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Author: admin_gst
Who will decide rates for levy of GST?
Who will decide rates for levy of GST? – Question 15 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. Who will decide r
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Which authority will levy and administer GST?
Which authority will levy and administer GST? – Question 10 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. Which auth
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Why was the Constitution of India amended recently in the context of GST?
Question 11 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. Why was the Constitution of India amended recently in the context of GST? Currently, the fiscal powers between the Centre and the States are clearly demarcated in the Constitution with almost no overlap between the respective domains. The Centre has the powers to levy tax on the manufacture of goods (except alcoholic liquor for human consumption, opium, n
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What will be status of Tobacco and Tobacco products under the GST regime?
What will be status of Tobacco and Tobacco products under the GST regime? – Question 7 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Que
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What type of GST is proposed to be implemented?
Question 8 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 8 – Q 8. What type of GST is proposed to be implemented? Ans. It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States/ Union territory would be called the State GST (SG
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Why is Dual GST required?
Question 9 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. Why is Dual GST required? Ans. India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resource
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Which of the existing taxes are proposed to be subsumed under GST?
Question 3 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 3 – Q 3. Which of the existing taxes are proposed to be subsumed under GST? Ans. The GST would replace the following taxes: (i) taxes currently levied and collected by the Centre: a. Central Excise duty b. Duties of Excise (Medicinal and Toilet Preparations) c. Additional Duties of Excise (Goods of Special Importance) d. Additional Duties of Excise (Textiles and Text
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What principles were adopted for subsuming the above taxes under GST?
Question 4 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. What principles were adopted for subsuming the above taxes under GST? Ans. The various Central, State and Local levies were examined to identify their possibility of being subsumed under GST. While identifying, the following principles were kept in mind: (i) Taxes or levies to be subsumed should be primarily in the nature of indirect taxes, either on the sup
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Which are the commodities proposed to be kept outside the purview of GST?
Question 5 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 5 – Q 5. Which are the commodities proposed to be kept outside the purview of GST? Ans. Article 366(12A) of the Constitution as amended by 101st Constitutional Amendment Act, 2016 defines the Goods and Services tax (GST) as a tax on supply of goods or services or both, except supply of alcoholic liquor for human consumption. So alcohol for human consumption is kept o
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What will be the status in respect of taxation of above commodities after introduction of GST?
Question 6 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 6 – Q 6. What will be the status in respect of taxation of above comm
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What exactly is the concept of destination based tax on consumption?
What exactly is the concept of destination based tax on consumption? – Question 2 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question
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What is Goods and Services Tax (GST)?
Question 1 – Draft-Bills-Reports – Overview of Goods and Services Tax (GST) – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 1. Overview of Goods and Services Tax (GST) Q 1. What is Goods and Services Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed a
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FOREWORD
FOREWORD Draft-Bills-Reports – FAQ on GST (2nd Edition) dated 31.3.2017 FOREWORD The compilation of frequently asked questions on GST brought out by the apex training institute under the Central Board of Excise & Customs (CBEC) the National Academy of Customs, Excise & Narcotics (NACEN), has been extremely well received. These GST FAQs were released on 21st September, 2016 by the Hon ble Finance Minister and were based on the Model GST Law as on June, 2016. The GST FAQs were translate
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Rate of tax of the composition levy
Rule 5 – Final Rules (Draft) – Composition Rules – GST – Composition Rules – Final Draft Rules 18-5-2017 – Rule 5 – 5. Rate of tax of the composition levy The category of registered persons, eligible for composition levy under section 10 and these rules, specified in column (2) of the Table below shall pay tax under section 10 at the rate specified in column (3) of the said Table: Sl No. Category of registered persons Rate of tax (1) (2) (3) 1. Manufacturers, other than manufacturers of such go
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Conditions and restrictions for composition levy
Rule 3 – Final Rules (Draft) – Composition Rules – GST – Composition Rules – Final Draft Rules 18-5-2017 – Rule 3 – 3. Conditions and restrictions for composition levy (1) The person exercising the option to pay tax under section 10 shall comply with the following conditions: (a) he is neither a casual taxable person nor a non-resident taxable person; (b) the goods held in stock by him on the appointed day have not been purchased in the course of inter-State trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State, where the option is exercised under sub-rule (1) of rule 1; (c) the goods held in stock by him have not been purchased from
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Validity of composition levy
