Goods and Services Tax

Goods and Services Tax – GST – Dated:- 10-5-2017 – Gandhinagar, May 9 (PTI) The Gujarat assembly passed the state Goods and Services Tax (GST) Bill unanimously during a day-long special session here today. The state assembly also passed two other related Bills. The Parliament on April 6 had passed four legislations to pave the way for nation-wide roll-out of the GST from July 1. During the day-long session here, the assembly has passed the Gujarat GST Bill, the Gujarat Value Added Tax (Amendment) Bill and the Gujarat Local Authorities Laws (Amendment) Bill. Both the ruling BJP and opposition Congress legislators held a lengthy debate over the bill before passing it with a voice vote along with the two other related legislations. In his ope

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ed that the state BJP dispensation is now making a u turn on this issue. Earlier, the BJP government here had opposed the GST, claiming that it will make a dent in Gujarat's tax revenues. After the BJP came to power at the Centre, you made a u turn and started favouring the GST, said Gohil. Replying to Congress leaders, Gujarat Deputy Chief Minister Nitin Patel said the delay was caused because the UPA regime failed to win trust of all the parties on the GST implementation. The GST got delayed because the UPA government had failed to convince even their allies, such as the Left parties at that time. It was (Prime Minister) Narendra Modi who brought everyone together and won their trust said Patel, who handles the Finance portfolio among

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Goods and Services Tax – GST – Dated:- 10-5-2017 – New Delhi, May 9 (PTI) The process to enrol taxpayers on the Goods and Services Tax Network (GSTN) portal, which was suspended on April 30, will start again in a few weeks, the revenue department said today. More than 60 lakh taxpayers enrolled on the GST portal between November 8, 2016 and April 30, 2017. The enrolment process closed with effect from May 1 and the data of all those signed the enrolment form would be migrated to the new GST sys

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Goods and Services Tax – Started By: – Swapneswar muduli – Dated:- 10-5-2017 Last Replied Date:- 10-5-2017 – Dear Sir,One who doing job in Company if he want to enrollment as a GST Practitioner than he can enrollment or is there restriction for the same? – Reply By MUKUND THAKKAR – The Reply = please check code of conduct of company where person is doing the job. I think no company is allowing any employee. there is no restriction as per GST. – Reply By KASTURI SETHI – The Reply = Dear Querist, I think the present rules will be carried forward. As per Rule 12 of Central Excise (Appeals), 2001 12. Qualifications for authorized representatives.- For the purposes of clause (c) of sub-section (2) of section 35Q of the Act, an authorized repres

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 10-5-2017 – Scope of supply Section 7 of the Central Goods and Services Tax Act, 2017 ( Act for short) provides the scope of supply . Section 7(1) provides that for the purposes of this Act, the expression supply includes- all forms of supply of goods or services or such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business; import of services for a consideration whether or not in the course or furtherance of business; the activities specified in Schedule I, made or agreed to be made without a consideration; and the activities to be treated as supply of goods or supply of services referred to in Schedule II. Consideration Section 2(d) of the Contract Act, 1872 defines contract as when at the desire of the promissory, the promise or any other person has done or abstained from doing or does or abstains fro

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he Act defines the term consideration in relation to the supply of goods or services or both includes- any payment made or to be made, whether in money or otherwise, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government; the monetary value of any act or forbearance, in respect of, in response to, or for the inducement of, the supply of goods or services or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government; The proviso to this section provides that a deposit given in respect of supply of the goods or services or both shall not be considered as payment made for such supply unless the supplier applies such deposit as consideration for the said supply. Schedule I Schedule I to the Act provides the activities that are to be

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s assets, if input tax credit has been availed on such assets, through, such transactions are made without consideration, it would amount to supply . Transfer of business assets- where goods forming part of the assets of a business are transferred or disposed of by or under the directions of the person carrying on the business so as no longer to form part of those assets, whether or not for a consideration, such transfer or disposal is a supply of goods by the person; where, by or under the direction or a person carrying on a business, goods held or used for the purposes of the business are put to any private use or are used, or made available to any person for use, for any purpose other than a purpose of the business, whether or not for a consideration, the usage or making available or such goods is a supply; Supply between related persons Since the expression related person finds in two places in the schedule I we have to refer the definition of related person . Section 2(84) defines

