Goods and Services Tax

Goods and Services Tax – Services provided by Central Government, State Government, Union territory or a local authority where the consideration for such services does not exceed five thousand rupees: Provided that nothing contained in this entry shall apply to- (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than the Central Government, State Government, Union territory; (ii) services in relation

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Goods and Services Tax – Services provided by the Central Government, State Government, Union territory or local authority to another Central Government, State Government, Union territory or local authority: Provided that nothing contained in this entry shall apply to services- (i) by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than the Central Government, State Government, Union territory; (ii) in relation to

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Goods and Services Tax – Services provided by the Central Government, State Government, Union territory or local authority to a business entity with an aggregate turnover of up to twenty lakh rupees (ten lakh rupees in case of a special category state) in the preceding financial year. Explanation.- For the purposes of this entry, it is hereby clarified that the provisions of this entry shall not be applicable to- (a) services,- (i) by the Department of Posts by way of speed post, express parcel

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Goods and Services Tax – Services by the Central Government, State Government, Union territory or local authority excluding the following services- (a) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than the Central Government, State Government, Union territory; (b) services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport; (c) transport of goods or passe

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Goods and Services Tax – Services by a Governmental Authority by way of any activity in relation to any function entrusted to a Panchayat under article 243G of the Constitution. ************* Notes: As amended by notification no. 15/2018 dated 26-7-2018 w.e.f. 27-07-2018, before it was read as, Services by a 8[Central Government, State Government, Union territory, local authority or Governmental Authority] by way of any activity in relation to any function entrusted to a Panchayat under article

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Goods and Services Tax – Services by Central governmental authority by way of any activity in relation to any function entrusted to a municipality under article 243 W of the Constitution. ************* Notes: As amended by notification no. 15/2018 dated 26-7-2018 w.e.f. 27-07-2018, before it was read as, Services by Central Government, State Government, Union territory, local authority or governmental authority by way of any activity in relation to any function entrusted to a municipality under

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Goods and Services Tax – Pure services (excluding works contract service or other composite supplies involving supply of any goods) provided to the Central Government, State Government or Union territory or local authority or a Governmental authority 19[or a Government Entity] by way of any activity in relation to any function entrusted to a Panchayat under article 243G of the Constitution or in relation to any function entrusted to a Municipality under article 243W of the Constitution. *******

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Chapter 99 – Goods and Services Tax – Services by way of transfer of a going concern, as a whole or an independent part thereof. – Goods and Services Tax – Schedules

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Chapter 99 – Goods and Services Tax – Services by an entity registered under section 12AA of the Income-tax Act, 1961 (43 of 1961) by way of charitable activities. – Goods and Services Tax – Schedules

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Goods and Services Tax – GST – By: – sunil kumar Gupta – Dated:- 1-7-2017 – Comparision of Normal Dealer & Composition Dealer Under GST NORMAL REGISTERED DEALER 5% 12% 18% 28% COLLECTED FROM CUTOMER 1,00,000.00 1,00,000.00 1,00,000.00 1,00,000.00 GST 4,761.90 10,714.29 15,254.24 21,875.00 (A) SELLING PRICE 95,238.10 89,285.71 84,745.76 78,125.00 (B) PURCHASE PRICE 70,000.00 70,000.00 70,000.00 70,000.00 GST PAID ON PURCHASE 3,500.00 8,400.00 12,600.00 19,600.00 NET AMOUNT PAID 73,500.00 78,400.00 82,600.00 89,600.00 (A-B) NET INCOME 25,238.10 19,285.71 14,745.76 8,125.00 COMPOSITION DEALER 5% 12% 18% 28% COLLECTED FROM CUTOMER 1,00,000.00 1,00,000.00 1,00,000.00 1,00,000.00 GST@1% (to be borne by seller) 990.10 990.10 990.10 990.10 (A)

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3 Traders are to pay tax @0.5% CGST, 0.5% SGST . 4 Purchase from unregistered dealers can be made upto ₹ 5000/- per day in aggregate without any liability to be registered. 5 A dealer registered under composition scheme is not required to maintain detailed records as in the case of a normal taxpayer. 6 A Composition Dealer is not allowed to avail input tax credit of GST paid to their supplier. 7 Since a Composition Dealer is not allowed to avail input tax credit, such a dealer cannot issue a tax invoice as well. A buyer from composition dealer will not be able to claim input tax on such goods. 8 A Composition Dealer is not allowed to collect composition tax from the buyer. 9 Any dealer whose aggregate turnover in a financial year does

