Goods and Services Tax

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an Kalyani – The Reply = GST is a tax on Value Addition at every stage. It aims at providing seamless credit at every stage. This will reduce the cascading effect of taxes levied under different Acts. – Reply By Ganeshan Kalyani – The Reply = When goods or services are supplied within the state (Intra State) SGST & CGST would applyWhen goods or services are supplied from one state to another (Inter State) IGST would applyWhen goods or services are imported from different countries IGST (CVD/RCM) would applyIn case of Exports to different countries the tax would be Zero Rated – Reply By Ganeshan Kalyani – The Reply = Area-based tax exemptions will undergo a key change in the proposed goods and services tax (GST) regime-industrial units in the specified areas will need to pay the duties first and get a refund later. This is to ensure that the credit chain in the GST regime is not disturbed. The government, however, has decided not to accept the Thirteenth Finance Commission's rec

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system of tax payment and refund rather than no payment at all, a senior finance ministry official told FE. The official said while doing away with host of exemptions during the GST regime, the GST chain should not break so that an offset of input taxes is available to both units manufacturing the exempt goods and also to units consuming the exempt goods in subsequent manufacture or trade. Area-based exemptions also said to create economic distortion and affect the economic viability of units located in non-exempt areas. They are prone to misuse and difficult to administer, the TFC task force had said. The Finance Commission had suggested that direct investment linked cash subsidy may be given, rather than area based exemptions, if it was considered necessary to provide support to industry for balanced regional development. It suggested that excise duty exemptions given to industrial units be converted into a subsidy scheme. – www.financialexpress.com – Reply By Ganeshan Kalyani – The

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l be four slab GST rates as under: 6% on precious metal, gems, stones, essential food items.12% on FMCG and non-essential food items18% Standard GST rate (most of the goods and service would be covered in this rate)26% some specific items including luxury cars.40% peak rate (this was proposed by Economic advisor which is not ruled out).Source : GST update – Reply By Ganeshan Kalyani – The Reply = The GST Council today met as part of a three-day meeting where it agreed upon a number of contentious issues, such as the compensation formula, and it is set to deliberate the remaining ones over the next two days. – Reply By Ganeshan Kalyani – The Reply = State finance ministers told CNBC-TV18 that the central government had proposed a four-tier goods and services tax (GST) structure of about 6 percent, 12 percent, 18 percent and 26 percent. Additionally, sale of precious metals such as gold should be taxed at a special rate of 4 percent, it was suggested, while most essential items that form

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e proposed to be exempt from the tax and 50 percent of the items of common usage will be exempt to keep the inflation under check. – Reply By Ganeshan Kalyani – The Reply = A few hours after the three-day meeting of the newly-formed GST Council commenced, there are indications that there may be another round of discussion required as differences between Centre and the states persist, according to people privy to the meet, reports CNBC-TV18 s Sapna Das. – Reply By Ganeshan Kalyani – The Reply = A panel headed by Arvind Subramanian, chief economic adviser to the finance ministry, had proposed a sin tax rate of 40 percent for GST on limited items such as aerated drinks, luxury cars and tobacco products. – Reply By Ganeshan Kalyani – The Reply = GST council next meeting to be held on November, 4 – 5 & 9 – 10 – Reply By Ganeshan Kalyani – The Reply = Experts says that rate of 26% is a concern. It may happen that most of the goods be categorised to tax at that rate. – Reply By Ganeshan K

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ew indirect tax regime, Goods and Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure. The lowest rate proposed is 6 per cent, with two standard rates of 12 and 18 per cent. The peak rate, which will mostly apply to FMCG and consumer durables, will be 26 per cent. Besides, a cess is also likely to be levied on demerit or sin goods and polluting items. According to the Centre s estimates on impact of the 4-slab rate structure on CPI inflation, items like chicken and coconut oil which currently suffer a tax incidence of 4 per cent will be taxed at 6 per cent under the GST regime. Similarly, the tax burden on refined oil, mustard oil and groundnut oil will go up from 5 per cent to 6 per cent. Other kitchen staples too will be taxed at 6 per cent as against 3 per cent in case of turmeric and jeera, 5 per cent in case of dhania, black pepper and oil seeds. TVs, air conditioners, washing machines, inverters, ref

