Rule 6 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 6 – 6. Transfer of credit on sale, merger, amalgamation, lease or transfer of a business
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Rule 5 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 5 – 5. Manner of claiming credit in special circumstances
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date from which he becomes liable to pay tax under the provisions of the Act, in the case of a claim under clause (a) of subsection (1) of section 18,
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Rule 4 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 4 – 4. Procedure for distribution of input tax credit by Input Service Distributor
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t of integrated tax shall be distributed as input tax credit of integrated tax to every recipient;
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riginal invoice was distributed in terms of clause (d) above, and the amount so apportioned shall be,-
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Rule 3 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 3 – 3. Claim of credit by a banking company or a financial institution
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Rule 2 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 2 – 2. Reversal of input tax credit in case of non-payment of consideration
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Rule 1 – Final Rules (Draft) – Input Tax Credit – GST – Input Tax Credit – Final Draft Rules 18-5-2017 – Rule 1 – CHAPTER
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Goods and Services Tax – GST – Dated:- 3-4-2017 – New Delhi, Apr 2 (PTI) The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1. The government has sought comments from industry on the 4 set of new rules on – GST Composition, GST Valuation, GST Transition and GST ITC. These rules had received the tentative approval at the the GST Council meeting on March 31. Further, the Central Board of Excise and Customs (CBEC) has come out with 4 set of revised rules on – GST Invoice, GST Payment, GST Refund and GST Registration. These rules had secured final approval at the Council meeting last week. However, the CBEC is yet to place the final rules on
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invoice value shall be accepted for valuation of inter-state supplies within the same entity, it needs to be clarified as to any value declared by the companies would be acceptable by the authorities. There is an indication that insurance companies, banking company, and telecom operator, would get some relief in case of self-supplies as they can issue the invoice on a quarterly basis, Mohan said. Also, the CBEC has put up on its website 223-page FAQs on the basis of CGST, SGST, IGST, UTGST and Compensation Cess laws, along with a host of rules approved by GST Council. The Lok Sabha last month had approved the Central GST (CGST), Integrated GST (IGST), Union Territory GST (UTGST) and the Compensation to states law. Now, the state assemblies
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Goods and Services Tax – GST – Dated:- 3-4-2017 – New Delhi, Apr 2 (PTI) Tax evasion of over ₹ 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant. The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds ₹ 5 crore, shall be cognizable and non-bailable. In a 223-page FAQ on Goods and Services Tax (GST), the CBEC said other offences under the act are non-cognizable and bailable. The government has set a target date of July 1 for roll out of the GST, which will subsume central excise, serv
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t. If a person is arrested for a non-cognizable and bailable offence, the Deputy/ Assistant Commissioner of CGST/SGST can release him on bail and he will be subject to the same provisions as an officer in-charge of a police station under section 436 of the Code of Criminal Procedure, 1973. The FAQ provides that, if a person does not appear before a CGST/SGST officer who has issued the summon, he is liable to a penalty of up to ₹ 25,000. Also, the tax department have guidelines to ensure that summon provisions are not misused by field officers. As per the guidelines, summons are to be issued as a last resort where assessees are not co-operating and this should not be used for the top management. Also the language of the summons should
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Goods and Services Tax – GST – FAQ – CBEC issues Frequently Asked Questions on GST – TMI Updates – Highlights
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Goods and Services Tax – GST – By: – Bijay Shrestha – Dated:- 3-4-2017 Last Replied Date:- 3-4-2017 – As we all know that the whole nation has been dreaming for the biggest indirect tax reform i.e. implementation of the Goods and Service Tax (GST) for a decade, it is going to become a reality soon. Ever since the thunder of GST has hit the nation, there are various assumptions, presumptions, and expectations etc. among the different stakeholders such as government, consumers, companies etc. as to how this biggest indirect tax regime is going to affect them. Named as One Nation One tax (though not, due to different rate structure), since the GST is going to have a huge impact in various sectors such as manufacturing, trading, banking and finance, telecommunication, real estate etc., every sector is busy in migrating to the GST, preparing the road map for GST implementation, formulating the plans to encounter any negative impacts and coming up with new designing and projections to boost
