Australian & Indian GST System.
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What is our Blue Saffron Effort? (Introduction)
A truly joint effort of Anup Jani (CEO http://www.janiplastics.com, Mumbai) & my friend who is financial professional in Sydney, Australia, that explores GST System of Australia & India to come up with business related artifacts useful to the community as well as two great nations. More the people get acquainted, more successful the Govt. becomes in bringing about GST to the economy of the nation for the greater good.
Comparison of GST Australia & India.
Indian GST model is adopted from Canadian Dual GST System which is unlike that of Australia. Tax rates are different. Indian model also has Composition Scheme for ease of doing small businesses. Listen to podcast to learn more differences w.r.t. ISD, eWay & more.
GST – Bharat – History of GST India.
Only after NDA’s comeback in 2014, GST Act was rolled out in 2017. GST was introduced in Australia with effect from July 1st, 2000. In India it was 1st July 2017 (exactly 17 years later and 3 years after the BJP Modi administration came into power). Better late than never foks!
GST – Bharat – Supply Trivia.
Zero rated Supply vs Exempted Supply. Composite Supply Vs Mixed Supply. MRP of Supply. Interstate Supply Vs Intrastate Supply. Invoicing over Continuous Supply. Listen to podcast to learn all this.
GST – Bharat – Confusion before GST.
Listen to the seemingly ever resident kind of confusion with Goods, Services & Taxes in people before GST Roll out 2017. Anup shares a case study of real life scenario. With every listen, you will learn new about Industry too. Go for it! Spread knowledge. http://www.corporateshatak.com
GST – Bharat – SWOT Analysis.
GST has brought about ease of business implementing which itself was not so easy in the first place. Here is the analysis of Strength, Weaknesses, Opportunities & Threats.
GST – Bharat – Eco System.
Eco System of GST India includes all the stakeholders from tax payers themselves to the Helpdesk to Banks, RBI and state departments. Listen to the podcast to find out more elements and their function within the GST EcoSystem.
GST- GSTN (GST Network).
GSTN is non-government (but for govt) not for profit, private limited company that acts as backbone of GST India Digitization implementation. Was formed on 28th March 2013. Listen to podcast to find more about its functions and structure.
GST – Bharat – Model of Revenue & Equity Structure.
From 140 countries, India has adopted dual model of GST from Canada however, the threshold is still higher posing a challenge to SMEs (Small Medium Enterprises). Listen to podcast for detail of model and structure.
GST – Bharat – Composition Scheme Part – 1 of 2.
Simple and easy Composition Scheme of GST for small businesses that do not want much of GST compliance or Accounting.
GST – Bharat – Composition Scheme Part – 2 of 2.
Part 2 of Composition scheme explains in detail with a Case Study and a calculation. Hit http://www.corporateshatak.com for a complete list of all our GST Blue Safron Podcasts.
GST – Bharat – Applying for the first time.
Application form can be filled online and relevant documents can be uploaded. The govt. portal offers an interface to apply for GST for first timers. Listen to the podcast to find out more on what kind of documents to be uploaded & what kind of team will you need then.
GST – Bharat – Number Structure.
GST – Bharat – GST Number
GST Number in India has 15 digits where first 2 are state codes. Last digit is Checksum digit. whose logic implementation can be found on https://janisoftwares.wordpress.com/gst-checksum-logic-in-java/ . Most of the GSTIN is made of PAN (Permanent Account Number). Listen to podcast to find more.
GST – Bharat – HSN-SAC Code.
India is proud member of World Customs Organization since 1971 and has been participating actively. WCO came up with coding and classification of thousands of product groups in 1988. Now that India has GST system, it mandates HSN SAC practice. Listen to Podcast to find out more.
GST – Bharat – Documents.
Once you’ve started your registration with GST, you are under obligation to maintain certain documents in the course of your business under the GST Regime in India. Listen to the podcast to know what are they.
GST – Bharat – Forms.
The purpose of GST Forms is to facilitate transparency and ease of doing business. And these forms are not just one way, even the Govt. is obliged to generate certain forms most of which could be of the type “Response / Acknowledgement Forms”. Listen to the podcast to know various types of forms & their naming convnetion.
GST – Bharat – E-Ledgers.
Under the GST Regime, while being a registered business, you may come across various GST Documents and GST Forms, you also come across different GST eLedgers. It’s an online GST passbook that has records w.r.t. your credits, cash & liabilities. Listen to the podcast to find out 3 main types of eLedgers online.
GST – Bharat – Implementing The GST Compliance.
Application form can be filled online and relevant documents can be uploaded. The govt. portal offers an interface to apply. Once you have successfully registered by applying for GST & assembled the team, the next step is to implement it in your business. You need to update your system, website, documents, bring about many changes including Invoice design format. Listen to the podcast to find out more.
