Author: admin_gst

What is the sequence of payment of tax where that taxpayer has liabilities for previous months also?
Question 20
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 20. What is the sequence of payment of tax where that taxpayer has liabilities for previous months also?
Ans. Section 35(8) prescribes an order of payment where the taxpayer has tax liability beyond the current return period. In such a situation, the order of payment to be followed is: Firs

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What is a CIN and what is its relevance?
Question 19
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 19. What is a CIN and what is its relevance?
Ans. CIN stands for Challan Identification Number. It is a 17 digit number that is 14-digit CPIN plus 3-digit Bank Code. CIN is generated by the authorized banks/ Reserve Bank of India (RBI) when payment is actually received by such authorized banks or RBI and credited in the relevant government account h

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What is a CPIN?
Question 18
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 18. What is a CPIN?
Ans. CPIN stands for Common Portal Identification Number

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Is there a validity period of challan?
Question 17
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 17. Is there a validity period of challan?
Ans. Yes,

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Can a challan generated online be modified?
Question 16
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 16. Can a challan generated online be modified?
Ans. No. After logging into GSTN portal for generation of challan, payment particulars have to be fed in by the tax payer or his authorized person. He can save the challan midway for future updation. However once the challan is finalized and CPIN generated, no further changes can be made to it by th

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Can a taxpayer generate challan in multiple sittings?
Question 15
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 15. Can a taxpayer generate challan in multiple sittings?
Ans. Yes, a taxpayer can partially fill in the challan form and temporarily “save” the challan for completion at a later stage. A saved challan can be “edited” before finalization. After the tax payer has finalized the challan, he will generate the challan, for use of payment of

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What is the linkage between GSTN and the authorized Banks?
Question 14
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 14. What is the linkage between GSTN and the authorized Banks?
Ans. There will be real time two way linkage between the GSTN and the Core Banking Solution (CBS) of the Bank. CPIN is automatically routed to the Bank via electronic string for verification and receiving payment and a challan identification number (CIN) is to automatic

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What is an ITC Ledger?
Question 13
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 13. What is an ITC Ledger?
Ans. Input Tax Credit as self-assessed in

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What is a Cash Ledger?
Question 12
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 12. What is a Cash Ledger?
Ans. The cash ledger will reflect all depo

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What is a tax liability register?
Question 11
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 11. What is a tax liability register?
Ans. Tax Liability R

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What are E-Ledgers?
Question 10
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 10. What are E-Ledgers?
Ans. Electronic Ledgers or E-Ledgers are statements of cash and input tax credit in respect of each registered taxpayer. In addition, each taxpayer shall also have an electronic tax liability register. Once a taxpayer is registered on Common Portal (GSTN), 2 e-ledgers (Cash & Input Tax Credit) and an electronic tax liability register will be auto

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Which date is considered as date of deposit of the tax dues- Date of presentation of cheque or Date of payment or Date of credit of amount in the account of government account?
Question 9
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 9. Which date is considered as date of deposit of the tax dues- Date of presentation of cheque or Date of payment or Date of credit of amount in the account of government account?
Ans. It is the date of credit to the

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What happens if the taxable person files the return but does not make payment of tax?
Question 8
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 8. What happens if the taxable person files the return but does not make payment of tax?
Ans. In such cases, the return is not considered as a valid return. Section 27 (3) of the MGL provides that the return furnished by a taxable person shall not be treated as valid return unless the full tax due as per t

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Whether time limit for payment of tax can be extended or paid in monthly installments?
Question 7
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 7. Whether time limit for payment of tax can be extended or paid in monthly installments?
Ans. No, this is not permitted in case of self-assessed liability. In other cases, competent authority has been empowered to extend the time period or allow payment in installments. (Section 55 of MGL).
–
Statut

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When is payment of taxes to be made by the Supplier?
Question 6
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 6. When is payment of taxes to be made by the Supplier?
Ans. Payment of taxes by the normal taxpayer is to be done on monthly basis by the 20th of the succeeding month. Cash payments will be first deposited in the Cash Ledger and the taxpayer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant

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How can payment be done?
Question 5
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 5. How can payment be done?
Ans. Payment can be done by the following methods:
(i) Through debit of Credit Ledger of the taxpayer maintained on the Common Portal- ONLY Tax can be paid. Interest, Penalty and Fees cannot be paid by debit in the credit ledger..
Tax payers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same

