Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 3-7-2017 Last Replied Date:- 5-7-2017 – Expected implementation of GST comes true when the Hon ble President implemented by ringing a bell in the Central Hall of Parliament at 00.00 hrs on 01.07.2017. It comes true after a prolonged journey of 11 years when it was considered to be implemented in India. GST as all aware consumes most of the indirect taxes levied by the Central Government and the State Governments. The Constitutional amendment paved the way for enabling the Central Government and State Government to levy GST on the value of the supply of goods or services or both. The GST Council formed by the Constitutional amendment led the way for the early implementation and smooth transition from the existing indirect tax regime to the new GST regime. The GST Network established for the purpose of maintaining the system of the entire GST network from registration to every step involved in this aspect. Every transact
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s for this purposes. All the provisions of the State Tax come into force with effect from 01.07.2017. Nearly the provisions of 17 sections of CGST Act came into effect from 22.06.2017. Except the following sections all other sections came into effect from 01.07.2017- Proviso to Section 42(9); Proviso section 43(9); Section 51 – Tax deduction at source; Section 52 – Collection of tax at source; The Rules recommended and approved by the GST Council in respect of Central tax has been incorporated by the Central Government in the Central Goods and Services Tax Rules, 2017 which come into effect from 01.07.2017- Chapter II COMPOSITION RULES Chapter III REGISTRATION Chapter IV Determination of Value of Supply Chapter V Input Tax Credit Chapter VI TAX INVOICE, CREDIT AND DEBIT NOTES Chapter VII Accounts and Records Chapter VIII Returns Chapter IX Payment of Tax Chapter X Refund Chapter XI ASSESSMENT AND AUDIT Chapter XII Advance Ruling Chapter XIII Appeals and Revision Chapter XIV Transitiona
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fication No. 4/2017-Integrated tax, dated 28.06.2017, the Central Government notified the Integrated Goods and Services Tax Rules, 2017 which came into effect from 22.06.2017. Rule 2 provides that the CGST Rules, 2017 for carrying out the provisions of section 20 of IGST Act shall, so far as may be, apply in relation to integrated tax as they apply in relation to central tax. The Central Government also notifies the rate of interest payable by the taxable person for the delayed payment of tax and also the interest payable by the Department for the delayed refund both for Central tax and integrated tax. In respect of UTGST Act, 2017, nearly 8 sections came into effect from 22.06.2017 and the remaining came into effect from 01.07.2017. Section 21 of the Act provides that most of the provisions of central tax are applicable to Union territory tax. Rule is yet to be made by the Government for Union territory tax. Vide Notification No. 01/2017-Compensation cess, dated 28.06.2017 the Central
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