GST – Bharat – Job Work.
When it comes to manufacturing, understanding of the Job Work gets a little tricky. Although you manufacture an item you are not the manufacturer. Why? Because the raw material doesn’t belong to you. All you are providing is the molding service to turn that into a desired finished goods. Listen to the podcast to learn the definitions, obligations and precautions of doing a Job Work.
GST – Bharat – Valuation of Supply (VOS).
The idea is to add up the taxable amount including all taxable charges & other taxable fees, and then tax the total. For determining the Transaction value after GST Valuation is that supplier and recipient are not related to each other. Listen to podcast to learn more rules, formulae, inclusions & discounts.
GST – Bharat – E-Way Bill.
When your invoice amount crosses certain limit, you come under regulatory obligation for creating E-Way Bill to inform the Govt. Listen to the podcast to find more about it.
GST – Bharat – Time of Supply under GST Invoice.
TOS (Time of Supply) is an abstract date in GST but very important one. Just like there is a POS (Place of Supply, there is TOS.
GST – Bharat – Place of Supply in GST India.
As per GST Act 2017, the movement of goods doesn’t decide the place of supply (POS). It’s the location of buyer / customer that decides. Be sure of place of supply & generate your GST Invoice accordingly.
GST – Bharat – Octroi & LBT.
All State Govt. of India still holds power to levy Local Body Tax & Octroi in future despite they are subsumed with unanimous agreement with Central Govt. Listen to find out more. Here more podcasts on http://www.corporateshatak.com
GST – Bharat – Types of GST and GSTRs in India.
The www.corporateshatak.com comes up with its new podcast on GST Blue Saffron, sponsored by Jani Plastics. This podcast covers the different types of GSTs and Return Filings of GST.
GST – Bharat – Late Fees & Interests.
Some taxpayers are careless about the timeline while some are struggling for funds sufficient enough to pay their GST. Some smart people expedite their forthcoming purchase order / work order to reduce their payable tax amount in the next month. Listen to the podcast to learn what INTERESTS & LATE FEES apply.
GST – Bharat – India – Input Tax Credit.
Input Tax Credit is the real savior for every GST registered Business. It’s an instrument via which the Govt. makes sure of not collecting double tax from the people. It is simply the offset you are getting back while selling your items. Listen to the podcast that explains everything with real life example of Jani Plastics business model.
GST – Bharat – Unregistered Dealer & Reverse Charge.
Buying from an unregistered dealer attracts GST in form of a Reverse Charge that the registered buyer has to pay. Listen to this Pod Bean & discover the relation.
GST – Bill of Supply.
Bill of Supply is given by the supplier of Goods / Services to the recipient in lieu of Tax Invoice. Listen to the podcast when BoS replaces Tax Invoice and what are its content.
GST – Bharat – Receipt voucher.
Sometimes recipient pays in advance. The supplier of Goods / Services doesn’t give Tax Invoice for that advance amount. Instead, he issues a Receipt Voucher. Listen to the podcast to learn more about it & what are its content.
GST – Bharat – JSON File.
JSON (JavaScript Object Notation) is a lightweight data-interchange format written in plain text. This makes it (computer programming) language / platform independent (like XML). Hence, used for transferring data between computers. You can download your GST related JSON files from the Government portal for your Accounting Software package. Listen to podcast for more in detail.
GST – Bharat – Export Oriented Unit (EOU).
Export Oriented Unit (EOU) can be opened anywhere in the country unlike SEZ (Special Economy Zone) company. However, they are exempted from GST with options of either paying GST on purchase then claiming refund / ITC (Input Tax Credit), or not pay the tax while exporting with LUT (Letter of Undertaking). Listen to podcast to know more about it.
GST – Bharat – Special Economic Zones (SEZ).
EOUs (Export Oriented Units) at SEZ (Special Economic Zone) enjoy the benefit of Zero Rated Supply. No tax, brings down the cost of Goods / Services that boosts Exports. Discover the options available to SEZ and various other SEZ like zones. Listen to PODCAST to find out more about it.
GST- Bharat – Imports of Goods in India.
The Import event comes under IGST Act 2017. Hence it is as good as importing from another state so will attract Integrated GST. However it’s just not one tax, there is a collection. Listen to podcast to know the set of taxes / duties applicable on imports.
GST- Bharat – Imports of Services in India.
Regardless of whether for personal use or in the course of business, all supplies of goods or services or both imported into India shall be treated as an interstate supply. All interstate supplies attract IGST (Integrated GST). Listen to podcast to know how is it different from Goods.
GST- Bharat – Duty Drawback Scheme.
