Author: admin_gst

Rule 11 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 11 – 11. Final acceptance of input tax credit and communication thereof (1) The final acceptance of claim of input tax credit in respect of any tax period, specified in sub-section (2) of section 29, shall be made available electronically to the registered taxable person making such claim in FORM GST ITC-1 through the Common Portal. (2) The claim of input tax credi

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Notice to non-filers of returns – Rule 9 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 9 – 9. Notice to non-filers of retu

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Rule 8 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 8 – 8. Form and manner of submission of statement of supplies effected through e-Commerce (1) Every e-Commerce operator required to collect tax at source under section 43C shall furnish a statement in FORM GSTR-8 electronically through the Common Portal, either directly or from a Facilitation Centre, notified by the Board or Commissioner, containing details of suppl

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Rule 7 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 7 – 7. Form and manner of submission of return by a person required to deduct tax at source (1) Every registered taxable person required to deduct tax at source under section 37 shall furnish a return in FORM GSTR-7 electronically through the Common Portal either directly or from a Facilitation Centre, notified by the Board or Commissioner. (2) The details furnished

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Rule 4 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 4 – 4. Form and manner of submission of quarterly return by the composition supplier (1) Every registered taxable person paying tax under section 8 shall, after adding, correcting or deleting the details contained in FORM GSTR-4A, furnish a quarterly return in FORM GSTR-4 electronically through the Common Portal, either directly or from a Facilitation Centre, notifi

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Rule 5 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 5 – 5. Form and manner of submission of return by non-resident taxable person Every registered non-resident taxable person shall furnish a return in FORM GSTR-5 electronically through the Common Portal, either directly or from a Facilitation Centre, notified by the Board or Commissioner, including therein the details of outward supplies and inward supplies and shall

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Rule 6 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 6 – 6. Form and manner of submission of return by an input service distributor Every input service distributor shall, after adding, correcting or deleting the details contained in FORM GSTR-6A, furnish electronically a return in FORM GSTR-6, containing the details of tax invoices on which credit has been received and those issued under section 17, through the Common

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Rule 1 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 1 – DRAFT GOODS AND SERVICES TAX – RETURN RULES, 20- Note: Corresponding changes in the Model GST Law are being carried out separately. Comments , if any may kindly be given by 28th September, 2016. Chapter-__: RETURNS 1. Form and manner of furnishing details of outward supplies (1) Every registered taxable person required to furnish the details: (a) of outward supplies of goods and/or services effected during a tax period under sub-section (1) of section 25; and (b) of outward supplies of goods and/or services effected during an earlier tax period under sub-section (2) of section 25 shall furnish such details

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Rule 2 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 2 – 2. Form and manner of furnishing details of inward supplies (1) Every registered taxable person required to furnish the details of inward supplies of goods and/or services received during a tax period under sub-section (2) of section 26 shall, on the basis of details contained in Part A of FORM GSTR-2A, prepare such details in the manner specified in sub-section (1) of the said section and furnish the same in FORM GSTR-2 electronically through the Common Portal, either directly or from a Facilitation Centre, notified by the Board or Commissioner, after including therein details of such other inward supplies

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furnished by an Input Service Distributor in his return in FORM GSTR-6 under rule 7 shall be made available to the recipient of credit in Part B of FORM GSTR 2A electronically through the Common Portal and the said recipient may include the same in FORM GSTR-2. (6) The details of tax deducted at source by the deductor under section 37 furnished in FORM GSTR-7 shall be made available to the deductee in Part C of FORM GSTR-2A electronically through the Common Portal and the said deductee may include the same in FORM GSTR-2. electronically through the Common Portal and the said deductee may include the same in FORM GSTR-2. (7) The details of tax collected at source by an e-commerce operator under section 43C furnished in FORM GSTR-8 shall be m

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Rule 3 – Draft-Bills-Reports – Draft GST Return Rules – DRAFT – GOODS AND SERVICES TAX – RETURN RULES, 20- [September 2016] – Rule 3 – 3. Form and manner of submission of monthly return (1) Every registered taxable person, other than a taxable person paying tax under section 8, shall furnish a return under sub-section (1) of section 27 in FORM GSTR-3 electronically through the Common Portal either directly or from a Facilitation Centre, notified by the Board or Commissioner. (2) Part A of the return under sub-rule (1) shall be electronically generated on the basis of information furnished through returns in FORM GSTR-1, FORM GSTR-2, electronic credit ledger, electronic cash ledger and electronic tax liability register of the taxable person

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 5-10-2016 Last Replied Date:- 5-10-2016 – Chapter VII of Model GST law ( law for short) discusses about the tax invoice, credit and debit notes. Tax invoice Tax invoice is to be issued for both taxable goods as well as taxable service. Section 23 of the law provides that a registered taxable person supplying- Taxable goods shall issue a tax invoice showing the description, quantity and value of goods, the tax thereon and such other particulars as may be prescribed; Taxable service shall issue a tax invoice, within the prescribed time, showing the description, the tax charges thereon and such other particulars as may be prescribed. Contents of tax invoice The tax invoice, in general, shall have the following details- name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/unique id number, if r