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nth. Saying that the four tier rate structure was designed in a way that neither the exchequer lose revenue nor does the common man s tax liability increase significantly, Finance Minister Arun Jaitley had said: the effort will be to fit the goods in the closest tax bracket under GST . – Reply By Ganeshan Kalyani – The Reply = The government is making all effort to implement GST by 01.04.2017 – Reply By Ganeshan Kalyani – The Reply = All issues of GST will be discussed in the next GST meeting. – Reply By Ganeshan Kalyani – The Reply = Much awaited GST is going to a realty . – Reply By Ganeshan Kalyani – The Reply = Simplified tax mechanism is expected with easy compliance and transparency. Guidance and support to discharge correct tax compliance is expected in new tax regime. – Reply By SUNTHARRAJEN P S – The Reply = Dear All,GST Council met at NewDelhi for 3 days under the chairmanship of Hon.Finance Minister and discussed mainly the rates of GST and compensation to State on the possi

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rovider (MSP) for GSTN. – Reply By Ganeshan Kalyani – The Reply = GSTN, a not-for-profit entity incorporated in March 2013, has been set up primarily to provide IT infrastructure and services to the Central and State governments, taxpayers and other stakeholders for implementation of GST. – Reply By Ganeshan Kalyani – The Reply = Amalgamation of the Railways and General budgets has brought the 92-year-old practice to an end. The government proposes to advance the budget presentation date from the last week of February. Source : gsttaxation.com – Reply By Ganeshan Kalyani – The Reply = Corporates need to gear up to upcoming GST. – Reply By Ganeshan Kalyani – The Reply = In the wake of apprehensions that the GST regime may raise inflation and affect the common man, the government may create a separate surveillance agency that will oversee pricing mechanism as goods travel from the manufacturer to consumer. Officials at various forums have been trying to convince people that the GST regim

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er amongst comparable emerging economies… Our recommendations would still place India at the upper end of the standard rates found across comparable countries. It is worth emphasising that the GST is intrinsically a regressive tax and the higher the rate, the greater will be the regressivity. The government is planning to rollout the single most powerful tax reform since independence from April 1, 2017. For that, it will need to pass two GST legislations – CGST and IGST – in the Winter session of Parliament. The GST Council will need to arrive at a consensual standard GST rate. – Reply By Ganeshan Kalyani – The Reply = Proposed cess is a concern raised by the association. all indirect tax and cess is going to subsume in to GST then why should there be a cess again. With the GST rates under discussion and the expected increase of dealers getting registered under GST is high due to lower threshold limits proposed. then why a cess.The revenue under current regime is not distributed

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%. the rates may give room to the dealer to mis classify their product in the lower tax bracket to save on tax payment . thus the rates should be such that all items are taxed in 12% and 18% rate and sin tax be 18% plus %. the link is given below for further reading . – Reply By Ganeshan Kalyani – The Reply = In GST council meeting today, four slab have been set at 5%, 12%, 18% & 28% for different items. These tax rate must be approved by Parliament. – Reply By Ganeshan Kalyani – The Reply = Finance Minister said that the Government has kept about 50% of products in the consumer basket, such as food grains, as zero rated . – Reply By Ganeshan Kalyani – The Reply = The GST panel also approved Cess on tobacco, luxury products and sin items. – Reply By Ganeshan Kalyani – The Reply = To keep inflation in check, essential items including food, which at present constitute roughly half of the consumer inflation basket, will be taxed at a zero rate. The lowest rate of 5 per cent would appl

