1. FCA, B.COM, MBA, LLB

2.  Introduction, GST Council, CGST & SGST or IGST
 Why GST & Taxes Subsumed Under GST
 HSN Code & Rates of Taxes
 Key Concepts Under GST & Definition Of Taxable Person
 Meaning of Supply U/s 3 instead of Sale
 Definition Of Goods & Services
 Place of Supply U/s 12- to Check Inter/Intra State
 Time of Supply - to decide when GST Taxes becomes payable
 Registration and Composition Scheme
 Returns Under GST and their Dates
 Input Tax Credit & Job Work Treatment
 Impacts On Businesses
 Assessment, Audit and Prosecution & Arrest
 E-Way Bill and Transporting Under GST
Sequence to Study GST For Understanding

3. Four Conditions To Be Fulfilled Before Claiming The Input
Tax Credit (ITC)
CA Sanjiv Nanda
1. The Buyer should have a Tax Invoice/
Debit or Credit Note/ Supplementary Invoice
issued by a Registered Dealer under GST;
2. The said Goods/ Services have been
received.
3. GST Returns (Form GSTR-3) has been
Filed.
4. The Tax Charged by the Supplier has been
deposited with the government.

4. Input Tax Credit – Credit Utilization mechanism
CA Sanjiv Nanda
Credit Utilization
Full credits available, except cross credits between
CGST and SGST, subject to order of Utilization
Particular Order of Utilization
IGST IGST
CGST
SGST
CGST CGST
IGST
SGST SGST
IGST

5. • Input Tax Credit & Utilization
10
Input Tax Credit (ITC) is the backbone of the GST regime. GST is
nothing but a value added tax on goods & services combined. It
is these provisions of Sec.49 - Input Tax Credit that make GST
a value added tax i.e., collection of tax at all points after allowing
credit for the inputs.
Input Credit IGST
Input Credit
Sec 49 (5)(a)
CreditUtilization
Priority
1
IGST
Output
2 CGST
Output
3
SGST / UTGST
Output
CGST
Input Credit
IGST
Output
CGST
Output
Sec 49 (5)(b)
SGST / UTGST
Input Credit
SGST/UTGST
Output
IGST
Output
Sec 49 (5)(c) &(d)

6. 10 • Input Tax Credit & Utilization
ITC credit of CGST is not available for SGST or vice-a-versa
CGST
Input Credit
SGST/UTGST
Input Credit
CGST
Output
SGST/UTGST
Output
Sec 49 (5)(e)
Sec 49 (5)(f)

7. Electronic
Cash Ledger
Electronic
Credit Ledger
Payments
Through
Internet Banking
Used for any payments
Tax, Interest, Penalty. Fees
or any other Payment
Used for making payments
of Taxes only
Input tax credit
shall be credited
Electronic
Tax Liability
Register
All the tax liabilities
Are Recorded
Can be viewed
Sec 49. (3)
Sec 49. (4)
Sec 49. (7)
GST can be paid by cash at authorized bank, Internet Banking,
Debit Card, Credit Card, RTGS or NEFT. Normally the tax payer
pays GST as per self-assessment mechanism and has to effect
payment at every month between 16th & 20th for the previous
month’s tax liability.
10
• Payment Mechanism

8. FLOW OF CREDIT
CA Sanjiv Nanda
Flow of Credit
Sec 143
CENVAT Credit
as Input
Sec 144
on Capital
Goods
Sec145
Input on Stock
Composition
Scheme
Sec146
On stock from
Composition
Scheme
Sec147
Switching over to
Composition
scheme

9. Amount of Credit to be Carried Forward
(Sec 143)
CA Sanjiv Nanda
• A registered taxable
person shall be entitled
to take CENVAT
credit/Value Added Tax
credit carried forward
in return furnished in
the last quarter/month
by him under earlier
laws.
• Credit shall be allowed
if amount was
admissible as credit
under the earlier laws
and in this Act.
Example Under
Present
law
Under
this
act
Carry
forward
allowed
Cenvat
Credit
Yes No No
Cenvat
Credit
No Yes No
Cenvat
Credit
Yes Yes Yes

10. Input removed for Job Work and Returned (150)
CA Sanjiv Nanda
 Any input removed to a job worker
under the provisions of earlier law
and returned on or after the
enactment of GST law then no tax
shall be payable if such inputs are
returned within 6 months from
the enactment of GST law.
 However, Job worker shall be
liable to pay tax if such inputs are
returned after a period of 6
months.
 Manufacturer shall be liable to
pay tax if such inputs are not
returned.
 Manufacturer and job worker shall
have to declare the details of
goods held in stock by job worker
on behalf of manufacturer.
Principle
Removed Input in earlier law
As Such or after Processing, testing,
repair
Job Worker
Return of
goods
Within 6
Month
No Tax
After 6
Month
Liable to pay
tax
Job Worker
No Return
Liable to pay
tax
Manufacture
r

