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Goods and Services Tax for beginners  Dedication and Acknowledgment I dedicate my work to my parents who are and always be...
Goods and Services Tax for beginners  Preamble Goods and Services Tax  GST  implemented with effective from 1st July 2017....
Goods and Services Tax for beginners  Table of Contents  Recent changes  4  Chapter 1  Introduction to Taxes  6  Chapter 2...
Goods and Services Tax for beginners Recent Changes No Reverse Charge on procurements made from unregistered persons till ...
Goods and Services Tax for beginners  Ease of payment and return filing for small and medium businesses     Small and medi...
Goods and Services Tax for beginners Chapter 1- Introduction to Taxes Introduction As we hear the term    Taxes   , few qu...
Goods and Services Tax for beginners  Central taxes  Custom duty, excise duty, service tax etc. fall under Centre taxes ba...
Goods and Services Tax for beginners  The manufacturer Mr. A is based out of Gujarat and he sells goods to a distributor a...
Goods and Services Tax for beginners  Case study   3  Different rate for same commodity in different states In this case s...
Goods and Services Tax for beginners  Trivia  Sl. No  Question  Choices a. by Government to People b. by People to Governm...
Goods and Services Tax for beginners  In Summary Now, before we wrap up this chapter, let us summarize.     Tax is the mon...
Goods and Services Tax for beginners Chapter 2- Introduction to Goods and Services Tax Chapter Content The structure of th...
Goods and Services Tax for beginners  and hence, will pave the way for singular national market.      GST is a destination...
Goods and Services Tax for beginners  The table given here shows the sale value under pre-GST indirect tax system and GST ...
Goods and Services Tax for beginners  GST  Global perspective and India     Global scenario      Single GST  under single ...
Goods and Services Tax for beginners  Indirect tax out of ambit of GST Although majority of indirect taxes will be merged ...
Goods and Services Tax for beginners  Location of supply and place of supply in same state. Location of supply and place o...
Goods and Services Tax for beginners  Benefits of GST In addition to eliminating the cascading effect of taxes and multipl...
Goods and Services Tax for beginners  Trivia Sl. No  Question  Choices  1  GST Stands for Goods and Services a. True Tax b...
Goods and Services Tax for beginners  In Summary Let us summarize     Goods and Services Tax  GST  will lead to     reduct...
Goods and Services Tax for beginners Chapter 3- Registration under GST Chapter Content The 3rdChapter has been structured ...
Goods and Services Tax for beginners       Special category states as per Article 279A 4  g  of Constitution of India are ...
Goods and Services Tax for beginners  Registration The graphic given here summarizes the persons require mandatory registr...
Goods and Services Tax for beginners                           Application for registration shall be made in Form REG-01. ...
Goods and Services Tax for beginners  Trivia Sl. No 1 2  3 4  5  6  7  8  9  10  Question  Choices  Holder of license unde...
Goods and Services Tax for beginners  In Summary Let us summarize     Mandatory registration for     persons whose aggrega...
Goods and Services Tax for beginners Chapter 4- Input Tax Credit under GST Chapter Content The 4thChapter has been structu...
Goods and Services Tax for beginners  Input Tax Credit-an overview     Input Tax Credit, in short ITC, is the backbone of ...
Goods and Services Tax for beginners       Input Tax Credit  ITC  will be allowed for zero rated supplies. Zero rated supp...
Goods and Services Tax for beginners  Input Tax Credit- when ITC cannot be availed     Under following situations reversal...
Goods and Services Tax for beginners  Utilization of Input Tax Credit       As stated aforesaid, Input Tax Credit is equiv...
Goods and Services Tax for beginners  Amount  Rs.   IGST  CGST  SGST  Total  Input Tax available  5,000  4,000  3,000  12,...
Goods and Services Tax for beginners  Utilization of Input Tax Credit -key points     SGST Credit can be used for payment ...
Goods and Services Tax for beginners       The amount claimed as input tax credit in excess because duplication of claims ...
Goods and Services Tax for beginners  Trivia Sl. No 1  2  3  4  5  6  7  8  9  10  Question Under GST, tax is charged at a...
Goods and Services Tax for beginners  In Summary Let us summarize this chapter     Input Tax Credit is defined as credit o...
Goods and Services Tax for beginners Chapter 5- Meaning of Supply and Time of Supply Chapter Content The 5thChapter has be...
Goods and Services Tax for beginners                   ITC in respect of IGST will be utilised, first for payment of IGST ...
Goods and Services Tax for beginners  Supply- definition under GST                  Supplies for a Consideration   in cour...
Goods and Services Tax for beginners  Composite Supply-illustration Let   s understand the concept of    Composite supply ...
Goods and Services Tax for beginners  Constituents of Mixed Supply  Yes   No  Comments  Did supply comprise 2 or more good...
Goods and Services Tax for beginners  Time of Supply- relevance     In order to calculate and pay tax liability, it is imp...
Goods and Services Tax for beginners  Date info. Date of receipt of payment  26th July  Issue of an invoice before or at t...
Goods and Services Tax for beginners  Time of Supply of Goods-supply of vouchers Supply of vouchers refers to vouchers whi...
Goods and Services Tax for beginners  Parameters  Scenario A  Whether Invoice issued or not  Scenario B Yes  No  24th July...
Goods and Services Tax for beginners  Illustration  ABC hotel issued voucher on 15th October worth Rs. 5,000 to its member...
Goods and Services Tax for beginners  The time of supply for each of the situations stated above is given in the table giv...
Goods and Services Tax for beginners  The time of supply for each of the situations stated above is given in the table giv...
Goods and Services Tax for beginners Trivia Sl. No  Question  Choices  1  Supply should be made in relation to course or f...
