MAY, 2017 - EPCH
MAY, 2017INTRODUCTION OF GSTEXPORT PROMOTION COUNCIL FOR HANDICRAFTSBHATIA & BHATIACHARTERED ACCOUNTANTS
Goods & Service Tax (GST) – OverviewGoods and Services Tax (GST) is a system of indirect taxation in India merging most of theexisting indirect taxes into single system of taxation. The GST levy may potentially impacton trading, manufacturing and services sector for the entire value chain of operations.The current Indirect tax regime in India provides for a complex tax environment due tomultiplicity of taxes, elaborate compliance obligations and tax cascading. Under the GSTregime, all the key Indirect tax legislations would be subsumed (except for few taxes suchas duty on Electricity, Stamp Duty, etc.).Given to the introduction of Goods and Services Tax (“GST”) in India it is likely to beimplemented w.e.f. July 1, 2017. There is a requirement to seamlessly transition theoperations of all the members of EPCH into the new regime by re-aligning the businessmodels and other operating procedures connected with the present Indirect taxframework.At present the CGST law, IGST law, GST Compensation law and UTGST law have alreadybeen notified by the government of India. SGST bills are lined before the state assemblieswhich are likely to be notified by the 31st May’2017. Twelve states assemblies havealready approved SGST law till the date i.e. 12th May’2017. Draft rules have already beenreleased by the GST committee asking for comments of the industries.The hon’ble finance minister has ensured that GST rate of various goods are likely to bethe same as under the previous laws and there will be no increase in taxes as comparedto the previous laws rather the cost of the goods should go down.In light of the above developments, Industry would now need to analyse the provisions ofthe GST law in detail, and assess its impact on their business.Before we discuss the salient features of GST laws, we briefly discuss the business modelof the members of EPCH under the current laws.Currently, the tax structure as applicable on the business model of the members of EPCHis :i.The members are engaged in export of handicraft which does not attract any outputtax liability under current indirect tax regime.ii.On Import, the members does not pays Customs duty consists of variouscomponents; viz the Basic Customs Duty (BCD), the Countervailing Duty (CVD) in lieuof the excise duty and the Special Additional Duty of Customs (SAD) in lieu of the VATBHATIA & BHATIACHARTERED ACCOUNTANTS
or sales tax as the exporter is allowed to duty free import of inputs under DFIA (DutyFree import Authorization).iii.The exporter purchases the goods or raw material under Form H and does not paysValue Added Tax (VAT) on the Intra-sate purchase of products from the vendors.iv.Under the existing tax regime, excise duty is exempted on handicrafts underNotification No. 17/2011-C.E., dated 1-3-2011. Further, handicrafts are placed underSchedule I of the Vat Laws in various states which covers the exempted goods.Therefore, presently handicraft is neither subject to excise duty nor does it attractVAT.Thus it is apparent that exporting members do not have to pay indirect taxes under theexisting current laws.Salient features of GST laws are detailed as under:1. RegistrationUnder the GST regime, tax is payable by the taxable person on the supply of goods and/orservices. Liability to pay tax arises when the taxable person crosses the turnover threshold of INR20 lakhs (INR 10 lakhs for North East & Special Category States) except in certain specified caseswhere the taxable person is liable to pay GST even though he has not crossed the thresholdlimit. The CGST / SGST is payable on all intra-State supply of goods and/or services and IGST ispayable on all inter- State supply of goods and/or services. The CGST /SGST and IGST are payableat the rates as notified by the GST council.Further, registration may be required in each State where there is a premise from wheresupplies are being made. Hence, an entity/supplier may need to obtain registration in each Statewhere there is a premise from which services are being provided.However the registration is compulsory even the turnover is less than Rs.20 lakhs in thefollowing cases:i.ii.iii.iv.v.vi.vii.viii.ix.x.Persons making any inter-State taxable supply;Casual taxable persons;Persons who are required to pay tax under reverse charge;Electronic commerce operators required to pay tax under sub-section (5) of section 9;Non-resident taxable persons;Persons who are required to deduct tax under section 51;Persons who supply goods and/or services on behalf of other registered taxable personswhether as an agent or otherwise;Input service distributor (whether or not separately registered under the Act)Persons who are required to collect tax under section 52;Every electronic commerce operatorBHATIA & BHATIACHARTERED ACCOUNTANTS
