGST CGST +UTGST
5.
Compensation Cess – A
GST Compensation Cess at specified rate has been imposed under the Goods and Services Tax (Compensation to States) Cess Act, 2017 on the • specified luxury items or • demerit goods, like pan masala, tobacco, aerated waters, motor cars etc., computed on value of taxable supply. – Compensation cess is leviable on intra-State supplies and inter-State supplies with a view to provide for compensation to the States for the loss of revenue arising on account of implementation of the GST. 11:20 AM 5 © CA Dr Prithvi Ranjan Parhi
6.
Compensation Cess • GST
is charged at the time of supply and depends on the destination of consumption. • For instance, if a good is manufactured in state A but consumed in state B, then the revenue generated through GST collection is credited to the state of consumption (state B) and not to the state of production (state A). • Due to the consumption-based nature of GST, manufacturing states like Gujarat, Haryana, Karnataka, Maharashtra and Tamil Nadu feared a revenue loss. • Thus, GST Compensation Cess or GST Cess was introduced by the government to compensate for the possible revenue losses suffered by such manufacturing states. • However, under existing rules, this compensation cess will be levied only for the first 5 years of GST regime – from July 1st, 2017 to July 1st, 2022. 11:20 AM © CA Dr Prithvi Ranjan Parhi 6
7.
Compensation Cess • All
the taxpayers, – except those who export specific notified goods and – those who have opted for GST composition scheme, • are liable to collect and remit the GST compensation cess to the central government. • Subsequently, the central government distributes it to the relevant states. • Input tax credit can also be claimed on GST Cess paid during the purchase of notified goods. • Input tax credit claimed in such a case can only be utilized for paying the GST Cess and not CGST, SGST or IGST. 11:20 AM © CA Dr Prithvi Ranjan Parhi 7
8.
Levy and collection
of cess • All taxpayers who are engaged in the supply of selected goods or services other than composition taxpayers will collect compensation cess. • This will also include compensation cess chargeable on certain goods imported to India. • Compensation cess is levied over and above the amount of GST charged in relation to a particular supply. • The calculation is similar to that of GST – the prescribed rate is applied to the transaction value given under section 15 of the CGST Act 2017 to arrive at the cess liability. • In case of import of goods the transaction value is the value determined under the Customs Tariff Act, 1975 i.e on the transaction value + Custom duty. • Example: • If the goods are imported into India where the assessable value is Rs.1000, GST rate is 18% and Custom duty is 10%. The Compensation cess is calculated on the value of Rs.1100 {1000+(1000*10%)}. 11:20 AM © CA Dr Prithvi Ranjan Parhi 8
9.
Custom Duty in
GST Regime • Under GST Law, GST will subsume Countervailing Duty (CVD) and Special Additional Duty (SAD). • However, Basic Customs Duty will continue to do its round in the import bills. • BCD has been kept outside the purview of GST and will be charged as per the current law only. 11:20 AM © CA Dr Prithvi Ranjan Parhi 9
10.
Concept of GST
Accounting • At the time of purchase create Current Asset- Input credit. • At the time of Sale create Current Liability. • Settle Current Assets with Current Liability . • Pay the net Current liability if any. 11:20 AM © CA Dr Prithvi Ranjan Parhi 10 Input GST (Asset) Output GST (Liability) Set off (Liabilities with Assets ) Make Payment
11.
2021 Order of Utilization of ITC Classroom Deliberations CA
Dr Prithvi Ranjan Parhi 11:20 AM © CA Dr Prithvi Ranjan Parhi 11
12.
ITC Utilisation Input Tax
Credit Tax Liability 11:20 AM © CA Dr Prithvi Ranjan Parhi 12 IGST CGST SGST IGST CGST SGST
13.
Input Tax Credit CGST IGST First
to pay CGST Second to pay IGST Not allowed to SGST First to pay SGST Second to pay IGST Not allowed to CGST First to pay IGST Second to pay CGST Third to pay SGST SGST 11:20 AM 13 © CA Dr Prithvi Ranjan Parhi To be utilised First Only after exhausting CGST ITC
14.
ITC Utilisation for
Cess, Interest, Penalty, Late fee 1. Credit of GST Cess paid can be utilized only towards payment of the GST Cess liability, not for IGST/CGST/SGST/UTGST liability. 2. Credit in Electronic Credit Ledger can be used only for payment of tax. 3. This means that balance of Electronic Credit Ledger cannot be utilised for payment of interest, penalty or late fees. 4. Interest and Penalty can be paid only through actual cash payment. 11:20 AM © CA Dr Prithvi Ranjan Parhi 14
15.
