A Presentation by CMA Dr Shailendra Saxena BCOMSAPFICOACSFCMAFCADISAICAIPhD SURAT CHAPTER OF WIRC OF THE INSTITUTE OF COST ACCOUNTANTS OF INDIA Dated 27052017 ID: 600363
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GST-IMPLEMENTATION-Role of CMA
A Presentation by CMA. (Dr.) Shailendra Saxena B.COM,SAP(FICO),ACS,FCMA,FCA,DISA(ICAI).Ph.D.
SURAT CHAPTER OF WIRC OF THE INSTITUTE OF COST ACCOUNTANTS OF INDIADated 27/05/2017
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GSTComparison :Present Taxation Vs. GSTshailendra.saxena@jlnus.comSlide3
CMA Role in ITSlide4
When is IT System GST Compliant? Business Processes mapped to GSTSlide5
When is IT System GST Compliant?Slide6
When is IT System GST Compliant?Slide7
Three Electronic ledgers to be maintained: 1. Electronic tax liability register: 2. Electronic credit ledger: 3. Electronic cash ledger: GST LedgersSlide8
Common refund application to be filed through GSTN.No Unjust enrichment: Refund application to be accompanied by prescribed documents along with CMA Certificate- GST RFD- 01The acknowledgment for filing refund application will be available in GSTN after verification of information and documents filed. Immediate acknowledgment for cash ledgers- GST RFD-02Provisional Refund of 80% subject to GST Compliance Rating- GST RFD-04Refunds, provisional refunds and interest on delayed refunds to be directly credited to the bank accounts- GST RFD- 08/09GST Refunds:Slide9
Different forms prescribed for outward supplies, inward supplies, communication of the input tax mismatches, final acceptance, mismatches adding to the output liability, etc.Finalization of GSTR-1 (sales register) and GSTR-2 (purchase register) at GSTN.GSTR-3 auto populated data: cash details as per Electronic cash ledger/ carried forward from previous tax period, ITC carried forward from previous tax period, ITC reversal and associated Interest/Penalty, taxes paid during the current tax period etc.To pay such amount as shown in the draft GSTR-3 return generated automatically.To debit the electronic cash ledger/ credit ledger and mention the debit entry No. in the GSTR-3 return. GST Returns:Slide10
When is IT System GST Compliant? Slide11
When is IT System GST Compliant? Slide12
CMA ROLE - FINACIAL IMPACTSlide13
CMA Role in Transitional AdvisorySlide14
CMA Role in Transitional AdvisorySlide15
Credit on inputs and inputs in semi-finished goods or finished goods held in stock:Presently transitional provision not including provisions for credit to be taken by traders (who have paid excise duty for goods), though representation have been made for same.Likely results to be incorporated in the amended provisions for same to avoid litigation.Credit of inputs, and inputs in semi-finished goods or finished goods held in stock on the appointed day permissible, if following conditions fulfilled:Such inputs/goods are used/intended to be used for making taxable supplyEligible for credit under the earlier law but for his not being liable for registration or the goods remaining exempt under earlier law Eligible for input tax credit in the GST law In possession of the invoices or other prescribed documents not older than 12 months preceding the appointed day CMA Role in Transitional Advisory:Slide16
CMA Role – Transaction AdvisorySlide17
CMA: Representation to Policy MakersSlide18
CMA Role – Additional RoleSlide19
CMA Role – Additional RoleSlide20
CMA Role – Additional RoleSlide21
THANKS!! Any Questions ?Contact for post sessionquery:CMA. (Dr.) Shailendra Saxena | E-mail: shailendra20535@yahoo.comCell: +91-93774-10260
shailendra.saxena@jlnus.com21