Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 27-1-2017 – Functions of GST Council Article 279A (4) provides that GST council shall make recommendations to the Union and the States on- the taxes, cesses and surcharges levied by the Union, the States and the local bodies which may be submitted in the goods and services tax; the goods and services that may be subject to, or exempted from the goods and services tax; model Goods and Services Tax Laws, principal of levy, apportionment of Goods and Services Tax levied on applies in the course of inter-State trade or commerce under Article 269A and the principles that govern the place of supply; the threshold limit of turnover below which goods and services may be exempted from the goods and services tax; the rates including floor rates with bands of goods and services tax; special provisions with respect to the States of Arunachal Pradesh, Assam, J&K, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal
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rnment and State Governments, on the recommendation of the Council, for the specified purpose, as may be notified under the Act; Section 2(37) – Deemed exports as notified by the Central Government/State Government on the recommendations of the Council, refer to those transactions in which the goods supplied do not leave India and payment of such supplies is received either in India rupees or in convertible foreign exchange; Section 2(83) – regulations means the regulations made by the Commissioner under any provision of the Act on the recommendation of the Council. Section 2(88) – rules means the rules made by the Central Government under any provision of the Act on the recommendation of the Council. Levy and collection of Central/State Goods and Service tax Section 8(1) – There shall be levied a tax collected the Central/State Goods and Services Tax (CGST/SGST) on all intra-State supplies of goods and/or services on the value determined under Section1 5 and at such rates as may be no
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ing the tax in relation to the supply of such services; Composition Levy Section 9 – Notwithstanding anything to the contrary contained in this Act but subject to Section 8(3), on the recommendation of the Council, the proper officer of the Central or a State Government may, subject to such conditions and restrictions as may be prescribed, permit a registered taxable person, whose aggregate turnover in the preceding financial year did not exceed ₹ 50 lakh, to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not less than 2.5% in case of a manufacturer and 1% in any other case, of the turnover in a State during the year. Proviso (e) to Section9 – who is a manufacturer of such goods as may be notified on the recommendation of the Council; Exemption Section 11 (1) – If the Central or a State Government is satisfied that it is necessary in the public interest so to do, it may, on the recommendation of the Council, by notification, ex
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n 23(13) – The Central or a State Government may, on the recommendation of the Council, by notification, specify the category 6 of persons who may be exempted from obtaining registration under this Act; Tax invoice Section 25(1) – proviso – Provided that the Central/State Government may, on the recommendation of the Council, by notification, specify the categories of goods and/or supplies in respect of which the tax invoice shall be issued within such time as may be prescribed; Section 25(2) – proviso – Provided the Central/State Government may, on the recommendation of the Council, by notification, specify the categories of services in respect of which any other document issued in relation to the supply shall be deemed to be a tax invoice subject to such conditions and limitations as may be prescribed; Continuous supply of goods of services Section 25(7) – For the purposes of Section 25(4) and 25(5), the Central or a State Government may on the recommendation of the Council, specify,
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fund in certain cases Section 49 – The Central/State Government may, on the recommendation of the Council, by notification, specify any specialized agency of the United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries and any other person or class of persons as may be specified in this behalf, who shall, subject to such conditions and restrictions as may be prescribed, be entitled to claim a refund of taxes paid on the notified supplies of goods or services received by them. Interest on delayed refunds Section 50 – If any tax ordered to be refunded under Section 48 to any applicant is not refunded within 60 days from the date of receipt of application under sub section(1) of that section, interest at such rate as may be specified in the notification issued by the Central or a State Government on the recommendation of the Council shall be paya
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ity or transaction of purchase, sale or exchange of goods or property or right or interest in a property, under nay law for the time being in force, shall furnish an information return of the same in respect of such periods, within such time, in such form (including electronic form) and manner, to such authority or agency as may be prescribed. Power of Central (or State) Government to make rules Section 154(1) – The Central Government (or the State Government) may, on the recommendation of the Council, make rules, including rules conferring the power to issue such notifications with retrospective effect under those rules, to carry into effect the purposes of this Act. Removal of difficulties Section 158(1) – If any difficulty arises in giving effect to any provision of the Act, the Central Government/State Government may, on the recommendation of the Council, by general or special order published in the Gazette, do anything which appears to be necessary or expedient for the purpose of
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