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of the original invoice; and signature or digital signature of the supplier or his authorized representative; The Board/Commissioner may specify, by notification- the number of digits of HSN code for goods or the accounting code for services, that a class of taxable persons shall be required to mention, for such period as may be specified in the said notification, and the class of taxable persons that would not be required to mention the HSN code for goods or, the Accounting Code for Services, for such period as may be specified in the said notification. Invoice in exports The invoice, in case of exports, shall carry an endorsement Supply meant for Export on Payment of IGST or Supply meant for export under bond without payment of IGST . The following details are to be incorporated in the invoice- name and address of the recipient; address of delivery; name of the country of destination; and number and date of application for removal of goods for Export (ARE-1). Period of issue of invoi

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ned an Invoice Reference Number. The invoice in case of supply of services shall be prepared in duplicate. The original copy is to be marked as original for recipient and the duplicate copy is to be marked as duplicate for supplier . The serial number of invoices issued during a tax period shall be furnished electronically through the common portal in Form GSTR-1. Invoice Reference Number A registered taxable person may obtain an invoice reference number from the common portal (the common GST electronic portal approved by the Central Government and State Governments, on the recommendation of the Council, for the specified purposes, as may be notified under this Act) by uploading, on the said portal, a tax invoice issued by him in Form GST-INV-1 and produce the same for verification by the proper officer as required under Section 61 in lieu of tax invoice. The Invoice Reference Number shall be valid for a period of 30 days from the date of uploading. Revised invoice A registered taxable

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number containing only alphabets and/or numerals, unique for a financial year; date of issue; name, address and GSTIM/.UID, if registered of the recipient; HSN Code of goods or Accounting Code for services; Description of goods of services; value of goods or services taking into account discount or abatement, if any; and signature or digital signature of the supplier or his authorized representative. The bill of supply is not required to be issued if the value of the goods or services is less than ₹ 100/- where the recipient of the goods or services requires such bill. The registered taxable person shall prepare a consolidated bill of supply at the close of each day in respect of all such supplies where the bill of supply has not been issued due to lesser value to ₹ 100/-. Credit or debit notes The explanation to Section 23 provides that tax invoice shall be deemed to include a document issued by an Input Service Distributor under section 17, and shall also include any sup

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for supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to be less than the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, shall issue to the recipient a debit note containing such particulars as may be prescribed on or before the thirtieth day of September following the end of the financial year in which such supply was made, or the date of filing of the relevant annual return, whichever is earlier. Section 24(3) of the law imposes an obligation on a person who issues or receives a debit note or credit note. Any registered taxable person who issues or receives a credit or debit note in relation to a supply of goods and/or services shall declare the details of such credit or debit note, as the case may be, in the return for the month during which such credit or debit note has been issued or received or in the return for any subsequent month but not later t

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Service Distributor means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above. For the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST, Input Service Distributor shall be deemed to be a supplier of services. A tax invoice issued by an Input Service Distributor shall contain the following details- name, address and GSTIN of the Input Service Distributor; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN of supplier of services, the credit in respect of which is being distributed and the serial number and da

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a GTA Where the supplier of taxable service is a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage, he shall issue a tax invoice or any other document in lieu thereof, by whatever named called- containing the gross weight of the consignment; name of the consignor and the consignee; registration number of goods carriage in which the goods are transported; details of goods transported; details of place of origin and designation; GSTIN of the person liable for paying tax whether as consignor or consignee or GST; and also contains other information as prescribed for tax invoice. Tax invoice of passenger transportation service Where the supplier of taxable service is supplying passenger transportation service, a tax invoice shall include ticket in any form, by whatever name called, and whether or not containing the address of the recipient of service but containing other information for a tax invoice. – Reply By Ganeshan Kalyani –

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Goods and Services Tax – GST – By: – Anuj Bansal – Dated:- 5-10-2016 Last Replied Date:- 5-10-2016 – This article is in continuity of the article earlier written by the Author and is published in Tax Management India as regards transition of registration of the dealers under the existing system to GST system. In short, it was explained in the earlier article that the registration of existing dealers will automatically be converted to registrations under GST law and certain basic details of the dealers will also be inserted in the new registration system except that details which may further be required. Another important aspect in the transition from the existing system to GST regime is the carryover of closing balance of ITC from present tax regime to GST regime. It is quite important to understand the process of carryover of closing balance of ITC to GST regime so that full benefit of ITC is available to a dealer. ITC is available to a dealer under different categories and broadly t

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d over in the system for the purpose of CGST or SGST as the case may be. In other words, the amount of ITC to be carried over shown in the return for Service Tax / Excise Duty or for VAT as the case may be shown by a dealer will be automatically taken by the system. It may be stated once the ITC is carried over in the return of the present law and considered in the first return under GST law, there is no mechanism to correct / revise ITC carried forward from the earlier period. Therefore, the dealer is required to take an extra precaution in filing the last return for the present tax regime and first return for the GST regime. In other words, in case any amount of ITC is left out in the return for the period ending March, 2017, the dealer can only claim cash refund from the department and which would be difficult. As per the existing provisions of Service Tax / Excise Duty return for the month of March 2017 will be required to be filed by 25th of April / 10th of April. Similarly, retur

