GST – Some Issues and Possible Solutions
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 29-5-2015
Goods and service tax
Issues
Solutions
Meaning
GST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operating on negative concept.
Defined as “any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption”.
Central & State taxes subsumed
Central Tax – Central Excise Duty, Service Tax, Additional Custom Duty, Central Surcharge,
State Tax – Sales Tax, Entertainment Tax, Octroi Tax, Entry Tax, Purchase Tax, Luxury Tax, Lottery Tax, Betting and Gambling Tax, St
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commended by GST council.
Procedural Compliance
Likely to increase as it provides that every branch of the manufacturer/ service provider located in different states will have to obtain registration separately.
Common threshold exemption limit for manufacturer/ Service provider
As per the information, there will be common threshold limit for manufacturer/ service provider. This will trouble manufacturer as the limit will be heavily reduced.
Carry forward of CENVAT credit
It has been experienced that in transition phase, the credit is allowed to be carried forward.
Restriction in utilisation of credit
Since, CGST and SGST are to be treated separately, taxes paid against the CGST shall be allowed to be taken as ITC for CGST only and t
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