GST Basic Concepts of Transition and Invoice-Power Point Presentation-FAQ by Ministry of Finance
You’ll get ITC of amount carried forward in the return for 30th June, 2017, subject to conditions below:
You’ll get ITC of un-availed amount of duty paid on capital goods not carried forward in the return but relevant details need to be filled in table 6 of GST TRAN-1 on common portal up to 30th September, 2017
Yes. Credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on 01st July, 2017 will be available subject to specified conditions.
Yes. Credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on 01st July, 2017 will be available subject to specified conditions.
Yes. Credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on 01st July, 2017 will be available subject to specified conditions.
Yes. Credit of eligible duties in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on 01st July, 2017 will be available subject to specified conditions:
Conditions
Scheme (for 6 months starting July 2017) for traders only subject to specified conditions:
Conditions
Yes. ITC of VAT reflected in the last return will be allowed to be carried forward as SGST Credit.
ITC for CST (C/F/H/I forms under CST) is not allowed to be carried forward.
ISDs will be able to distribute the credit for services received prior to 1st July, 2017, even if invoice(s) relating to such services is received on or after 1st July, 2017.
You can take credit of the amount of CENVAT carry forward in last return furnished under the existing law.
Such credit may be transferred to any of the registered units having the same PAN for which central registration was taken under the existing law by filing table 8 of GST TRAN-1.
All proceedings under the existing laws, whether initiated before, on or after 1st July, 2017, will be disposed of in accordance with the existing law.
Refund, if admissible, will be disposed under existing laws.
Recovery will be made under GST laws if not recovered under existing laws.
GST will be charged if tax on supply has not been levied under the existing law.
IMPORTANT CONTENTS OF TAX INVOICE
Annual Turnover in the preceding FY |
Number of Digits of HSN Code |
Up to Rs. 1.5 Crore | Nil |
More than Rs. 1.5 Crore and
up to Rs. 5 Crores |
2 |
Above Rs. 5 Crores | 4 |
Supply of Goods | Supply of services |
Triplicate | Duplicate |
1.Original copy for recipient
2.Duplicate copy for transporter; and 3.Triplicate copy for supplier |
1.Original copy for recipient; and
2.Duplicate copy for supplier |
The serial number of invoices issued during a month / quarter shall be furnished electronically in FORM GSTR-1
Type of invoice/document | When to issue |
Bill of supply | Supply of exempted goods or services or under composition levy |
Revised invoices | For invoices issued during the period between effective date of registration and issuance of R.C. |
Receipt voucher | Receipt of advance payments |
Refund voucher | Return of advance payments |
ISD invoices | Input Service Distributors |
Other document | Insurance/ banking company/transporter/ airlines |
Delivery challans | In lieu of invoice in specific cases |
Export invoices | shall carry the endorsement: “supply meant for export on payment of integrated tax” or “supply meant for export under bond or letter of undertaking without payment of integrated tax” |
No time limit for issuing a CN, but liability can be adjusted only until next September after the FY in which supply was made, or until the due date for filing annual returns, whichever is earlier, provided recipient has reversed ITC
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