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NTHARRAJEN P S – The Reply = GST regime is round the corner and it will create a substantial change in the Indian Economy.Now the biggest challenge is whether Manufacturers/Traders be relieved from the submission of Concessional Forms like C,F,E-I,E-II,I etc etc etc.As the CST is re introduced as IGST,whether these concessional forms will be abolished or not is a big question.Members valuable views solicited. – Reply By Ganeshan Kalyani – The Reply = Sir concessional form will not be there under GST . full tax need to be paid on interstate transaction . even for stock transfer . – Reply By Ganeshan Kalyani – The Reply = CHAPTER – XIA JOB WORK 43A. Special procedure for removal of goods for certain purposes (1) The Commissioner may, by special order and subject to conditions as may be specified by him, permit a registered taxable person (hereinafter referred to in this section as the principal ) to send taxable goods, without payment of tax, to a job worker for job-work and from there s

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– Reply By Ganeshan Kalyani – The Reply = The Second day of meeting of GST Council remained inconclusive and state FM s to meet on November 20, 2016 to further discuss and sort out the differences. – Reply By Ganeshan Kalyani – The Reply =

Department of Commercial Taxes Panaji-Goa Procedure for enrollment of existing VAT Dealers on the GST System Portal 1. All registered Dealers under VAT or their Authorized Representatives should visit their respective Ward offices between 09/11/2016 to 11/11/2016 and collect sealed envelope containing their provisional ID and Password for use in completing online pre-registration under GST. 2. After Collecting provisional ID and Password , the Dealer should keep ready a) Valid email address ; b) Valid mobile number ; c) Bank Account Number ; d) Bank IFSC ; e) Scanned business Constitution documents E.g. Partnership deed, Registration Certificate of Company, etc. in PDF or JPEG format, max. size 1 MB; f) Photographs of P

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-registration and in case of any difficulties faced in completing online provisional registration, please contact Helpdesk at respective Ward Offices. 7. Please complete your Online Provisional Registration on or before 29/11/2016 and ensure your smooth migration to GST regime and secure all benefits under transitional provisions under the new GST regime. Dipak M. Bandekar Commissioner of Commercial Taxes Government of Goa. Place: Panaji Goa Date: 02/11/2016. – Reply By Ganeshan Kalyani – The Reply = Sharing an article :After much to-ing and fro-ing, the centre and states have agreed on the rates of the goods and service tax (GST). A five-slab structure of 0%, 5%, 12%, 18% and 28% has been finalized, with some demerit goods taxed above 28% and cess on them has been retained.The issue of administrative control over assesses is still to be thrashed out. The rates at which individual items are to be taxed is yet to be decided, which could explain the lack of enthusiasm in the market, whic

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ees service tax going up from 15% to 18%.While the aim of multiple tax slabs is to minimize the impact on inflation and government revenues, growth could take a hit in the near term. The perception that goods will become cheaper after the GST could prompt consumers to postpone purchases of high-value consumer goods. Therefore, if the GST is implemented from April 2017, there could be a slightly negative impact on consumer demand in the run up to its implementation (i.e., in Q1 2017), said a Nomura report. That is apart from the adverse impact it may have on the unorganized sector.Also, for benefits of GST to start reflecting in India s gross domestic product (GDP) it could take more than two years, the caveat being successful integration. The bump-up in GDP on GST implementation would not be more than 0.5%, said Madan Sabnavis, chief economist at CARE Ratings.The multiple rates will make things complicated from a compliance perspective and could dilute some benefits of the GST system.

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By Ganeshan Kalyani – The Reply = Sharing an article on How India is on a verge of turning its good tax bad.http://www.gstindia.com/gst-how-india-is-on-the-verge-of-turning-its-good-tax-bad/ – Reply By Ganeshan Kalyani – The Reply = Sharing an article on tax rate . CII states that GST rate to be one or two tax slab rate. – Reply By Ganeshan Kalyani – The Reply = Sharing an article on impact of GST rate on company . – Reply By Ganeshan Kalyani – The Reply = Sharing an article – All India Gems and Jewellery Trade Federation made representation for GST @1.25 % . – Reply By Ganeshan Kalyani – The Reply = Sharing an article : Consumers Electronics Manufacturers Association made representation for 18% GST rate. – Reply By Ganeshan Kalyani – The Reply = The Government has listed GST related bills to be tabled in upcoming winter session. These are: The Central Goods and Service Tax Bill, Integrated Goods and Services tax bills and GST (Compensation for loss of revenue). – Reply By Ganeshan Kal

