BLOG on Income Tax Management for - AY 2022-23 & 2023-24

GST (Goods and Service Tax) - Ready Reckoner in India

1. GST ( Goods and Service Tax) in India

Need for GST in India, Taxes in India Subsumed in GST, Taxes in India not subsumed into GST, Benefits of GST in India, Features of Dual Model of GST in India, Features of IGST in India

2. Activities to be treated as Supply of Goods or Supply of Services as referred to in Schedule II [Section 7(1)(d)]

As per Schedule-II, which activities shall be treated as supply of goods or supply of services provided the rate of tax for goods and services are same has been described.

3. Activities which shall be treated neither as a Supply of Goods Nor a Supply of Services [Section 7(2) CGST Act]

As per Schedule III, the following activities or transactions which shall be treated neither as a supply of goods nor a supply of services:

4. Supply of Goods or Services or Both under GST (Goods and Service Tax) in India

[Section 7(1)(a)], [Section 7(1)(b)] and [Section 7(1)(c)] describes the Supply of Goods or Services or Both under GST (Goods and Service Tax) in India.

5. Types of Supply on which GST is Leviable under GST in India

Need for GST in India, Taxes in India Subsumed in GST, Taxes in India not subsumed into GST, Benefits of GST in India, Features of Dual Model of GST in India, Features of IGST in India

6. Levy and Collection of GST under CGST Act, IGST Act and UTGST Act.

Section 9 of CGST Act/SGST Act and Section 5 of IGST Act are the Charging Sections for the purposes of levy of GST. CGST and SGST shall be levied on all intra-state supplies of goods and/or services and IGST shall be levied on all inter-state supplies of goods and/or services respectively.

7. Goods and Service Tax (GST) Payable on Reverse Charge Basis [Section 9(3) of CGST Act, section 5(3) of IGST Act and section 7(3) of the UTGST Act]

The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both.

8. Zero Rated Supply in GST [Section 16 of IGST Act, 2017]

“Zero rated supply” means any of the following supplies of goods or services or both, namely:—

9. Services Exempt from CGST/IGST

Notification No. 12/2017-Central Tax (Rate), dated 28.6.2017 has exempted following services from CGST/IGST respectively:

10. GST Liability on Composite and Mixed Supplies [Section 8 of CGST Act, 2017]

The tax liability on a composite or a mixed supply shall be determined in the following manner, namely:—

11. Apportionment of Input Tax Credit (ITC) under GST [Section 17(1), (2) & (3) of CGST Act, 2017]

Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for other purposes and also used Partly for effecting Taxable Supply including Zero Rates Supply and Partly for Exempted Supplies with Optional method for Bank, etc. for taking Input Tax Credit :

12. Blocked Credits i.e. Goods or Services or Both on which Input Tax Credit (ITC) shall Not be Available under GST Act. [Section 17(5)]

Input Tax credit in case of Goods or Services or Both shall not be available under Section 17(5) in respect of the following:

13. Claim of Input Tax Credit (ITC) and Matching, Reversal and Reclaim of Input Tax Credit (ITC) under GST Act.

Section 42(1) to Section 42(10) describes Matching, Reversal and Reclaim of Input Tax Credit :

14. Composition Scheme under the GST Law for small Taxpayers [Section 10(1) of CGST Act, 2017]

The objective of composition scheme is to bring simplicity and give relief to small taxpayers so that they need not be burdened with the compliance provisions under the GST law. Moreover, it is an optional scheme and the eligible person can opt to pay a fixed percentage of turnover as fees every quarter instead of paying tax at normal rate.

15. Eligibility and Conditions for taking Input Tax Credit (ITC) under GST Law [ Section 16 of the CGST Act, 2017]

Under the GST regime, the Centre will give input tax credit for Central GST/IGST and the States will give input tax credit for State GST/IGST. However, cross-utilization of credit between Central GST and State GST will not be allowed. :

16. How To Take Input Tax Credit (ITC) In Respect Of Inputs/Capital Goods Sent For Job Work (Section 19 of the CGST Act, 2017)

Principal allowed to take input tax credit on inputs sent to a job worker for job work even if inputs are sent to a job worker directly alongwith Consequences if inputs sent for job work are not received back by the principal.

17. Matching, Reversal and Reclaim of Reduction in Output Tax Liability [Section 43]

18. Persons Eligible to take Input Tax Credit (ITC) under Special Circumstances [Section 18(1)]

Subject to such conditions and restrictions as may be prescribed, the following persons are eligible to take input credit—

19. How GST is Levied in the case of Intra-State Supply of Goods and/or Service under GST Act.

Basis of charge in the case of intra-State supplies of goods or services or both is given below –

20. How GST Is Levied in the case of Inter-State Supply of Goods and/or Service under GST Act.

Basis of charge in the case of inter-State supplies of goods or services or both is given by section 5 of IGST Act. These provisions are given below–

GST (Goods and Service Tax) - Ready Reckoner in India

1. GST ( Goods and Service Tax) in India

2. Activities to be treated as Supply of Goods or Supply of Services as referred to in Schedule II [Section 7(1)(d)]

3. Activities which shall be treated neither as a Supply of Goods Nor a Supply of Services [Section 7(2) CGST Act]

4. Supply of Goods or Services or Both under GST (Goods and Service Tax) in India

5. Types of Supply on which GST is Leviable under GST in India

6. Levy and Collection of GST under CGST Act, IGST Act and UTGST Act.

7. Goods and Service Tax (GST) Payable on Reverse Charge Basis [Section 9(3) of CGST Act, section 5(3) of IGST Act and section 7(3) of the UTGST Act]

8. Zero Rated Supply in GST [Section 16 of IGST Act, 2017]

9. Services Exempt from CGST/IGST

10. GST Liability on Composite and Mixed Supplies [Section 8 of CGST Act, 2017]

11. Apportionment of Input Tax Credit (ITC) under GST [Section 17(1), (2) & (3) of CGST Act, 2017]

12. Blocked Credits i.e. Goods or Services or Both on which Input Tax Credit (ITC) shall Not be Available under GST Act. [Section 17(5)]

13. Claim of Input Tax Credit (ITC) and Matching, Reversal and Reclaim of Input Tax Credit (ITC) under GST Act.

14. Composition Scheme under the GST Law for small Taxpayers [Section 10(1) of CGST Act, 2017]

15. Eligibility and Conditions for taking Input Tax Credit (ITC) under GST Law [ Section 16 of the CGST Act, 2017]

16. How To Take Input Tax Credit (ITC) In Respect Of Inputs/Capital Goods Sent For Job Work (Section 19 of the CGST Act, 2017)

17. Matching, Reversal and Reclaim of Reduction in Output Tax Liability [Section 43]

18. Persons Eligible to take Input Tax Credit (ITC) under Special Circumstances [Section 18(1)]

19. How GST is Levied in the case of Intra-State Supply of Goods and/or Service under GST Act.

20. How GST Is Levied in the case of Inter-State Supply of Goods and/or Service under GST Act.

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