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ed that the dealer has to be cautious in filing the returns under existing laws for the month of March 2017 claiming the correct amount of ITC carried over and such returns should be in any case filed before 20th May 2017 on which date the returns under GST Law will become due. Transition of closing balance ITC on the appointed date in relation to capital goods: This situation is relevant in the cases where the assesse has partly claimed ITC on the Capital Goods in the present tax regime and the balance is pending for claim during GST Regime. In such situation, the assessee will determine the total balance ITC on capital goods on the appointed date and he will be allowed to consider the ITC in his first return under GST regime. Here the department has allowed the assessee to manually insert the value of the balance ITC relating to capital goods. It is suggested that the dealer should maintain proper accounts / records of capital goods purchased and ITC available during April 2017. Same

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nt of duty/ tax under the earlier law. Therefore, it is suggested in such situations to start preparing / documenting such kind of invoices which would be relevant for claiming ITC on the closing stock. Dealers who are registered under the composition scheme under earlier law but under GST regime paying tax as general / normal dealer, the ITC in regard to the stock held by such dealers on the appointed date will be available in GST regime. However, the dealer should be in possession of invoices or any other prescribed documents evidencing the payment of duty / tax.Moreover, the dealer would be eligible for ITC on receipt of such goods under earlier law but for being a composite dealer has not claimed ITC in earlier law. Such kind of ITC shall also be admissible under the GST regime. Therefore, it is suggested that if any such kind of situation is envisaged, proper records of invoices / documents evidencing payment of duty / tax shall be maintained. There are certain other important con

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Goods and Services Tax – GST – By: – atul rathod – Dated:- 4-10-2016 Last Replied Date:- 5-10-2016 – Impact of GST on Real Estate Sector:- Background:- Since the Model law of GST has come in public domain on 14.06.2016 and bill has been passed in Rajya Sabha and even expected to get effective from 01.04.2017. The purpose of this article is to give overview on impact of GST on Real Estate Sector due to change in Indirect tax structure. GST will play a major role in real estate sector as most of the purchases made by builder from unorganized persons, but in GST they need to purchase from organized persons. This is 2nd in Series. (Impact of GST on various sectors) Positive Impact:- One Tax: In Present structure of GST, there are various kinds of taxes such as Service tax, VAT, CST But in GST Regime there is only one tax i.e. GST however, there will be three parts such as CGST, SGST, IGST. Works Contract is deemed as Supply of Service : The major issues are in Present regime of Indirect T

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ct service and not Construction of residential complex service or vice versa, whereas no such disputes is going to arise in GST. This will save litigation cost as part of the cases in litigation is around classification issues. No Cascading effect: In Current Regime of tax a builder is not eligible to take credit of CST on purchases made from interstate where as in GST the same is allowed as credit and there is no cascading effect to the extent of CST. However, Petrol & Diesel which is also key raw material of the Real estate has been kept out of the GST Regime, hence to the extent of the same cascading effect is going to be retain and the same will be added as cost. Further, there is no provision of exclusion of Property tax in GST Regime, may invoke basis fundamental of GST Regime. No Joint Charge In works contract service: In Present Regime of law, there is huge problems has been facing while calculating the liability where the partly reverse charge is applicable for the procuri

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ax authorities: Generally A Builder are facing many difficulties in handling the assessments done by the Separate authorities for VAT, Service Tax, CST, etc. In GST Regime it is expected that assessment will be done by one authority to the extent of limit of turnover, if the turnover exceed prescribed limit than assessment going to be done by another authority. Electronic Mode for Forms: In current Regime of tax there is very much manual filing of documents such as initial declaration and other forms but in GST Regime there will be less manual filing of documents and more through electronic mode. Further, the communication with department also could be through electronic mode. Compliance:-In GST Regime huge Compliance would be there however, it could be negative impact as well as positive. Negative Impact Rate of tax: In current tax regime the consumer pays approximately 6% as Service tax and 5% as VAT which comes around 11% whereas GST consumer might end up paying tax at the rate betw

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ed in Valuation for GST. Further, freebies given at the initial bookings also must be assessable to GST. Registration: Generally it is seen that Construction Company may have various sites in the country, in present regime he may take centralized registration and was adding the sites in registration certificate whereas in GST Regime construction company does not have any option and has to take registration in state wise which may increase the compliance cost. Reverse Charge on Goods: In Current Regime Of tax structure there was reverse charge on specified services but in case of GST even the reverse charge will be applicable on goods. Post supply Discount: If the Discount has to be given post supply than it must be known to both the parties at the time of supply or pre-supply and the proof of being known is the clause of discount must be there either in contract or agreement or offer etc. Credit Criteria in Returns: In Current if the tax has been made the purchaser to supplier then he

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Goods and Services Tax – GST – By: – Bimal jain – Dated:- 3-10-2016 Last Replied Date:- 3-10-2016 – Dear Professional Colleague, Highlights of Draft GST Rules & Formats which got approved by the GST Council The Government is not leaving any stone unturned to roll out the much awaited indirect tax reform from April 1, 2017. In less than a week after the first meeting of the GST Council (on September 22-23, 2016), the Central Board of Excise and Customs ( CBEC ) on September 26, 2016, has unveiled the Draft Rules and formats under GST relating to registration, invoice and payment. Further on September 27, 2016, more GST Draft Rules and formats on return and refunds were also put in public domain (collectively referred to as the Draft GST Rules ). Earlier, in the month of October, 2015, the Draft GST Business Processes on registration, payment, returns and refunds were put in public domain for public comments. Draft GST Rules approved by the GST Council The CBEC invited comments on t

