Author: admin_gst

Market in wait and watch, Sensex slips 154 pts ahead of GST
GST
Dated:- 30-6-2017

Mumbai, Jun 30 (PTI) The Sensex fell over 154 points and the Nifty went below 9,500 in the beginning on Friday as the July derivative series took off on a negative note amid anxiety ahead of GST rollout.
Capital outflow by foreign funds and weak global shares only added to concerns.
Investors kept their fingers crossed ahead of the landmark tax reform Goods and Services Tax (GST), which is set for a

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Mkt losses narrow, GST anxiety keeps investors on toes
GST
Dated:- 30-6-2017

Mumbai, Jun 30 (PTI) Markets managed to apply brakes on their early losses today, but the Sensex and the Nifty still moved in the red as investors braced for the final countdown to the GST launch.
The landmark tax reform Goods and Services Tax (GST) is set for a mid-night launch today.
Telecom, capital goods, realty and auto stocks wobbled amid sluggishness in global shares.
The 30-share Sensex resumed

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J&K parties for GST with riders
GST
Dated:- 30-6-2017

Srinagar, Jun 29 (PTI) The second meeting of an all-party consultative group, constituted by the Jammu and Kashmir government to evolve a consensus on the GST implementation in the state, was held here this evening.
The government claimed that the parties were in agreement on the extension of the new tax regime but with safeguards to protect the fiscal autonomy of the state.
"There was a general consensus in the meeting that non- implementation of the GST regime would trigger economic and financial chaos in the state with the inter-state trade vis- a-vis J-K taking a big hit," an official spokesman said here.
He said the meeting was held under the chairmanship

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on the issue with all shades of the political opinion to evolve broad-based consensus before Jammu and Kashmir is brought under the tax regime.
"If we talk of bringing a separate law, the Centre will have to amend two chapters in the Constitution to delegate powers of taxation to the state of J-K. It will become a huge political issue across the country.
"Besides, it will also entail amending Section 5 of J-K Constitution which can't be done. More so, any attempt on fiddling with Section 5 will open a Pandora's box which will have huge political ramifications for J-K in future," he said.
Presenting the government's view, Finance Minister Haseeb Drabu said the government will ensure adequate safeguards for prot

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n the absence of an alternative trading link, J-K is literally integrated with mainland Indian market.
"Entire requirements are imported from it and everything produced or manufactured in J-K is exported to the same market. Twin taxation systems dissociated from each other will entail costs to business and to public finance system.
"Trading processes will be subjected to twin taxation systems making everything costly in J-K, a cost that ultimately the consumer shall have to bear," he said, adding traders will have to pay more for managing twin systems and it could create a situation that J-K may not get buyers or sellers for its products.
NC's Rather, who is the former chairman of the Empowered Committee of Finance Min

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Advance Received
Query (Issue) Started By: – kamdev senapati Dated:- 30-6-2017 Last Reply Date:- 1-7-2017 Goods and Services Tax – GST
Got 3 Replies
GST
Advance received one year back from one scrap merchant and the same has reflected on our books of accounts. Regular basis the scrap merchant taken the scrap and paid the amount of each sales.
My Quarry is Since the advance received before GST, will GST attract for the same or not ??.
Please suggest…
Reply By KASTURI SETHI:
The

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7103
Upto 21-09-2025 – Goods – Schedule 6 – GST @ 0.25%
GST
Precious stones (other than diamonds) and semi-precious stones, whether or not worked or graded but not strung, mounted or set; ungraded precious stones (other than diamonds) and semi-precious stones, temporarily strung for convenience of transport
 
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Note:
As amended vide Notification no. 14/2019-IGST (Rate) dated 30-9-2019 w.e.f 1.10.2019, before it was read as:-
Semi-precious stones, unworked or

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7104
Upto 21-09-2025 – Goods – Schedule 6 – GST @ 0.25%
GST
Synthetic or reconstructed precious or semiprecious stones [other than diamonds], whether or not worked or graded but not strung, mounted or set; ungraded synthetic or reconstructed precious or semiprecious stones [other than diamonds], temporarily strung for convenience of transport; synthetic or reconstructed diamonds, unworked or simply sawn or roughly shaped
 
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Notes:
As amended vide Notification

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7102
Upto 21-09-2025 – Goods – Schedule 6 – GST @ 0.25%
GST
Rough diamonds or simply sawn diamonds, industrial or non-industrial
 