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r 16, 2017, and if it is not implemented by then, states will not be able to collect their share of taxes, and hence, there is not enough scope to further delay the decision, Jaitley said at an economic editors conference here. – Reply By Ganeshan Kalyani – The Reply = The Centre has circulated the draft goods and services tax (GST) Bills with the states…… – Reply By Ganeshan Kalyani – The Reply = GSTN had received over 300 applications from private firms who were seeking to become GST Suvidha Providers(GSPs). In order to give tax payers more choice to file their returns once the tax reform is rolled out from April 1, 2017, GSTN invited private companies to build innovative third-party interfaces. – Reply By Ganeshan Kalyani – The Reply = Pindichery and Goa commercial tax department published circular requesting the dealer to collect their login credentials from the department and do the registration process in GSTN . – Reply By Ganeshan Kalyani – The Reply = Maharashtra Value Adde

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f India to familiarize them on the important features of GST.The Seminar is being organised by the GST Council in national capital. – Reply By Ganeshan Kalyani – The Reply = The Central Government has circulated the draft of the three GST related Bills -the Central Goods and Services Tax Bill, the Integrated Goods and Services Tax Bill, the Goods and Services Tax (Compensation for Loss of Revenue) Bill – to the State Governments.States have been given seven days to send their suggestions/ comments. These three Bills are slated to be discussed by the GST Council on 24th and 25th November, 2016. – Reply By Ganeshan Kalyani – The Reply = CBEC has released the translation in regional languages of the FAQs on GST earlier published in English. – Reply By Ganeshan Kalyani – The Reply = Several States have initiated the facilitation for migration of existing assessees registered under the VAT Act of the respective States. – Reply By Ganeshan Kalyani – The Reply = Since GST would be replacing t

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most suitable States . – Reply By Ganeshan Kalyani – The Reply = Compliance cost for logistics companies is likely to increase since transporters whose vehicles pass through multiple states would need registration in each of these states to take input credit for expenses incurred in that state. – Reply By Ganeshan Kalyani – The Reply = Supply of goods without consideration are deemed as supply and would be subject to tax under GST regime. Thus free samples and promotional material in case of FMCG companies would attract tax and lead to higher tax outgo. – Reply By Ganeshan Kalyani – The Reply = As the entire administration of finance ministry and also trade circles are now per-occupied with facing blows of demonetization, trade circles feels it would be difficult for the government to go ahead with its GST agenda. – Reply By Ganeshan Kalyani – The Reply = Information Technology is going to play a key role in GST . Sales purchase details need to be uploaded in GSTN . The IT of an organ

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i – The Reply = GSTN is a not for profit organisation created for special purpose. – Reply By Ganeshan Kalyani – The Reply = GST will result better tax conplaince under GST due to better network . – Reply By Ganeshan Kalyani – The Reply = Complaince cost under GST is going to increase. – Reply By Ganeshan Kalyani – The Reply = The list of goods covered under the proposed tax structure is expected by the dealers to analyse the impact of increase/ decrease in the business expense income etc due to GST to introduction of GST , is a matter of concern . – Reply By Ganeshan Kalyani – The Reply = Tax payer having multiple business in one state may register one business entity first. For the remaining business within the State the tax payer need to get in touch with the respective Jurisdictional Authority. – Reply By Ganeshan Kalyani – The Reply = There will be no paper based enrolment. All migration will take place online. – Reply By Ganeshan Kalyani – The Reply = Existing ISD registrations a

