30

30 – Goods and Services Tax – Medicaments (including veterinary medicaments) used in bio-chemic systems and not bearing a brand name – Goods and Services Tax – Schedules

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1001

Goods and Services Tax – Wheat and meslin 39[put up in unit container and,- (a) bearing a registered brand name; or (b) bearing a brand name on which an actionable claim or enforceable right in a court of law is available [other than those where any actionable claim or any enforceable right in respect of such brand name has been voluntarily foregone, subject to the conditions as in the ANNEXURE]] ************* Notes: As amended vide notification no. 27/2017 IT(rate) dated 22-9-2017, before it was read as "Wheat and meslin put up in unit container and bearing a registered brand name" ANNEXURE For foregoing an actionable claim or enforceable right on a brand name,- (a) the person unde

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7

7 – Goods and Services Tax – Herb, bark, dry plant, dry root, commonly known as jaribooti and dry flower – Goods and Services Tax – Schedules

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Market in wait and watch, Sensex slips 154 pts ahead of GST

Goods and Services Tax – GST – Dated:- 30-6-2017 – Mumbai, Jun 30 (PTI) The Sensex fell over 154 points and the Nifty went below 9,500 in the beginning on Friday as the July derivative series took off on a negative note amid anxiety ahead of GST rollout. Capital outflow by foreign funds and weak global shares only added to concerns. Investors kept their fingers crossed ahead of the landmark tax reform Goods and Services Tax (GST), which is set for a mid-night launch on Friday. The 30-share Sens

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Mkt losses narrow, GST anxiety keeps investors on toes

Goods and Services Tax – GST – Dated:- 30-6-2017 – Mumbai, Jun 30 (PTI) Markets managed to apply brakes on their early losses today, but the Sensex and the Nifty still moved in the red as investors braced for the final countdown to the GST launch. The landmark tax reform Goods and Services Tax (GST) is set for a mid-night launch today. Telecom, capital goods, realty and auto stocks wobbled amid sluggishness in global shares. The 30-share Sensex resumed lower before trading at 30,813.05 at 1125

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J&K parties for GST with riders

Goods and Services Tax – GST – Dated:- 30-6-2017 – Srinagar, Jun 29 (PTI) The second meeting of an all-party consultative group, constituted by the Jammu and Kashmir government to evolve a consensus on the GST implementation in the state, was held here this evening. The government claimed that the parties were in agreement on the extension of the new tax regime but with safeguards to protect the fiscal autonomy of the state. There was a general consensus in the meeting that non- implementation of the GST regime would trigger economic and financial chaos in the state with the inter-state trade vis- a-vis J-K taking a big hit, an official spokesman said here. He said the meeting was held under the chairmanship of former deputy chief minister

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he political opinion to evolve broad-based consensus before Jammu and Kashmir is brought under the tax regime. If we talk of bringing a separate law, the Centre will have to amend two chapters in the Constitution to delegate powers of taxation to the state of J-K. It will become a huge political issue across the country. Besides, it will also entail amending Section 5 of J-K Constitution which can't be done. More so, any attempt on fiddling with Section 5 will open a Pandora's box which will have huge political ramifications for J-K in future, he said. Presenting the government's view, Finance Minister Haseeb Drabu said the government will ensure adequate safeguards for protecting the special constitutional position of Jammu and

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ed with mainland Indian market. Entire requirements are imported from it and everything produced or manufactured in J-K is exported to the same market. Twin taxation systems dissociated from each other will entail costs to business and to public finance system. Trading processes will be subjected to twin taxation systems making everything costly in J-K, a cost that ultimately the consumer shall have to bear, he said, adding traders will have to pay more for managing twin systems and it could create a situation that J-K may not get buyers or sellers for its products. NC's Rather, who is the former chairman of the Empowered Committee of Finance Minister on GST, said his party was not against the implementation of the GST in the state in p

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Advance Received

Goods and Services Tax – Started By: – kamdev senapati – Dated:- 30-6-2017 Last Replied Date:- 1-7-2017 – Advance received one year back from one scrap merchant and the same has reflected on our books of accounts. Regular basis the scrap merchant taken the scrap and paid the amount of each sales.My Quarry is Since the advance received before GST, will GST attract for the same or not ??.Please suggest… – Reply By KASTURI SETHI – The Reply = Here is a question of point of taxation. In this case