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Notes:
As amended vide Notification No. 6/2022-Integrated Tax (Rate) dated 13.7.2022 w.e.f. 18.7.2022, before it was read as,
All goods
 
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Notes:
As  amended  vide notification no. 7/2018 dated 25-1-2018, before it was read as:
98[Diamonds, industrial or non-industrial, unworked or simply sa

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WARE HOUSE REGISTRATION-REG
Query (Issue) Started By: – Kusalava InternationalLimited Dated:- 30-6-2017 Last Reply Date:- 30-6-2017 Goods and Services Tax – GST
Got 3 Replies
GST
We have trading division chennai which was registered under GST and we have one warehouse/GODOWN in hosur which we want to register under GST.How to register this?
Reply By KASTURI SETHI:
The Reply:
Both are in Tamilnadu. One registration is required. Get the godown in Hosur registered as additional place

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HSN For fabrication
Query (Issue) Started By: – Saurabh Singh Dated:- 30-6-2017 Last Reply Date:- 30-6-2017 Goods and Services Tax – GST
Got 1 Reply
GST
We make iron grills for door and window. 73083000 Is it right ?​​​​​​
If not, plz specify the correct code.
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
According to Schedule III of Notification No. 1/2017-Central Tax dated 2806.2017 (with effect from 1.7.2017 iron grills for doors and wi

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Transition
Query (Issue) Started By: – Kavita Sharma Dated:- 30-6-2017 Last Reply Date:- 30-6-2017 Goods and Services Tax – GST
Got 1 Reply
GST
Sir,
I want to elaborate my previous query, the payments are outstanding as on 30.06.17. Service tax was already charged in the bills and not on accrual basis. Since turnover was less than ₹ 50 lacs, the service tax was being deposited on receipt of payments against the bills. Now, when the service provider will receive the payments a

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Regd. Notification no 8/2017 -CT(Rate) dtd 28/06/2017
Query (Issue) Started By: – Pawan Kumar Dated:- 30-6-2017 Last Reply Date:- 11-8-2017 Goods and Services Tax – GST
Got 1 Reply
GST
Si

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Transition
Query (Issue) Started By: – Kavita Sharma Dated:- 30-6-2017 Last Reply Date:- 30-6-2017 Goods and Services Tax – GST
Got 1 Reply
GST
When a service provider depositing Service tax on receipt basis, as the turnover is less than ₹ 50 lacs. How the service tax with reference to payments that would be received after 1st July, 17 will be deposited under GST.
Reply By KASTURI SETHI:
The Reply:
In this situation, point of taxation is the deciding factor.
Discussion F

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Payment of Taxes and Interest in GST Law
By: – Sanjeev Singhal
Goods and Services Tax – GST
Dated:- 30-6-2017

How the liabilities in respect of Tax , interest, penalty and other dues under the GST shall be paid, have been summarized hereunder. Same shall be entered in various register etc. All this is prescribed in Section 49 to 50 of the GST Law and GST Payment Rules, 2017.
Payment of Taxes [ Section -49 ]
A] Electronic cash ledger
* Section provides for three kind of ledger
Electronic cash ledger
Electronic credit ledger
Electronic liability ledger
* Electronic Cash Ledger
* Every deposit made for tax , interest, penalty and fees shall be credited to Electronic Cash Ledger in Form-GST PMT-5.
* Taxes, Interest

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Electronic credit ledger
* The input tax credit of RP on self assessed basis in the return of taxable person shall be credited to his Electronic Credit Ledger on the common portal in Form -GST PMT-2.
* The electronic credit ledger may include the following
* ITC from inward supply from registered person.
* ITC from ISD
* ITC on stock immediately preceding the day when RP is liable for payment of tax.
* ITC available on payment made on reverse charge.
RP upon noticing any problem can apply on GST PMT-04 on common portal.
* Manner of Utilisation of ITC
* Amount of input tax credit in IGST, CGST, SGST or UTGSTshall be utilized as follows :
* ITC of IGST available in Electronic Credit Ledger shall be utilized first for paymen