11. Semi-finished Goods Removed for Job Work & Returned
(Sec 151)
CA Sanjiv Nanda
 Semi-finished goods had been removed from the factory to
any other premises for carrying out certain manufacturing
processes in earlier law and are returned to factory on or after
the appointed day then, no tax shall be payable if the said goods
are returned to the said factory within 6 months from the
appointed day.
However, Job worker shall be liable to pay tax if such inputs are
returned after a period of 6 months from the date of enactment of
GST law.
Manufacturer shall be liable to pay tax if such inputs are not returned
within a period of 6 months from the date of enactment of GST law.
For benefit of above provisions, manufacturer and job worker
shall declare the details of goods held in stock by job worker
on behalf of manufacturer.

12. Finished Goods Removed for carrying certain process and
Returned (Sec 152)
CA Sanjiv Nanda
• If finished goods had been removed from the factory to
other premises without payment of duty for carrying out
process not amounting to manufacture in earlier law and
are returned to factory on or after the appointed day then,
no tax shall be payable if the said goods are returned to
the said factory within 6 months from the appointed day.
However, person returning the goods shall be liable to pay
tax if such goods are liable to tax under this act and
returned after a period of 6 months from the date of
enactment of GST law.
Manufacturer shall be allowed to transfer those goods
from other premises within 6 months on the payment of
tax.

13. Planning For STOCK under GST- Part1
CA Sanjiv Nanda
1. Do a Complete Physical Stock Taking on 31st March/ 30th June,2017 to know
your Actual Stock;
2. Have Quantity with Purchase Price of Stock with Purchase Bills and Take
Statement from Suppliers;
3. Revise Your Vat Returns if Required to Rectify Mismatches with Suppliers;
4. Collect All Your C-Forms/H-Forms/I-Forms;
5. Get Your Tax Audit Report of Quantitative Details Finalised Accordingly;
6. Make a separate file of those Items shown as Unsold Stock as on 30th
June,2017;
7. Classify Stock purchased locally Rate wise to get ITC under SGST and Stock
purchased on Central taxes like Excise for CGST;

14. Planning For STOCK under GST- Part 2
CA Sanjiv Nanda
8. Supply Your GSTIN Number to all Your Suppliers of Goods with HSN Codes;
9. Obtain GSTIN Number of all Your Suppliers & Buyers;
10. Apply for Registration or Migration in All States where you have Warehouses or
Sales Depots and plan to issue Invoices from;
11. Train Your Accountants for GST Accounting and Filing of Returns in all these
Warehouses & Sales Depots;
12. Make a List of HSN Codes up to 4 Digits & GST Rates for All the Goods &
Services Purchased & Sold by You in your Business ;
13. Check if any Old Stock of more than 12 Months old is lying with you & If yes then
either dispose it off or sell it to your sister cocern against a Tax Invoice Locally ;
14. Be in REGULAR TOUCH with Your GST CONSULTANT to make your
Transition to GST easier.

15. CA Sanjiv Nanda
JOB WORK
Without added
materials
Bullion Refined
Gold
Damaged
Gold
Old Gold
Job Worker to be registered under Services in GT if job work charge
exceed RS. 20 lakhs

18.  This Presentation is only for the Purposes of General
Information and Cannot be taken as an Expert Opinion on
any matters discussed Here-in.
 No Person or Business Entity shall be held responsible for
any losses occurring due to any interpretation done from
this presentation.
 If any certified Opinion or Interpretation is required then
personal interaction should be done after settling the fees
with the expert presenting this information.
 The Presentation is being done based only on the
information presently available in the public domain and
some information is still awaited from GST authorities.
DISCLAIMER ON GST INFO
CA. Sanjiv Nanda, Smarthead Consultants

19. Thanks For A Patient
CA. Sanjiv Nanda
Smarthead Consultants pvt. LtD.
NDR & Co. , Chartered Accountants
You Tube Channel :- Seek Expert Business Advice
Personal Id :- ca.sanjiv.nanda@gmail.com
Personal id ;- sanjiv.nanda@gmail.com
sanjiv.nanda@smartheadconsulting.com
https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
https://www.facebook.com/ca.sanjivnanda919/

20. CA. Sanjiv Nanda, Smarthead Consultants