Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 18-11-2017 Last Replied Date:- 21-11-2017 – With 23rd meeting of GST Council just over, to consider various implementation issues and rationalize rates etc in next meeting, here are few suggestions which ought to be decided by the Council. It is high time that petroleum products presently kept out of GST net be brought under GST at the earliest. April 2018 / Budget 2018 could be a good opportunity. If that is not possible now, it should atleast be done for Railways / Metros / Airlines / Transportation and Industrial use meant for production of goods. In income tax Act, 1961, transfer pricing (TP) provisions provide for computation of Arms Length Price (ALP) as per TP methods
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ed input tax credit thereon. Motor vehicles are important like any other business asset / equipment / plant / machinery. It should be made clear that second hand / used vehicle sale will not attract GST if sold to unregistered person or if it was not a business asset for a seller (personal use). Electricity used for commercial purposes (non-domestic) may be brought under GST net with a lower special rate. Generation of power through wind mills can also be taxed with input credit facility. In most of the cases, this is an investment or that planning exercise. Exemption to Resident Welfare Association (RWA) for maintenance of residential units deserves to be extended to units / offices in malls / commercial complexes which will be a great res
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ness / professional purposes. Restaurants may be categorized into two categories – serving alcoholic beverages and non-serving alco-beverages. The requirement of air conditioning be done away with as in almost all cases, it has become a necessity and can no longer be considered a luxury- be it at J&K, Rajasthan, Mumbai or Delhi or anywhere. Alco beverages are out of GST regime due to legal / political compulsion for no fault of this industry. In all fairness, there should be some tax benefit for all input taxes paid on input / input services while manufacturing alco-beverages. Though this is a non- priority, looking at consumption levels, it ultimately burdens the consumer, yet yielding huge tax revenue. There can be some refund mechani
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