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sequently, many tribunals, high courts and the Supreme Court have given different judgments with regard to such issues. Moreover, the Real Estate Builder/Developer is not eligible to take credit of custom duty, excise duty which will add to the cost of constructions ultimately increasing the prices of apartments, flats etc. Also there is no provision to take credit of VAT against Service tax and vice versa. Due to the multiple taxes, the Builder/Developer has to maintain various books and records under different taxes, file multiple returns/forms and many times has to encounter with various tax authorities, which will ultimately increase the compliance cost and time. To reduce such harassment that is there due to multiple taxes, GST is expected to be the game changer which will subsume or replace various existing indirect taxes. The implementation of GST is likely to improve transparency and reduce tax evasion on account of better enforcement and compliance and possibly reduce cost of
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ee the correct picture of GST and its impact on the Real Estate Sector. After passing of these four Bills, still State Assemblies have to pass the respective State GST i.e. SGST Bills. Also the Government has yet to decide classification of goods and services under different rate structure; Valuation methods and rules; abatements and exemptions (currently available under service tax); reverse charge implications; implication of stamp duty on under-construction properties etc. etc. Because of these reasons, the exact magnitude of impact of GST on the sector cannot be determined as of now but would have to depend upon the actual implementation of the GST. But yes, the GST, a long awaited tax reform which is expected to improve India's GDP by at least 2% to 3% aims to consolidate various state and central taxes into a single tax thus making it one of the biggest tax reforms and making the country one unified market. Let s hope and see what GST will bring in coming days. Disclaimer: Th
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Goods and Services Tax – GST – By: – Bimal jain – Dated:- 3-4-2017 Last Replied Date:- 30-12-1899 – Dear Professional Colleague, 13th GST Council Meeting: Important Takeaways The prospects of rollout of the Goods and Services Tax (GST) from July 1, 2017 has been brightened further, when the all-powerful GST Council chaired by the Hon ble Finance Minister, Mr. Arun Jaitley met for the thirteenth time in a row to clear all gathered clouds over the GST and brightening its prospects of implementation soon. With the conclusion of the 13th GST Council meet on March 31, 2017, the gist of the key takeaways from the meeting of the GST Council are as under: Five set of Draft Rules originally approved to be altered in consonance with the GST legislat
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will be finalised in the GST Council s next meeting. Final approval to these 4 Draft Rules and rate structure to be taken up in next meeting: The Hon ble Finance Minister said that The next meeting will be held on 18-19 May in Srinagar where besides these rules which will be given final approval, the rate structure in relation to individual commodities will be taken up for consideration. In the meanwhile, the officers committee will start working on the fitment of those rates . Thus, the final nod to the new 4 sets of Draft Rules as well as fixation of GST rates for goods and services will be done in the next meeting of the GST Council scheduled on 18-19 May, 2017. From the recent series of steps that out of 9 Draft Rules, 5 Draft Rules we
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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 3-4-2017 – Finance Commission Article 280 of the Constitution of India provides for the establishment of the Finance Commission. According to Article 280(1) the President of India shall, within four years from the commencement of the Constitution and thereafter at the expiration of every 5th year or at such earlier time as the President considers necessary constitute a Finance Commission. 14 Finance Commissions have so far constituted. Currently the 14th Finance Commission is functioning. Distribution of tax proceeds among Central and States Among the various functions, the Finance Commission is to suggest the criteria of distribution between the Union and States of the net proceeds of taxes which are to be or may be divided between them and the allocation of shares of the proceeds of such taxes in percentages between them. The Finance Commission recommends to the President in the above matter. The President normally w
