SKILL DEVELOPMENT SKILLS

PREPARE A TAX INVOICE UNDER GST ACT

WRITE THE PROCEDURE FOR REGISTRATION UNDER GST

1. Permanent Account Number issued under the Income-tax Act, 1961 in order to be eligible for grant of
registration

2 Any specialized agency of UNO or consulate or embassy of foreign countries shall obtain a unique identity
number

3. The registration or unique identification number shall be rejected or granted after due verification.

4. Proper officer shall not reject the application for registration or unique identification number

without giving proper notice

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B.COM FINAL YEAR ‘A’ SEC
 5. The Tax payer shall declare his: Legal name of the business, PAN, Mobile number, E-mail address
State/union territory, in Part A of Form GST REG-01 on the GST portal, on successful verification of documents,
a temporary reference number shall be generated and communicated to the applicant on his mobile number
and e-mail address. Using this reference number, the applicant shall electronically submit an application for
registration at GST common portal. On receipt of an application, an acknowledgement shall be issued
electronically to the applicant. If the application for the grant of registration is approved, a certificate of
registration will be issued. This registration certificate shows the principal place of business and also additional
places of business.

6. In GST registration, the supplier will also be allotted a 15-digit GSTIN (goods and service tax identification
number.

7. The registration shall be effective from the date on which the person becomes liable to registration, if the
application for registration has been submitted within a period of 30 days from such date.

8. If the application for registration is submitted after the expiry of 30 days, the effective date of registration
shall be the date of grant of registration.

9. Existing VAT/Central excise/service tax payers will not have to apply for fresh registration under

GST. They have to migrate to GST through online.

10. In case of new supplier of goods or service, a fresh application to be filed online for registration under GST.

11. The registration number will be based on PAN.

PREPARE A CHART SHOWING RATES OF GST

DIFFERENT RATES INTER STATE SUPPLY INTRA STATE SUPPLY INTRA STATE SUPPLY

IGST CGST SGST

1.Schedule – 1(5%) 5% 2.5% 2.5%

2.Schedule – 2(12%) 12% 6% 6%

3.Schedule – 3(18%) 18% 9% 9%

4.Schedule – 4(28%) 28% 14% 14%

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B.COM FINAL YEAR ‘A’ SEC
COMPUTE TAXABLE VALUE AND TAX LIABILITY WITH IMAGINARY FIGURES UNDER CGST, SGST
& IGST

Calculation of Total Cost

PARTICULARS AMOUNT

Cost of Raw material 60,000

Consultation fee 9,000

Storage 4,000

Transportation cost 6,000

Wages 10,000

Packaging cost 12,000

Total cost 1,01,000

Add: Profit margin 23,500

Transaction Value 1,24,500

Calculation of Net GST Payable

PARICULARS CGST(₹) SGST(₹)

Output Tax Liability 1,28,429 1,28,429

CGST(21,40,480*6%)=1,28,429

SGST(21,40,480*6%)=1,28,429

LESS: Input tax credit

CGST(50,000*6)= 3,000

SGST (50,000*6)=3,000 3,000 3,000

Tax payable amount 1,25,429 1,25,429

LIST OUT THE EXCEMPTED GOODS AND SERVICES UNDER GST

GOODS:

1. Agriculture implements.

2. Bangles (except those made from precious metals).

3. Indian national flag.

4. Gandhi Topi.

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B.COM FINAL YEAR ‘A’ SEC
5. Raw silk, silk waste.

6. Court fee stamps sold by authorised vendors.

7. Jaggery.

8.Coffee beans(not roasted)

9. Vegetables (other than those put up in a container, which has registered brand name).

10. Trees and plants.

11. Milk (other than those put up in a container, which has registered brand name).

12. Meat (other than those put up in a container, which has registered brand name).

13. Fire wood.

14. Kajal (kajal pencil sticks), Bindi, Kumkum.

15. Salt.

EXCEMPTED SERVICES:

1. Import of services by UNO.

2. Import of services by foreign diplomatic mission.

3. Services provided by intermediary when supplier and recipient of goods are located outside India.

4. Health care services.

5. Disposal of bio-medical waste.

6. Training program financed by the government.

7. Services by RBI.

8. Toll charges.

9. Transportation of goods by GTA(goods transport agency)Services.

10. Services provided by the Indian Institutes of management.

11. Services provided to recognized sports body.

12. Services relating to agricultural activities.

13. GST exemption is applicable for the service provided by the govt., if consideration paid does not exceed
5000.

14. Services provided by old age home run by registered body to its residents, whose age is 60 years or more
against consideration upto 25,000 PM per member, GST exemption is available.

15. GST exemption is applicable for hotel room upto ₹1000 per day.

16. Transportation of goods by GTA, wherein consideration charged does not exceed

7500. (Transportation of goods and agriculture produces for the consideration not exceeding ₹750, GST
exemption is applicable.).

17. Services by an acquiring bank, to any person in relation to settlement of amount upto 2000 in a single
transaction is exempt from GST.

18. No GST in case of life micro-insurance product, having maximum amount of cover of ₹ 50,000.

19. Services provided by incubate up to a total turnover of ₹50 lakhs, GST is not charged.

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20. Amount collected by a resident welfare association from its members is exempt from GST, if the amount
collected does not exceed ₹7500 PM per member.

21. No GST is levied, for the consideration received by an artist for performing folk or classical dance, if
consideration amount does not exceed ₹1,50,000.

22. No GST is charged, if consideration for right to admission to an event does not exceed 500 persons.

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B.COM FINAL YEAR ‘A’ SEC