Name – SHWETA SINGH

Class – TYBMS A (Finance)

Roll No – 7391
Subject – Indirect Tax
INFOSYS LIMITED
Infosys Limited is an Indian Information Technology company that provides global
business consulting and information technology services. Infosys helps clients in 45
countries to create and execute different strategies for their digital transformation.
Infosys helps businesses to renew & improve existing conditions so that their
business can achieve higher efficiencies and stay relevant according to current
times.  Infosys has more than 200,000 employees and through their hard work &
dedication, Infosys has grown to become a US $10.9 billion (revenues FY18) company
with a market capitalization of US $39 billion.

GSTIN NUMBER - 27AAACI4798L2ZX

Legal Name of Business -INFOSYS LIMITED

Effective Date of registration - 01/07/2017

Constitution of Business - Public Limited Company

GSTIN / UIN Status – Active

Nature of Core Business Activity - Service Provider and Others

GoodsServices

HSN Description HSN Description

00440452 INFORMATION TECHNOLOGY SOFTWARE SERVICE

00440366 BUSINESS SUPPORT SERVICES

00440245 MAINTENANCE OR REPAIR SERVICE

00440249 TECHNICAL TESTING, INSPECTION, CERTIFICATION

00440406 RENTING OF IMMOVABLE PROPERTY SERVICES

 (HSN: Harmonized System of Nomenclature of Goods and Services)

 Is the business registered under Composition Scheme- NO
STATE BUDGET ESTIMATES OF GUJARAT FOR THE YEAR 2020-21
The Gross State Domestic Product (GSDP) of Gujarat for 2021-22 (at current prices) is
projected to be Rs 18,79,826 crore.  This is an annual increase of 7% over the actual
GSDP of 2019-20, and 13.3% higher than the revised estimate of GSDP for 2020-21 (Rs
16,58,865 crore).  In 2020-21, GSDP is estimated to be 12% lower than the budget
estimate. Total expenditure for 2021-22 is estimated to be Rs 2,23,333 crore, a 10%
annual increase over the actual expenditure in 2019-20. Total receipts (excluding
borrowings) for 2021-22 are estimated to be Rs 1,68,219 crore, an annual increase of 8%
over 2019-20.  In 2020-21, total receipts (excluding borrowings) are estimated to fall
short of the budget estimate by Rs 30,158 crore (a shortfall of 19%).  Revenue
surplus for 2021-22 is estimated to be Rs 1,209 crore, which is 0.06% of the GSDP.  In
2020-21, as per the revised figures, revenue deficit is estimated at Rs 21,952 crore
(1.32% of GSDP) as compared to a revenue surplus of Rs 789 crore (0.04% of GSDP)
estimated at the budget stage. Fiscal deficit for 2021-22 is targeted at Rs 30,783 crore
(1.64% of GSDP).  In 2020-21, the revised estimate for fiscal deficit is expected to be
3.10% of GSDP, higher than the budget estimate of 1.78% of GSDP.
Items 2019-20 2020-21 2020-21 % change 2021-22 Annualized
Actuals Budgeted Revised from BE Budgeted Change
2020-21 to (2019-20 to
RE 2020-21 2021-22 BE)
Total  1,84,563  2,14,133 1,91,987 -10% 2,23,333  10%
Expenditure
A. Receipts 1,43,280  1,62,712 1,32,554 -19% 1,68,219  8%
(except
borrowings)
B.  43,491  46,501 61,008 31% 50,501  8%
Borrowings
Total  1,86,771  2,09,213 1,93,562 -7% 2,18,720 8%
Receipts
(A+B)
Revenue 1,945  789 -21,952 - 1,209  -21%
Balance
As % of 0.12% 0.04% -1.32% 0.06%
GSDP
Fiscal  -24,581  -33,536 -51,381 53% -30,783  12%
Balance
As % of -1.49% -1.78% -3.10% -1.64%
GSDP
Primary - 2,133  -9,665 -26,959 179% - 4,861  51%
Balance
As % of -0.13% -0.51% -1.63% -0.26%
GSDP
GST REVENUE OF GUJARAT
Gujarat government earned a revenue of Rs 86,780 crore from GST, VAT and
compensation in the year 2021-22, which is the highest revenue of the state
government so far after the implementation of GST. The revenue generated
from GST in March 2022 was Rs 4530 crore, which is the highest monthly
revenue after the implementation of GST law. It is Rs 1007 crore more than
the GST revenue of March 2021 which was Rs 3523 crore. It indicates a
growth of 28.56 percent. The revenue of March 2022 from GST is 8 percent
more than the GST revenue of February 2022. The revenue of Rs 86,780 crore
from GST, VAT and compensation in the year 2021-22 is Rs 20,057 crore
more than the revenue of 2020-21 which was Rs 66.723 crore. The state
government has informed that the revenue of the state was affected due to
the slowing down of economic activities due t covid-19 pandemic in 2020-21.
The revenue of 2021-22 indicates that the economy of Gujarat is quickly
recovering from the effects of Covid-19