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power for assessment to Centre for assessing 11 lakh Service tax assessees who are currently assessed by them. However, there were divisions over ratifying/ approving the minutes of the first meeting of the GST Council after at least two States disagreed with the Centre's power for assessing these taxpayers in the new dispensation. The discussion was in conclusive and therefore it will continue in the next meeting. The next meeting of GST Council will be held on October 18-20, 2016 to discuss on issues like Service tax assessment and the formula for calculating compensation to be paid to States in case of revenue shortfall as a result of implementation of the GST regime, possibly from April 1, 2017.GST rates, Draft GST law to be decided by November 22, 2016. Key Highlights of the Draft GST Rules Key highlights of the Draft GST Rules for registration, invoice, payment, return and refunds are stated below for easy digest: I: Draft Rules and Formats for Registration under GST Section

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ation/ Clarification/ Documents relating to Application for<> 4 GST REG-04 Application for filing clarification/additional information/ document for <> 5 GST REG-05 Order of Rejection of Application for <> 6 GST REG-06 Registration Certificate issued under Section 19(8A) of the Goods and Services Tax Act, 20- 7 GST REG-07 Application for Registration as Tax Deductor or Tax Collector at Source under Section 19(1) of the Goods and Service Tax Act, 20- 8 GST REG-08 Order of Cancellation of Application for Registration as Tax Deductor or Tax Collector at Source under Section 21 of the Goods and Service Tax Act, 20-. 9 GST REG-09 Application for Allotment of Unique ID to UN Bodies/Embassies /any other person under Section 19(6) of the Goods and Service Tax Act, 20-. 10 GST REG-10

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onal certificate 23 GST REG-23 Intimation of discrepancies in Application for Enrolment of existing taxpayer 24 GST REG-24 Application for Cancellation of Registration for the Migrated Taxpayers not liable for registration under Goods and Services Tax Act 20- 25 GST REG-25 Application for extension of registration period by Casual / Non-Resident taxable person. 26 GST REG-26 Form for Field Visit Report Online filling of application- Application for registration is to be made online either directly on the GSTN Portal or through Facilitation Centres (FC) notified by the Board or Commissioner. Verification of Information- For GST Registration, Part A of FORM GST REG-01 (application for registration under Section 19(1) of the Model GST Act) seeks to verify PAN through Income Tax Portal, mobile number and email i.d. through one-time password (OTP) sent to the said mobile number/email address. No fee for filling registration application-No fee is payable for filing application for registrati

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w and having a PAN shall be granted registration on a provisional basis and a certificate of registration incorporating the GSTIN therein, shall be made available on the Common Portal. Thereafter, an application along with the information/documents specified therein shall be submitted electronically. Information asked for shall be furnished within a period of 6 months or such further period as may be extended by the Board or Commissioner. Failure to submit relevant information within prescribed time period can lead to cancellation of provisional registration. Physical verification of business premises- Verification of premises may be taken up by the proper officer after granting registration and verification report to be uploaded in Form GST REG-26. Read more on the Draft Rules and Formats for Registration under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-registration-rules.pdf http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-formats-under-registration-rules.

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credit ledger in FORM GST PMT-2 and the electronic cash ledger in FORM GST PMT-3. Mode of Payment of tax- Tax can be paid either through net banking, credit or debit card, NEFT/RTGS, Over the Counter ( OTC ) [OTC payment only up to ₹ 10,000per challan per tax period]. Unique Identification Number (UIN)- A UIN shall be generated at the Common Portal for each debit or credit to the electronic cash or credit ledger. Generation of UIN for every transaction – to be correlated with tax liability register. 7 Forms for Payment prescribed -7 Forms for payment has been prescribed (Form GST PMT-1 to Form GST PMT -6 and Form GST PMT-2A), namely- Sr No. Form No. Title of the Form 1. Form GST PMT-1 Electronic Tax Liability Register of Taxpayer (Part-I: Return related liabilities) Electronic Tax Liability Register of Taxpayer (Part-II: Other than return related liabilities) 2. Form GST PMT-2 Electronic Credit Ledger 3. Form GST PMT-2A Order for re-credit of the amount to cash or credit ledger

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Rules viz. Tax invoice, Manner of Issuing Invoice, Bill of supply, Supplementary tax invoice and Credit or debit notes, Tax Invoice in special cases. Information to be filed in Tax Invoice-The Draft Invoice Rules provides that the tax invoice which is to be issued by supplier shall have an extensive list of information, numbering around 20 viz. name, address and GSTIN of the supplier, HSN code of goods or Accounting Code of services, rate of tax (CGST, SGST or IGST), place of delivery where the same is different from the place of supply etc. Also, in case of exports information such as name and address of the recipient, address of delivery, name of the country of destination and number and date of application for removal of goods for export [ARE-1] are also required to be given. Manner of issuing invoice- The invoice shall be prepared in triplicate, in case of supply of goods, and in duplicate, in case of supply of services. Form for application for Electronic Reference Number of Invo

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Read more on the Draft Rules and Formats of Invoice under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-invoice-rules.pdf http://www.cbec.gov.in/htdocs-cbec/gst/draft-formats-under-invoice-rules.pdf IV: Draft Rules and Formats for Return under GST A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. GST is a self-assessed destination based consumption taxation system. Thus, the submission and processing of return is an important link between the taxpayer and tax administration. Chapter – VIII of the Model GST Act contains the provisions regarding returns. The Draft Rules of Return under GST ( the Draft Return Rules ) along with Return Formats have now been put on Public domain. The salient features of the Draft Return Rules and Formats are as follows- 25 Rules on Return prescribed- The Draft Return Rules have 25 Rules viz. Form and manner of furnishing details of outward supplies an