Utilisation of credit
& payment of liability Type of Tax Available ITC (Rs.) Liability to Pay (Rs.) IGST 1,000 500 CGST 300 500 SGST 300 500 TOTAL 1,600 1,500 11:20 AM © CA Dr Prithvi Ranjan Parhi 15
16.
Tax Type Available ITC (Rs.) Liability to Pay (Rs.) Liability Set
Off (Rs.) Balance to be paid in cash Balance Credit ( to be carried forward) Note IGST 1000 500 500 0 0 1 CGST 300 500 250 (from IGST ) 250 (From CGST) 0 50 2 &3 SGST 300 500 250 (from IGST ) 250 (From SGST) 0 50 TOTAL 1600 1500 1500 100 11:20 AM © CA Dr Prithvi Ranjan Parhi 16
17.
Notes 1. Balance ITC
of Rs 500/- IGST should be fully exhausted before utilizing available ITC of CGST & SGST /UTGST (proviso to rule 88A of CGST Rules inserted w.e.f. 1-4-2019 and section 49A of CGST Act.) 2. As per Sec 49(5)(a), ITC to be utilized in the order of – IGST-CGST – SGST. 3. Rule 88A allows utilizing the remaining amount ( after utilizing IGST ) in any Order. Thus the best utilization could have made in the given example. 11:20 AM © CA Dr Prithvi Ranjan Parhi 17
18.
ITC Utilisation • It
is mandatory to utilise the entire IGST available in electronic credit ledger before utilising ITC on CGST or SGST. • The order of setting off ITC of IGST can be done in any proportion and any order towards setting off the CGST or SGST output after utilising the same for IGST output. • Credit of CGST cannot be used for payment of SGST/UTGST and • Credit of SGST/UTGST cannot be utilised for payment of CGST. 11:20 AM 18 © CA Dr Prithvi Ranjan Parhi
19.
Order of Utilization
of ITC 1. IGST credit should first be utilized towards payment of IGST. 2. Remaining IGST credit, if any, can be utilized towards payment of CGST and SGST/UTGST in any order and in any proportion, i.e. remaining ITC of IGST can be utilized – a) first towards payment of CGST and then towards paymentof SGST; or b) first towards payment of SGST and then towards paymentof CGST; or c) towards payment of CGST and SGST simultaneously in any proportion e.g. 50: 50, 30: 70, 40: 60 and so on. 3. Entire ITC of IGST should be fully utilized before utilizing the ITC of CGST or SGST/UTGST. 1. ITC of CGST should be utilized for payment of CGST and IGST in that order. 2. ITC of CGST cannot be utilized for payment of SGST/UTGST 1. ITC of SGST /UTGST should be utilized for payment of SGST/UTGST and IGST in that order. 2. However, ITC of SGST/UTGST should be utilized for payment of IGST, only afterITC of CGST has been utilized fully. 3. ITC of SGST/UTGST cannot be utilized for payment of CGST. 11:20 AM © CA Dr Prithvi Ranjan Parhi 19
20.
Utilization of ITC
Cross-utilization of credit is available only between CGST - IGST and SGST/UTGST - IGST. CGST credit cannot be utilized for payment of SGST/UTGST . SGST/UTGST credit cannot be utilized for payment of CGST. • ITC of IGST need to be exhausted fully before proceeding to utilize the ITC of CGST and SGST in that order. 11:20 AM © CA Dr Prithvi Ranjan Parhi 20
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Rule 88A :
Payment of Tax of the CGST Rules Order of utilization of input tax credit • Input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax and State tax or Union territory tax, as the case may be, in any order. • Provided that the input tax credit on account of central tax, State tax or Union territory tax shall be utilized towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully. 11:20 AM © CA Dr Prithvi Ranjan Parhi 21
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Example Head Output tax
liability (Rs.) ITC (Rs.) IGST 1,000 1,300 CGST 300 200 SGST/UTGST 300 200 Total 1,600 1,700 11:20 AM © CA Dr Prithvi Ranjan Parhi 22
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Option 1 ITC of
Discharge of output IGST liability (Rs.) Discharge of output CST liability (Rs.) Discharge of output SGST/UTGST liability (Rs.) Balanceof ITC (Rs.) IGST 1,000 200 100 0 ITC of IGST has been completely exhausted CGST 0 100 - 100 SGST/UTGST 0 - 200 0 Total 1,000 300 300 100 11:20 AM © CA Dr Prithvi Ranjan Parhi 23
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Option 2 ITC of Discharge
of output IGST liability (Rs.) Discharge of output CST liability (Rs.) Discharge of output SGST/UTGST liability (Rs.) Balanceof ITC (Rs.) IGST 1,000 100 200 0 ITC of IGST has been completely exhausted CGST 0 200 - 0 SGST/UTGST 0 - 100 100 Total 1,000 300 300 100 11:20 AM © CA Dr Prithvi Ranjan Parhi 24 There can be other options also for utilization of ITC of IGST against CGST and SGST liabilities. In this example, two options for utilizing ITC of IGST against CGST and SGST liabilities are shown.
