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Introduction To GST Returns
Dinesh Tejwani Annkur Agarwal DHRUV Patel Tirthesh GanatraChief Mentor CEO CTO AVP - Engineering
CA. Dinesh founded Fast Facts Computer Systems that produced popular TAX compliance solutions. Business of Fast Facts was acquired by Thomson Reuters in 2012.
Annkur brings over a decade of experience building Internet & e-commerce businesses in India. He is also a very active community member in the Indian startup ecosystem.
Dhruv has architected complex technology solutions across his career spanning over a decade. He founded Talster an advanced ATS for enterprises. He has also worked with NSE & Zycus.
Tirthesh co-founded Pricebaba and built the technology backbone that served over 100M users. His work at Pricebaba has impacted the online reach of small & large retailers alike.
MEET THE SahiGST TEAM
ABOUT US
Keyur leads business & partnerships at SahiGST. He previously founded online media venture GujjuTips & also leads Business Development for Pricebaba.
Keyur ShahLead - Business Development
The Goods and Services Tax is single indirect tax levied on goods and services. It is a destination based tax that means that revenue will accrue to the state where consumer resides.
What is GST?
Central Taxes
Service Tax
Excise Duty
Additonal Custom Duty
Special Additional Duty -
Customs
CenTral CESS &
Surcharges
State Taxes
VAT
CST
Octroi
Entry Tax
Luxury Tax
State Cess &
Surcharges
GST3
Structure of GST
Goods Supplied or
Services Provided
Intra State
CGST
(Central)
SGST/UTGST
(State)
Inter StateIGST
(Integrated)
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• Input credit means at the time of paying tax on sales (output), you can reduce the tax you have already paid on purchases (input).
• To claim input credit you must –• Have a tax invoice with your GSTIN mentioned• Should have received the goods/services• Tax charged on purchases has been paid to the government by supplier
How to avail input credit –
How Input Tax Credit Works?
To Pay
IGST Take input credit from IGST, CGST and SGST paid on purchases.
To Pay
CGST Take input credit from CGST and IGST paid on purchases.
To Pay
SGST Take input credit from SGST and IGST paid on purchases.
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• Supplier’s GSTIN, Name, Address, State of Invoice and Date.
• Serial No. of Invoice – Should be consecutive numbers, containing only alphabets and/or numericals. Only slash (/) and dash (-) are allowed as special characters. Invoice no. must be unique for a financial year.
• Details of receiver & consignee – state, state code & GSTIN/unique id – if the recipient is unregistered & taxable value of supply is more than Rs. 50,000, the state name and code are required. In case of inter-state supply, the state name is required.
• HSN/Accounting Code.
• Taxable Value – is the value after deducting discount or abetment (if any).
GST Invoice Rules
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• Issued in following cases
• Supply of exempted goods or services• Supplier is paying tax under composition scheme
• Requires the following details –
• GSTIN• Name• Address• Serial No. of Invoice • Details of Receiver (if registered) – Name, Address & GSTIN/Unique ID• Value after deducting discount/abetment (if any)
Bill of Supply
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• VAT/CST used to be applicable only in case of “sale” of goods but GST shall be applicable in cases of “supply”.
• Supply includes -
• All forms (sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made) of supply of goods/services with or without consideration
• Importation of services with or without consideration
• Person acting as an agent who, for an agreed commission/brokerage, either supplies or receives any goods on behalf of any principal
• Supply of any branded service by an aggregator
Supply V/S Sales
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The Technology backbone
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GST
Network
GSP
GSP
GSP
ASP
ASP
ASP
ASP
TaxPayers
GSP – GST Suvidha ProviderASP – Application Service Provider
List of GST Returns
1Details of outward supplies of taxable goods and/or services effected.
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GSTR1
Details of inward supplies of taxable goods and/or
services claiming input tax credit.
GSTR2
3
Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
GSTR3
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4Quarterly Return for compounding Taxable persons.
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GSTR4
Return for Non-Resident foreign taxable person.
GSTR5
6 Return for Input Service Distributor (ISD).
GSTR6
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7 Return for authorities deducting tax at source.
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GSTR7
Details of supplies effected through e-commerce
operator and the amount of tax collected.
GSTR8
9Annual Return (For Composition Scheme -GSTR 9A) and (For Audited Return - GSTR 9B).
GSTR9
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10
Details of inward supplies to be furnished by a person having UIN.
GSTR11
Final Return GSTR10
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Return flow (GSTR1-3)
GSTR1
10th of every month
GSTR2
15th of every month
GSTR3
20th of every month
11th of every month(auto-populated)
GSTR2A GSTR1A
16th of every month(auto-populated)
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• Extract data from accounting software and re-arrange in the pre-defined format given by SahiGST
• Validation shall be done at template level and with the help of control totals - invoice value + number of invoices
• Information Required -• GSTIN of recipient • HSN/SAC code at line level• Place of supply• Reverse charge applicable• GSTIN of e-commerce operator (if applicable)
GSTR1 – OUTWARD SUPPLIES
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GSTR2 (INWARD SUPPLY) - FLOW
STEP 1 STEP 2 STEP 3 STEP 4 STEP 5
Download GSTR2A on 11th day of every month
Upload Purchase Data in the given
format
Run reconciliation –GSTR2A with
Purchase Data
Update GSTR2A to create GSTR2
File GSTR2 by 15th
day of every month
Steps in creating GSTR2 –
1. Matched data shall be marked as accepted automatically2. In order to resolve any discrepancies in reconciliation, manually –
i. Add missing purchase dataii. Modify the data in case of errors identifiediii. Mark invoice as rejected or pending
3. Upload GSTR2 file for purchase data other than B2B/CDN
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GSTR1A & GSTR3
STEP 1 STEP 2 STEP 3 STEP 4 STEP 5
Download GSTR1A on 16th day of every month
Investigate the entries i.e. details of inward supplies
added, corrected or deleted by
recipient in GSTR2
Take action (accept/reject) and
finalise GSTR1
Use software to download GSTR3
and upload required details about refunds (if
applicable)
File GSTR3 by 20th
day of every month & make tax
payment
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GST Compliance & Reconciliation Solution
SahiGST.com
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Full-Fledged Platform for GST Compliance
FEATURES
Made To Scale Full GST COVERAGE Powerful reconciliation Integrated Approach
Unlimited Users Platform Support Secure Proactive Notifications
Activity Monitor Reporting Entity Masters Access Controls
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DEMO
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ANY QUESTIONS?
Visit http://sahigst.com/knowledgefor news, discussions & support on GST
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Reach out to SahiGST
+91 93412 25269
[email protected] Office Address:
No. 19/6, 2nd Floor, 10th Cross, Sampige Road, Malleshwaram, Bangalore - 560003
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