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IX Finance Commisison 85% 90 10 X Finance Commission 77.5% 90 10 Source: Finance Commission Reports Recommendations of Finance Commission on excise duty Finance Commission State share of Excise duty Distribution of excise duty to the States on the basis of Population Backwardness of States % of the poor in the States etc., I Finance Commission 40% of 3 duties 40 60 II Finance Commission 25% of 8 duties 40 60 III Finance Commission 20% of 35 duties 40 60 IV Finance Commission 20% of 45 duties 80 20 V Finance Commission 20% of 45 duties 80 20 VI Finance Commission 20% of 45 duties 75 25 VII Finance Commission 40% of all duties 25 75 VIII Finance Commission 45% of all duties 25 75 IX Finance Commission 45% of all duties 25 75 X Finance Commission 45% of all duties 20 80 Source: Finance Commission Reports Apart from the income tax, excise duty the Central has levied and collected additional excise duties and the entire proceeds after deducting the share of the Union territories are distri
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ere the registered person is not eligible for input tax credit; in respect of inter-State supply of goods or services or both made in a financial year to a registered person, where he does not avail of the input tax credit within the specified period and thus remains in the integrated tax account after expiry of the date for furnishing of annul returns for such year in which the supply was made; in respect of import of goods or services or both by an unregistered person or by a registered person paying tax under Section 10 of CGST Act; in respect of import of goods or services or both where the registered person is not eligible for input tax credit; in respect of import of goods or services or both made in a financial year by a registered person, where he does not avail of the said credit within the specified period and thus remains in the integrated tax account after expiry of the due date for furnishing of annual return for such year in which the supply was received the amount of tax
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entral Government in proportion to the amount collected as State tax or, as the case may be, Union territory tax, by the respective State or, as the case may be, by the Central Government during the immediately preceding financial year. Apportionment of interest, penalty and compounding Section 17(3) of the Bill provides that the provisions of Section 17(1) and 17(2) relating to appointment of integrated tax shall, mutatis mutandis apply to the apportionment of interest, penalty and compounding amount realized in connection with the tax so apportioned. Transfer of apportioned amount Section 17(4) provides that where an amount has been apportioned to the Central Government or a State Government, the amount collected as integrated tax shall stand reduced by an amount equal to the amount so apportioned and the Central Government shall transfer to the central tax account or Union territory tax account, an amount equal to the respective amounts apportioned to the Central Government and shal
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FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES TAX (GST) – 2nd Edition. 31st March, 2017 – News and Press Release – Dated:- 3-4-2017 – FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES
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GST – REGISTRATION – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – REGISTRATION – Draft Rules 31-3-2017 – News – Press release
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GST – REFUND – Draft Rules 31-3-3017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – REFUND – Draft Rules 31-3-3017 – News – Press release
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GST – PAYMENT OF TAX – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – PAYMENT OF TAX – Draft Rules 31-3-2017 – News – Press release
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GST – TAX INVOICE, CREDIT AND DEBIT NOTES – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – TAX INVOICE, CREDIT AND DEBIT NOTES – Draft Rules 31-3-2017 – News – Press release
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GST – Input Tax Credit – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – Input Tax Credit – Draft Rules 31-3-2017 – News – Press release
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GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – TRANSITIONAL PROVISIONS – Draft Rules 31-3-2017 – News – Press release
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GST – Determination of Value of Supply – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST -Determination of Value of Supply – Draft Rules 31-3-2017 – News – Press release
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GST – COMPOSITION RULES – Draft Rules 31-3-2017 – Goods and Services Tax – GST – Dated:- 2-4-2017 – GST – Composition Rules – Draft Rules 31-3-2017 – News – Press release
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Goods and Services Tax – GST – By: – esha agrawal – Dated:- 1-4-2017 – The Union Cabinet has cleared four bills related to the Goods and Services Tax (GST), ahead of their introduction in Parliament, to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state Assemblies will complete the legislative process for roll out of the GST, the one-nation-one-tax system that merges central taxes like excise duty and service tax and state levies like VAT. What is GST bill? Goods and Services Tax bill is India s biggest reform in India s indirect tax structure. The purpose of the bill is to introduce one single tax on supply of goods and services, from the manufacturing stage until its deliver
