Basic Concepts of Transition & Invoice
Basic
Concepts of Transition & Invoice
Transitional
Provisions
1.
I
was registered under existing law. How will I get ITC as on 01st July, 2017 ?
You’ll get
ITC of amount carried forward in the return for 30th June, 2017, subject to
conditions below:
• You are normal taxpayer
• Credit is admissible as ITC in GST
• All returns from Jan-June 2017
submitted
• Details to be filled in table 5 of
GST TRAN-1 on common portal up to 30th September, 2017
2. I was
registered under existing laws. What about un-availed credit of Capital goods
not carried forward in return?
You’ll get
ITC of un-availed amount of duty paid on capital goods not carried forward in
the return but relevant details need to be filled in table 6 of GST TRAN-1 on
common portal up to 30th September, 2017
3. I was a small business unregistered
under existing laws. Will I get ITC if I register as normal taxpayer?
Yes. Credit
of eligible duties in respect of inputs held in stock and inputs contained in
semi-finished or finished goods held in stock on 01st July, 2017 will be
available subject to specified conditions:
4. I was registered under existing law
as composition taxpayer. Will I get ITC if I register as a normal taxpayer?
Yes. Credit
of eligible duties in respect of inputs held in stock and inputs contained in
semi-finished or finished goods held in stock on 01st July, 2017 will be
available subject to specified conditions:
5. My supplies were exempt under
existing law. Can I claim ITC if my goods becoming taxable in GST?
Yes. Credit
of eligible duties in respect of inputs held in stock and inputs contained in
semi-finished or finished goods held in stock on 01st July, 2017 will be
available subject to specified conditions:
7. I was registered as FSD/
SSD/registered importer/ depot of manufacturer. Can I claim ITC if I register
as normal taxpayer?
Yes. Credit
of eligible duties in respect of inputs held in stock and inputs contained in
semi-finished or finished goods held in stock on 01st July, 2017 will be
available subject to specified conditions:
Conditions
• Inputs or goods are used for making
taxable supplies
• Eligible for ITC under GST
• Possession of invoice or documents (CTD)
evidencing payment of duty
• Invoices or other documents not
issued prior to 30th June, 2016
• File declaration of stock of duty
paid goods in table 7 of GST TRAN-1 on common portal up to 30th September, 2017
8. I was a small business unregistered
under existing laws. What happens if I
don’t have the duty paying documents?
Scheme (for
6 months starting July 2017) for traders only subject to specified
conditions:
• ITC @ 60%/40% of GST paid where GST
rate payable on the goods is above/below 18%
• Document of procurement of goods is
available
Conditions
• Goods were not unconditionally
exempt
• ITC allowed after the GST is paid
subject to the condition that benefit of such credit is passed on to the
customers
• Declaration filed in GST TRAN-2 at
the end of every month
9. Will I get ITC of VAT? What about ITC
of CST?
Yes. ITC of
VAT reflected in the last return will be allowed to be carried forward as SGST
Credit.
ITC for CST
(C/F/H/I forms under CST) is not allowed to be carried forward.
10. I was an ISD under existing laws. Will I be able to distribute ITC
related to earlier laws in GST?
ISDs will
be able to distribute the credit for services received prior to 1st July, 2017,
even if invoice(s) relating to such services is received on or after 1st July,
2017.
11. I was centrally registered & providing services under existing laws.
Will I get ITC if I register in GST? Can I distribute it?
You can
take credit of the amount of CENVAT carry forward in last return furnished
under the existing law.
Such credit
may be transferred to any of the registered units having the same PAN for which
central registration was taken under the existing law by filing table 8 of GST
TRAN-1.
12. My appeal
/revision/refund relating to CENVAT/ITC is pending. What will be the fate of these proceedings?
All
proceedings under the existing laws,
whether initiated before, on or after 1st July, 2017, will be disposed of in
accordance with the existing law.
Refund, if
admissible, will be disposed under existing laws.
Recovery will be made under GST laws if not
recovered under existing laws.
13. My contract was done before 1st
July, 2017 but supply received after 1st July. What tax to charge?
GST will be
charged if tax on supply has not been levied under the existing law.
TAX INVOICE UNDER GST- REGIME
Who can raise a tax invoice?
•
Registered Person
•
Supplying taxable goods or services
•
Receiving taxable goods or services from unregistered supplier
IMPORTANT CONTENTS OF TAX INVOICE
• GSTIN of supplier
• Consecutive Serial Number & date
of issue
• GSTIN of recipient, if registered
• Name & address of recipient, if
not registered
• HSN
• Description of goods or services
• Quantity in case of goods
• Total Value of supply
• Taxable Value of supply
• Tax rate –
Central tax & State tax or Integrated tax, cess
• Amount of tax charged
• Place of supply
• Address of delivery where different
than place of supply
• Tax payable on reverse charge basis
• Signature of authorised signatory
What should be there in a tax invoice?
Digits of HSN Codes to be included: Notification
12/2017-CT, dated 28.06.2017
Annual Turnover in the preceding FY
|
Number of Digits of HSN Code
|
Up to Rs. 1.5 Crore
|
Nil
|
More than Rs. 1.5 Crore and
up to Rs. 5 Crores
|
2
|
Above Rs. 5 Crores
|
4
|
How to raise an invoice?
Supply of Goods
|
Supply of services
|
Triplicate
|
Duplicate
|
|
|
The serial number
of invoices issued
during a month / quarter
shall be
furnished electronically in FORM GSTR-1
When to raise an invoice?
Special cases
Type of invoice/document
|
When to issue
|
Bill of supply
|
Supply of exempted goods or services or under
composition levy
|
Revised invoices
|
For invoices issued during the period between effective
date of registration and issuance of R.C.
|
Receipt voucher
|
Receipt of advance payments
|
Refund voucher
|
Return of advance payments
|
ISD invoices
|
Input Service Distributors
|
Other document
|
Insurance/ banking company/transporter/ airlines
|
Delivery challans
|
In lieu of invoice in specific cases
|
Export invoices
|
shall carry the endorsement: “supply meant for
export on payment of integrated tax” or “supply meant for
export under bond or letter of undertaking without payment of
integrated tax”
|
Credit Note
Thank You
The
following material is available on
www.
cbec.gov.in
www.cbec-gst.gov.in
• Presentation
on GST
• GST
– Concept & Status
• FAQs
on GST in Hindi, English and 10 regional languages
• CGST,
UTGST, IGST & Compensation Acts
• CGST
Rules
• Constitutional
Amendment Act
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