Overview of GST

Checkpoint 1 Checkpoint 2

SUPPLY OF GOODS / SERVICE Includes:

Goods Services Neither Goods Nor
Services
EVERY KIND OF MOVABLE ANYTHING OTHER THAN Money, Securities.
Properties eg: Visualizer, Marker, GOODS Following Activities are Supplies Following are Supplies
Exercise Machine, Ceiling fan, Eg Coaching service, Practicing If FOR A Consideration EVEN IF NO Consideration EXISTS
Storage tank etc. chartered accountant service,
beauty parlor service. • All form of supply of Goods/SERVICE such as:
- Sale * Supply of Goods/services Between RELATED PERSONS
Including: GROWING Crops & Including: Activities related to OR DEEMED DISTINCT PERSONS eg. Stock T/F
Grass, things attached to Land money and security with - Exchange
(eg. Electricity Pole etc.) consideration. - Transfer * Permanent Transfer of Business Assets
- Barter
AND ACTIONABLE CLAIM
- License
- Renting
- Lease
- Disposal
Made or to be made IN THE COURSE or furtherance of Business
* Import of service by a person from a related person or from
• Importation of services (business/ Personnel) any of his other establishment outside India (for business)
Miscellaneous: [I M R R R AND ITC] * Agency Activity: Movement of GOODS between principle & agent.

INVOICE: * TAX INVOICE : BY TAXABLE PERSON : At the time of Supply of Goods and for SERVICE Some Clarification: Supply of GOODS v/s Supply of SERVICE
– WITHIN PRESCRIBED TIME limit. *Bill of Supply: By Person Availing Composition Scheme.
Sale i.e. OWNERSHIP T/F or H.P TRANSACTION = Supply of Goods
Movable
MANNER OF PAYMENT OF GST: - By using ITC & Cash/Bank. By using GST PORTAL: E-CASH Ledger Property T/F of RIGHT / RIGHT to use Goods = Supply of SERVICE
& E-Credit Ledger @ Specified Frequency by DUE DATE. (Goods)
Business Assets (Goods) : PERMANENT T/F = Supply of Goods
: TEMP T/F (Pvt use) = Supply of SERVICE
REGISTRATION: TIME LIMIT: 30 DAYS From : Crossing the limit of Rs. 20 Lakhs / 10 Lakh/Rs. 40 lakh, : Closure of business (business assets) = Supply of goods
However the limit is Not Applicable - For INTER STATE supply of goods etc.

RETURN: Outward supply Return, Inward Supply Return, annual return, Last Return.
……………………………………………………………………………………………………………………………………………………………………………………………………
Followings are neither supply of goods nor supply of service: (i) Activity by employee to employer in the Course of or IRT Employment. (ii) services by
Court, Tribunals (iii) services by Govt. officials like president, prime minister, chief minister, minister, MP, MLC, MLA, part time director of Govt. body
(iv) Mortuary services . (vi) Sale of land, completed building (vii) etc.

Note: Composite supply (NATURAL BUNDLE): shall be treated as a supply of PRINCIPAL SUPPLY; Mixed supply (not naturally
bundled) – shall be treated as supply of that particular supply which attract HIGHEST tax rates.

Checkpoint 3
Time of Supply [TOS]
(GST Levy Date)
INTRA or INTER
FOR SERVICE FOR GOODS GATE NO. 3
ORIGIN of supply DESTINATION of supply
NCM CASE: RCM CASE NCM CASE:
Invoice/ Completion Date Payment date Invoice issue date /Last RCM CASE
date date of issuing invoice Date of receipt of goods
OR OR OR
Payment date 61st day from invoice Payment date OR
Payment date
OR invoice
31st day from
Where origin and destination located in 2 different states/2 different UTs /1 in UT and another in states then the transaction shall be
. treated as inter- state transaction otherwise the transaction will be intra state.

NCM/RCM
Generally: SUPPLIER Liable to PAY GST to Govt.
However on Notified Supplies RECEPINT liable to PAY GST eg :Goods Transport Agency Service, Legal
Services by advocate or firm of advocate, Govt. services Director’s services, Insurance Agent’s service etc.

Checkpoint 5 Checkpoint 4

COMPUTATION OF GST BY TAXABLE PERSON:

GST = AV * Rate of GST 100% EXEMPTIONS
Any person who take voluntary registration or
Total 90 + Entries…for Example...Services
He is required to get registration as per law
provided by RBI, Embassy, Electricity, renting
Then the person shall be treated as taxable person
= Goods Rate: 0.25%, 3%, 5%, 12%, 18%, 28%, 28%+ CESS of residential property,
Transaction Value Services Rate: 5%, 12%, 18% and 28% GATE NO. 5
Following persons required to take registration
Where Transaction Value is not available or not Reliable Health care Services provided by veterinary
1. where Aggregate Turnover of a person is more than Rs.20 lakh /Rs 10
FOR AV Apply Valuation Rules based on:- clinic, hospital etc., Services by Educational
lakh (Rs. 40 lakh)
Comparison Value institute, Specified Govt. services.
2. Mandatory Registration ie Limit of Rs. 20 lakh /Rs. 10 lakh (Rs. 40 lakh)
PRICE ACTUALLY PAID OR PAYABLE Computed Value: Goods: Total 150 Entries- National flag, Plastic
not applicable eg Inter- state supply of GOODS.
Bangles, Live fish, fresh milk, potato, Grapes,
3. No Registration
INC: Expenses of Supplier meet by Recepient Best Judgement: (Reasonable means) Live bovine animals, Live sheep and goats etc.
# AN individual /HUF Agriculturist
INC: ANY TAX other than GST
# Person making EXCLUSIVE EXEMPTED SUPPLY.
INC: Packing EXPENSES etc.
# Other Specified Persons.
INC: Subsidy given by non-Government
INC: Interest or Penalty for delayed payment.
EXC: Cash /Bulk/ year END DISCOUNT etc.