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tax 6 Form GSTR-3A Notice to a registered taxable person who fails to furnish return under section 27 and section 31 7 Form GSTR-4 Quarterly Return for compounding Taxable persons 8 Form GSTR-4A Details of inward supplies made available to the recipient registered under composition scheme on the basis of FORM GSTR-1 furnished by the supplier 9 Form GSTR-5 Return for Non-Resident foreign taxable person 10 Form GSTR-6 ISD return 11 Form GSTR-6A Details of inward supplies made available to the ISD recipient on the basis of FORM GSTR-1 furnished by the supplier 12 Form GSTR-7 Return for authorities deducting tax at source 13 Form GSTR-7A TDS Certificate 14 Form GSTITC-1 Communication of acceptance, discrepancy or duplication of input tax credit claim 15 Form GSTR-8 Details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (1) of section 43C 16 Form GSTR-9 Annual return 17 Form GSTR-9A Simplified Annual return by Compounding taxab

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ms are prescribed for periodical returns by Regular Taxable Persons, composition dealers, Non-resident taxable persons, Persons who are required to deduct or collect tax at source etc. No time period for issuing SCN to non- filers of return-No time period has been prescribed for issuing Notice to non- filers of return under Rule 9 of the Draft Returns Rules. Annual return- Every registered taxable person shall furnish an annual return electronically in FORM GSTR-9 through the Common Portal either directly or from a FC, notified by the Board or Commissioner. Tax return preparers-The Draft Return Rules prescribe the conditions for enrolment as tax return preparers. Read more on the Draft Rules and Formats for Return under GST at: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-return-rules-26092016.pdf http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-return-formats-26092016.pdf V: Draft Rules and Formats for Refunds under GST Section 38 of the Model GST Act contains the pr

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GST RFD-06 Order for Complete adjustment of claimed Refund GST RFD-07 Show cause notice for reject of refund application GST RFD-08 Payment Advice GST RFD-09 Order for Interest on delayed refunds GST RFD-10 Refund application form for Embassy/International Organizations Form for Refund application- A common refund application is prescribed for all refunds arising on various instances which is to be made in Form GST RFD-1 electronically through the Common Portal either directly or from a FC notified by the Board or Commissioner. Refund relating to balance amount in electronic cash ledger- Claim for refund of balance amount in the electronic cash ledger is to be made through the return for the relevant tax period. Provisional refund- The Draft Refund Rules provides for a stipulation of provisional refund within 7 days from the date of acknowledgement, where the proper officer after scrutinizing the claim is prima facie satisfied. However, such provisional refund, is only contemplated if

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Goods and Services Tax – Started By: – yogesh Panchal – Dated:- 3-10-2016 Last Replied Date:- 24-12-2016 – Dear All, GST Tax Experts,In current central excise law the levy of excise duty on manufactured of finished goods , also manufactured only charged excise duty, the biggest litigation and issues are goods are manufactured, deemed manufacturer, Traders, Dealers & etc. then in the Trading business Trader purchase brought out goods, do not take cenvat credit of excise & service tax, do not take any manufacturing activity on the brought out goods, do not take excise registration and brought out goods cleared without excise duty with adding profit margin, pay CST/VAT. – Reply By Ganeshan Kalyani – The Reply = Whether you are updatin

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Trader purchase brought out goods, do not take cenvat credit of excise & service tax, do not take any manufacturing activity on the brought out goods, do not take excise registration and brought out goods cleared without excise duty with adding profit margin, pay CST/VAT.Now in GST Régimes above type of Trading business liable for take credit & pay GST on brought material which not doing any manufacturing or deemed manufacturing activity????, (2 ) As per GST Model Law if the credit is not availed and not reflected in the return of march-2017 , as of now there is no provision in GST Model Law to avail the credit in future. In respect of the above condition Following Credit/paid Amount Not reflected In the Excise & Service

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 3-10-2016 Last Replied Date:- 4-10-2016 – Chapter XII of the model GST Act ( Act for short) provides the procedure for assessment under GST regime. This chapter provides the following types of assessments- Self assessment; Provisional assessment; Best judgment assessment; and Summary assessment. Self Assessment Section 44 of the Act provides that every person registered under the Act shall himself assess the tax payable him for a tax period. After such assessment he shall file the returns required under Section 27. Explanation to Section 44 provides that where goods received as an inward supply is returned by the recipient to the supplier within six months from the date of relevant invoice, the tax payable on such supplies shall be equal to the input tax credit availed earlier on such inward supply. This provision ensures that if the recipient returns the goods to the supplier within six months of the date of its origi

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deem fit; The bond is binding the taxable person for payment of the different between the amount of tax as may be finally assessed and the amount of tax provisionally assessed; The proper officermay require such information for finalizing the assessment; On sufficient cause being shown and for reasons to be recorded in writing, the above period of six may be extended- By the Joint/Additional Commissioner for a further period not exceeding six months; and By the Commissioner for such further period as he may deem fit. The taxable person shall be liable to pay interest on any amount payable to the Central/State Government consequent to the order for final assessment at the rate specified from the first day after the due date of payment of tax in respect of the said goods and/or services till the date of actual payment, whichever such amount is paid before or after the issue of order for final assessment; If the taxable person is entitled to a refund consequent to the order of final asse