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Goods and Services Tax – GST – By: – CASANJAY AITHAN – Dated:- 1-7-2017 – In continuation to the GST preparedness, following action points are required in order to do your business in compliance with the provisions of GST: Preliminary Share GST Identification Number/ARN to all suppliers of Goods & Services. Ascertain HSN Codes, Service Accounting Codes & GST Rates related to business. Invoice must be in accordance with the Invoice Rules. [Tax Invoice (normal supply), Bill of supply (for composition dealer and non-GST supply), Receipt voucher (for advance receipt), Refund voucher(for refund of advance), Payment voucher (for RCM), Debit Note/ Credit Note] IT preparedness and Accounting software for filing of returns, generation of MI

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an be claimed by using Credit Transfer Document (CTD). Time limit for CTD is 30 days from the appointed date. Transitional Forms required to be submitted within 90 days from appointed date. Account for all purchase, sales, services and expenses upto 30.06.2017. Advance ITC with respect to tax payable under Reverse Charge Mechanism ( RCM ): Discharge Service tax liability within June 2017 to ensure availability and disclosure of related ITC in the month of June 2017 itself. Input/ Input services in transit: Ensure that all such transactions where tax has already been paid by vendors should be duly accounted for in books by 30th July 2017. It is important to note that this benefit is not available for capital goods in transit. Reclaim the rev

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Goods and Services Tax – Started By: – Yogesh Ghatkar – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – Dear Team,I am already registered under VAT for Trading of Goods under proprietorship and my GST migration is completed. Also GST id is Active.In the month of April 2017, I have registered for Service Tax, as I have started providing services (as proprietorship) with different business name. I received Service Tax no as well and collected service Tax for Q1 of FY2017-18Service Tax portal (ht

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Section 149 – Chhattisgarh SGST – MISCELLANEOUS – Chhattisgarh Goods and Services Tax Act, 2017 – Section 149 – Goods and services tax compliance rating. 149. (1) Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record of compliance with the provisions of this Act. (2) The goods and services tax compliance rating score may be determined on the basis of such parameters as may be prescribed. (3) The goods and services tax comp

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Goods and Services Tax – Started By: – Kishan Barai – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – What if a person is Registered under GST & has a turnover of Bellow 20,00,000 ??Shall he has to charge CGST & SGST from Customer ??Shall a person will get deduction of Expense like light bill or other expenses like Stationery etc from his Income.Please elaborate.Thank You – Reply By KASTURI SETHI – The Reply = Dear Sir, Pl. go through Q.No.18 of FAQ published published by CBEC in the newspaper dated 28.6.2017 which is as under:- Q.No. If I register voluntarily though turnover is less than 20 lakhs, am I required to pay tax from First supply I make post GST registration ? Ans. Yes, you would be treated as normal taxable person. Boa

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an ₹ 20,00,000/-. But yes, if you are registered then you have a benefit that you can avail ITC on receipt of supplies of goods/services. And the question about deduction of expenses in income is a matter of Income Tax, it has no relation with GST. – Reply By KASTURI SETHI – The Reply = Thanks to Ms.Preeti Sharma for perfect and convincing clarification/reply and for enrichment of my knowledge. – Reply By Preeti Sharma – The Reply = Its my pleasure Mr. Kasturi Sethi that i could give a little knowledge to you.Thanks – Reply By Kishan Barai – The Reply = Thank You Very Much – Reply By Ramesh Kothari – The Reply = 1.Yes u will become taxable person even if below thresh hold limit and chargeable to tax 2. u will eligible to get the ITC a

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Section 48 – Chhattisgarh SGST – RETURNS – Chhattisgarh Goods and Services Tax Act, 2017 – Section 48 – Goods and services tax practitioners. 48. (1) The manner of approval of goods and services tax practitioners, their eligibility conditions, duties and obligations, manner of removal and other conditions relevant for their functioning shall be such as may be prescribed. (2) A registered person may authorise an approved goods and services tax practitioner to furnish the details of outward suppl

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Goods and Services Tax – Started By: – Rajkumar Chandnani – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – If job worker's turnover exceeds the prescribed threshold, 20 lakhs he will have to take registration as he is a service provider. how much service tax is applicable to him thereafter and weather principal can take ITC – Reply By MUKUND THAKKAR – The Reply = All other services not specified elsewhere 18% With Full ITC – Reply By Ramesh Kothari – The Reply = It's 5% on Job invoice