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* All amount payable by taxable person shall be debited in Electronic Liability Register in Form-GST PMT-01. Payment of every liability by registered taxable person shall be by debiting the electronic credit ledger and crediting the electronic liability register.
Explanation-
“Tax due” means tax payable under the Act but does not include interest , fees or penalty.
” Other due ” mean interest, fees and penalty.
Interest on delayed payment of Tax [ Section 50 ]
* Every person liable to pay tax and fails to pay the same on due date , shall pay interest on unpaid amount at the rate as prescribed from the due date of payment of tax to the date of payment. Interest shall be paid to the account of central or State Government.
* Interes

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Export Under Bond
Query (Issue) Started By: – Lakshmi NV Dated:- 30-6-2017 Last Reply Date:- 30-6-2017 Goods and Services Tax – GST
Got 1 Reply
GST
what are the procedures for export under bond .Any specific form is avilable under GST for executing Bond.To whom such bond is executed
Reply By KASTURI SETHI:
The Reply:
Most likely, language of bond will remain the same excepting the words,'CE duty' will be replaced by GST. Implementation of GST does not alter the purpose of

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Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5%
18/2017 Dated:- 30-6-2017 Central GST (CGST) Rate
GST
CGST Rate
CGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No.18/2017-Central Tax (Rate)
New Delhi, the 30th June, 2017
G.S.R. 807 (E).- In exercise of the powers conferred by sub-section (1) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (R

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Notification for Exemption from Integrated Tax to SEZ
15/2017 Dated:- 30-6-2017 Integrated GST (IGST) Rate
GST
IGST Rate
IGST Rate
Rescinded vide notification no. 17/2017 dated 5-7-2017
Also see Notification no. 18/2017 dated 5-7-2017
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
Notification No. 15/2017-Integrated Tax (Rate)
New Delhi, the 30th June, 2017
G.S.R. 740 (E).- In exercise of the powers conferred by sub-section (1) of section 6 of the Integrate

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Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5%
16/2017 Dated:- 30-6-2017 Integrated GST (IGST) Rate
GST
IGST Rate
IGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No.16/2017-Integrated Tax (Rate)
New Delhi, the 30th June, 2017
G.S.R. 809 (E).- In exercise of the powers conferred by sub-section (1) of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.1/2017-Integ

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Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5%
18/2017 Dated:- 30-6-2017 Union Territory GST (UTGST) Rate
GST
UTGST Rate
UTGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 18/2017-Union Territory Tax (Rate)
New Delhi, the 30th June, 2017
G.S.R. 808 (E).- In exercise of the powers conferred by sub-section (1) of section 7 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenu

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Fixation of Brand Rate of drawback under Rule 6 and Rule 7 of the Customs, Central Excise Duties & Service Tax Drawback Rules, 1995 in the GST scenario
23/2017 Dated:- 30-6-2017 Circular
Customs
Circular No. 23/2017 -Customs
F. No. 609/46/2017-DBK
Government of India
Ministry of Finance,
Department of Revenue
Central Board of Excise & Customs
***
New Delhi, dated 30th June, 2017
To,
Principal Chief Commissioners / Principal Directors General,
Chief Commissioners / Directors General,
Principal Commissioners / Commissioners,
all under CBEC
Madam/Sir,
Subject: Fixation of Brand Rate of drawback under Rule 6 and Rule 7 of the Customs, Central Excise Duties & Service Tax Drawback Rules, 1995 in the GST scenario
As you are aware, in terms of Rule 6 and Rule 7 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the work pertaining to fixation of Brand rate of Drawback is undertaken by the Central Excise Commissionerate having jurisdiction over t

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7 by continuing the extant Duty Drawback scheme and amending the Drawback Rules, 1995 vide Notification No. 58/2017-Cus (N.T.) dated 29.6.2017. For exports made during this transition period, the exporter can claim All Industry Rate (AIR) or Brand rate of drawback for Customs, Central Excise Duties and Service Tax subject to certain additional conditions. These conditions aim to ensure that the exporter simultaneously does not avail input tax credit of Central Goods and Services Tax (CGST) or Integrated Goods and Services Tax (IGST) on the export goods or on inputs and input services used in manufacture of export goods or claim refund of IGST paid on export goods. Further, an exporter claiming drawback during transition period as per extant duty drawback provisions shall also be barred to carry forward Cenvat credit in terms of the CGST Act, 2017 on the export goods or on inputs or input services used in manufacture of export goods. The exporter also has to give the prescribed declarat