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Conditions to avail
Input credit: 1. The dealer should be in possession of Tax Invoice / Debit or Credit Note / Supplementary Invoice issued by a supplier registered under GST Act. 2. The said goods/services have been received. 3. Returns (Form GSTR-3) have been filed. 4. The tax charged has been paid to the government by the supplier. 11:20 AM 25 © CA Dr Prithvi Ranjan Parhi
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2021 Provisional ITC (Indirect Tax) Classroom Deliberations CA Dr
Prithvi Ranjan Parhi 11:20 AM © CA Dr Prithvi Ranjan Parhi 26
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Rule 36 (4)
on provisional ITC in Form GSTR-3B • As per the sub-rule (4) inserted in rule 36 of the Central Goods and Service Tax Rules, 2017, a taxpayer filing GSTR-3B can claim provisional Input Tax Credit (ITC) only to the extent of 5% of the eligible credit available in GSTR-2B (earlier, GSTR-2A was considered). 11:20 AM © CA Dr Prithvi Ranjan Parhi 27
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Electronic Ledgers • Amount
deposited in cash credited • may be used for making payments towards tax, interest, penalty, fees or any amount • Balance after payment may be refunded Electrical Cash Ledger • Input tax credit shall be credited here • May be used for making payment towards tax payable • Balance may refunded only in case of experts / rate of output is less than input Electronic Credit Ledger 11:20 AM © CA Dr Prithvi Ranjan Parhi 28
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How GST Works •
GST works on a self-monitoring mechanism, which is matching the concept of invoice between supplier and recipient of goods and services. • Only after matching of invoices and payment of tax by the supplier, the input tax credit will be available to the recipient. 11:20 AM © CA Dr Prithvi Ranjan Parhi 29
30.
ITC : Max
105% of GSTR 2A 11:20 AM © CA Dr Prithvi Ranjan Parhi 30 ITC on invoices / debit notes which havebeen uploaded by the suppliers intheirGTSR-1s ITC on invoice/debit note which have notbeen uploaded by the suppliers intheirGTSR-1s 100% ITC can be claimed on such invoices/debit notes, if all other conditions of availing ITC are fulfilled 5% of the eligible ITC available on Invoices / debit notes uploaded by suppliers in their GSTR-1s can be claimed on such invoices/debit notes. ITC claimed should not exceed 105% of ITCreflecting in GSTR-2A on the due date of filing of GSTR-1 of the suppliers for the said tax period.
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Example Amount of ITC involved
in the invoices (Rs.) Amount of ITC that can beavailed (Rs.) 85 invoices uploaded in GSTR-1 9.5 lakh 9.5 lakh [Refer Note 1] 15 invoices not uploaded inGSTR-1 0.45 lakh 0.45 lakh [Refer Note 2] Total 10 lakh 9.95 lakh 11:20 AM © CA Dr Prithvi Ranjan Parhi 31 Notes: (1) 100% ITC can be availed on invoices uploaded by the suppliers in their GSTR-1. (2) As per rule 36(4), the ITC in respect of invoices not uploaded by the suppliers in their GSTR-1s is restricted to 5% of eligible ITC in respect of invoices uploaded in GSTR-1s. 5% of the eligible ITC in respect of invoices uploaded in GSTR-1s [Rs.0. 475 lakh (5% of Rs. 9.5 lakh)] . ITC availed should be limited to Rs.0.475 Lakh. As ITC involved is Rs.0.45 Lakh the entre ITC is allowed.
