Analysis of GST Model, Forms to be Filed and the Due Dates for Filing of Returns under GST – Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students

Analysis of Model of GST

Existing Indirect Tax Structure

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 14^th 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.

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

Tax Invoices

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)

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	10^th of succeeding month
Input Supplies	15^th of succeeding month
Outward supplies, inward supplies, input tax credit availed, tax payable, tax paid	20^th 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

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

Time of Supply

In case of continuous supply of services

Date on which the recipient of services is liable to make payments if ascertainable from the contract
Date on which payment is made or invoice is issued whichever is earlier if no due date is ascertainable form the contract.
When payment is linked with certain completion of events then time of completion of the event.

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.

Tags: GST