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in business; such persons are employer and employee; any person directly or indirectly owns, controls or holds 25% or more of the outstanding voting stock or shares of both of them; one of them directly or indirectly controls the other; both of them are directly or indirectly controlled by a third person; together they director indirectly control a third person; or they are members of the same family. -the term person also includes legal person; -persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, howsoever described, of the other, shall be deemed to be related. The supply of goods or services or both taken between the related person as aforesaid shall be treated as supply even the supply is made without consideration. Supply between distinct persons Section 25 of the Act deals with the procedure of registration by a taxable person. If a taxable person has business more than one State, then he is required t

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ness the contract between the principal and agent is common. The agent is working on behalf of the principal is entitled to commission as per agreement. He may act on behalf of the principal and even business decisions can be taken by him. Such transactions between principal and agent will not be under consideration. Schedule I provides that supply of goods by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal or by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal. Import from a related person Clause 4 of the Schedule I provides that import of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business is considered as supply even though it is not for consideration. The term related person is discussed above is also applicable to this clause. The transactions between the branches or establishments of

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Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 10-5-2017 Last Replied Date:- 11-5-2017 – The new provision reads as follows: (1) Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed and within the time and manner specified in section 44, be entitled to take credit of input tax charged on any supply of goods or services to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person: PROVIDED that credit of input tax in respect of pipelines and telecommunication tower fixed to earth by foundation or structural support including foundation and structural support thereto shall not exceed- (a) one-third of the total input tax in the financial year in which the said goods are received, (b) two-third of the total input tax, including the credit availed in the first financial year, in the financial year immediately succ

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l be entitled to take credit upon receipt of the last lot or installment: PROVIDED FURTHER that where a recipient fails to pay to the supplier of services, the amount towards the value of supply of services along with tax payable thereon within a period of three months from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in the manner as may be prescribed. Explanation.-For the purpose of clause (b), it shall be deemed that the taxable person has received the goods where the goods are delivered by the supplier to a recipient or any other person on the direction of such taxable person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise. (3) Where the registered taxable person has claimed depreciation on the tax component of the cost of capital goods under the

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end of second financial year. Person supplying goods and services , where tax is payable under reverse charge is not eligible for input tax credit, which is in line with service tax provisions ITC not available on the basis of supplementary invoices since debit note is required to be issued in lieu of supplementary invoice. ITC needs to be reversed in case of non payment towards value of supply of services within three months of the invoice date, however at present there is no information which is captured for payment to the supplier in the various returns. Therefore format of return to be changed. This provision unjust enriching the Government. Last day of availing credit is 12 months from the date invoice (in accordance with section 18 ) or 30 September of subsequent year or date of filing annual return whichever is earlier. Visit us at www.capradeepjain.com and also at https://www.facebook.com/GSTTODAYBYPRADEEPJAIN/ – Reply By JAIPRAKASH RUIA – The Reply = Sir, New Provision under

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Export – Zero Rated supply – Whether amount received from the Foreign Currency (Non-Resident) account or Non-Resident External Account known as FCNR/NRE account maintained by the buyer can be treated as received in convertible foreign exchange for claiming benefit under GST – Dated:- 9-5-2017 – Section – 02 – Definitions. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 As per Regulation 4 of the FOREIGN EXCHANGE MANAGEMENT (MANNER OF RECEIPT AND PAYMENT) REGULATIONS, 2000, an exporter is permitt

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Dated:- 9-5-2017 – Section – 02 – Definitions. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 Yes, As per section 2(6) (iv) of the IGST Act, 2017 it is mandatory to receive the amount in convertible

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Dated:- 9-5-2017 – Section – 02 – Definitions. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 The term Export of services has been defined under section 2(6) of IGST Act, 2017 as under: (6) export of services means the supply of any service when,- (i) the supplier of service is located in India; (ii) the recipient of service is located outside India; (iii) the place of supply of service is outside India; (iv) the payment for such service has been received by the supplier of service in converti

