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Phase I - 3rd GST Familiarisation Programme 03/05/2017: What is GST?

This document provides an overview of the Goods and Services Tax (GST), including its features, impact on customers and vendors, place of supply, eligibility for input tax credit, and GST compliance for receivables and payables by SCI.

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Phase I - 3rd GST Familiarisation Programme 03/05/2017: What is GST?

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  1. PHASE I 3rd GST FAMILIARISATION PROGRAMME 03/05/2017

  2. WHAT IS GST ?

  3. Taxes subsumed under GST Basic Custom Duty will NOT be subsumed under GST

  4. FEATURES OF GST

  5. Commodities outside GST

  6. Rate structure under GST SCI

  7. GST- levy structure • IGST rates = CGST + SGST/UTGST

  8. Dealer Status

  9. GST IMPACT – CUSTOMERS • SERVICES PROVIDED BY SCI • GOODS SUPPLIED BY SCI

  10. GST REGISTERED CUSTOMER-Determination of place of Supply Note : In case of unregistered customer for transportation service, place of supply shall be the place where the goods are handed over.

  11. TYPE OF GST APPLICABLE – GENERAL RULE

  12. TRANSACTIONS COVERED UNDER GENERAL RULE

  13. TYPE OF GST – TRANPORTATION OF GOODS (FOREIGN CUSTOMERS) Note : Example includes : Voyage charter and Liner Freight

  14. PLACE OF SUPPLY OF GOODS TO ANY CUSTOMER

  15. GST IMPACT - VENDORS • PROCUREMENT OF SERVICES • PROCUREMENT OF GOODS • IMPACT ON INPUT CREDIT

  16. PROCUREMENT OF SERVICES - TYPE OF TAX Note : 1. Determination of Place of Supply of services: Location of vendor and Location of SCI. SCI is eligible for GST on services received as place of supply under GST is determined based on address of service recipient.

  17. PROCUREMENT OF GOODS - TYPE OF TAX Note : 1.Determination of Place of Supply of Goods: Location of vendor and place where the goods are handed over.

  18. ELIGIBILITY OR NON-ELIGIBILTY OF INPUT TAX CREDIT Note : 1. GST on delivery of goods in the state of Maharashtra, West Bengal, Tamil Nadu and Delhi will only be eligible for input credit.

  19. GST COMPLIANCE – RECEIVABLES BY SCI

  20. GST Invoices MASTER DATA REQUIREMENT : Customer/Vendor master should have GST Registration No. and state. All material/services code to be assigned HSN/SAC code respectively.

  21. Timeline for issuance of Invoice by SCI 30 Days (Max. period) Advance received from customer Advance received has to be mapped with invoice to which it pertains

  22. Debit Note / Credit Note to be issued by SCI Reversal of invoice in SCI should not be executed post-GST

  23. Timeline for issue of Credit Note F.Y. 2017-18 F.Y. 2018-19 Invoice issued By SCI in F.Y. 2017-18 30.09.2018 (Maximum till September) • Note: • SCI will not be able to reduce its output tax liability pertaining to delayed credit note. • No timeline for issue of Debit note by SCI to its customer.

  24. GST COMPLIANCE – PAYABLES BY SCI

  25. Lapse of Input credit due to late booking of Invoice by SCI F.Y. 2017-18 F.Y. 2018-19 Invoice issued by Vendor in F.Y. 17-18 30.09.2018 (Maximum till September or within one year of raising of invoice whichever is earlier)

  26. Input credit to be reversed due to delayed payment by SCI Date of payment by SCI 6 Months (Max. Period) Note: If payment is not made to vendor within 6 months, amount of ITC claimed to be added in outward liability on GST network with interest. 2. Credit can be claimed once payment is made by SCI to vendor.

  27. TRANSITIONAL PERIOD INVOICES

  28. GST - Miscellaneous

  29. Registration status of SCI

  30. Sequence of claiming credit of IGST/CGST/SGST

  31. Thank You

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