Project on Goods & Service Tax

1. Project Subject: Impact of GST (Goods & Service Tax) in Large scale and small-scale industry. Project done and Submitted by: - 1. Krutarth Tharnariwala (2019) 2. Samit Shah (2032) Faculty Supervisor:Mrs. Devanshi Dave Stream: MSW (Batch: 2016 – 2018) Submitted to: Department of social work S.P. University Vallabh Vidhyanagar Mrs. Devanshi Dave(Supervisor)

2. I N D E X Sr.no Particular Page no. 1 What is GST 01 2 WhyGST 01 3 Conceptof DestinationBase Tax 01 4 Current tax structure 01 5 Which tax will merge into GST 02 6 which tax will not merge intoGST 02 7 How Duel GST will work 03 8 Structure of Duel GST 03 9 State GST 03 10 Central GST 03 11 InstigatedGST 04 12 Instigatedstate supply structure (Current) 04 13 Instigatedstate supply structure (AfterGST) 04 14 Current Goodsand Service Import Supply structure 05 15 After GSTGoods and Service Import Supplystructure 05 16 Example of GST 06 17 Conceptof supply ofservices after GST 07 18 Chart ofTax credit 08 19 Example of tax credit 09 20 BillingSystemin large scale and small-scale industryafterGST 10 21 Sample of Liabilityledger 11 22 Sample of Creditledger 12 23 Structure of registrationin GST 13 24 Limit of organization 13 25 Regular dealer 14 26 Aggregate Turnoverexceeds1cr. 14 27 Composite tax payer 15 28 Foreignnon-residettaxpayer 15 29 Impute service distributor 15 30 Tax deduction 15 31 E-commerce 16 32 Final Return 16 33 Chart of Return 16 34 What is GSP, ASP & TRP 17

3.  What is GST  GST meansGoods and Service tax  It’sa bigreformof tax inIndia  Approximately11indirecttaxeshasmergedinGST  Destinationbasedtax :the effectof thistax will see inconsumer  Device control mechanism(Central &State)  Why GST  There issome restrictiononcurrenttaxation:  Dual tax system  Cascadingeffect  Immediatelytransection  Lack of one aspectamong states  Controversybetweengoodsandservices  Concept of Destination Base Tax  Conceptionbasedtax  Where the consumptionwill be done thatstateswillcollectthe tax  Blessforoxy’sdeveloperstate  Exportno tax Current tax structure

4.  Whichtax will merge into GST Central Tax State Tax a. Central Excise Duty 1. State Vat b. Dutiesof Excise *Medicinal & Toilet preparation 2. Central salestax 3. Taxeson advertisement c. Additional dutiesof excise *Goodsof special importance *Textiles& textile product 4. Taxeson lotteries,betting& gambling 5. Entertainment& amusementtax d. Additional dutiesof customers(CVD) 6. State surcharges & cess e. Special additional duty of customers (SAD) 7. Entry tax (All forms) f. Service Tax 8. LuxuriousTax g. Central surcharges & cesses 9. Purchase Tax  which tax will not merge into GST i. Basic customduty ii. Stampduty iii. Propertytax iv. Electricityduty v. Road tax vi. Toll tax vii. Exportduty viii. Professionaltax ix. Taxeson Alcohol

5.  How Duel GST will work  CGST & SGST will considertogether  CGST= Central GST (Central,Governmentwill collectthe tax)  SGST= State GST (State governmentwill collectthe tax)  Structure of Duel GST SUPPLY TAX Intra state supply CGST SGST Inter state supply IGST Import BCD IGST (Inplace of CVD & SAD) Export Zero rated  State GST  VAT,Entertainmenttax,Luxurioustax  lotteries,betting&gambling  State cess & Charges  Entry tax  Octroy,LBDetc….  Central GST  Excise duty  Additional Exciseduty  Service tax  Additional customduty

6.  IntegratedGST  IGST is an ImportantthinkisDestinationbase Tax  IGST is a tax which Central governmentwilltake.  Everyinterstate transportIGST will be effected  IGST = CGST + SGST  Instigatedstate supply structure (Current)  Instigatedstate supply structure (afterGST)

7.  Current Goodsand Service Import Supply structure  After GSTGoods and Service Import Supplystructure

8.  Example of GST

9.  Conceptof supply ofservicesafter GST 1.Time to time billingsystem  Date of bill  Date of paying  Date of Book Record 2.ContinousSupply Service  Date of Payment  Date of Bill  Date of PaymentReceive  Date of Complisionof Services 3.Reverse charge basis service receiver  Date of Service receiver  Date of bill receiver  Date of bookrecord  Date of Payment 4.Below Contract Services  Date of Completingof services

10.  Chart of Import Tax credit

11.  Example of tax credit

12.  BillingSystemin large scale and small-scale industryafterGST

13.  Sample of Liabilityledger

14.  Sample of Creditledger

15.  Structure of registrationin GST  15 digitregistrationnumber  1st & 2nd digitshowsstate code  3rd to 12th digitwill be PAN (PermanentAccountNumber)  13th digitwill indicate the rankof state  Presently 14th digitiskeptblankas extradigitwhichwill indicatedasalphabet“Z”  15th digitwill be checksum *Example: State PAN no. Entry Blank Check 2 4 A A D F R 7 1 5 6 H 1 Z 5  Limit of organization Region Aggregate Turnover Liability to Register Liability for Payment of Tax North East India Rs.9 Lakhs Rs.10 Lakhs Rest of India Rs.19 Lakhs Rs.20 Lakhs

16.  Regular dealer– Slide-1 Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 10th of succeeding month Outward Supply Form GSTR – 1 Monthly On 11thof succeeding month A Person who receive supply A information about populated inward supply from GSTR-1 by supplier Form GSTR – 1 Monthly 15th of succeeding month The correction of inward supply from form GSTR-2A will be shown here Form GSTR – 1 Monthly 20th of succeeding month The Additional, correctional, deleted information of outward supply will be given to supplier by supply receiver  Regular dealer– Slide-2 Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 20th of succeeding month On the basis of outward supply & inward supply Return+Tax=Payment Form GSTR – 1 Monthly 31st December of next FISCAL From Annual Return - Receivable ITC & Paymented GST Information

17.  Aggregate Turnover exceeds1 cr. Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly Annul,31st December of next FISCAL Reconciliation Statement (Annually Audit Account & one reconciliation Statement)  Composite tax payer Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 18th of succeeding month Outward Supply (Includes auto populated details from GSTR-1)  Foreignnon-residenttaxpayer Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 20thof succeeding month / 7days after the expiry of Registration The Information about Imports, Outward Supply, Receivable ITC, Payment of tax & closing inventories) Impute service distributor Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 13thof succeeding month Given Information About Input Credit (Includes Auto Populated from GSTR-1)

18.  Tax deduction Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 10th of succeeding month Information About Deducted TDS Form GSTR – 1 Monthly TDS certificate to be made available for download TDS Certificate  E-Commerce Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly 10th of succeeding month To give information about collected tax and supplied by E-commerce operator  Final Return Form Type Frequency Due Date Detail to be furnished Form GSTR – 1 Monthly Within 3 months of cancellation of registration To give information about Input & Capital goods , paymented and reserve payment

19.  Chart ofReturn

20.  What is GSP, ASP & TRP  GSP – GST Service Provider  ASP – ApplicationService Provider  TRP – Tax Return Preparer

21. Thank you …

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