TMI BlogGoods and services Tax Settlement of funds Rules, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... al Board of Excise and Customs constituted under the Central Boards of Revenue Act, 1963; (c) Government means the Central Government; (d) input tax credit means the credit of input tax; (e) registered person means a person who is registered under section 25 of the Central Goods and Services Tax Act, 2017, but does not include a person having a Unique Identity Number; (f) reports means any report specified or otherwise required to be furnished by or under these rules; (g) State Accounting Authority means Accounting Authority of any State as notified by the concerned State Government; (h) State Tax Nodal Authority means the Taxation Authority of any State as notified by the concerned State government (s); (2) Words and expressions used and not defined in these rules, but defined in the Central Goods and Services Tax Act, 2017 , the Integrated Goods and Services Tax Act, 2017 and the Union Territories of Goods and Services Tax Act, 2017 shall have the same meanings as respectively assigned to them in those Acts. 3. Electronic transmission of the Reports.- (1) The Goods and Services Tax Network shall transmit reports electronically to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nput tax credit of State Tax or Union Territory Tax and Central Tax, as provided under section 53 of the Central Goods and Services Tax Act and the State Goods and Services Tax Act, or section 21 of the Union Territory Goods and Services Tax Act (including cross utilisation by Input Service Distributor), as the case may be, in FORM GST STL 01.02. Note: The summary of Integrated Tax paid from the input tax credit of Central Tax and from the input tax credit of State Tax or Union Territory Tax shall be reflected in column 3 of FORMS GST STL 1.01 and 2.01 respectively; (ii) list of registered persons of the State or Union territory who have adjusted liability of State Tax or Union Territory Tax, as the case may be, from the input tax credit of Integrated Tax, as provided under section 18 of the Integrated Goods and Services Tax Act, in FORM GST STL 01.03. Note: The summary of State Tax/Union Territory Tax paid from the input tax credit of the Integrated Tax shall be reflected in column 4 of FORMS GST STL 1.01; (iii) list of registered persons or unregistered persons who have paid Integrated Tax in the following cases and the said Integrated Tax has to be apportione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax or Union Territory Tax and Central Tax from this statement shall be reflected in column 9 of both FORM GST STL 1.01 and FORM GST STL 2.01, respectively; (e) list of composition taxpayer or Unique Identification Number holders in a State or Union Territory who have made imports, in FORM GST STL 01.09. Note: The summary of Integrated tax to be apportioned to State Tax or Union Territory Tax and Central Tax from this statement shall be reflected in column 10 of both FORM GST STL 1.01 and FORM GST STL 2.01, respectively; (f) list of registered persons in a State or Union Territory who have made imports, on which input tax credit is declared as ineligible as provided for in section 17 of the Central Goods and Services Tax Act and State Goods and Services Tax Act and section 21 of the Union Territory Goods and Services Tax Act, in FORM GST STL 01.10. Note: The summary of Integrated Tax to be apportioned to State Tax or Union Territory Tax and Central Tax from this statement shall be reflected in column 11 of both FORM GST STL 1.01 and FORM GST STL 2.01, respectively; (g) list of registered persons in a State or Union Territory who have paid interest on Integrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y consolidated statement containing State-wise details in FORM GST STL 02.01 containing the month-wise details relating to the total amount to be transferred from the Centre (Integrated Tax) to the Centre (Central Tax), or vice-versa, on account of cross-utilisation of credit as provided for in section 53 of the Central Goods and Services Tax Act and section 18 of the Integrated Goods and Services Tax Act, and from the Centre (Integrated Tax) to the Centre (Central Tax) on account of apportionment as provided for in section 17 of the Integrated Goods and Services Tax Act; (b) monthly reports containing State-wise details containing list of registered persons who have adjusted liability of Central Tax from the input tax credit of Integrated Tax, as provided under section 18 of the Integrated Goods and Services Tax Act, in FORM GST STL 02.02. Note: The summary of Central Tax paid from the input tax credit of Integrated Tax shall be reflected in column 4 of FORM GST STL 02.01. 