gst update 1 of 250617 - sunland oil · 2017-06-26 · prepared exclusively for ktv &its trade...

Prepared exclusively for KTV &its trade fraternity by K.R.Sathya Vendan, Marketing Advisor

1

GST Update 1 of 250617

1) GST vs VAT :

GST

VAT

GST

Item VAT GST

Crude Sunoil -

MT

650 650

Customs duty, C&F 8500 8500

GST 0 3025

Landed Cost at factory of crude oil 61150 64175

Highlight No VAT suffered when entering factory

Already GST paid when entering factory

-

2) Can we take full vat credit for closing stock held on 30th

June,2017?

closing VAT credit

VAT

VAT

a) ( Book) Physical , actual )

Verified Book Stock statement )

acknowledgement

b) online

c) VAT 180

VAT

VAT


2

zero ( nil)

,

3) How to avail full vat credit on 30th

June closing stock as input tax credit ?

closing VAT

A)

a) VAT

b)

c) TNVAT AT

. VAT regime Compounding VAT

dealer) , VAT system

GST system VAT GST credit

ITC or Input Tax Credit )

compounding VAT or GSTpaid bill

Note : Sunland TNVAT

B)

a) June online

GST TRANS -1 upload

b)

December

c) closing stock GST TRAN-2

online upload .-

Note :Sunland July

VAT

4) What is the process for getting GSTIN ?

GSTIN

a) VAT registered dealer GST online

VAT registration PAN

Provisional Id Provisional Id


3

GST Identification Number GSTIN.

-

b) June ARN ( Acknowledgement Reference Number ) ARN

ARN

Provisional GST Certificate -June

Certificate GST

5) When is the first date to file GST return ?

July GST

GST

GSTR

1,2,3

July August ST Summary of all

purchases and supplies ) GSTR 3

July GSTR1 September 5

August GSTR1 September 20

6) What is the document to be used for movement of goods for value above ₹50,000/-?

a) GST logistics)

E Way Bill

b)

-

c) supply for consideration or even without

consideration) , E Way Bill GST


4

E Way Bill download

d) Supplier / Consignor Invoice )

E Way Bill online

upload) system

e) E Way Bill hardware

f) E Way Bill

KM

7) What are the types of GST Returns and dates within which such returns have to be filed ?

GST

a) GST , inward supply)

,

ITC

GST

b) Outward supply

GST

upload For September by October 10th

).

c) Inward supply

upload .

d) Outward( Sales) Inward ( Purchase)

upload .

e) March) December 31

upload .

f) online


5

8) Is there a composition scheme in GST?

GST’

Compounding / Composition of turnoverunder GST :

i) -

ii)

iii) composition scheme

Composition GST or Regular GST :

Note : composition dealer ITC

GST

9) What are the benefits of GST :

GST

a)

arresting tax leakage leading to increased tax

collections and economic uplift )

b)

induced short term fixated shifting of

production facilities to hinterland) ,

c)

consuming)


6

d) check post

non running time )

Chennai to Srinagar distance

of 3000 Km could be covered in 3 –4 days in future instead of 7-9 days currently leading to less transport cost , more trucks being on the roads and hence with more truck availability , more

competition amongst transport operators leading to lower freight cost) .

10) For further details , is there a help line:

KTV HELP LINE :

Phone no. 044-25554024 mail ID: [email protected] Also, please see Sunland Learning Centre in www.sunlandsunfloweroil.com

K. R.Sathya Vendan Marketing Advisor KTV Health Food ( Pvt ) Ltd

Toll free :1800 4250 789// [email protected]//[email protected] Disclaimer:The above concept exposition of GST is for the benefit of the general trade which by and large is still not even getting to be

familiar with the revolutionary new tax regime. Since GST itself is a very rapidly evolving manner of commercial governance with daily updates on practices, procedures and protocols being issued by GoI , no liability or responsibility shall attach to the author of this note or to KTV and reader discretion is strictly advised. When in doubt , please consult a GOOD & KNOWLEDGEABLE SALES TAX PRACTITIONER. Issued in the interest of general trade

http://www.sunlandsunfloweroil.com/

gst update 1 of 250617 - sunland oil · 2017-06-26 · prepared exclusively for ktv &its trade...

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