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7102

Goods and Services Tax – All goods ************* Notes: As amended vide notification no. 7/2018 dated 25-1-2018, before it was read as: 98[Diamonds, industrial or non-industrial, unworked or simply sawn, cleaved or bruted, including unsorted diamonds] ************* Notes: As amended vide notification no. 27/2017 IT(rate) dated 22-9-2017, before it was read as, "Diamonds, non-industrial unworked or simply sawn, cleaved or bruted&quo

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WARE HOUSE REGISTRATION-REG

Goods and Services Tax – Started By: – Kusalava InternationalLimited – Dated:- 30-6-2017 Last Replied Date:- 30-6-2017 – We have trading division chennai which was registered under GST and we have one warehouse/GODOWN in hosur which we want to register under GST.How to register this? – Reply By KASTURI SETHI – The Reply = Both are in Tamilnadu. One registration is required. Get the godown in Hosur registered as additional place of business in application form. Hasur godown can be added in appli

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HSN For fabrication

Goods and Services Tax – Started By: – Saurabh Singh – Dated:- 30-6-2017 Last Replied Date:- 30-6-2017 – We make iron grills for door and window. 73083000 Is it right ?​​​​​​If not, plz specify the correct code. – Reply By Rajagopalan Ranganathan – The Reply = Sir, According to Schedule III of Notification No. 1/2017-Central Tax dated 2806.2017 (with effect from 1.7.2017 iron grills for doors and windows will fall under heading No. 7308 attracting GST @ 9%. –

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Transition

Goods and Services Tax – Started By: – Kavita Sharma – Dated:- 30-6-2017 Last Replied Date:- 30-6-2017 – Sir,I want to elaborate my previous query, the payments are outstanding as on 30.06.17. Service tax was already charged in the bills and not on accrual basis. Since turnover was less than ₹ 50 lacs, the service tax was being deposited on receipt of payments against the bills. Now, when the service provider will receive the payments against the outstanding bills (as on 30.06.17) after 0

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Payment of Taxes and Interest in GST Law

Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 30-6-2017 – How the liabilities in respect of Tax , interest, penalty and other dues under the GST shall be paid, have been summarized hereunder. Same shall be entered in various register etc. All this is prescribed in Section 49 to 50 of the GST Law and GST Payment Rules, 2017. Payment of Taxes [ Section -49 ] A] Electronic cash ledger Section provides for three kind of ledger Electronic cash ledger Electronic credit ledger Electronic liability ledger Electronic Cash Ledger Every deposit made for tax , interest, penalty and fees shall be credited to Electronic Cash Ledger in Form-GST PMT-5. Taxes, Interest , Fees and penalty shall be paid by taxable person in any of the follow

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n shall be credited to his Electronic Credit Ledger on the common portal in Form -GST PMT-2. The electronic credit ledger may include the following ITC from inward supply from registered person. ITC from ISD ITC on stock immediately preceding the day when RP is liable for payment of tax. ITC available on payment made on reverse charge. RP upon noticing any problem can apply on GST PMT-04 on common portal. Manner of Utilisation of ITC Amount of input tax credit in IGST, CGST, SGST or UTGSTshall be utilized as follows : ITC of IGST available in Electronic Credit Ledger shall be utilized first for payment of IGST Liability and after wards for the payment of CGST and SGST. The amount of CGST available in Electronic Credit Ledger of CGST shall b

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n shall be by debiting the electronic credit ledger and crediting the electronic liability register. Explanation- Tax due means tax payable under the Act but does not include interest , fees or penalty. Other due mean interest, fees and penalty. Interest on delayed payment of Tax [ Section 50 ] Every person liable to pay tax and fails to pay the same on due date , shall pay interest on unpaid amount at the rate as prescribed from the due date of payment of tax to the date of payment. Interest shall be paid to the account of central or State Government. Interest shall be paid from the first day on which such tax was due. In case taxable person claim excess input credit u/s 42[10] and or reduction in output tax liability u/s 43[10], shall be

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Export Under Bond

Goods and Services Tax – Started By: – Lakshmi NV – Dated:- 30-6-2017 Last Replied Date:- 30-6-2017 – what are the procedures for export under bond .Any specific form is avilable under GST for executing Bond.To whom such bond is executed – Reply By KASTURI SETHI – The Reply = Most likely, language of bond will remain the same excepting the words,'CE duty' will be replaced by GST. Implementation of GST does not alter the purpose of execution of bond which is already in force. There has b

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Implementation of GST in Customs-Changes in BE/SB Declaration