6. Report relating to apportionment of Integrated Tax recovered against demand, compounding amount paid and amount deposited for filing appeal between Centre (Central Tax) and State (State Tax) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entre (Union Territory Tax), and to Centre (Central Tax), in a particular month relating to Integrated Tax collected in respect of which place of supply could not be determined or the taxable person making such supplies is not identifiable, as provided under the proviso of sub-section (2) of section 17 of the Integrated Goods and Services Tax Act, in FORM GST STL 04.01; (b) list of registered persons from whom Integrated Tax has been collected in respect of which place of supply made by taxable person could not be determined, and is to be apportioned as provided under first proviso of sub-section (2) of section 17 of the Integrated Goods and Services Tax Act, in FORM GST STL 04.02; (c) the details of Integrated Tax has been collected in respect of which the taxable person making such supplies is not identifiable, and is to be apportioned as provided under second proviso of sub-section (2) of section 17 of the Integrated Goods and Services Tax Act, in FORM GST STL 04.03 and this shall be an annual report to be submitted in October each year. 8. Report relating to reduction of amount to be apportioned to Centre (Central Tax) and State (State Tax) or Centre (Union Territory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d whose tax liability was subsequently reduced due to issuance of credit notes to composition taxpayers, as provided under sections 10 and 34 of the Central Goods and Services Tax Act and the Goods and Services Tax Act of the concerned State (or section 21 of the Union Territory Goods and Services Tax Act), in FORM GST STL 05.03. Note: The summary of reduction in amount to be credited to State tax or Union Territory tax and Central tax shall be reflected at S.No.2 of FORM GST STL 5.01; (iii) list of registered taxpayers who had paid Integrated Tax and the said Integrated Tax was already apportioned as the supply was made to unregistered persons, and whose tax liability was subsequently reduced due to issuance of credit notes to un-registered persons, as provided under section 34 of the Central Goods and Services Tax Act and the State Goods and Services Tax Act (or section 21 of the Union Territory Goods and Services Tax Act), in FORM GST STL 05.04. Note: The summary of reduction in amount to be credited to State tax or Union Territory tax and Central tax shall be reflected at S.No.3 of FORM GST STL 5.01; (iv) list of registered taxpayers who had paid Integrated Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12, 113, 117 and 118 of the Central Goods and Services Tax Act and the Goods and Services Tax Act of the concerned State (or section 21 of the Union Territory Goods and Services Tax Act), leading to reduction in Integrated Tax to be apportioned in FORM GST STL 05.08. Note: The summary of reduction in amount to be credited to State tax or Union Territory tax and Central tax shall be reflected at S.No.7 of FORM GST STL 5.01; (viii) list of registered taxpayers where the liability of payment of Integrated Tax is reduced due to an amendment in the amount payable after the payment on account of rectification of return as provided under sections 37, 38 and 39 of the Central Goods and Services Tax Act and the Goods and Services Tax Act of the concerned State (or section 21 of the Union Territory Goods and Services Tax Act), and the excess Integrated Tax so paid has been apportioned, or registered taxpayers who claim refund on account of making zero rated supplies as provided under section 16 of the Integrated Goods and Services tax Act and is now to be reduced from the Central Tax and State Tax or Union Territory Tax, in FORM GST STL 05.09. Note: The summary of reduction in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) Resolution of any discrepancy in data provided by Goods and Services Tax Network: (a) On the basis of the above ledgers provided by Goods and Services Tax Network for every month, the Central and respective State Accounting Authorities, the Board and the State tax nodal authorities shall reconcile the details of the payments received, Input Tax Credit cross-utilisation and apportionment details received from Goods and Services Tax Network, and shall revert to Goods and Services Tax Network and Principal Chief Controller of Accounts in case of any discrepancy by 20th of the subsequent month. (b) If any discrepancy is pointed out by the Central or State(s) Accounting Authority or Taxation Authority within this period, the Goods and Services Tax Network shall look into it and prepare a Revised Calculation, if required and send it again to both the Central as well as State Accounting, Taxation Authorities and Principal Chief Controller of Accounts by 25th of the month. (c) Based on the revised calculation received from Goods and Services Tax Network and after having reconciled the discrepancy referred to in sub clause (a) and (b), in case any changes have been made with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... electronically within three days of issue of sanction order. (xi) Reserve Bank of India shall make the necessary fund settlement between the Consolidated Fund of India and the Consolidated Fund of States of the respective State, on the basis of electronic Inter Government Advice; generate the Clearance Memo and transmit the same to Central Accounting Authority and State Accounting Authorities and Accountant General. (xii) The Central Accounting Authorities shall make appropriate accounting entries at the time of issuance of inter Government Advice to Reserve Bank of India. (xiii) The respective State Accounting Authorities and Accountant General shall make appropriate accounting entries at the time of receipt of clearance Memo from Reserve Bank of India. 1 [(3) At any point of time in any particular financial year, the Central Government may, on the recommendations of the Goods and Services Tax Council, provisionally settle any sum of integrated goods and services tax collected in that particular financial year which has not been settled so far.] [F. No. 31013/16/2017-ST-I-DoR] S. R. MEENA, Under Secy. PDF DOWNLOAD ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
