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  • GST Overview

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    prince2venkat
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    The document provides an overview of the Goods and Services Tax (GST) in India. It defines key terms related to GST such as aggregate turnover, taxable supply, non-taxable supply, and exempt supply. It outlines the sections of the GST acts that cover registration, classification of goods and services, levy of tax, time and place of supply, input tax credit, and compliance requirements. The document also maps the interrelationships between different aspects of GST such as liability, payment, refund, assessments, audits, inspections, and penalties.

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    GST

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    Gst Flowchart Icai

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    The document provides an overview of the Goods and Services Tax (GST) in India. It defines key terms related to GST such as aggregate turnover, taxable supply, non-taxable supply, and exempt supply. It outlines the sections of the GST acts that cover registration, classification of goods and services, levy of tax, time and place of supply, input tax credit, and compliance requirements. The document also maps the interrelationships between different aspects of GST such as liability, payment, refund, assessments, audits, inspections, and penalties.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    157 views17 pages

    GST Overview

    Uploaded by

    prince2venkat
    The document provides an overview of the Goods and Services Tax (GST) in India. It defines key terms related to GST such as aggregate turnover, taxable supply, non-taxable supply, and exempt supply. It outlines the sections of the GST acts that cover registration, classification of goods and services, levy of tax, time and place of supply, input tax credit, and compliance requirements. The document also maps the interrelationships between different aspects of GST such as liability, payment, refund, assessments, audits, inspections, and penalties.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 17

    GST Overview

    Is Transaction a Supply to attract GST, Verify Exception to Supply - Sch III


    Registration Sec 22, 23,24 No GST ( Ex, immovable
    Check Definitions of Section 7 of CGST & Schedule III Supply (8
    forms of supply, consideration, furtherance of property, Salary)
    “aggregate turnover"
    aggregate value of all taxable business)
    supplies
    “taxable supply” supply
    leviable Exception: Consideration
    “non-taxable supply” supply Refer Sch II for Classification of NIL, transaction not in Sch I
    not leviable to tax Goods or Services no GST (Ex : Intra state
    Sec 9(1)(2) excludes levy on Branch Transfer)
    the supply of alcoholic liquor
    for human consumption, the
    supply of petroleum crude,
    high speed diesel, petrol, Refer Sec 9 of CGST / Sec 5 of IGST for Levy
    natural gas and ATF
    “exempt supply” Nil Rate Rate ( HSN/SAC) Valuation RCM – Supply
    0,5,12,18,28 Section 15 RCM - URP
    Valuation Rules

    PoPs Time of supply (ToS) Nature of Supply ITC Transitional Compliances


    (NoS) Sec Provisions Chpt VII – Tax invoice
    Goods Services Goods Services (Inter/Intra State) 16,17,18,19, Chapter XX VIII – Accounts & Records
    Sec 10, 11 Sec 12, 13 Sec 12 Sec 13 20,21 IX – Returns
    IGST IGST CGST CGST Sec 7 of IGST, X – Payment of Tax
    Sec 9 of CGST XI – Refund

    Department Work Chpt XV Demands & Recovery


    Liability (A) ITC (B) Payment/Refund
    Month GSTIN Chpt XII Assessments Chpt XVII Advance Ruling
    CGST SGST IGST CGST SGST IGST CGST SGST IGST Chpt XIII Audit Chpt XVIII Appeals and Revision
    TOS Registration Levy, PoPs & NoS Levy, PoPs & NoS Chapter X, XI Chpt XIV Inspection, search, seizure Chpt XIX Offences and Penalties
    and arrest

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    “aggregate turnover" means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable
    by a person on reverse charge basis,
    “taxable supply” means a supply of goods or services or both which is leviable to tax under this Act;
    “non-taxable supply” means a supply of goods or services or both which is not leviable to tax under this Act or under the Integrated
    Goods and Services Tax Act;
    Sec 9(1)(2) excludes levy on the supply of alcoholic liquor for human consumption, the supply of petroleum crude, high speed diesel,
    petrol, natural gas and ATF
    “exempt supply” means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax
    under section 11, or under section 6 of the Integrated Goods and Services Tax Act, and includes non-taxable supply;

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