GIST of GST CA Intermediate CA Raj Kumar

WIIK
GATE No. 1 GATE No. 2

Goods Services Neither Goods Nor Pm SUPPLY OF GOODS / SERVICE Includes:

EVERY KIND OF MOVABLE

Properties eg: Visualizer, Marker,
Exercise Machine, Ceiling fan,
ANYTHING
GOODS
OTHER
cactivelpassive
THAN
Services
Money, Securities.
Following Activities are Supplies Following are Supplies
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Eg Coaching service, Practicing If FOR A Consideration EVEN IF NO Consideration EXISTS

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Storage tank etc. chartered accountant service,
beauty parlor service.
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All form of supply of Goods/SERVICE such as:

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- Sale * Supply of Goods/services Between RELATED PERSONS
Including: GROWING Crops & Including: Activities related to
OR DEEMED DISTINCT PERSONS eg. Stock T/F

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Grass, things attached to Land money and security with

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- Exchange
consideration.
(eg. Electricity Pole etc.) - Transfer * Permanent Transfer of Business Assets
AND ACTIONABLE CLAIM - Barter
- License
- Renting
- Lease
- Disposal
Made or to be made IN THE COURSE or furtherance of Business Est
* Import of service by a person from a related person or from

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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.

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INVOICE: * TAX INVOICE : BY TAXABLE PERSON : At the time of Supply of Goods and for SERVICE
– WITHIN PRESCRIBED TIME limit. *Bill of Supply: By Person Availing Composition Scheme.

MANNER OF PAYMENT OF GST: - By using ITC & Cash/Bank. By using GST PORTAL: E-CASH Ledger
Movable
c Some Clarification: Supply of GOODS v/s Supply of SERVICE

Sale i.e. OWNERSHIP T/F or H.P TRANSACTION = Supply of Goods as

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.

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RETURN: Outward supply Return, Inward Supply Return, First Return Periodic Return, annual return,

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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

Itaxcredic 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.

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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.

ate FOR SERVICE

Time of Supply [TOS]
(GST Levy Date) KAI
FOR GOODS
GATE No. 3

GATE NO. 3
DESTINATION of supply
INTRA or INTER

ORIGIN of supply
NCM CASE: RCM CASE NCM CASE: RCM CASE
Invoice/ Completion Date Payment date Invoice issue date /Last Date of receipt of goods
date date of issuing invoice
OR OR OR OR
Payment date 61st day from invoice Payment date Payment date
OR

31st day from invoice 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.
.

OSIR
Kaun
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.
Need Gstx
Desire astr
GATE No. 5

Kitna
COMPUTATION OF GST
BY TAXABLE PERSON:
100% EXEMPTIONS
Any person who take voluntary registration or
AV Rate of GST Total 90 + Entries…for Example...Services
GST = * He is required to get registration as per law

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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
Health care Services provided by veterinary
1. where Aggregate Turnover of a person is more than Rs.20 lakh /Rs 10

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Where Transaction Value is not available or not Reliable clinic, hospital etc., Services by Educational
lakh (Rs. 40 lakh)
FOR AV Apply Valuation Rules based on:- institute, Specified Govt. services.
2. Mandatory Registration ie Limit of Rs. 20 lakh /Rs. 10 lakh (Rs. 40 lakh)
Comparison Value Goods: Total 150 Entries- National flag, Plastic

PRICE ACTUALLY PAID OR PAYABLE
INC: Expenses of Supplier meet by Recepient
INC: ANY TAX other than GST
INC: Packing EXPENSES etc.
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Computed Value: Bangles, Live fish, fresh milk, potato, Grapes,
not applicable eg Inter- state supply of GOODS. RCM R
3. No Registration
Best Judgement: (Reasonable means) Live bovine animals, Live sheep and goats etc.
# AN individual /HUF Agriculturist
# Person making EXCLUSIVE EXEMPTED SUPPLY.

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# Other Specified Persons.
INC: Subsidy given by Non - Government
INC: Interest or Penalty for delayed payment.
EXC: Cash /Bulk/ year END DISCOUNT etc.
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