SGST Act and Ugst Act) : Ridhi Goel
SGST Act and Ugst Act) : Ridhi Goel
SGST Act and Ugst Act) : Ridhi Goel
PRESENTATION
(SGST ACT AND UGST
ACT)
SUBMITTED BY-
Ridhi Goel
ROLL NO - 1812201
SECTION - E(B.COM)
INDEX
Apportionment of credit and
a blocked credits.
Input tax credit in respect of
input and capital goods.
Registration
Procedure of registration
Tax invoice
Continuous supply of goods
Credit and debit notes
Accounts and records
Payment of tax
Refunds of tax
APPORTIONMENT OF CREDIT AND BLOCKED
CREDITS (Section 17)
(I) 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, the amount of credit
shall be restricted to so much of the input tax as is attributable to the purposes
of his business.
(II) Where the goods or services or both are used by the registered person partly
for effecting taxable supplies including zero- rated supplies under this Act or
under the Integrated Goods and Services Tax Act and partly for effecting exempt
supplies under the said Acts, the amount of credit shall be restricted to so much
of the input tax as is attributable to the said taxable supplies including zero-
rated supplies.
(b) The following supply of goods or services or both:- food and beverages, outdoor
catering, beauty treatment, health services, cosmetic and plastic surgery, except
where an inward supply of goods or services is used by a registered person for
making an outward taxable supply of same category of goods or services or both
or as an element of a taxable composite.
• Where such person makes taxable supplies of goods or services or both from
any of the special category States, he shall be liable to be registered if his
aggregate turnover in a financial year exceeds ten lakh rupees.
• Every person who, on the day immediately preceding the appointed day, is
registered or holds a license under an existing law, shall be liable to be
registered under this Act with effect from the appointed day.
(2) A person seeking registration under this Act shall be granted a single
registration.
(3) If a person having multiple business verticals in the State may be granted a
separate registration for each business vertical, subject to such conditions as may
be prescribed.
(4) A person who has obtained or is required to obtain more than one registration,
whether in one State or Union territory or more than one State or Union territory
shall, in respect of each such registration, be treated as distinct persons for the
purposes of this Act.
(5) Where a person who has obtained or is required to obtain registration in a State
or Union territory in respect of an establishment, has an establishment in another
State or Union territory, then such establishments shall be treated as
TAX INVOICE (Section 31)
(a) Removal of goods for supply to the recipient, where the supply
involves movement of goods; or
(b) Delivery of goods or making available thereof to the
recipient, in any other case, issue a tax invoice showing the
description, quantity and value of goods, the tax charged
thereon and such other particulars as may be prescribed.
2) Any registered person who issues a credit note in relation to a supply of goods or
services or both shall declare the details of such credit note in the return for the
month during which such credit note has been issued but not later than September
following the end of the financial year in which such supply was made, and the tax
liability shall be adjusted in such manner as may be prescribed.
4) Where a tax invoice has been issued for supply of any goods or services or tax
charged in that as invoice is found to be less than the taxable value payable in
respect of such supply, the registered person, shall issue to the recipient a debit
note containing such particulars as may prescribed.
ACCOUNTS AND RECORDS
(Every registered person shall keep and maintain
Accounts and other records, at its principal place
of business, as mentioned in the certificate of
registration, a true and correct account of)-
(a) Production or manufacture of goods;
(b) Inward and outward supply of goods or services or both;
(c) Stock of goods;
(d) Input tax credit availed;
(e) Output as payable and paid; and
(f) Such other particulars as may be prescribed:
The registered person shall not be allowed to furnish the details of outward
supplies during the period from the eleventh day to the fifteenth day of the month
succeeding the tax period; Further that the Commissioner may, for reasons to be
recorded in writing, by notification, extend the time limit for furnishing such details
for such class of taxable persons as may be specified therein:
Every registered person who has been communicated the details or the details
pertaining to inward supplies of Input Service Distributor of section 38, shall either
accept or reject the details so communicated, on or before the seventeenth day, but
no before the fifteenth day, of the ' month succeeding the tax period and the details
furnished by him shall stand amended accordingly. Any registered person, who has
furnished the details for any tax period and which have remained unmatched under
act.
(2) Details of Inward Supplies (Section 38)
Every registered person, other than an Input Service Distributor or
a non-resident taxable person or a person paying tax, shall furnish,
electronically, the details of inward supplies of taxable goods or
services or both, including inward supplies of goods or services or
both on which the tax is payable on reverse charge basis under this
Act and inward supplies of goods or services or both taxable wider
the Integrated Goods and Services Tax Act or on which integrated
goods and services tax is payable under section 3 of the Customs
Tariff Ad, 1975, and credit or debit notes received in respect of
such supplies during a tax period after the tenth day..
(a) Integrated tax shall first be utilised towards payment of integrated tax and the
amount remaining, if any, may be utilised towards the payment of central tax and
State tax, as the case may be, Union territory tax, in that order;
(b) The central tax shall first be utilised towards payment of central tax and the
amount remaining, if any, may be utilised towards the payment of integrated tax;
(c) The State tax shall first be utilised towards payment of State tax and the amount
remaining, if any, may be utilised towards the payment of integrated tax;
REFUNDS OF TAX
Any person claiming refund of any tax and interest. if any, paid on
such tax or any other amount paid by him, before the expiry of two
years from the relevant data in such form and manner as may be
prescribed.