xi.xii.Every person supplying online information and data base retrieval services from a placeoutside India to a person in India, other than a registered person; and,Such other person or class of persons as may be notified by the Central Government ora State Government on the recommendations of the Council.Every supplier is liable to register under the GST law in the State or Union territory from wherehe makes a taxable supply of goods or services or both in terms of Section 22 of the CGST Act.However, intra-state self-supplies are not taxable subject to not opting for registration asbusiness vertical.All the taxpayers under the existing laws were to migrate to GST regime latest by 30th April’2017for provisional registration. However the taxpayers who could not migrate to GST regime,another opportunity will be given w.e.f 1st June 2017 to migrate to GST regime for provisionalregistration.2. Negative List (Activities or transactions which shall be treated neither as a supply of goods nora supply of services)Under GST law the below mentioned transactions neither considers Supply of Goods norServices: i. Services provided by employee to employerii. Actionable claimiii. Sale of landiv. Sale of building except construction of building where the entire consideration has beenreceived before issuance of compliance certificate or before its first occupationwhichever is earlier.3. Time of Supply.The liability to pay GST, will arise at the time of supply as determined for goods and services.There are separate provisions for time of supply for goods and time of supply for services:In case of Supply of Servicesi. If the invoice is issued within 30 days fromthe date of supply of services, earliest of thefollowing: a. The date of issue of invoice, orb. The date of receipt of payment,ii. If the invoice is not issued within 30 daysfrom the date of supply of services, earliestof the following: a. The date of provision of service, orb. The date of receipt of payment.In case of Supply of GoodsThe time of supply of goods shall be the earlierof the following dates, namely: —i. The date of issue of invoice by the supplieror the last date on which on which invoiceshould have been issued; orii. The date on receipt of payment.BHATIA & BHATIACHARTERED ACCOUNTANTS
4. Place of Supply.Under GST, place of supply is an important factor as it defines whether the transaction will becounted as intra-state (i.e within the same state) or inter-state (i.e. between two states) andaccordingly the chargeability of tax, i.e levy of SGST, CGST & IGST will be determined.In case of Supply of Servicesi. Supply made to a registered person shall bethe location of such personii. Supply made to any person other than aregistered person shall bea. The location of the recipient where theaddress on record exists; andb. The location of the supplier of services inother cases.The place of supply of services directly inrelation to an immovable property shall be thelocation at which the immovable property islocated or intended to be located.5.i.ii.iii.iv.v.In case of Supply of GoodsWhen movement of goods is involved Location of goods where movementterminates for deliveryWhen goods are supplied by transfer ofdocuments during movement of goods Principal place of business of third personon whose direction goods were supplied toanother personWhen movement of goods is not involved Location of goods at the time of deliveryWhen goods are assembled or installed atsite - Place of such installation or assemblyWhen goods are supplied on board aconveyance - Location at which such goodsare taken on board.Tax Invoice, Credit and Debit Notesi. Tax InvoiceWhen a registered taxable person supplies taxable goods or services, a tax invoice is issued.Supply of ServicesIn case of supply of services the supplier need to issue a tax invoice in duplicate for supplyingtaxable services, showing the description, value, tax charged thereon and such other particularsas may be prescribed within a period of 30 days from the date of supply of service.In case of continuous supply of services invoice shall be issue:i.ii.iii.Where the due date of payment is ascertainable from the contract, the invoice shall beissued on or before the due date of payment;Where the due date of payment is not ascertainable from the contract, the invoice shallbe issued before or at the time when the supplier of service receives the payment;Where the payment is linked to the completion of an event, the invoice shall be issuedon or before the date of completion of that event.BHATIA & BHATIACHARTERED ACCOUNTANTS