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Dated:- 9-5-2017 – Section – 02 – Definitions. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 There is stipulation under the GST law for receipt of payment in convertible foreign exchange in case of

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What is the meaning of export of goods under GST – Dated:- 9-5-2017 – Section – 02 – Definitions. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 As per section 2(5) of the IGST Act, 2017, the meaning

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Dated:- 9-5-2017 – Section – 02 – Definitions. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 As per section 2(3) of the IGST Act, 2017, the meaning of continuous journey is: (3) continuous journey means a journey for which a single or more than one ticket or invoice is issued at the same time, either by a single supplier of service or through an agent acting on behalf of more than one supplier of service, and which involves no stopover between any of the legs of the journey for which one or m

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Dated:- 9-5-2017 – Section – 07 – Inter-State supply Section – 10 – Place of supply of goods other than supply of goods imported into, or exported from India. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 The term location of supplier of Goods has not been defined under the CGST Act 2017 or IGST Act 2017 respectively. Therefore, it may be taken that the location where located immediately before or at the time of supply and before the beginning of movement of goods shall be location of supplie

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Dated:- 9-5-2017 – Section – 002 – Definitions. THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 The definition regarding location location of the supplier of services has been given under Section 2 (71) of the CGST Act, 2017 as follows. (71) location of the supplier of services means,- (a) where a supply is made from a place of business for which the registration has been obtained, the location of such place of business; (b) where a supply is made from a place other than the place of business for which registration has been obtained (a fixed establishment elsewhere), the location of such fixed establishment; (c) where a supply is made from more than one establishment, whether the place of business or fixed establishment, the location of the e

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Dated:- 9-5-2017 – Section – 002 – Definitions. THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 The definition regarding location location of the recipient of services has been given under Clause (70) of the CGST Act, 2017 as follows. (70) location of the recipient of services means,- (a) where a supply is received at a place of business for which the registration has been obtained, the location of such place of business; (b) where a supply is received at a place other than the place of business for which registration has been obtained (a fixed establishment elsewhere), the location of such fixed establishment; (c) where a supply is received at more than one establishment, whether the place of business or fixed establishment, the location of

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Goods and Services Tax – Started By: – arun aggarwal – Dated:- 9-5-2017 Last Replied Date:- 10-5-2017 – SirI would be holding stocks which will be CST paid with no excise applicable, when GST comes in,I would like to know my status, can I take the input in GST of cst and.or I have to pay GST on balance stocks or have to pay GST at the time of sale?Arun – Reply By KASTURI SETHI – The Reply = One must not get tension in advance. Still rules are being framed. Wait for enactment of the same. – Repl

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Central Excise – Started By: – Rajan Rajan – Dated:- 8-5-2017 Last Replied Date:- 10-5-2017 – Wrongly Selected Not Migrating to GST at the time of filing April 2017 ER-1 return, instead of Enter your GST Username & Return Status shows Marked for Review. This may impact our GST Prov ID/ARN cancelled also Credit migration in GST regime. Please your valuable advice to rectify – Reply By KASTURI SETHI – The Reply = Already replied. – Reply By MARIAPPAN GOVINDARAJAN – The Reply = You may contact

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Goods and Services Tax – Started By: – K.Srinivasan Kuppuswamy – Dated:- 8-5-2017 Last Replied Date:- 9-5-2017 – Dear Experts The present rule permits the assesse to pay the service tax under reverse charge mechanism for Manpower supply/GTA and rent a cab service. In the GST also the same will be continued as reverse charge. whether the service providers such as Goods transport agency and manpower supply service providers and rent a cab service providers is mandatory to re

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Goods and Services Tax – GST – Dated:- 8-5-2017 – Tokyo, May 8 (PTI) The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today. Hailed as the biggest tax reform since India's independence, GST will replace an array of central and state levies with a national sales tax, thereby creating a single market and making it easier to do business in the country. Addressing CII-Kotak investors' round table here, Jaitley said that the GST Council, headed by him and comprising representatives of all states, will in the next few days finalise the rates of tax for di