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des the procedure of making best judgment assessment if the taxable person fails to register himself with the authority. Section 47 provides that a proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax period. Such an order must be passed within five years from the due date for filing the annual return for the financial year to which nonpayment of tax relates. Such order cannot be passed without giving a show cause notice to the taxable person and afford him a reasonable opportunity of being heard. Summary assessment Section 48 provides for the summary assessment to protect the interest of revenue when- The proper officer has evidence that a taxable person has incurred a liability to pay tax under the Act; and The proper officer believes that delay in passing an assessment order will adversely affect the interest of revenue. Such order cannot be passed without getting permission from the Additional Commissioner/Joint Commissioner. A tax

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Goods and Services Tax – GST – Dated:- 30-9-2016 – The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister

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. The Council will take decisions on important issues like tax rates, exemption list and threshold limits etc. Thereafter, the Members of Consultative Committee who participated in today s Meeting sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale Awareness Campaign especially for the sm

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man consumption items as well as cost of living at large. Along with the Union Finance Minister, Shri Arun Jaitley, Shri Santosh Kumar Gangwar, Minister of State for Finance, the Members of the Consultative Committee who participated in the today s Meeting include Shri Baijayanta Jai Panda, Shri Dilip Kumar Mansukhlal Gandhi, Shri Kailkesh Narayan Singh Deo, Shri Prabhatsinh Chauhan, Shri Ram Charitra Nishad, Shri Subhash Chandra Baheria and Shri Suresh Chanabassappa Angadi (all members of Lok Sabha); Shri Anil Desai, Shri Digvijaya Singh, Shri Rajkumar Doot and Shri Satish Chandra Misra (all members of Rajya Sabha) . Among the officers who attended the Consultative Committee Meeting include Shri Ashok Lavasa, Finance Secretary, Shri Shakt

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2nd GST Council Meeting Dated:- 30-9-2016 GST Council – Minutes – Circulars – GST – Minutes of the 2nd GST Council Meeting (30 September 2016) The second meeting of the GST Council (hereinafter referred to as 'the Council') was held in the Parliament House Annexe, New Delhi on 30 September 2016 under the Chairpersonship of the Hon'ble Union Finance Minister, Shri Arun Jaitley. The list of the Hon'ble Members of the GST Council who attended the meeting is at Annexure 1 . The list of officers of the Centre and the States who attended the meeting is at Annexure 2 . 2. In his opening remarks, the Chairperson of the Council welcomed all the members and enumerated the agenda items for the second meeting of the Council. 3. The following three agenda items were taken up for consideration: 1. Approval of the Draft Minutes of the 1st GST Council Meeting along with the Draft Rules for Conduct of Business a.Draft Minutes of the 1st GST Council Meeting b.Draf

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e Hon'ble Minister from Punjab stated that ITC reversals accounted for an additional revenue of ₹ 4,000 crore in his State. The Secretary to the Council observed that it was not desirable to subsume the amount related to ITC reversal for calculation of compensation as it was a distortion in the taxation system and only five States had such a provision in place. The Chairperson observed that if compensation was to be paid for ITC reversal, the Centre's rate of tax would go up and this would imply that taxpayers of all States would be paying extra to compensate five States. He further observed that as the issue regarding compensation for ITC reversal was not discussed in the first meeting of the Council, it would be inappropriate to insert it at the stage of confirmation of its Minutes. However, it was agreed that this issue could be further examined by a committee of officers. 6. The Hon'ble Minister from Uttar Pradesh stated that more clarity was needed as to what

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g, there was no agreement to count CST at the rate of 4% for computing compensation. It was agreed that this need not be incorporated in the Minutes of the 1 st Meeting of the Council. 8. The Hon'ble Minister from Jammu and Kashmir stated that in paragraph 37 (ii) of the Minutes, the revenue to be compensated should cover exemptions and duties. The Secretary to the Council stated that these could not be included for compensation as the population of the whole of India should not be expected to bear the burden for exemptions given by different states. The Hon'ble Minister from Assam stated that the formula for compensation under V AT did not include exemptions as part of revenue and the same methodology should be adopted for GST. The Hon'ble Minister from Bihar also opposed the idea of putting exemptions in the compensation formula. The Chairperson reiterated that additional issues being discussed today could not be made part of the Minutes of an earlier meeting. Such is

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of the committee should cover the entire gamut of activities and functions to be performed from registration, scrutiny, etc. to enforcement. This committee should discuss how information-based enforcement powers should be exercised so that there was no parallel exercise of powers resulting in confusion and possible harassment. 11. The Hon'ble Minister from Tamil Nadu stated that there was no agreement as recorded in paragraph 47 (iii) ( All existing registered service providers irrespective of the value of turnover, for the present, shall continue to be administered by the Central tax administration ). He also expressed his strong reservation in respect of the cap of three years mentioned in paragraph 47. The Hon'ble Minister from Kerala also supported the view of the Hon'ble Minister from Tamil Nadu and stated that the Centre and the States should have concurrent power to administer Service Tax payers having turnover above ₹ 1.5 Crores. He also observed that Stat