Goods and Services Tax for beginners  In Summary Let us summarize     In common parlance, the term    supply    is defined...
Goods and Services Tax for beginners                   of goods and   or services supplied in conjunction with each other ...
Goods and Services Tax for beginners Chapter 6- Place of Supply Chapter Content The 6thChapter has been structured as foll...
Goods and Services Tax for beginners             Mixed Supply                    supplied in conjunction with each other  ...
Goods and Services Tax for beginners  Supply of Services  Earlier of  General Provisions If Invoice is issued  General Pro...
Goods and Services Tax for beginners  Illustration  Chennai based Mr. X supplied fan motors to LT Limited, based out of Mu...
Goods and Services Tax for beginners  Illustration  Delhi based M Ltd. supplied fans to Bangalore based home appliances fi...
Goods and Services Tax for beginners location at which goods are taken on board shall be the place of supply. In this case...
Goods and Services Tax for beginners  Illustration  A located in Delhi receives services at Delhi from B located in Rajast...
Goods and Services Tax for beginners  In this case, N Limited is registered person. Hence, Raipur, being the location of r...
Goods and Services Tax for beginners  Illustration  A is person located at Jaipur and taken an insurance policy from a com...
Goods and Services Tax for beginners  Place of Supply of services-outside India Category Transaction  Place of Supply     ...
Goods and Services Tax for beginners  Trivia  Sl. No 1  Question The place of supply will play an important role in determ...
Goods and Services Tax for beginners  In Summary Let us summarize     Under GST laws, place of supply plays an important r...
Goods and Services Tax for beginners Chapter 7- Value of Supply Chapter Content The 7thChapter has been structured as foll...
Goods and Services Tax for beginners  Value of Supply- an overview     Under GST law, taxable value is the transaction val...
Goods and Services Tax for beginners  While determining the taxable value, scholarship of Rs. 80,000  200000 40   will hav...
Goods and Services Tax for beginners  availableIf available  Open Market Value not available  If available Total Value of ...
Goods and Services Tax for beginners  Illustration  1,000 washing machines were supplied from Plant of Volt Limited at Sol...
Goods and Services Tax for beginners  The value of supply for service in relation to booking of tickets for air travel by ...
Goods and Services Tax for beginners  Value of Supply where the value of supply is inclusive of tax Where the value of sup...
Goods and Services Tax for beginners Trivia Sl. No  Question  Choices  1  Commission, packaging expenses incurred by the s...
Goods and Services Tax for beginners  In Summary Let us summarize     Under GST law, taxable value is the transaction valu...
Goods and Services Tax for beginners  Category  Transaction  Place of Supply  Value of supply in relation to booking of ti...
Goods and Services Tax for beginners Trivia  chapter 1 Sl. No 1  Question  Choices  Tax is the money paid  2  Education is...
Goods and Services Tax for beginners Trivia  chapter 2 Sl. No 1  Question  Choices  Correct answer  GST Stands for Goods a...
Goods and Services Tax for beginners  Sl. No 7  Question Intra-state refers to  supply  Choices  Correct answer  Explanati...
Goods and Services Tax for beginners Trivia  chapter 3 Sl. No 1  Question  Choices  Correct answer  Holder of license unde...
Goods and Services Tax for beginners  Sl. No 6  Question  Choices  Who is required pay tax under Reverse Charge mechanism ...
Goods and Services Tax for beginners Trivia  chapter 4 Sl. No 1  Question  Choices  Correct answer  Explanation  Under GST...
Goods and Services Tax for beginners  Sl. No 5  Question  Choices  Correct answer  Explanation  Input Tax Credit will be a...
Goods and Services Tax for beginners  Sl. No 9  10  Question  Choices  Maharashtra branch of Philips Limited has SGST cred...
Goods and Services Tax for beginners Trivia  chapter 5 Sl. No 1  Question  Choices  Correct answer  Explanation  Supply sh...
Goods and Services Tax for beginners  Sl. No 4  Question  Choices  Correct answer  Explanation  Naturally bundled is an im...
Goods and Services Tax for beginners  Sl. No 8  Question  Choices  Correct answer  Explanation  XYZ LLP gave an opinion to...
Goods and Services Tax for beginners Trivia  chapter 6 Sl. No 1  2  3  Question  Choices  Correct answer  Explanation  The...
Goods and Services Tax for beginners  Sl. No 4  Question  Choices  Correct answer c. Pune  Explanation  Fanuc India, a Che...
Goods and Services Tax for beginners  Sl. No 8  Question  Choices  Correct answer  Explanation  Mr. R, based out of Jhansi...
Goods and Services Tax for beginners Trivia  chapter 7 Sl. No 1  Question  Choices  Correct answer  Explanation  Commissio...
Goods and Services Tax for beginners  Sl. No 5  Question  Choices  Correct answer  Explanation  Leo Electronics supplied a...
Goods and Services Tax for beginners  Sl. No 8  Question  Choices  Correct answer c.Rs. 310  Explanation  Mr. S booked tic...
Goods and Services Tax for beginners Extract of Press release- October 6,2017 The GST Council, in its 22nd meeting held at...
Goods and Services Tax for beginners  5. To facilitate the ease of payment and return filing for small and medium business...
Goods and Services Tax for beginners  11. The last date for filing the return in FORM GSTR-4 by a taxpayer under compositi...
Goods and Services Tax for beginners Extract of Press release- November 10,2017 The GST Council, in its 23rd meeting held ...
Goods and Services Tax for beginners b  A large number of taxpayers were unable to file their return in FORM GSTR-3B withi...
Goods and Services Tax for beginners  Extension of dates g  Taking cognizance of the late availability or unavailability o...
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