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ferent commodities and services in the decided tax brackets. Demerit and luxury goods will attract the peak tax rate plus a cess. Tax rate closed to the existing incidence of total central and state levies will be chosen as the slab for a good or services. As far as goods is concerned, the tax is not likely to increase at all. If at all, it may marginally come down because of the cascading impact not being there and therefore, it is not likely to be inflationary. As far as services is concerned, obviously, they will go up marginally and therefore, there will be some impact on this. So, goods and services may react a little differently, Jaitley said. Asked if GST would stoke inflation, he said: I don't anticipate this to happen significa

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be introduced in the country which itself would ease the very processes of doing business, he said. At the investors' meet, he said there would be no cascading impact of tax on tax under GST. GST being a more efficient tax, evasion will become difficult. In the current system, there is large evasion, he said. Jaitley said the constitutional amendment gives time till September 15 for introduction of GST but the target date has been kept at July 1. So, we have a cushion of two-and-a-half months but it looks like we will be able to begin on schedule, he said. Also, a simple IT network has been put in place and there is no multiple forms for filing tax returns, he said. GST would be a transformational system, he said, adding there could be

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Goods and Services Tax – GST – Dated:- 8-5-2017 – Vadodara, May 7 (PTI) Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities. Unlike in other countries, the transition to the new tax regime would be smooth here because there are multiple points of taxation in the country. Hence, the possibility of sudden spurt in inflation is remote, said Adhia, who is spearheading the implementation of the Goods and Services Tax. He was speaking at a conference on GST organised by the Federation of Gujarat Industries and the chief commissioner, Central Excise, Customs & Service Tax, Vadodara zo

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Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 8-5-2017 Last Replied Date:- 9-5-2017 – GST DAILY DOSE OF UPDATION Changes in definition of inputs, capital goods and input services As evident from revised draft, the definitions of the input goods, capital goods and input services have undergone a major change or let s say, it has been simplified to the maximum extent possible. In the current laws, there are definitions containing specifications and restrictions to items and services on which cenvat can be taken or not. But in the new regime, these restrictions have been minimised. For eg. the definition of input is given in sec 2(52) as any goods other than capital goods used or intended to be used by a supplier in the course o

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st probable that they will fall as residuary items in the definition of inputs. Similarly it has been stated that goods or services received by a taxable person for construction of an immovable property on his own account, other than plant and machinery, even when used in course or furtherance of business won t be eligible for availing cenvat. But if the building is being capitalized then the inputs used in the building will be treated as capital goods and its cenvat should be allowed. – Reply By Sanketh Meri – The Reply = Dear Sir,In your Last Para, it has been mentioned that if the Immovable Property is capitalized, then its inputs should be allowed for ITC. Can you throw some more light on this. – Reply By Narhar Nimkar – The Reply = Dea

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Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 8-5-2017 Last Replied Date:- 9-5-2017 – Invoice is basic document for supply of goods or service. There are circumstances where Taxable Invoice need not be raised only Bill of Supply will be issued .what are circumstances where Taxable Invoice as well as Bill of supply need not be raised and instead Delivery Challan will be sufficient. Where there is difference in price downward and upward one need to issue supplementary invoice / debit note or credit note. What are the circumstance where revised invoice will be issued. Let us discuss one by one and focus on Section 31 to 34 of the GST Act ,2017 and Invoice Rule of the same. Issue of tax Invoice and Bill of Supply 1. at the time of Removal of goods where there is movement of Goods. 2. delivery of goods where there is no movement of goods. 3. tax invoice not required where goods are valuing less than ₹ 200. 4. Supply of exempted goods or paying tax under sec.10, will