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What are the main features of GST payment process?
Question 4
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 4. What are the main features of GST payment process?
Ans. The payment processes under proposed GST regime will have the following features:
* Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan;
* Facilitation for the taxpayer by providing hassle free, anytime, anywhe

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When is GST payment to be done by the taxable person?
Question 3
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 3. When is GST payment to be done by the taxable person?
Ans. At the time of supply of Goods as explained in Section 12 and at the time of supply of services as explained in Section 13. The time is generally the earliest of one of the three events, namely receiving payment, issuance of invoice or completion of supply. Different situation

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Who is liable to pay GST?
Question 2
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 2. Who is liable to pay GST?
Ans. In general the supplier of goods or service is liable to pay GST. However in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Further, in some cases, the liability to pay is on the third person (say in the case of e-commerce operator responsible

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What are the Payments to be made in GST regime?
Question 1
Bill
GST Payment of Tax
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 1. What are the Payments to be made in GST regime?
Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IG

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What are the inclusions specified in Section 15(2) which could be added to Transaction Value?
Question 13
Bill
Valuation in GST
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 13. What are the inclusions specified in Section 15(2) which could be added to Transaction Value?
Ans. The inclusions specified in Section 15(2) which could be added to Transaction Value are as follows:
a) Any amounts paid by recipient that are obligation of supplier to pay;
b) Money value of go

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What are the methods provided for determining the value, in terms of draft GST Valuation Rules?
Question 12
Bill
Valuation in GST
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 12. What are the methods provided for determining the value, in terms of draft GST Valuation Rules?
Ans. Three methods are prescribed under GST Valuation Rules for determining the transaction value i.e., comparative method, computation method and residual method, which are required to be followed

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FM: Infrastructure is key to growth of economy; An institutionalized forum amongst BRICS countries could serve as a regional knowledge hub with exchange of information facilitated through cloud sharing and other electronic methods.
News and Press Release
Dated:- 22-9-2016

Press Information Bureau
Government of India
Ministry of Finance
22-September-2016 13:51 IST
The Union Finance Minister Shri Arun Jaitley said that infrastructure is key to growth of economy. Shri Jaitley said that an institutionalized forum amongst BRICS countries could serve as a regional knowledge hub with exchange of information facilitated through cloud sharing, and other electronic methods. Shri Jaitley said that projects in transportation sector li

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st the Indian Economy like Make in India, 100 smart cities, and liberalised FDI regime. He said that the Government gives high priority to Infrastructure and have taken a number of policy decisions like NIIF, Innovative new financial instruments such as REITS, INVITS, IDFs. He stressed the need for BRICS member countries to share their experiences in financing and delivery of infra projects so that they can collectively move to higher quality and efficiency in the delivery of public services.
Earlier in his welcome address, Secretary, Department of Economic Affairs, Shri Shaktikanta Das said that infrastructure financing, especially in clearly demarketed projects is the need of the hour. He said that National Investment and Infrastructure

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elegates from BRICS countries and senior officers of the Ministry of Finance alongwith senior executives of the private sector are also participating in the one-day seminar organised in the national capital by Department of Economic Affairs, Ministry of Finance, Government of India with the organisational support of Confederatin of Indian Industries (CII).
India assumed the Chairmanship of the BRICS in 2016. As part of the run up to the BRICS Summit scheduled for October, 2016, a number of events are being organised. The Seminar is a part of these events and aims at knowledge sharing amongst BRICS Countries on best practices in Public Private Partnerships (PPPs) and catalysing innovative Long-term Infrastructure Financing.
The Seminar bro

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What are the reasons for doubting transaction value declared?
Question 11
Bill
Valuation in GST
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 11. What are the reasons for doubting transaction value declared?
Ans. The reasons have been indicated in Rule 7(b) of the draft GST Valuation Rules. It is:- (i) comparable supplies are at significantly higher value; (ii) transaction is at significantly lower or higher than market value of supplies; and (iii) misdeclaration in par

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When are Valuation Rules applicable?
Question 10
Bill
Valuation in GST
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 10. When are Valuation Rules applicable?
Ans. Valuation R

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