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and rate application with the Principal Commissioner/ Commissioner of Customs having jurisdiction over any one of the places of export. Accordingly, Rule 6 and Rule 7 ibid have been suitably amended vide Notification No. 58/2017-Cus (N.T.) dated 29.6.2017.
4. All Circulars/instructions issued till date w.r.t. fixation of Brand rate shall mutatis mutandis apply for work of fixation of Brand rate to be done by Customs formations in the GST scenario. However, verification of data given in the application if so required shall be got done through the Customs formation having jurisdiction over the factory where the export goods have been manufactured.
5. From 1.7.2017, all fresh applications for Brand rate of drawback irrespective of date of export will be dealt as per these guidelines. The applications already filed with existing Central Excise formations prior to 1.7.2017 and pending shall be transferred along with all relevant documents to the Principal Commissioner/ Commissioner of Cus

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Duty Drawback for supplies made by DTA units to Special Economic Zones in the GST scenario
24/2017 Dated:- 30-6-2017 Circular
Customs
Circular No. 24/2017 -Customs
F. No. 609/46/2017-DBK
Government of India
Ministry of Finance,
Department of Revenue
Central Board of Excise & Customs
New Delhi, dated 30th June, 2017
To,
Principal Chief Commissioners / Principal Directors General,
Chief Commissioners / Directors General,
Principal Commissioners / Commissioners,
all under CBEC
Madam/Sir,
Subject: Duty Drawback for supplies made by DTA units to Special Economic Zones in the GST scenario
Attention is invited to Board's Circular No. 43/2007-Customs dated 5.12.2007 and Circular No. 39/2010-Customs dated 15.10.2010 which inte

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r of Customs/ Customs (Preventive) in whose jurisdiction the DTA Unit falls. Further, the fixation of Brand rate in case of supplies from DTA to SEZ Unit or developer, if required, shall also be done by the office of said Principal Commissioner/ Commissioner. This shall apply to all fresh applications/ claims filed from 1.7.2017 onwards.
3. The applications/ claims which have already been filed up to 30.6.2017 and are pending with jurisdictional Central Excise formations shall be transferred to the Principal Commissioner/ Commissioner of Customs/ Customs (Preventive) having jurisdiction over the DTA supplier. For smooth transition of above cited work to Customs formations, it is essential that transfer of documents is undertaken carefully

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Corrigendum – Notification No. 1/2017-Central Tax (Rate), dated the 28th June, 2017
F. No. 354/117/2017-TRU Dated:- 30-6-2017 Central GST (CGST) Rate
GST
CGST Rate
CGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Corrigendum
New Delhi, the 30th June, 2017
G.S.R. 761 (E).- In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazett

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Corrigendum – Notification No. 8/2017-Integrated Tax (Rate), dated the 28th June, 2017
F. No. 334/1/2017 –TRU Dated:- 30-6-2017 Integrated GST (IGST) Rate
GST
IGST Rate
IGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CORRIGENDUM
New Delhi, the 30th June, 2017
G.S.R. 805 (E). – In the English version of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 8/2017-Integrated Tax (Rate), dated the 28th June, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 683 (E), dated the 28th June, 2017, at page 22,-
(i) after line 6, insert “4. Where the value of taxable service provided by a person

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Corrigendum – Notification No. 4/2017-Integrated Tax (Rate), dated the 28th June, 2017
F. No. 354/117/2017-TRU Dated:- 30-6-2017 Integrated GST (IGST) Rate
GST
IGST Rate
IGST Rate
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, the 30th June, 2017
Corrigendum
G.S.R. 757 (E).- In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.4/2017-Integrated Tax (Rate), dated the 28th June, 2017 published at pa

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Corrigendum – Notification No. 1/2017-Integrated Tax (Rate), dated the 28th June, 2017
F. No. 354/117/2017-TRU Dated:- 30-6-2017 Integrated GST (IGST) Rate
GST
IGST Rate
IGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
Corrigendum
New Delhi, the 30th June, 2017
G.S.R. 758 (E).- In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.1/2017-Integrated Tax (Rate), dated the 28th June, 2017, published in th

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CORRIGENDUM – Notification No. 11/2017-Union Territory Tax (Rate), dated the 28th June, 2017
F. No. 334/1/2017 –TRU Dated:- 30-6-2017 Union Territory GST (UTGST) Rate
GST
UTGST Rate
UTGST Rate
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CORRIGENDUM
New Delhi, the 30th June, 2017
G.S.R. 806 (E). – In the English version of the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 11/2017-Union Territory Tax (Rat

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