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Goods and Services Tax – GST – Dated:- 1-7-2017 – New Delhi, Jun 30 (PTI) The Goods and Services Tax (GST) – India's biggest tax reform since independence – tonight came into force after 17 tumultuous years of debate, unifying more than a dozen central and state levies but doubts remained if the transition to a national sales tax will be without any glitch. The new tax regime was ushered in at a late night event in the historic Central Hall of Parliament, reminiscent of the midnight 'tryst with destiny' in 1947. Prime Minister Narendra Modi termed the new levy as good and simple tax that marks economic integration of India. There are 500 types of taxes that play their roles. Today we are getting rid of them, Modi said. From Ganganagar to Itanagar and Leh to Lakshadweep, it is one nation, one tax. The day marks a decisive turning point in determining the future course of the country, he said, adding GST would ensure one nation, one tax. The GST, he said, is simple and trans

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ded by Vice-President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former prime minister H D Deve Gowda. Mukherjee and Modi pressed a button in a specially crafted box at the stroke of midnight to launch the new tax regime which overnight replaced the messy mix of more than a dozen state and central levies built up over seven decades. The one national GST unifies the country's USD 2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years. Modi said GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross- state tax heterogeneity by fixing the final tax rate. It will reduce cost and save money, he said. While the measure is billed as making doing business easier by simplifying the tax structure and ensuring greater compliance, businesses particularly small traders have been a bit nervous about the new tax filing system. A train was stopped by traders in Uttar Pradesh and commercial e

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down barriers between 31 states and union territories. It is estimated to add 0.4 per cent to 2 per cent to GDP growth. But some businesses are still figuring out how it will work as they race against time to adopt or upgrade cash registers and computer systems so they are able to file monthly tax returns to comply with the new tax regime. Hours before the midnight launch, the GST Council – the highest decision making body that formulated the rules and tax rates, met for the 18th time. Prime Minister Narendra Modi joined the council members briefly. For some businesses, the GST is complex with four broad tax categories of 5, 12, 18 and 28 per cent, and myriad exceptions, as opposed to a simpler, flatter and broader sales taxes in other countries. Switchover to the GST has added to the worries of businesses that are still recovering from the November 8 shock decision to remove 86 per cent of currency from circulation. One of the things that is keeping companies occupied ahead of the la

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Goods and Services Tax – Started By: – NEERAJ BERRY – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – We are manufacturer of Welding Machinery. We received an order from COS, Western Railway, Mumbai in May 2017. The rate of CST chargeable was 6.05%. The material against this order is going to be supplied in July 2017. Now with the implementation of GST, the rate of tax is 18%.Is there any provision in the GST Act regarding this matter, wherein the purchaser, that is, The Western Railway, has to automatically change the rate of tax in its order?Please provide information. Thank you. – Reply By MUKUND THAKKAR – The Reply = please refer your contract. if clause is there for taxes and duties specify,than you have to take fresh order with pres

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Goods and Services Tax – GST – Dated:- 1-7-2017 – New Delhi, Jun 30 (PTI) Jammu and Kashmir, the only state which failed to meet the June 30 timeline for the GST rollout, is likely to clear the legislation on the indirect tax regime by July 6, its Finance Minister Haseeb Drabu said here today. Union Finance Minister Arun Jaitley had on Monday written a letter to Chief Minister Mehbooba Mufti, saying that failure of the state to implement the GST would lead to adverse impact of price rise and put the local industry at a disadvantage. Jammu and Kashmir is the only state which has not taken a call yet on the implementation of the new tax regime which came into force in the country from midnight tonight. Jammu and Kashmir (assembly) is likely

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aos in the state with the inter-state trade vis- a-vis J&K taking a big hit, an official spokesman said here. A few days back, Drabu had said the Mehbooba Mufti government is genuinely interested in building a consensus because the GST is a regime that would last for the next 30-40 years. We will take a final call on the GST implementation once we get the full sense of the all-party meeting. I do not want to preempt anybody. Let us understand what their views are, he had said. Drabu said the state government has reached out to the opposition parties of the state and sent them all the relevant documents. He said a perception has been created that the GST would impact the special status and the fiscal autonomy of the state, but there is n

