Red-carpet entry of GST from July 1, 2017 and gist of the various GST Notifications
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 5-7-2017
Dear Professional Colleague,
Red-carpet entry of GST from July 1, 2017 and gist of the various GST Notifications
“India will now have one tax. GST is actually a Good and Simple Tax……”
Hon'ble Prime Minister, Shri Narendra Modi
When the clock struck midnight on June 30, 2017, the Country India witnessed the biggest indirect tax reform namely Goods and Services Tax (“GST”) receiving a red carpet welcome in Parliament's Central Hall. It was a luxury welcome for the long-awaited GST, ending a 14-year struggle to enlist political support for a move that will replace around 17 federal and state levies and unify a country of 1.3 billion people into one of the world's biggest common markets.
Today is indeed a memorable and historic day for Country India.
Gist of the various GST Notifications:
Recently, the Govern
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ed in a table below:-
Serial No.
Annual turnover in the preceding Financial Year
Number of Digits of HSN Code
*
Upto rupees one crore fifty lakhs
NIL
More than rupees one crore fifty lakhs and upto rupees five crores
2
More than rupees five crores
4
The Government has fixed the rate of interest for the following cases as mentioned in table below:-
Serial No.
Description
Rate of Interest
*
In case of non-payment of tax amount
18
In case of undue or excess claim of input tax credit or undue or excess reduction in output liability
24
In case refund is withheld and which as a result of appeal or further proceedings is sanctioned
6%
In case of refund not granted within 60 days from the date of making application for refund
6%
In case of refund not granted within 60 days from the date of receipt of application filed consequent to an order passed by an adjudicating authority or Appellate Authority or Appellate Tribunal or Court
9%
The Government has prescribed
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of 1998).
The Government has exempted the Intra-State supplies of goods or services or both received by a registered person from any supplier, who is not registered, from the whole of the GST leviable thereon, if amount of such supply from any or all the un-registered suppliers is upto ₹ 5,000 in a day.
The registered person may issue a consolidated invoice at the end of a month for all supplies from unregistered suppliers covered under RCM, where the aggregate value of such supplies exceeds ₹ 5,000 from anyor all the suppliers.
The Government has exempted intra-State supplies of second hand goods received by a registered person, dealing in buying and selling of second hand goods and who pays the GST on the value of outward supply of such second hand goods, from any supplier, who is not registered, from the whole of the tax leviable thereon under RCM.
The Government has exempted intra-State supplies of goods/services received by a TDS deductor, from any supplier, wh
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elation to taxes paid on supply of services, relating to construction of complex, building, civil structure or part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate.
The word “room tariff & room rent” as mentioned in the rate schedules approved by the GST council has been replaced “declared tariff”. With effect of this amendment, the GST rate applicable on room rent shall be determined based on declared tariff. However, tax shall be levied on the transaction value.
The Government notifies that in case of following categories of services, the GST on supplies shall be paid by the electronic commerce operator –
* Services by way of transportation of passengers by a radio-taxi, motorcab, maxicab and motor cycle
* Services by way of providing accommodation in hotels, inns, guest houses, clubs, campsites or other commercial places meant for resident
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