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ment is fix as per contact, due date b] otherwise at the time of receipt of payment c] on completion of event if the event is linked. Requirement Tax Invoice Bill of Supply Supplementary/Revised Invoice Debit & Credit Note Receipt Voucher Name, Address and GSTIN of supplier Y Y Y Y Serial Number Y Y Y Y Date of issue Y Y Y Y Name, Address and GSTIN or UIN of recipient if register Y Y Y Y Name, Address of recipient & address of delivery with name and code of state if recipient is unregistered where the value of taxable supply is ₹ 50000 or more. Y N Y Y HSN Code or SAC Y Y N N Description of Goods and Services Y Y N Y Quantity in case of goods & unit or unique Quantity code Y N N N Total value of Goods or Services or both Y Y N N Taxable value of Goods or services after discount Y N Y Y Rate of tax Y N N Y Amount of tax Y N N Y Place of supply with name of State in case of Inter state supply. Y N N Y Address of delivery if the same is different from place of supply Y N

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tributor Serial number Date of issue Name address and GSTIN of recipient Amount of credit distributed signature where the ISD is bank, financial institution or NBFC , they can issue any document without any serial number but having all information mentioned above. Where the supplier of goods is GTA supplying goods by road shall issue tax invoice or any other document containing the gross weight of the consignment, name of the consignor and consignee, registration number of goods carriage, detail of goods transported, place of origin and destination, GSTIN of person liable for paying tax consignor, consignee or GTA and also containing other information as per rule -1. Where the supplier is passenger transportation, tax invoice shall include ticket in any form by whatever name called without any serial no., without the address of recipient but include all information mentioned in rule-1. Following are the cases where invoice is not mandatory Supply of liquid gas where the quantity at the

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 8-5-2017 – Refund Section 54 of the Central Goods and Services Tax, 2017 ( Act for short) provides the procedure for the refund of tax. Section 54(5) provides that the proper officer, on receipt of refund application, is satisfied that the whole or part of the amount claimed as refund is refundable, he may make an order accordingly and the amount so determined shall be credited to the Fund referred to in section 57. Consumer Welfare Fund Section 57 provides that the Government shall constitute a Fund, to be called the Consumer Welfare Fund. There shall be credited to the Fund- The amount referred to in section 54(5); any income from investment of the amount credited to the Fund; and such other monies received by it in such manner as may be prescribed. Rule 4(4) provides that where the proper officer is satisfied that the amount refundable is not payable to the applicant under section 54(8) he shall make an order in For

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the recommendation of the Council, by notification, specify. Rule 8 (1) provides that all credits to the Consumer Welfare Fund shall be made under Rule 4(4). Utilization of Fund Section 58(1) provides that all sums credited to the Fund shall be utilized by the Government for the welfare of the consumers in such manner as may be prescribed. Rule 8(2) provides that any amount, having been credited to the Fund, ordered or directed as payable to any claimant by orders of the proper officer, appellate authority or Appellate Tribunal or court, shall be paid from the Fund. Rule 8(4) provides that the Central/State Government shall, by an order, constitute a Standing Committee which shall make recommendations for proper utilization of the money credited to the Consumer Welfare Fund for the welfare of the consumers. Rule 8(3) provides that any utilization of amount from the Consumer Welfare Fund shall be made by debiting the Consumer Welfare Fund account and crediting the account to which the a

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require any applicant, in case of any default, or suppression of material information on his part, to refund in lump sum, the sanctioned grant to the Committee, and to be subject to prosecution under this Act; to recover any sum due from any applicant in accordance with the provisions of the Act; to require any applicant, or class of applicants to submit a periodical report, indicating proper utilization of the grant; to reject an application placed before it on account of factual inconsistency, or inaccuracy in materialparticulars; to recommend minimum financial assistance, by way of grant to an applicant, having regard to his financial status and importance and utility of nature of activity under pursuit, after ensuing that the financial assistance provided shall not be misutilized; to identify beneficial and safe sectors, where investments out of Consumer Welfare Fund may be made and make recommendations, accordingly; to relax the conditions required for the period of engaged in con