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d yesterday that it was not against the implementation of the GST in the state, nearly two weeks after terming it as unacceptable . The party accused the government for the current chaos, confusion and uncertainty and said a proper mode should be adopted for implementation of the GST in the state in view of its special status. As far as the Congress is concerned, it has never been against implementation of GST, which is its brain child. But it is the government which had to adopt the proper mode and manner of implementation of the same in J&K, state Congress Committee spokesperson Ravinder Sharma said here today. A statement issued after a meeting of the JKPCC executive panel here under the chairmanship of party unit chief G A Mir said,

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Goods and Services Tax – GST – Dated:- 1-7-2017 – New Delhi, Jun 30 (PTI) The all-powerful GST Council will review the implementation of the Goods and Services Tax as also levies on some of the items on August 5. The review meeting of the GST Council would be on the first Saturday of August, Central Board of Excise and Customs Chairperson Vanaja N Sarna told PTI. The meeting will take stock of the implementation of the biggest tax reform since independence and also review tax rate with regard t

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PM Modi terms GST as good and simple tax – Goods and Services Tax – GST – Dated:- 1-7-2017 – New Delhi, Jun 30 (PTI) Terming the GST a 'good and simple tax', Prime Minister Narendra Modi today said it will put an end to harassment of honest traders and small businesses while integrating country into one market with one tax. At a gala event to launch the Goods and Services Tax (GST) at the historic Central Hall of Parliament, the prime Minister said the new tax is simple and transparent that would end corruption and check black money. The GST will eliminate 500 types of taxes and there will be one tax from Ganganagar to Itanagar and Leh to Lakshadweep, he said, adding it is a catalyst which will remove trade imbalance and promote exp

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od and simple tax, he added. The tax is good because it will eliminate tax on tax and simple because there will be just one rate and one system for the entire country, he said, adding even a student of 10th standard can use technology to file GST returns. Modi said GST is an effort of successive political parties and an example of cooperative federalism where centre and states have worked as equals in deciding on the new system and the tax rate. The GST is a reflection of team India and the Central Hall is the most appropriate place for launch of the new tax regime as Constituent assembly met here and also Jawaharlal Nehru delivered the Independence Day speech, he said. The new tax regime will benefit poor by reducing cost and saving money

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Goods and Services Tax – GST – Dated:- 1-7-2017 – New Delhi, Jun 30 (PTI) Chief Economic Adviser Arvind Subramanian today exuded confidence of resolving teething problems of GST implementation in one-two months. There will be some hurdles initially. But we will be able to remove them in 1-2 months, Subramanian told media after attending the GST rollout ceremony held in Parliament. Describing the GST as a disruptive change , President Pranab Mukherjee in his speech said there are bound to be some teething troubles which will have to be resolved quickly to ensure growth momentum of the economy is not impacted. Initially, there will be some problems, but both Centre and states are determined to resolve them, Central Vigilance Commissioner K V

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GST will transform country into new India : ministers – Goods and Services Tax – GST – Dated:- 1-7-2017 – New Delhi, Jun 30 (PTI) All praise for the GST, Union Ministers tonight said the tax reform measure will transform the country into a New India with uniform tax regime. Petroleum Minister Dharmendra Pradhan said the new transparent, effective and progressive indirect tax regime will fulfill the dream of New India . As the Prime Minister (Narendra Modi) said, GST is much more than an economic reform. It will take shape of social reform, Pradhan said after attending a midnight function in Parliament organised for rollout of the GST. On the absence of some opposition parties, Pradhan said, If they didn t come, may Almighty give them some s

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Section 149 – Delhi SGST – MISCELLANEOUS – Delhi Goods and Services Tax Act, 2017 – Section 149 – Goods and services tax compliance rating. 149. (1) Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record of compliance with the provisions of this Act. (2) The goods and services tax compliance rating score may be determined on the basis of such parameters as may be prescribed. (3) The goods and services tax compliance rating

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Goods and Services Tax – Started By: – S.C. WADHWA – Dated:- 1-7-2017 Last Replied Date:- 16-7-2017 – DEAR EXPERTS, WE ARE MANUFACTURER OF ALMOND PASTE AND WERE USING HSN CODE 20081990 BUT NOW WE CAME TO KNOW THAT THIS CODE IS NOT CORRECT. NOW MY QUERY IS TO FIND OUT CORRECT HSN CODE ALONGWITH GST RATE DECLARED BY GOI. PLEASE GIVE YOUR EXPERT OPINION. REGARDS, WADHWA – Reply By KASTURI SETHI – The Reply = Either 0802 80 90 or 0802 90 00. Earlier it attracted nil rate of duty. – Reply By Ramesh

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