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0 percent after the GST Council proposed raising the peak rate in the Bill to 20 percent, from the current 14 percent, to obviate the need for approaching Parliament for any change in rates in future. The change in the peak rate will not alter the 4-slab rate structure of 5, 12, 18 and 28 percent agreed upon last year for the moment, In addition, a cess will be levied on demerit goods like luxury cars, aerated drinks and tobacco products. The CGST Bill sets the tax regime for the levy of GST on intra-state supply of goods or services or both by the central government. IGST Bill deals levy of GST on inter-state supply of goods or services or both by the central government. Similarly, the UTGST Bill provides for levy of GST on intra-UT supply
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GST COUNCIL S 13TH MEETING: AGENDA STILL UNFINISHED – Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 1-4-2017 Last Replied Date:- 3-4-2017 – GST Council (GSTC) met for the 13th time yesterday in last 6 months at New Delhi. The GSTC inter alia, decided on following – Approval to draft GST rules (5 out of 9) which were released in September 2016 duly aligned with GST law as approved by Lok Sabha on 29 March, 2017. The rules approved by GSTC are in relation to- Registration of taxpayers Payment of tax Filing of returns Invoicing, debit & credit notes Refunds The tentative approval has been accorded to the remaining four set for rules which relate to: Valuation of supply of goods / services Input tax credit Transition pro
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finalized on 18-19 May, 2017. The 14th meeting of the GST Council has been scheduled for 18-19 May, 2017 (after a gap of 48 days from now) at Srinagar (J&K) which has been kept out of CGST of regime as per the law passed for technical / legal reasons. The main agenda for the next GSTC meeting would be to: Grant final approval to tentatively approved four set of rules, and Approval of rate structure in relation to individual items of goods and services While it is expected that group of officers, both from the centre and states will now work as fitment of goods and services into the four GST rate slabs, there are few questions that remain to be answered : Why this long gap of 48 days before next meeting ? Fitment of rates is crucial to
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Goods and Services Tax – Central Excise – Post GST amendments – TMI Updates – Highlights
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Annexure – Draft-Bills-Reports – Annexure – TAXATION LAWS (AMENDMENT) BILL, 2017 – Annexure – EXTRACT FROM THE FINANCE ACT, 2005 (18 OF 2005) * * * * * THE SEVENTH SCHEDULE (See section 85) NOTES 1. In this Schedule, "heading", "sub-heading", "tariff item" and "Chapter" mean respectively a heading, sub-heading, tariff item and Chapter in the First Schedule to the Central Excise Tariff Act. 2. The rules for the interpretation of the First Schedule to the Central Excise Tariff Act, the Section and Chapter Notes and the General Explanatory Notes of the First Schedule shall apply to the interpretation of this Schedule. Tariff item Description of goods Unit Rate of duty (1) (2) (3) (4) 2106 90 20 Pan mas
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co kg. 10% 2401 20 40 Burley tobacco kg. 10% 2401 20 50 Tobacco for manufacture of biris, not stemmed kg. 10% 2401 20 60 Tobacco for manufacture of chewing tobacco kg. 10% 2401 20 70 Tobacco for manufacture of cigar and cheroot kg. 10% 2401 20 80 Tobacco for manufacture of hookah tobacco kg. 10% 2401 20 90 Other kg. 10% 2401 30 00 – Tobacco refuse kg. 10% 2402 CIGARS, CHEROOTS, CIGARILLOS AND CIGARETTES, OF TABACCO OR OF TABACCO SUBSTITUTES 2402 10 – Cigars, cheroots and cigarillos, containing tobacco: 2402 10 10 Cigars and cheroots Tu 10% 2402 10 20 Cigarillos Tu 10% 2402 20 – Cigarettes containing tobacco: 2402 20 10 Other than filter cigarettes, of length not exceeding 60 millimetres Tu ₹ 15 per thousand 2402 20 20 Other
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75 millimetres but not exceeding 85 millimetres Tu Rs.145 per thousand 2402 20 90 Other Tu ₹ 180 per thousand 2402 90 – Other: 2403 OTHER MANUFACTURED TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES; HOMOGENISED OR RECONSTITUTED TOBACCO, TOCACCO EXTRACTS AND ESSENCES 2403 10 – Smoking tobacco, whether or not containing tobacco substitutes in any proportion: 2403 10 10 Hookah or gudaku tobacco bearing a brand name kg. 10% 2403 10 20 Smooking mixtures for pipies and cigarettes kg. 10% 2403 10 90 Other kg. 10% – Other 2403 91 00 "Homogenised" or "reconstituted" tobacco kg. 10% 2403 99 – Other: 2403 99 10 Chewing tobacco kg. 10% 2403 99 20 Preparations containing chewing tobacco kg. 10% 2403 99 30 Jarda scented t
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