Rule 4 – Final Rules (Draft) – Composition Rules – GST – Composition Rules – Final Draft Rules 18-5-2017 – Rule 4 – 4 Validity of composition levy (1) The option exercised by a registered person to pay tax under section 10 shall remain valid so long as he satisfies all the conditions mentioned in the said section and these rules. (2) The person referred to in sub-rule (1) shall be liable to pay tax under sub-section (1) of section 9 from the day he ceases to satisfy any of the conditions mentioned in section 10 or these rules and shall issue tax invoice for every taxable supply made thereafter and he shall also file an intimation for withdrawal from the scheme in FORM GST CMP-04 within seven days of occurrence of such event. (3) The regist
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order in FORM GST CMP-07 within thirty days of receipt of such reply, either accepting the reply, or denying the option to pay tax under section 10 from the date of option or from the date of the event concerning such contravention, as the case may be. (6) Every person who has furnished an intimation under sub-rule (2) or filed an application for withdrawal under sub-rule (3) or a person in respect of whom an order of withdrawal of option has been passed in FORM GST CMP-07 under sub-rule (5), may electronically furnish at the Common Portal, either directly or through a Facilitation Centre notified by the Commissioner, a statement in FORM GST ITC-01 containing details of the stock of inputs and inputs contained in semi-finished or finished
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Intimation for composition levy
Rule 1 – Final Rules (Draft) – Composition Rules – GST – Composition Rules – Final Draft Rules 18-5-2017 – Rule 1 – Chapter COMPOSITION RULES 1. Intimation for composition levy (1) Any person who has been granted registration on a provisional basis under sub-rule (1) of rule Registration.17 and who opts to pay tax under section 10, shall electronically file an intimation in FORM GST CMP-01, duly signed or verified through electronic verification code (EVC), on the Common Portal, either directly or through a Facilitation Centre notified by the Commissioner, prior to the appointed day, but not later than thirty days after the said day, or such further period as may be extended by the Commissioner in this behalf: Provided that where the inti
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ion to pay tax under the aforesaid section is exercised and shall furnish the statement in FORM GST ITC-3 in accordance with the provisions of sub-rule (4) of rule ITC.9 within sixty days from the commencement of the relevant financial year, (4) Any person who files an intimation under sub-rule (1) to pay tax under section 10 shall furnish the details of stock, including the inward supply of goods received from unregistered persons, held by him on the day preceding the date from which he opts to pay tax under the said section, electronically, in FORM GST CMP-03, on the Common Portal, either directly or through a Facilitation Centre notified by the Commissioner, within sixty days of the date from which the option for composition levy is exer
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Effective date for composition levy
Rule 2 – Final Rules (Draft) – Composition Rules – GST – Composition Rules – Final Draft Rules 18-5-2017 – Rule 2 – 2. Effective date for composition levy (1) The option to pay tax under section 10 shall be effective from the beginning of the financial year, where the intimation is filed under sub-rule (3) of rule 1 and the appointed day where intimation is filed under sub-rule (1) of the said rule. (2) The intimation under sub-rule (2) of rule 1 shall be considered only after grant of registra
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Value of supply of services in case of pure agent
Rule 7 – Final Rules (Draft) – Determination of Value of Supply – GST – Determination of Value of Supply – Final Draft Rules 18-5-2017 – Rule 7 – 7. Value of supply of services in case of pure agent
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procured; and
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Rate of exchange of currency, other than Indian rupees, for determination of value
Rule 8 – Final Rules (Draft) – Determination of Value of Supply – GST – Determination of Value of Supply – Final Draft Rules 18-5-2017 – Rule 8 – 8. Rate of exchange of currency, other than Indian rupees, for determination of value The rate of exchange for determination of value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of India on the date of time of supply in respect of such supply in terms of section 12 or,
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Value of supply of goods or services or both based on cost
Rule 4 – Final Rules (Draft) – Determination of Value of Supply – GST – Determination of Value of Supply – Final Draft Rules 18-5-2017 – Rule 4 – 4. Value of supply of goods or services or both based on cost = = = = = = = = Plain text (Extract) only = = = = = = = =
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Residual method for determination of value of supply of goods or services or both
Rule 5 – Final Rules (Draft) – Determination of Value of Supply – GST – Determination of Value of Supply – Final Draft Rules 18-5-2017 – Rule 5 – 5. Residual method for determination of value of supply of goods or services or both
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Determination of value in respect of certain supplies
Rule 6 – Final Rules (Draft) – Determination of Value of Supply – GST – Determination of Value of Supply – Final Draft Rules 18-5-2017 – Rule 6 – 6. Determination of value in respect of certain supplies
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pees;
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ich does not change the nature of the goods and where no input tax credit has been availed on purchase of such goods the value of supply shall be the difference between the selling price and purchase price and where the value of such supply is negative it shall be ignored: Provided that the purchase value of goods repossessed from a defaulting borrower, who is not registered, for the purpose of recovery of a loan or debt shall be deemed to be the purchase price of such goods by the defaulting borrower reduced by five percentage points for every quarter or part thereof, between the date of purchase and the date of disposal by the person making such repossession.
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Value of supply of goods or services where the consideration is not wholly in money
Rule 1 – Final Rules (Draft) – Determination of Value of Supply – GST – Determination of Value of Supply – Final Draft Rules 18-5-2017 – Rule 1 – Chapter ___
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