VAT TAX AND SERVICE TAX

Gujarat, a state in western and northwestern India with the capital Ahmadabad, is
the third-largest state economy in India with ₹14.96 lakh crore (US$220 billion) in
gross domestic product. Along with Bihar and Nagaland, Gujarat is one of the three
Indian states to prohibit the sale of alcohol.
The Commissioner of Commercial Tax is the nodal agency for the administration and
collection of various taxes in the State of Gujarat. The Commissioner functions under
the Finance Department of the Government of Gujarat. It is responsible for
administering the rules and regulations for Value Added Tax (VAT)..
VAT is a tax that is charged based on the category of goods sold. It is an indirect tax
which replaced the general Sales Tax and is applicable on all goods and products sold
in the state of Gujarat. Thus, any merchant who states a sale or purchase of
minimum Rs. 5 Lakhs is liable to pay VAT as per the VAT Act. This is further exercised
on the basis of ‘Schedules’, a list of goods which can be subjected to tax, exempted
from tax or treated under a different rate of interest. The rates, as per the schedules
are as follows:
Note: VAT does not apply in Gujarat since the implementation of GST. The Goods &
Services TAX has replaced all Central and State indirect taxes like CENVAT, excise,
customs, VAT, state excise, etc
  Schedule 1: Gives a detailed account of goods which do not fall under the
category of VAT or exempted from VAT.
 Schedule 2: A bevy of different rates depending upon the goods given under
the category, such as bicycles, periodicals and journals and electricity.
 Schedule 3: A list of different tax rates, depending upon the goods specified
such as the sale of aviation fuel, diesel (high speed) and so on.
Note: The exemption for Schedule 1 can also be extended to aids of any kind used
for people with disabilities, such as Braille equipment, hearing aids, speech
trainers, wheelchairs, crutches, orthopedic footwear, heart valves, intraocular lens
for cataract operations, etc. As per the amended Act, VAT is applicable if:
 The turnover is more than 5 Lakhs.
 The taxable income is Rs. 10000 plus.
GOODS UNDER SCHEDULE 2
The list of goods which are taxed at the rate of 4 paisa for every 1 rupee.
 Agricultural equipment that does not fall under schedule 1
 Materials made out of Bamboo
 Bicycles, tricycles, rickshaws, pedal rickshaws and their respective accessories
 Betel and areca nuts
 Unbranded biscuits
 Brass metal parts
 Bricks and roofing tiles
 Wax candles
 Trunks, buckets and drums
 Bolts, nuts, screws and fasteners
The list of goods which are taxed at the rate of 1 paisa for every 1 rupee.
 Gold and Silver
 Precious metals and jewellery made out of these metals
 Pearls
 Precious and Semi-Precious stones
Additional products under Schedule 2 can be extended to drugs & medication,
medical equipment’s, edible oils, all types of fabric, herbs & barks, dyes, hides &
skins of animals, honey, etc.

