REGISTRATION, INVOICE, RETURNS & PAYMENT UNDER GST CA. Rashmin Vaja Khandhar Mehta & Shah 1
CONTENTS REGISTRATION INVOICE PATTERN DEBIT NOTES & CREDIT NOTES RETURNS PAYMENT OF TAXES 2
REGISTRATION 3
Section 23 • Schedule V of the Act specifies the list of person who are liable to be registered. Every supplier shall be liable to be registered under the Act in the state from which he makes a taxable supply of Goods and/or services. Registration is required if his aggregate turnover in a financial year exceeds Rupees Twenty Lakhs. • This Threshold limit will be Rupees Ten Lakhs if a taxable person conducts his business in states – Arunachal Pradesh, Assam, J & K, Manipur, Meghalay, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Tripura • Casual taxable person or a non-resident taxable person shall apply for registration at least 5 days prior to commencement of business. 4
Section 23 • Aggregate turnover means aggregate value of all taxable supplies and non taxable supplies , exempt supplies, export of goods and/or services and inter-state supplies of a person having the same PAN, to be computed on all India basis and excludes taxes, if any charged under the CGST, SGST and IGST Act, as the case may be; • Aggregate turnover does not include the value of supplies on which tax is levied on reverse charge basis and the value of inward supplies. 5
COMPULSORY REGISTRATION Person engaged in following are mandatorily require to take registration irrespective of threshold limit:- • Interstate taxable supply • Casual Taxable supply • Person require to pay tax under Reverse Charge • E-commerce Operator specified u/s 8(4) • Non resident Taxable Persons • Person who is require to deduct tax (TDS) • Person who is require to collect tax (TCS) • Person acting as agent • Input Service Distributor • E-commerce Operator [other than covered by Sec. 8(4) and who required for TCS] • Every e-commerce operator • Peron supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person • Such other person or class of persons as may be notified by Central Govt or a State Govt. 6
Aggregate Turnover Sr. Name Gujarat Maharashtra Assam no. 1 Mr X Taxable Supply – Rs. 15 Lacs Exempt Supply – Rs. 6 Lacs 2 Mr Y Zero Rated Supply – Rs. 5 Lacs Taxable Supply – Rs. 25 Lacs 3 Mr P Taxable Supply – Rs. 10 Lacs Taxable Supply – Rs. 5 Lacs 4 Mr Q Taxable Supply – Rs. 10 Lacs Exempt Supply – Rs. 5 Lacs 5 Mr Y Supply of Goods belonging to Labour Jobwork value of the principal – Rs. 25 Lacs Rs. 15 Lacs 6 Mr J Supply as a agent – Rs. 15 Lacs Non-Taxable Supply – Rs. 13 Lacs 7 Mr P Taxable Supply – Rs. 18 Lacs Casual Dealer – Rs. 5 Lacs 8 Mr F Exempt Supply – Rs. 50 Lacs 7
BUSINESS VERTICAL • Person is required to take registration in every state from where he is making taxable supply. • However Person having multiple business vertical s in a State may obtain a separate registration for each business vertical . • A business vertical is • a distinguishable component of an enterprise • that is engaged in providing an individual product or service or a group of related products or services and • that is subject to risks and returns that are different from those of other business verticals. Explanation : Factors that should be considered in determining whether products or services are related include: (a) the nature of the products or services; (b) the nature of the production processes; (c) the type or class of customers for the products or services (d) the methods used to distribute the products or provide the services; and (e) if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities 8
AMENDMENT OF REGISTRATION Amendment • There are various situations in which the Registration issued by the competent authority requires amendment in line with real time situations. Under these circumstances, every registered taxable person shall inform any changes in the information furnished at the time of registration. • Assessee can file amendment application in FORM REG-11. • Order of amendment of existing registration will be given in FORM REG-12. • The proper officer shall not reject the request for amendment without affording a reasonable opportunity of being heard by following the principles of Natural Justice. • Any rejection or, approval of amendments under the CGST Act / SGST Act shall be deemed to be a rejection or approval of amendments under the SGST Act / CGST Act respectively. 9
CANCELLATION OF REGISTRATION Cancellation • Assessee can file cancellation application in FORM REG-14 or officer in his own motion can cancel the registration having regard to the circumstances like Business discontinued, transferred, demerged, disposed of Change in constitution of business Person no longer liable to registered u/s 19(3) Person has not furnished returns for a continuous period of 6 months Person paying tax u/s 8 has not furnished returns for three consecutive tax periods. Any person who has taken voluntary registration and has not commenced business within Six months from the date of registration. • Proper officer shall not cancel the registration without giving a notice to show cause notice opportunity of being a heard. • The cancellation of registration under the CGST Act/SGST Act shall be deemed to be a cancellation of registration under SGST Act/CGST Act respectively – REG-22. 10
REVOCATION OF CANCELLATION OF REGISTRATION • A person may apply for revocation of cancellation of registration in form REG-17 within 30 days from the date of service of the cancellation order. • After filing such form officer may pass the order in form REG-18 for revo the cancellation of the registration or reject the application for revocation in form REG-05 for good and sufficient reasons after giving show cause notice (form REG-19) and opportunity of being heard. • Revocation of cancellation of registration under the CGST Act / SGST Act shall be deemed to be a revocation of cancellation of registration under the SGST Act / CGST Act. 11
POSERS 1. If a service tax assessee has taxable turnover more than Rs. 10 lakhs but below Rs. 20 lakhs, whether the said assessee has to apply for migration process under GST? 2. Are the addresses of construction sites required to be added as Additional Place of Business while making an application for GST enrolment? 3. In case an assessee has business places in Gujarat, Madhya Pradesh and Rajasthan, is he required to file enrolment application separately for each state? 4. In case of an assessee who is registered under State VAT Law and Service Tax, is he required to make separate migration application under VAT and Service tax? 12
TAX INVOICE, CREDIT AND DEBIT NOTES 13
TAX INVOICE • A registered taxable person while supplying taxable goods/services shall issue a tax invoice containing following details . (a). name, address and GSTIN of the supplier, (b). a consecutive serial number containing only alphabets and/or numerals, unique for a financial year, (c). Date of its issue (d). name, address and GSTIN/ Unique ID Number, if registered, of the recipient, (e). name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is unregistered and where the taxable value of supply is fifty thousand rupees or more (f). HSN code of goods or Accounting Code of services (g). description of goods or services (h). quantity in case of goods and unit or Unique Quantity Code thereof (i). total value of goods or services 14
TAX INVOICE (j). taxable value of goods or services taking into account discount or abatement, if any, (k). rate of tax (CGST, SGST or IGST), (l). amount of tax charged in respect of taxable goods or services (CGST, SGST or IGST), (m). place of supply along with the name of State , in case of a supply in the course of inter-State trade or commerce (n). place of delivery where the same is different from the place of supply (o). whether the tax is payable on reverse charge, (p). the word “Revised Invoice” or “Supplementary Invoice”, as the case may be, indicated prominently, where applicable along with the date and invoice number of the original invoice; and (q). signature or digital signature of the supplier or his authorized representative . • In case of export, the invoice shall carry an endorsement “SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF IGST” . 15
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