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s and the Centre. Audit was proposed to be limited to 5% of the taxpayers on the basis of risk parameters. The issue decided was that the Centre would take up such audit for suppliers of services. He suggested that this issue should not be reopened. 13. The Chairperson recalled the discussions that took place in the 1st Meeting of the Council. He stated that the compromise arrived at was that in respect of goods, taxpayers with a turnover below ₹ 1.5 crore would continue to be administered by the States, as was the practice currently and for those with turnover above ₹ 1.5 crore, there would be concurrent jurisdiction of the Centre and States. In respect of Service Tax, he had stated that 11 lakh current assessees of Service Tax would continue to be administered by the Centre and this clearly implied that no division was proposed on the basis of ₹ 1.5 crore turnover. He also recalled that it was agreed that new Service Tax registrants would be allocated between the

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st Meeting of the Council was in a spirit of cooperation. However, this cooperation was limited to the Centre administering the Service Tax assesses whose turnover was below ₹ 1.5 crore and in his understanding, the agreement was that Service Tax assessees with turnover above ₹ 1.5 crore would be administered jointly by the Centre and the States. The Hon'ble Minister from Chhattisgarh stated that in the Empowered Committee, the decision regarding no dual control on small taxpayers was only to protect small traders in goods and it was not meant for services and therefore, it would not be fair to raise the issue of Services at this stage. The Hon'ble Minister from Meghalaya stated that the States should administer taxpayers with turnover below ₹ 1.5 crore and those above ₹ 1.5 crore should be shared between the Centre and the States. He also stated that there was hardly any presence of Central Government officials in .his State. He suggested a time-frame t

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ent, it should be allowed to handle Service Tax assessees exclusively for the first five years. The Hon'ble Chief Minister of Puducherry also recalled that for Services, it was decided that all 11 lakh existing Service Tax assessees would be administered by the Central Government. The Secretary to the Council brought to the notice of the House that big service providers in sectors such as telecom, banking, information technology, etc. had been representing that they should have a single registration and if that was not possible, they could at least be given the second best comfort of being audited by only the Central administration for initial years. He pointed out that contribution of Services to the Gross Domestic Product (GDP) of the country was 56% and the administrative structure should be such that it does not affect the growth of the Services sector and thus, of the GDP. 16. The Hon'ble Minister from Tamil Nadu stated that transition period should not be for 3 years a

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9;ble Ministers from Punjab and Gujarat suggested to vertically divide the taxpayers between the Centre and States irrespective of any turnover threshold. The Hon'ble Minister from Assam stated that such an arrangement would create difficulty for small traders. The Hon'ble Ministers from Bihar and Kerala stated that in order to consider this new suggestion, it should be circulated as a separate agenda point. 18. Due to persistent differences, the Council decided to defer the approval of the minutes of the meeting in respect to agenda item 5 of the 1st meeting of the Council. It was suggested and agreed that a committee of officers would examine the issue further and the matter could then be taken up in the next Council meeting. 19. The sub-agenda (b) of the agenda item 1, i.e. Draft Rules of Procedures and Conduct of Business in the GST Council with the revisions suggested in the last meeting of the Council was taken up and the Council approved the revised version unanimo

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view that as the compensation was for 5 years, the average growth rate of 5 years or the best 3 out of 5 years should be taken to ascertain the growth rate'. c. The last line of paragraph 22 to be replaced by 'The Hon'ble Minister from Odisha suggested that the best 3 out of 5 years be taken to ascertain growth rate and compensation payment be made monthly and adjusted at the end of the year on the basis of CAG-audited figures and also that the base year could be 2015-16'. (ii) In relation to Agenda Item no. 5 of the first meeting, namely Provision for cross-empowerment to ensure single interface under GST , paragraph 39 to 46 where the discussions have been recorded was approved. In paragraph 47, the last sentence of the main body of the paragraph shall be replace by the following sentence: Thereafter, the following modalities for single interface were discussed but discussions remained inconclusive. (iii) Adoption of modified Draft Rules of Procedures and

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er of Arunachal Pradesh expressed some concern in regard to the draft rules on registration. He mentioned that registration under GST was proposed to be PAN-based which would be difficult to comply with in his State as no Income Tax was payable in his State (as also in Nagaland). He further mentioned that in GST, in B2C (Business to Consumer) transactions, taxes would flow to the consuming states. However, as his State did not have big distributors or high-end retailers, people from his State bought goods from Assam, West Bengal, etc. and a mechanism was required to be devised to ensure that taxes paid for such purchases flowed to Arunachal, Pradesh. The Chairperson observed that this issue could be taken up for clarification in the next meeting of the Council. 23. The Members expressed their approval of the draft Rules relating to Registration, Payment, Return, Refund and Invoice, Debit/Credit Notes. The Secretary to the Council suggested that the Draft Rules may be approved with a

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ermit flow of tax to the destination state. Therefore, a decision would need to be arrived at regarding the treatment of such tax incentive schemes under the GST regime. He observed that one option could be to 'grandfather' such schemes and provide for a budgetary apportionment in the State and the Central budgets for reimbursing the tax paid to those units which enjoyed tax exemption up to a specified period. However, while' grandfathering' any such scheme, it would need to be kept in mind that unlike VAT and the CST which were origin-based taxes, GST was a destination-based tax and an unconditional reimbursement scheme could lead to double outflow for the origin-state – one by way of transfer of tax to the destination State and the other by way of reimbursement to the supplier. Therefore, the States would need to be careful while devising any reimbursement scheme and care could be taken that such reimbursement was limited for supplies made within the State. 26. The