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GST Returns Return form
Who should file the return and what should be filed? The due date for filing returns GSTR-1 The registered taxable supplier should file details of outward supplies of taxable goods and services as affected. 11th of the subsequent month for more than 1.5 Crores (Turnover) & Last Day of the Succeeding month for turnover up to 1.5 Crores GSTR-2 The registered taxable recipient should file details of inward supplies of taxable goods and services claiming the input tax credit (Currently Filing facility of GSTR-2 is not available on the portal) 15th of the subsequent month. GSTR-3B The registered taxable person should file the monthly return on the basis of finalization of Summarized details of outward supplies & inward supplies plus the payment of an amount of tax. 20th of the subsequent month. GSTR-4 (CMP 08) Composition supplier should file the quarterly return for depositing payment 18th of the month succeeding quarter GSTR-5 Return for the non-resident taxable foreign taxpayer 20th of the subsequent month GSTR-5A Return for the OIDAR 20th of the subsequent month GSTR-6 Return for input service distributor 13th of the subsequent month GSTR-7 Return for authorities carrying out tax deduction at source 10th of the subsequent month GSTR-8 E-commerce operator or tax collector should file details of supplies effected and the amount of tax collected 10th of the subsequent month GSTR-9 The registered regular taxpayer should file an annual return 31st December of the next fiscal year GSTR-9A The composition traders should file an annual return 31st December of the next fiscal year GSTR-9C Turnover Above 2 crores (Regular Taxpayers) in a Particular FY 31st December of the next fiscal year GSTR-10 The taxable person whose registration has been cancelled or surrendered should file the final return Within 3 months of the date of cancellation or date of cancellation order, whichever is later 11:20 AM © CA Dr Prithvi Ranjan Parhi 32
33.
How it works •
Once Form GSTR-1 (Outward supply details) is filed by the supplier, recipient has a visibility of the purchase through the auto populated Form GSTR-2A (Inward supplies details). • After necessary modification, additions (if any) and acceptance in Form GSTR 2, the Input credit will be credited to the recipient's electronic credit ledger on a provisional basis. • The addition and modification done by the recipient in Form GSTR-2 will be made available to supplier in Form GSTR- 1A for his acceptance. • Input credit will be available only when the Monthly returns (Form GSTR-3) are filed by the supplier along with payment tax. • The final acceptance of Input Tax credit will be communicated in Form GST MIS-1. 11:20 AM 33 © CA Dr Prithvi Ranjan Parhi
34.
Provisional ITC Sl Particulars
Case -I Amount (Rs.) Case-II (Amount (Rs.) 1 Eligible ITC as per Books of Accounts 1,00,000 62,000 2 Eligible ITC available in the GSTR-2B 60,000 60,000 3 ITC that can be claimed as the provisional credit (5% of 2) 3,000 3,000 4 Total ITC that can be claimed in the GSTR-3B (2+3) 63,000 62,000 5 ITC not allowed in the GSTR-3B of August 2021 (1-4) 37,000 0 11:20 AM © CA Dr Prithvi Ranjan Parhi 34 ? ? ? ? ? ?
35.
Example • A car
manufacturer purchased 30 tons of steel from Steel supplier . Steel supplier supplied steel and issued tax invoice on 5th July with GST of Rs. 2, 40,000. • Let us examine the process to understand the flow of availing input credit: 1. On 5th July, car manufacturer satisfy the condition of Receiving Goods and Tax Invoice. 2. On 10th August, Steel supplier furnishes outward supply through Form GSTR-1 Return. 3. From 11th August, car manufacturer has visibility of their purchase through auto- populated Form GSTR-2A. 4. From 11th to 15th August, car manufacturer can make additions or modifications, if any. In this example, it is assumed that there are no additions or modifications and car manufacturer . submits the Form GSTR-2. 5. Now, ITC of Rs. 2,40,000 is credited to car manufacturer on a provisional basis. 6. Once the Form GSTR-3 (Monthly Return) along with tax payment is remitted by Steel supplier, car manufacturer is eligible for ITC of Rs. 2,40,000. 7. The final acceptance of ITC will be communicated in Form GST MIS-1. 11:20 AM 35 © CA Dr Prithvi Ranjan Parhi
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Electronic Ledgers • E-Ledger
is an electronic form of passbook for GST. • These e-ledgers are available to all GST registrants on the GST Portal. • The e-ledgers contains details of the following: A. Electronic Cash Ledger • Amount of GST deposited in cash to government in Electronic Cash Ledger. • This is like an e-wallet. • GST payments made in cash or through bank are reflected in Electronic Cash Ledger. • After deduction of Input Tax Credit (ITC) any balance tax liability has to be paid using balance in Electronic Cash Ledger. B. Electronic Credit Ledger • Balance of Input Tax Credit (ITC) is available in Electronic Credit Ledger . • Eligible Input Tax Credits are reflected in Electronic Cash Ledger. • Credit in Electronic Credit Ledger can be used only for payment of tax. • This means that balance of Electronic Credit Ledger cannot be utilised for payment of interest, penalty or late fees. 11:20 AM © CA Dr Prithvi Ranjan Parhi 37
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