gst update 1 of 250617 - sunland oil · 2017-06-26 · prepared exclusively for ktv &its trade...
TRANSCRIPT
Prepared exclusively for KTV &its trade fraternity by K.R.Sathya Vendan, Marketing Advisor
1
GST Update 1 of 250617
1) GST vs VAT :
GST
VAT
GST
Item VAT GST
Crude Sunoil -
MT
650 650
Customs duty, C&F 8500 8500
GST 0 3025
Landed Cost at factory of crude oil 61150 64175
Highlight No VAT suffered when entering factory
Already GST paid when entering factory
-
2) Can we take full vat credit for closing stock held on 30th
June,2017?
closing VAT credit
VAT
VAT
a) ( Book) Physical , actual )
Verified Book Stock statement )
acknowledgement
b) online
c) VAT 180
VAT
VAT
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zero ( nil)
,
3) How to avail full vat credit on 30th
June closing stock as input tax credit ?
closing VAT
A)
a) VAT
b)
c) TNVAT AT
. VAT regime Compounding VAT
dealer) , VAT system
GST system VAT GST credit
ITC or Input Tax Credit )
compounding VAT or GSTpaid bill
Note : Sunland TNVAT
B)
a) June online
GST TRANS -1 upload
b)
December
c) closing stock GST TRAN-2
online upload .-
Note :Sunland July
VAT
4) What is the process for getting GSTIN ?
GSTIN
a) VAT registered dealer GST online
VAT registration PAN
Provisional Id Provisional Id
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GST Identification Number GSTIN.
-
b) June ARN ( Acknowledgement Reference Number ) ARN
ARN
Provisional GST Certificate -June
Certificate GST
5) When is the first date to file GST return ?
July GST
GST
GSTR
1,2,3
July August ST Summary of all
purchases and supplies ) GSTR 3
July GSTR1 September 5
August GSTR1 September 20
6) What is the document to be used for movement of goods for value above ₹50,000/-?
a) GST logistics)
E Way Bill
b)
-
c) supply for consideration or even without
consideration) , E Way Bill GST
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E Way Bill download
d) Supplier / Consignor Invoice )
E Way Bill online
upload) system
e) E Way Bill hardware
f) E Way Bill
KM
7) What are the types of GST Returns and dates within which such returns have to be filed ?
GST
a) GST , inward supply)
,
ITC
GST
b) Outward supply
GST
upload For September by October 10th
).
c) Inward supply
upload .
d) Outward( Sales) Inward ( Purchase)
upload .
e) March) December 31
upload .
f) online
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8) Is there a composition scheme in GST?
GST’
Compounding / Composition of turnoverunder GST :
i) -
ii)
iii) composition scheme
Composition GST or Regular GST :
Note : composition dealer ITC
GST
9) What are the benefits of GST :
GST
a)
arresting tax leakage leading to increased tax
collections and economic uplift )
b)
induced short term fixated shifting of
production facilities to hinterland) ,
c)
consuming)
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d) check post
non running time )
Chennai to Srinagar distance
of 3000 Km could be covered in 3 –4 days in future instead of 7-9 days currently leading to less transport cost , more trucks being on the roads and hence with more truck availability , more
competition amongst transport operators leading to lower freight cost) .
10) For further details , is there a help line:
KTV HELP LINE :
Phone no. 044-25554024 mail ID: [email protected] Also, please see Sunland Learning Centre in www.sunlandsunfloweroil.com
K. R.Sathya Vendan Marketing Advisor KTV Health Food ( Pvt ) Ltd
Toll free :1800 4250 789// [email protected]//[email protected] Disclaimer:The above concept exposition of GST is for the benefit of the general trade which by and large is still not even getting to be
familiar with the revolutionary new tax regime. Since GST itself is a very rapidly evolving manner of commercial governance with daily updates on practices, procedures and protocols being issued by GoI , no liability or responsibility shall attach to the author of this note or to KTV and reader discretion is strictly advised. When in doubt , please consult a GOOD & KNOWLEDGEABLE SALES TAX PRACTITIONER. Issued in the interest of general trade