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ght wither away. The Chairperson stated that no compensation was to be paid by the Centre to any State for reimbursements relating to tax incentive schemes and that States would need to make their own budgetary provisions for the same. 28. The Hon'ble Minister from Uttarakhand stated that the Government of India had given an area-based exemption for 10 years and that such exemptions were to continue up to 2020. She observed that the Centre must reimburse such units for the Central taxes as jobs of more than one lakh workers were at stake. The Hon'ble Minister from Jammu and Kashmir stated that his State was in a similar situation as Uttarakhand. The Chairperson observed that once incentive schemes were withdrawn, the taxes paid would be accounted for in the Consolidated Fund of India and 42% of the amount would be devolved to the States. The Centre, therefore, could be expected to only reimburse the units out ofthe remaining 58% of the fund which was not part of the devoluti

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Goods and Services Tax – CBEC releases draft Rules and Forms for GST refund and returns – TMI Updates – Highlights

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CBEC releases draft Rules and Forms for GST refund and returns – Goods and Services Tax – GST – Dated:- 27-9-2016 – CBEC releases draft Rules and Forms for GST refund and returns Draft Return Rules Dr

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Goods and Services Tax – CBEC releases Draft Rules and Formats – Draft GST Registration Rules, GST Payment Rules and GST Invoice Rules with formats – TMI Updates – Highlights

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 27-9-2016 Last Replied Date:- 3-10-2016 – Consequent upon Constitution of GST Council (GSTC) in terms of article 279A of Constitution of India and Section 12 of 101st Constitutional Amendment Act, 2016 coming into force w.e.f. 12.09.2016, the first meeting of newly constituted GSTC was held on 22-23 September, 2016 under the Chairmanship of Union Finance Minister. The GSTC has acted proactively and fast on taking forward the initiatives to introduce GST in country as early as on 1st April 2017. As it is, it appears that things are in place and major decisions concerning GST may be taken as anticipated to ensure that GST see the light of the day on 1st April 2017, barring unf

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1.1 million service taxpayers) and new GST assessees with annual turnover up to ₹ 1.5 crore will be shared with state authorities after due training . Agreement to subsume all cesses into the new tax. Adopted a cross-empowerment model for tax administration under which tax administrators will use a formula to decide which assessee they will audit or register. The taxpayer will then have to interact with one authority only- either Central or State to avoid dual control. GSTC to work on a compensation law and compensation formula; Base year of compensation to states to be 2015-16. Only five per cent of the cases would be audited under the GST regime. The compounding tax threshold for traders has been set at ₹ 50 lakh. Those with a

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Goods and Services Tax – GST – By: – Ranjan Mehta – Dated:- 27-9-2016 Last Replied Date:- 30-9-2016 – In my previous article I tried to throw light on the concept of supply u/s 3 of Model GST Law . We discussed section 3 there and left the Schedule I & II, which contain further provisions in relation to Supply. We will discuss Schedule I here in this article. Although Schedule I contains only 5 clauses but it has created a havoc in the minds of Tax practitioners, who have gone through it. These provisions are Draconian and against the interest of General Public and will cause a lot of confusion in the mind of people as well as tax practitioners. These provisions are such that they can entitle any transaction to be covered under ambit of GST. We explain here how. What happens in case where there is no consideration received or receivable against the Supply made? Sec 3(1)(c) of Model GST law says that the Supply specified in schedule I shall be included in supply irrespective of fac

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ts to a private or non-business use. 3. Services put to a private or non-business use. 4. Assets retained after deregistration. 5. Supply of goods and / or services by a taxable person to another taxable or nontaxable person in the course or furtherance of business. Provided that the supply of goods by a registered taxable person to a job-worker in terms of section 43A shall not be treated as supply of goods. Permanent transfer/disposal of business assets : Earlier also there were provisions in VAT Laws for such transfers and the dealers were liable to pay VAT on sale of such assets but earlier it was taxable only on the basis of transaction value. As per this clause even if there is no consideration is received but assets are permanently transferred out of business then they will be covered under GST and the value shall be taken as per Valuation rules. This will give revenue authorities opportunity to question every sale of asset. Temporary application of business assets to a private

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ional cook provided his services on a Sunday to some school for judging a Cooking competition without any consideration. Now the authorities can say that even since no business same is a services under this clause hence a supply under GST. Assets retained after deregistration: At the event of deregistration total value of assets retained shall be deemed to be supply so that the Govt. can take back the credit allowed. Supply of goods and / or services by a taxable person to another taxable or nontaxable person in the course or furtherance of business: This is the most vicious provision in this schedule. Every transaction which is not covered anywhere will be covered. It has following ingredients. No Consideration Supply by a taxable person To any other person (be it taxable or non taxable) In the course or furtherance of business. Thus, this means if any supply by a taxable person to any other person and without consideration is a supply under GST. The experts say that Stock transfers w

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CBEC releases Draft Rules and Formats – Draft GST Registration Rules, GST Payment Rules and GST Invoice Rules with formats – Goods and Services Tax – GST – Dated:- 26-9-2016 – CBEC releases Draft Rule

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PRESENTATION PLAN – GOODS & SERVICES TAX (GST) – Goods and Services Tax – GST – Dated:- 26-9-2016 News – Press release

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