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for reimbursement of legal expenses incurred by him as a complainant in a consumer dispute, after its final adjudication. All applications for grant from Consumer Welfare Fund shall be made by the applicant Member Secretary. The Committee shall not consider an application, unless it has been inquired into in material details and recommended for consideration accordingly, by Member Secretary. Maintenance of accounts Section 58(2) provides that the Government or the authority specified by it, shall maintain proper and separate account and for other relevant records in relation to the Fund and prepares an annual statement of accounts in such form as may be prescribed in consultation with the Comptroller and Auditor-General of India. Guidelines Rule 8(9) provides that the Central Consumer Protection Council established under the Consumer Protection Act and the Bureau of Indian Standards shall recommend to the GST Council, the broad guidelines for considering the projects or proposals for

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 6-5-2017 Last Replied Date:- 6-5-2017 – Who are liable to deduct tax at source? Section 51 of the Central Goods and Services Tax Act, 2017 ( Act for short) provides the procedure to deduct tax at source. Section 51(1) provides who are liable to deduct tax at source. Section 51(1) provide that notwithstanding anything to the contrary contained in this Act, the Central Government may mandate- a department or establishment of the Central Government or State Government; or local authority; or Governmental agencies; or Such persons or category of persons as may be notified by the Government on the recommendations of the Council. to deduct tax at the rate of 1% from the payment made or credited to the supplier of taxable goods or services or both, where the total value of such supply under a contract, exceeds ₹ 2,50,000/-. According to this section the required persons need not deduct tax at source if the total value o

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application. Value of supply The explanation to Section 51(1) provides that for the purpose of deduction of tax specified above, the value of supply shall be taken as the amount excluding the central tax, State tax, Union territory tax, integrated tax and cess indicated in the invoice. Time limit to pay Section 51(2) provides that amount deducted as tax under Section 51 shall be paid to the Government by the deductor within 10 days after the end of the month in which such deduction is made. Payment of tax The deductor is to maintain electronic cash ledger and electronic liability register. The electronic cash ledger shall be maintained in Form GST PMT – 05 for the deductor to pay tax, interest, penalty, late fee or any other amount on the Common Portal for crediting the amount deposited. The deductor shall generate a challan in Form GST PMT – 06 on the Common Portal entering the details of the amount to be deposited by him towards tax, interest, penalty, fees or any other amount. The

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ecting bank and the same shall be indicated in the challan. On receipt of CIN from the authorized bank, the said amount shall be credited to the electronic cash ledger of the person on whose behalf the deposit has been made and the Common Portal shall available a receipt to this effect. Where the bank account of the person concerned, or the person making the deposit on his behalf but no Challan Identification Number is generated or generated but not communicated to the Common Portal the said person may represent electronically in Form GST PMT – 07 through the Common Portal to the Bank or electronic gateway through which the deposit was initiated. The amount deducted thus shall be paid by debiting the electronic cash ledger and crediting the electronic liability register. TDS certificate Section 51(3) provides that the deductor shall furnish to the deductee a certificate mentioning therein the contract value, rate of deduction, amount deducted, amount paid to the Government and such oth

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suppliers in Part C of Form GSTR – 2A on the Common Portal after the due date (10 days from the end of the month) of filing of Form GSTR – 07. Payment of interest Section 51(6) provides that if any deductor fails to pay to the Government the amount deducted as tax, he shall pay interest in accordance with the provisions of Section 50(1), in addition to the amount of tax deducted. The determination of the amount in default shall be made in the manner specified in section 73 or section 74. Refund Section 51(8) provides that the refund to the deductor or the deductee arising on account of excess or erroneous deduction shall be filed under Section 54. The refund shall be claimed by filing an application in Form GST RFD – 01 electronically through the Common Portal. The application shall be accompany by the required documentary evidences, as applicable to establish that the refund is due to the applicant. An acknowledgement in Form GST RFD – 02 shall be made available to the applicant thro

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for refund. Where upon examination of the application, the proper officer is satisfied that a refund is due and payable to the applicant, he shall make an order in Form GST RFD – 06, sanctioning the amount of refund to which the applicant is entitled, mentioning the amount, if any, refunded to him on a provisional basis, amount adjusted against any outstanding demand under the Act or under any existing law and the balance amount refundable. If the refund is delayed because of the reasons not on the part of the applicant, the interest shall be electronically credited to any of the bank accounts of the applicant mentioned in his registration particulars and as specified in the application for refund. Cancellation of registration Where the proper officer is satisfied that a person to whom a certificate of registration in Form GST REG 06 has been issued is no longer liable to deduct tax at source under section 51 the said officer may cancel the registration and such cancellation shall be c

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 6-5-2017 – This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are business, business vertical and casual taxable person. Business [Section 2(17)] 'Business' includes- any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity, whether or not it is for a pecuniary benefit; any activity or transaction in connection with or incidental or ancillary to sub-clause(a); any activity or transaction in the nature of sub-clause (a), whether or not there is volume, frequency, continuity or regularity of such transaction; supply or acquisition of goods including capital goods and services in connection with commencement or closure of business; provision by a club, association, society, or any such body (for a subscription or any other consideration) of the facilities or benefits to its members; admission, for a consideration

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t will not be considered. Even if there is no intention to make profit out of it, still the transaction may be covered in the definition of 'business'. For example, supply of goods by an association to its members. It may be noted that any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities shall be deemed to be business. This definition is an inclusive definition wherein all types of transactions including incidental or ancillary to trade, commerce, manufacture, profession, vocation, adventure, wager or other similar activities are covered. It is immaterial whether such transactions are for pecuniary benefit or not. These terms have not been defined. 'Agriculture' is specifically excluded from 'business'. Business includes: day-to-day running of the business, rationalization of business administration and modernization of machinery of business, preservation of bu

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services; (b) the nature of the production processes; (c) the type or class of customers for the goods or services; (d) the methods used to distribute the goods or supply of services; and (e) the nature of regulatory environment (wherever applicable), including banking, insurance, or public utilities. Under the scheme of the CGST Act, each taxable person is required to have one registration in a state, from which it makes supplies of taxable goods or services. Even if such person has more than one place of business in a single state, still such person is required to obtain only one registration. However, an exception has been made for a separate business vertical. Thus, a taxable person having more than one business vertical in a state can consider to obtain more than one registrations in that state for each of different verticals. It may be noted that this is a facility and is thus optional for the tax payer. There is no compulsion on a taxable person having more than one business ver

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regulatory environment, for example, banking, insurance, or public utilities. Business vertical is relevant for the purpose of distribution of input credit by Input Service Distributor (ISD) and for the purpose of obtaining separate GST registration. If the entity opts to have separate registration for different business verticals, it will have more than one registration within the State. Casual taxable person [Section 2(20)] 'Casual taxable person' means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business. Casual taxable persons are those persons who undertake business activities in a casual or on temporary basis. They have no fixed place of business (e.g. traders in trade/ business fairs or exhibitions). Such persons may provide or may get involved in supply or acquis

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State check posts will go under GST; excise point may stay – Goods and Services Tax – GST – Dated:- 5-5-2017 – New Delhi, May 5 (PTI) State level check posts which collect taxes on movement of goods will not be required under the GST regime that will take effect from July 1, although excise collection points may remain as they relate to taxation on alcohol, Revenue Secretary Hasmukh Adhia said today. The rates will be common under the Goods and Services Tax and for the movement of goods in or outside a state, there is no need to check whether goods have moved physically out of the state or not, he said. So, as far as taxation is concerned, the check posts will go. There are couple of other check posts like the state excise check posts. Sta

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the input tax credit that is given on petrol and diesel, the rate will be different, he said. What that rate will be, I cannot say, but it will be different for transportation sector, he added. The next meeting of the GST Council is scheduled for May 18-19. In this round of the meeting to be headed by Finance Minister Arun Jaitley, the Council is scheduled to finalise the rates of different commodities and services. It is also expected to approve rates of remaining items. The Council has already approved half of the rules that are required for rolling out of GST from the scheduled date. Rules on registration of entities under GST, filing of returns, payment of tax and refund, invoicing and debit and credit notes have already been amended b

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