GOODS UNDER SCHEDULE 3

The list of goods which are taxed at the rate of 24 paisa for every 1 rupee.
 High speed diesel oil
The list of goods which are taxed at the rate of 26 paisa for every 1 rupee.
 Aviation and Jet fuel
 Any motor spirit of other kinds
The list of goods which are taxed at the rate of 13 paisa for every 1 rupee.
 Gasoline for Aviation (duty paid)
 Aviation turbine fuel (duty paid)
The list of goods which are taxed at the rate of 38 paisa for every 1 rupee.
 Aviation turbine fuel (bonded)
REGISTRATION OF VAT IN GUJARAT
As mentioned above, all merchants who are in the business of trading goods &
products, having an annual turnover of Rs. 5 Lakhs and taxable turnover that exceeds
Rs. 10000 in a financial year is liable to pay VAT compulsorily as per the VAT Act.
They will need to register their business and the form used for registration is Form
101 along with the supporting documents to be provided to the registration
authority.
FORMS REQUIRED FOR REGISTRATION
 Form No. 101: Used to register to pay VAT.
 Form No. 101A: Used to declare any other places of business, branches or go-
down maintained in the State of Gujarat.
 Form No. 101B: Used to declare places of business, branches or go-downs that
are located outside the state and will need to be accompanied by their TIN
numbers.
 Form No. 101C: This form informs the authority about the details of the
person who is authorized to sign invoices, delivery challan, declarations, etc. A
separate form is required for each person who has these privileges.
 From No. 101D: Used to declare the people who are ultimately responsible for
the business, such as directors and owners.
 Form No. 101E: If the company is a manufacturer then this is the form that will
be used to inform the authorities about the capacity.
 Form No. 106: Used to provide information about managers within a business

VAT FILING IN GUJARAT

As per the goods and products that a merchant sells or purchases, accordingly the
VAT has to be paid.
Monthly VAT Returns are to be filed by:
 Dealers of Schedule III goods
 Importers & Exporters
 Dealers with more than Rs. 60,000 VAT payment in current or previous years
 Dealers having remission or refunds under Section 40 or 41
 Dealers who are exempt from VAT
 Manufacturers or Sellers of SEZs
Quarterly VAT Returns are to be filed by:
  Businesses who pay a lump sum tax (VAT)
 Dealers with less than Rs. 60000 VAT
If the turnover for the financial year is less than Rs. 1 crore, an Annual Return of VAT
needs to be filed by June 30th. For businesses who have a turnover of more than Rs.
1 crore, the Annual Return needs to be filed by December 31st.
Note: An exception is given to those dealers who fall under Schedule III of the VAT
Act. All dealers whose goods fall under Schedule III need to pay their VAT within 12
days from the end of the month.
VAT PAYMENT
VAT in Gujarat can be paid both offline and online, through the Gujarat commercial
Tax website: commercialtax.gujarat.gov.in/vatwebsite/home/home.jsp
1. Steps for Online Payment
 Visit the official website
commercialtax.gujarat.gov.in/vatwebsite/home/home.jsp.
 Fill in the requested details regarding the company, such as the address,
phone number, email ID and the location where the firm is operating.
 Confirm and submit the details when finished.
 The page will successfully direct you to the bank page for online payment.
 Post payment, you will receive an acknowledgement receipt which has a
transaction ID and challan identification number.
2. Steps for Offline Payment
 For this facility, an individual has to visit the VAT office with the requested
form and documents and raise a ‘Counter Payment’ across the selected bank.
 First you need to register online and file for VAT.
 Post filing, a challan or pay-in slip is generated.
 You can use this challan for making payments at specified banks.
 All three documents, the acknowledgement received from the bank, from the
commercial website for filing returns and also the pay-in slip generated online,
need to be submitted to the respective office to complete the offline payment
for VAT.