Customs – Public Notice No. 26/2017/CCP/JMR – Dated:- 30-6-2017 – OFFICE OF THE COMMISSIONER OF CUSTOMS, CUSTOMS (PREVENTIVE), JAMNAGAR "SARDA HOUSE", BEDI BANDAR ROAD OPP. PANCHVATI, JAMNAGAR-361008 F. No. VIII/48-81/Cus-T/2017 Date: 30.06.2017 Public Notice No. 26/2017/CCP/JMR Subject: Reg. Attention of Importers/Exporters, Custom Brokers & Trade is invited to Implementation of GST from 1st July, 2017. Reference is also invited to Taxation Law (Amendments) Act, 2017 (18 of 2017), bringing out amendments in Customs and Central Excise legislations in alignment with GST implementation. Further reference is invited to various decisions in GST Council meeting, documentation of the same in CBEC Website and also the advisory issued by Member (Customs) vide D.O. letter dated 20.6.17 on Customs related matters on introduction of Goods and Service Tax regime. 2. The legislations referred above have necessitated changes in Bill of Entry and Shipping Bill declarations. The revise

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ctive schedules. Similar is the case for GST Compensation Cess Schedule under Section 8(2) of GST (Compensation to States) Act, 2017. The importer shall have to quote the notification number and serial number in the format <SCH><SL.NO>(Schedule suffixed by serial No of the schedule) for levy of IGST rate. For instance, under Schedule II and for an item under Serial Number 3, the serial number in the declaration should be "II3". (iii) The IGST Exemption can also be availed if applicable, by quoting notification issued under section 6 of IGST Act or Customs Act as applicable. Similar is the case for Compensation Cess under Section 8(2) of GST (Compensation to States) Act, 2017. To effect the above changes, the For IGST fields have been used/added in BE Declaration (SBE Table)- other Additional duties in Section 3(CTA): Fields in Bill of Entry For GST For GST C. cess Notification Number IGST Levy Notfn No GST Comp. Cess Notfn.No Notification SI.No Sl.No in format exp

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n Law (Amendments) Act, 2017 comes into force. In such a scenario, the Central Excise levy is applicable on certain goods, while it is not applicable on certain goods. Wherever the additional customs duty (CVD) is levied, CETH as applicable may be declared. In case of Non- Applicability of CETH, "NOEXCISE" should be quoted. 6. Identification of GST Beneficiary : To avail IGST Benefits on Imports, declaration of State Code and GSTIN in Bill of Entry is mandatory. The same needs to be added in CTX Table of the BE Declaration. In any case of non availment of IGST, State Code along with one of the other Identity proof listed below needs to be provided, so as to enable apportionment to the respective states. Description (1) GSTlN-Imp. (2) Regn_Type (3) Type of IEC to be declared (4) GST Benefit (5) GSTIN Normal G TP, CMP, CAS, ISD, NR, TDS Individual Yes GSTIN Govt O GOV Generic IEC of Govt. Yes GSTIN UN D UN Generic IEC of Diplomats Yes Aadhaar A Indivi./Generic No Passport P Ind

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of Entry on filing of Returns. However to avail the IGST credit, the importer needs to mention the Port Code, Bill of Entry Number, Bill of Entry Date, aggregate IGST Taxable value, Total IGST Amount, Total GST Compensation Cess in the GST Return which would be validated online with ICEGATE. For the benefit of the Importers, the above details would be made available in the Final copy of the Bill of Entry. 8. IGST Availment in case of Manual Bill of Entry : Since all the validation related to IGST refund or flow of IGST credit would happen electronically between Customs EDI and GSTN, it is imperative here that the required data is captured electronically without fail for all the imports and exports whether or not they are made through EDI locations. In case of EDI locations, Board has issued instructions vide F.No. 401/81/2011-Cus Ill dated 2nd June 2017 wherein it is envisaged that any manual bill of entry or shipping bill in EDI locations need to be filed following the procedure laid

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laim refund of such tax paid on goods or services or both supplied. 10. Under the GST Laws, taxpayers would be filing their outward supply returns on GSTN for all the supplies made by them including exports. For exports, they will be required to quote the Shipping Bill and export invoice details which shall be validated by the Customs EDI system. The confirmation of the export by Customs shall be made once the EGM is filed and closed (in-case-Qf-IC2s-iLfhnuld-Le Based on this validation only the taxpayer (exporter) shall be granted refund of the IGST paid by him on the exported goods. This validation shall also act as the proof of export in case the exporter has made the supply under bond or LUT without payment of IGST. For facilitating the above, Shipping Bill forms have also been modified to capture the necessary details. 11. GSTIN Entity identification To avail IGST Benefits on Exports, declaration of State Code and GSTIN in Shipping Bill is mandatory. The same needs to be added in

