Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 23-2-2017 Last Replied Date:- 1-3-2017 – Place of Registration / Centralized Registration In the present service tax regime, there is a concept of centralized registration subject to fulfillment of certain conditions. Under GST regime, registration may be required in each State from where supplies are being made. Hence, service provider may need to obtain registration in each State where there is a premises (including site office) from where services are being provided. Centralized registration will no longer be available which will increase the cost of compliance for the assessees. It would become an unproductive exercise for multi location enterprises such as banks, insurance company etc. Supply 'Supply' means: all forms of supply of goods and/or services made or agreed to be made for a consideration by a person in the course or furtherance of business, Importation of service for a consideration, and Services
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
al or residential complex for business or commerce, either wholly or partly, construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly where the entire consideration has been received before issuance of completion certificate or before its first occupation, whichever is earlier. works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract. Information Technology Sector Development, design, programming, customization, adaptation, up-gradation, enhancement and implementation of information technology software. Hospitality Supply of goods, being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption), where such supply or service is for cash, deferred payment or other valuable consideration. Job-work Job work will include any treatment or process which is being
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
PR or works contracts or restaurant sales, VAT is also payable. In GST regime, only one tax ,i.e., GST will be charged and moreover, there will be a clarity on to the nature of service. Overall tax rates are also likely to come down which may benefit the consumers of these services. Inter-State or Intra-State Any supply of services where the location of the supplier and the place of supply are in different States then, such supply shall be considered as inter-state supply and as such, accordingly, provisions of IGST law will be applicable. On other hand, any supply where the location of the supplier and the place of supply are in same State, then such supply shall be considered as intra-state supply and only CGST / SGST shall be levied. Presently, all services are subject to central tax, i.e., service tax which applies to whole of India except the State of Jammu & Kashmir. There are no State boundaries and it applies uniformly to all services and service providers. In GST regime, t
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
the address of service recipient on record can be established before the authorities on request. Import of Services / Reverse Charge Import of services from outside India shall be taxed in the hands of recipient of services under reverse charge mechanism. Central / State Government will also notify certain cases where tax shall be collected under reverse charge mechanism as is presently done. Further, any person receiving certain specified services for personal use of value exceeding a specified amount will also be liable to pay GST under reverse charge. Transactions between head office and branch offices located outside/inside India Services provided to overseas branch would not be eligible as export of services due to specific exclusion for such transactions in the definition of 'export of service'. This is similar to the existing provisions for export of service to overseas branches. An establishment of a person in India and any of his other establishments outside India sha
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =