Goods and Service Tax – GST – By: – CA Akash Phophalia – 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,
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Additional Taxes Additional Tax not exceeding 1% will be levied by States on inter-State supply of goods for two years or such other period as recommended 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 t
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