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xable Value and IGST Paid Since the actual quantity and value of the goods finally exported may sometimes be at variance with that indicated on the export invoice, these particulars have to be individually declared for every item. Here, Taxable Value is the value of the item actually being exported on which IGST has been paid. In case of short shipments due to shut out/back to town, IGST has to be calculated proportionately item wise in the invoice based on the actual quantity of exports. This is further explained by the following Illustration: An exporter raises an export invoice as below: Item Quantity (units) Unit Price (Rs) Total Price IGST (Rs) A 1000 200 2,00,000 24,000 B 2000 100 2,00,000 24,000 Total 4,00,000 48,000 Due to some reasons, he finally exports only 900 units of Item A and 1900 units of Item B. For his shipping bill, the Taxable value and IGST of each item shall be calculated in proportion of the actual quantity shipped to the quantity on export invoice, i.e. For Ite

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f goods or services, the invoice shall carry an endorsement "SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX" or "SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX", as the case may be, and shall also contain the following details: (i) name and address of the recipient; (ii) address of delivery; and (iii) name of the country of destination. Other details to be given in the invoice table of the Shipping Bill shall include Third Party remittance details as per RBI requirements, Terms Place(INCOTERMS), End Use (as per the codes available in Imports)etc., as the case may be. The End Use of the Item should be declared against each of the item. The list is provided in Annexure-I. 15. Changes in Drawback Declarations A new declaration is being added for the exporter to certify that no input tax credit of CGST/IGST has been availed for any of the inputs or input services used in the manufacture of the export goods, or that no

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International customs communication as well as with a view to implement e-way bill module in future. Some of this information has been kept optional for now like Movement Document Number etc. Fields which have to be mandatorily declared are: Container Size – As per the codes specified in ISO Directory available on icegate website at. https://www.icegate.gov.in/SWIFT/single window docs.html Seal Type Indicator – BTSL, RFID, ESEAL (mandatory for factory stuffed goods meant for exports). 17. Transitory Provisions for BE The Advance/Prior BE filed before the implementation of GST and regularized for implementation may not have relevant declarations for Duty and GSTIN Identifier details. In such clearances may not be allowed in the system. Same applies to Ex Bond BE filed after implementation in respect of Warehousing BE filed before GST implementation. The Importers may seek to reassess the same by feeding applicable IGST notifications and GSTIN identifer during the assessment. GSTIN iden

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& Supplements -For Personal use FSH100 Food – For Consumer use under commercial distribution (Trading)- Retail or wholesale FSH200 Food – For manufacture/ commercial Processing (Manufacture/Actual Use) FSH700 Food -For Internal use in Hotels-Restaurant FSH710 Food -For Public Display or Exhibition FSH750 Food -For use in International Sports Events FSH800 Food -For Research Use FSH900 Food – For personal consumption FSH910 Food – For distribution in a natural disaster (if received gratis) FSH920 Food -For Charitable Use FSH930 Food -For use in a Diplomatic Establishment GNX100 Generic -For Consumer use under commercial distribution (for Trading – wholesale or retail) GNX200 Generic -For Commercial Assembly or processing (For Manufacture/Actual use) GNX300 Generic -For use as Fertilizers or soil promoters GNX600 Generic -For Repair or Refurbishing as defective or second hand goods GNX650 Generic-For Recycling or Recovery GNX680 Generic -For Disposal as waste GNX700 Generic -For Publ

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Guidance Note for Importer and Exporter on GST roll out

Customs – PUBLIC NOTICE. 25/2017 – Dated:- 30-6-2017 – GOVERNMENT OF INDIA MINISTRY OF FINANCE : DEPARTMENT OF REVENUE OFFICE OF THE PRINCIPAL COMMISSIONER OF CUSTOMS CUSTOM HOUSE, PORT AREA, VISAKHAPATNAM – 530 035 F. No. S2/08/2017-ED1 Date: 30/06/2017 PUBLIC NOTICE. 25/2017 Subject: – Guidance Note for Importer and Exporter on GST roll out-Reg. Attention of all Importers, Customs Brokers, Members of the Trade and others is invited towards guidelines issued by CBEC for Importer and Exporter o

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