DDS saves you from paying import duties on imported items since they’re going to be used for making export products. It neutralises all import duties such as customs duty, central excise and service tax on any imported materials in the manufacture of export goods. Listen to the podcast to know deemed exports & documents needed.
GST- Bharat – Refunds.
IGST refund module has an in-built mechanism to automatically grant refund after validating the Shipping Bill data. Listen to the podcast to find various scenarios when you can claim refunds.
GST – Bharat – Offences.
There are many offences listed in GST such as Supply without Invoice, Invoice without Supply. , Not paying collected tax for 3 or more months.Not depositing TDS (Tax Deduction at Source), the list is long. Listen to the podcast to know all offences.
GST – Bharat – Anti profiteering.
When you get some benefit in business from the Govt. which you do not pass on down the line is called Anti-profiteering. Indian Govt. protects Consumers in many ways since they bear the ultimate burden of the GST. Listen to podcast to learn a classic case study.
GST – Bharat – Scams.
Bill Traders are the tax evaders who do GST Scams by taking advantage of loop holes in GST. But they don’t know that it’s a trap where ultimately they end up being caught and prosecuted. Listen to the podcast to find out more about it.
GST – Bharat – Assessments.
Assessment is checking of records carried out internally by an internal team within the organization. Listen to podcast to learn various types of assessments.
GST – Bharat – Audits.
Audits are checking of records. It is carried out by external body (mostly some regulatory body). When an organization turnover crosses Rs. 2 crore, it is mandatory. Listen to podcast to learn various types of GST Audits in India.
GST – Bharat – Inspection & Search.
“Inspection” is a softer provision than the “Search” which is carried out under Section 67(10) CGST/SGST Act. It enables the inspector to access any place of a business such as an office, factory, godown, etc. Listen to the podcast to find out who can inspect what & what does search warrant contain.
GST – Bharat – Arrests.
Arrests can take place only when a Commissioner authorizes CGST/SGST officer with “a reason to believe” that the person has committed an offence attracting the punishment. Listen to the podcast to know about safeguards and precautions during arrests.
GST – Bharat – Seizure.
Seizure is the confiscation of the goods / evidence that lead to the crime. Listen to the podcast to find what different types of perishable hazardous items should be disposed off after seizure & a classic case of what kind of disaster it can bring by not following the protocol.
GST- Bharat – Penalties & Prosecution.
Audits follow the internal assessment. The tax evasion once proved by search is followed by seizure and then prosecution that may lead to penalties as well. Listen to the podcast to find out more on its technical aspects.
GST – Bharat – Demand & Recovery.
Recovery from defaulter can be done by the officer. Under two types of cases.
Section 73 (No invocation of fraud)
Section74 (Invocation of fraud)
Listen to podcast to learn more about what forms are involved and how it is done.
GST – Bharat – Compounding.
The GST Act has provision to warrant such prosecution in form of a prescribed compensation to be paid to the department. This is called compounding. As per Section 138 of the CGST/SGST Act, the offences can be compounded. Listen to the podcast to learn more about certain conditions and consequences of compounding.
GST – Bharat – Appeals.
Any one who is aggrieved by any order or decision passed under GST Act(s) has right to appeal to the Appellate Authority under Section107 by filling up the form FORM GST-APL-05.. The Appellate authority hears the appeal made. Listen to the podcast to learn more about who can file appeal and who cannot.
GST – Bharat – Revoking GST Registration Cancellation in India.
GST Registration gets cancelled when failed to comply. Here is a classic case study of how a start up Electrical Engineer got into trouble and then revoked the cancellation of his GST.
GST – Bharat – Excise Duty Vs GST.
Excise duty is a part of GST. as an indirect tax that has been subsumed by the Goods and Services Tax or GST. Listen to podcast to learn about major differences, and similarities between two.
GST – Bharat – TDS Under GST.
TDS (Tax Deducted at Source) in India is like PAYG W (Pay As You Go Withholding) in Australia. The rate of TDS notified under the GST laws is 2% (1% CGST+1% SGST or 2% IGST) on the payments made to the seller of taxable goods or services. It is mandatory for a person liable to deduct TDS. Listen to the podcast to know how TDS “is & not” connected to GST.
GST – Bharat – TCS Under GST.
Introduction of Tax Collected at Source (TCS) w.e.f. from 1st of October 2020 was deemed necessary after noticing ongoing numerous tax evasions after GST rollout. The Government has placed the responsibility on the Operator to collect the ‘tax’ at a rate of 1% from the supplier. Listen to the podcast to understand in detail with full story.
GST – Bharat – TDS Vs TCS.
What makes them both different is the nature of deduction / collection. The TDS is Tax deducted whereas the TCS is Tax collected, at source. And obviously deduction happens only at the payer side whereas the collection happens at the recipient end. Listen to the podcast to learn more differences.