Supply of GoodsTax invoice in triplicate for supplying of taxable goods, showing the description, quantity andvalue of goods, tax charged thereon and other relevant particulars before or at the time of:i.ii.Where supply involves movement of goods - Removal of goods for supply to therecipientIn any other case - Delivery of goods or making available thereof to the recipientTax invoice shall be containing the following xiii.xiv.xv.xvi.Name, address and GSTIN of the supplier;Consecutive serial numberDate of its issueIn case of Registered Person - name, address and GSTIN or UINIn case of Unregistered Person where the value of value of taxable supply is fiftythousand or more- name and address of the recipient and the address of delivery, alongwith the name of State and its codeHSN code of goods or Accounting Code of servicesDescription of goods or servicesQuantity in case of goods and unit or Unique Quantity Code thereofTotal value of supply of goods or services or bothTaxable value of supply of goods or services or both taking into account discount orabatement, if anyRate of tax (Central tax, State tax/Union territory tax, integrated tax or cess)Amount of tax charged in respect of taxable goods or services (Central tax, Statetax/Union territory tax, integrated tax or cess)Place of supply along with the name of State, in case of a supply in the course of interState trade or commerceAddress of delivery where the same is different from the place of supplyWhether the tax is payable on reverse charge basis; andSignature or digital signature of the supplier or his authorized representative.ii. Bill of SupplyTax invoice is generally issued to charge the tax and pass on the credit. In GST there are someinstances where the supplier is not allowed to charge any tax and hence a Tax invoice can’t beissued instead another document called Bill of Supply is issued.Cases where a registered supplier needs to issue bill of supply:i.ii.Supply of exempted goods or servicesSupplier is paying tax under composition schemeBHATIA & BHATIACHARTERED ACCOUNTANTS
iii. Credit NoteA registered person may issue a credit note where: i.Tax invoice has been issued and taxable value or tax charged in that tax invoice is foundto exceed the taxable value or tax payable in respect of such supply; orii. The goods supplied are returned by the recipient; oriii. Goods or services or both supplied are found to be deficient.Further, the person shall declare the details of such credit note in the return for the month inwhich such credit note has been issued and tax liability shall be adjusted in such manner as maybe prescribed.iv. Debit NoteA registered person shall issue a debit note where a tax invoice has been issued and taxablevalue or tax charged in that tax invoice is found to be less than the taxable value or tax payablein respect of such supply.It is require to declare the details of such debit note in the return for the month during whichsuch debit note has been issued and tax liability shall be adjusted in such manner as may beprescribed.6.Input Tax Credit“Input Tax” in relation to a taxable person, means the Goods and Services Tax charged on anysupply of goods and/or services to him which are used or are intended to be used, in the courseof furtherance of his business.In literal language the input tax means the central tax (CGST), State tax (SGST), integrated tax(IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to aregistered person. It also includes tax paid on reverse charge basis and integrated tax goods andservices tax charged on import of goods. It does not include tax paid under composition levy.For taking the credit, the taxable person is required to pay the consideration along with taxwithin 180 days from the date of issue of invoice. This condition is not applicable where tax ispayable on reverse charge basis.Input credit is admissible on all items except on items of personal consumption, inputs use ofwhich results into formation of an immovable property (except plant and machinery),telecommunication towers, pipelines laid outside the factory premises, etc. and taxes paid as aresult of detection of evasion of taxes.However a newly registered person can take input tax credit of inputs held in stock and inputscontained in semi-finished or finished goods held in stock on the day immediately preceding thedate of grant of registration. If the person was liable to take registration and he has applied forregistration within thirty days from the date on which he became liable to registration, theninput tax credit of inputs held in stock and inputs contained in semi-finished or finished goodsBHATIA & BHATIACHARTERED ACCOUNTANTS
held in stock on the day immediately preceding the date on which he became liable to pay taxcan be taken.The CGST/SGST and IGST input can be set off in following order:S. No.Output TaxInput Credit utilization order1IGSTI. IGSTII. CGSTIII. SGSTIV. UTGST2CGSTI. CGSTII. IGST--3SGSTI. SGSTII. IGST--4UTGSTI. UTGSTII. IGST--For availing input tax credit following are some of the conditions are need to be addressed:i.ii.iii.iv.v.vi.Input Credit to be availed within One Year from the date of Issue of Tax Invoice in respectof such supply.The amount of credit under GST law will be calculated in accordance with generallyaccepted accounting principles.Input Tax Credit shall be restricted to the extent of the input tax as in attributable to thepurpose of the business.Input tax credit shall be available to the extent of the input tax as in attributable to thepurpose of the taxable supply.A person registered under GST will not be provided the credit of any input tax in respect ofany supply of goods and/or services