GST – Australia – GST History.
If you take any nation, the first 18 months are always very critical and Australia was no exception. While critics argued that GST consumed a major proportion of their income, govt. counter-argued that they were not paying any extra tax. As a socio-economic impact, the nation witnessed a sharp decline in its 10 years’ economic growth due to lower consumption of GST taxed items from the people of Australia.
GST – Australia – In General.
The Goods and Services tax (GST) system was introduced into the Australian taxation system on 1 July 2020. Taxation of goods and services is primarily levied through the legislation contained in A new tax system (Goods and Service tax Act 1999) Commonwealth and is administered by the Australian Taxation Office (ATO). Listen to the podcast to know more about it.
GST – Australia – How it works in a Nutshell !
This podcast gives you a Helicopter view / Bird’s Eye view / Satellite view of how GST works in Australia in a Nutshell. Listen to the podcast to find out simple aspects of it.
GST – Australia – Reporting to ATO.
As we know that business can be carried out by an individual, company, trust or partnership etc. all have to report their share of GST to the tax office whether it turns out to be net receivable or payable. The form which is used to report GST with other reporting obligations in Australia is known as “BUSINESS ACTIVITY STATEMENT” (BAS). Listen to the podcast to know about various other taxes as compensation.
GST – Australia – Credits.
It is a credit for the tax included in the price of your business inputs (purchases) therefore it’s also called ITC (Input Tax Credits). Of course you need to be (GST) registered for claiming your GST Credits. Listen to the podcast to learn about more criteria for claiming credits.
GST – Australia – Credits Vs Deductions.
You can save taxes legally and ethically in many ways. GST Credits are Input Tax Credits (ITC) that a (GST) Registered business can claim in their entire business course. Another way is to claim the expenses as deductions to reduce your business income figure so that tax is saved. Listen to the podcast to study various real life like examples to understand in detail.
GST – Australia – Credits Vs Declined Value.
The decline value (depreciation) is claimed by the taxpayer on purchase of inputs of goods / services (input supplies). However, if the Input taxed Supply is claimed in GST Credits then it cannot be re-used for deductions. However, the balance amount can be.
GST – Australia – Pre-established Costs.
You can save taxes legally and ethically in many ways. GST Credits are Input Tax Credits (ITC) that a (GST) Registered business can claim in their entire business course. Another way is to claim the expenses as deductions to reduce your business income figure so that tax is saved. Listen to the podcast to study various real life like examples to understand in detail.
GST – Australia – Failure To Lodge (FLT).
Sometimes people don’t meet their lodging obligations on time, even with the best intentions due to lack of funds or forgetful nature. Failure to lodge a return on time may result in penalties. The ATO (Australian Taxation Office) sends you a FLT penalty notice stating the amount and due date of the penalty. Listen to the podcast to know various types of penalties involved for different business entities.
GST – Australia – PAYG W.
PAYG W (Pay As You Go Withholding) is like TDS (Tax Deducted at Source) in India. Earlier, employers used to pay the full gross salary to the employees. Then employees had to file their tax return at the end of the financial year. Many people confuse to relate PAYG W with GST. Listen to the podcast to know that both are different things.
GST – Australia – Rounding Up Tax Amount.
Where there is only one taxable sale on a tax invoice, the amount of GST should be rounded to the nearest cent (rounding 0.5 cents upwards). Where there is more than one taxable sale on a tax invoice, there are two rules known as the total invoice rule and the taxable supply rule. Listen to the podcast to learn those 2 simple rules.
GST – Australia – Improts.
Goods entering Australian soil may incur GST, duty &/or other additional port charges which importer may need to pay before it is cleared from customs. Listen to podcast to know the process & various documents needed for importing goods / services in Australia.
GST – Australia – Exports.
A GST registered person in Australia need not include GST in the price of exports. Hence it’s GST Free. Not only that, the supplier can claim GST credits that were included in the price of purchases used to make exported goods and services. Listen to the podcast for various real life export scenarios in brief.
GST – Australia – Accounting Software Packages.
Australian market has many software packages for professional accounting some of which are FREE & some are not. Some support GST. Listen to podcast to find out top 10 popular ones.
GST – Australia – FAQ Trivia.
A taxi driver needs GST registration in Australia. TFN & ABN both are needed for GST registered business. Minimum purchase of $82.50 is needed to avail GST Credit. Listen to podcast for many such scattered points in brief under FAQ context.
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DISCLAIMER
These podcasts & blogs are a guide cum research work. The essence of the GST can be compiled through the best efforts of the author. This information is based solely on the author who does not take any guarantee or responsibility for any business decision and any loss incurred.
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