unless:a.Such person is in possession of a tax invoice, debit note, supplementary invoiceissued by registered dealer or such other taxpaying document as may be requiredunder the notified GST law.b.Such person has actually received mentioned goods and/or services.c.GST charged in respect of such supply has been actually paid to the credit ofgovernment against such supply.d.Such Business as furnished the return under GST law.Where the goods against an invoice are received in lots or installments, the registeredtaxable person shall be entitled to the credit upon receipt of last lot or installment.Matching of Input Tax CreditAfter filing of return Form GSTR-3, following details relating to the Input Tax Credit would bematched by GST common portal:i.ii.iii.iv.GSTIN of the supplierGSTIN of the recipientInvoice/ Debit note numberInvoice/ Debit note dateBHATIA & BHATIACHARTERED ACCOUNTANTS
v.vi.Taxable amountTax amountThe claim of Input tax credit would be treated as matched:i.ii.In respect of the invoices and debit notes in Form GSTR-2 that were accepted by therecipients on the basis of Form GSTR-2A, without amendment and the correspondingsupplier furnishing a valid return.Where the amount of ITC claimed by the recipient is equal to or less than the output taxpaid on such tax invoice or debit note by the corresponding supplier.Discrepancy in claim of Input Tax CreditDiscrepancy in claim of Input Tax Credit may be communicated under the followingcircumstances:i.Where the recipient claims Input Tax Credit in excess of the tax declared by the supplier forthe same supply in his valid returnsii. Where the outward supplies not declared by the supplier in his valid returnsiii. Duplication of claim of ITC by the recipient pertaining to inward supplyDiscrepancy in claim of ITC would be communicated on or before the last day of the month inwhich matching has been carried.7.Electronic Credit LedgerAs per GST Law every registered person will be entitled to take the credit of eligible input taxand allow to adjust the self-assessed tax paid against its liability on the basis Updation made byit to its electronic ledgers.The taxpayer using the login credentials will be able to access three electronic ledgers namely Ecash Ledger, E-credit Ledger & E-liability Ledger. These ledgers will reflect the amount of taxpayable, input credit balance, and on adding money to the cash ledger the taxpayer will also beable to settle the tax liability online.BHATIA & BHATIACHARTERED ACCOUNTANTS
8.ReturnsUnder the GST law, a normal taxpayer will be required to furnish three returns monthly and oneannual return. Similarly, there are separate returns for a taxpayer registered under thecomposition scheme, taxpayer registered as an Input Service Distributor, a person liable todeduct or collect the tax (TDS/TCS)A detailed chart showing monthly and annual return obligation is as below: Form TypeDue DatePerson required to Details to be FurnishedfurnishSupplierPrescribed particulars in respect of outwardsupply10th ofsucceedingmonthForm GSTR- On11th of Auto-populated for2Asucceedingthe recipientMonthForm GSTR-2 15th ofRecipientsucceedingmonthForm GSTR-1Form1AGSTR- 20th ofsucceedingmonthForm GSTR-320th ofsucceedingmonthAuto-populated details of inward suppliesmade available to the recipient on the basisof Form GSTR-1 furnished by the supplierDetails of inward supplies of taxable goodsand/or services for claiming input tax credit.Addition (Claims) or modification in FormGSTR-2A should be submitted in Form GSTR2.Auto-populated for Details of outward supplies as added,the suppliercorrectedordeletedbytherecipient in Form GSTR-2 will be madeavailable to supplierSupplierand Monthly return on the basis of finalization ofrecipientdetails of outward supplies and inwardsupplies along with the payment of amountof taxBHATIA & BHATIACHARTERED ACCOUNTANTS
Form GSTR-6Form GSTR-913thof Inputservice Details of inward supplies to be distributedsucceedingdistributoras input creditmonth31st Dec of next Supplierand Annual Return – furnish the details of ITCfiscal yearrecipientavailed and GST paid which includes local,interstate and imports/exports.It is mandatory for the registered person that it should file its return on or before the due date.Further the taxable person will has to file a separate reconciliation statement, duly certified bythe Chartered Accountant at the time of filing the annual return.9.E-way BillE-way bill is an electronic way bill for movement of goods which can be generated onthe GSTN (common portal). A ‘movement’ of goods of more than INR 50,000 in value cannot bemade by a registered person without an e-way bill. E-way bill will also be allowed to begenerated or
Goods & Service Tax (GST) – Overview Goods and Services Tax (GST) is a system of indirect taxation in India merging most of the existing indirect taxes into single system of taxation. The GST levy may potentially impact on trading, manufacturing and services sector for the entire value chain of operations.
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