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c/gst/revised-gst-lawsThanks. – Reply By Ganeshan Kalyani – The Reply = States will receive provisional compensation from Centre for loss of revenue from implementation of GST every quarter but the final annual number would be decided after an audit carried out by CAG. – Reply By Ganeshan Kalyani – The Reply = Supplies made to SEZ units to be treated as zero rated supplies under GST. – Reply By Ganeshan Kalyani – The Reply = The government is keen to ensure that the three legislations are approved in the ongoing winter session of parliament to meet the deadline of rolling out GST by April 1. – Reply By Ganeshan Kalyani – The Reply = Taxpayers has to visit GSTN site and get provisional registration within the given time limit. Further those who are not registered within the time limit can get registered till 31st January 2017. – Reply By Ganeshan Kalyani – The Reply = The provisional GSTIN issued is 15 digits PAN based number. The first two digits represent the State Code. The next 10 d

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be a game changer. It is an efficient tax system . It will certainty help the consuming States. – Reply By Ganeshan Kalyani – The Reply = GST provisional registrations are started only for those who are already registered with Sales Tax Department. The registrations has not been started for those taxpayers who provide only services. – Reply By Ganeshan Kalyani – The Reply = The government is not in favour of restricting the administration of businesses up to ₹ 1.5 crore to state tax authorities. Both states and centre will administer taxpayers above ₹ 1.5 crore, according to a proposal by states. – Reply By Ganeshan Kalyani – The Reply = Union Finance Minister today said it would meet again on December 11 and 12 to hammer out differences on which assessees will come under states' jurisdiction, and which ones will come under the Centre's. – Reply By Ganeshan Kalyani – The Reply = There are two other laws – Compensation and IGST – which will be discussed in the next m

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By Ganeshan Kalyani – The Reply = Union Finance Minister says, GST Council is deliberating on ways to reduce the taxation process, including assessment by tax officials. Today, each person gets assessed thrice, in each of the three taxations (including VAT and central excise). Now, you will only be assessed once and what one authority assesses, others will have to accept that assessment, he said. – Reply By Ganeshan Kalyani – The Reply = Whether GST will be implemented w.e.f. 01.04.2016 or by September 2016, the companies / assesses need to be prepared to welcome the change . All information technology related readiness and business strategy need to have been done . Most of the companies are doing the impact analysis of GST on their business . It is good that Government has also initiated the provisional registration process well advance leaving to space for last minute rush. Assesses have strated discussing their business by relating that if GST comes into effect what will be their im

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ut tax credit matching task would become a continuous task and there is going to be a huge data uploaded into GSTN and mismatch is ought to happen . Overall there is really a need for deducted staff for gst in a big company . – Reply By Ganeshan Kalyani – The Reply = Return for outward supply is required to be filed by 10th and inward supply by 15th and return to be filed with combined detail by 20th. Also there would be ISD return to be filed and Wct return as well. Thus, a dedicated staff to look after these compliances is required. – Reply By Ganeshan Kalyani – The Reply = With GST every tax consultant and experts are now on sale line . This is a good start for all the tax aspirants . Taxation is a good area to expertise on . – Reply By Ganeshan Kalyani – The Reply = Some are expressing that they thought that there would be a single tax rate , say 18%. The same could have brought all types of assesses on the same line . But after learning that there are 4 tier tax rates the purpose

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eshan Kalyani – The Reply = Companies with minimum transaction may not go for higher version accounting software. with lesser data the compliance is managible . – Reply By Ganeshan Kalyani – The Reply = As regard learning GST, conferences are also organised. – Reply By Ganeshan Kalyani – The Reply = The roll-out of the Goods and Services Tax (GST) regime is set to miss the April 1, 2017 deadline. It looks increasingly improbable that the three GST enabling Bills – the Central GST, Integrated GST and State GST – could be passed in the remainder of the ongoing winter session of Parliament, which concludes on December 16. – Reply By Ganeshan Kalyani – The Reply = On the chances of reduction in GST rates in future, CBEC chief explained that Centre and States at present collect ₹ 8 lakh crore from Indirect taxes, minus customs duty, and the same level of revenue has to be collected in the GST regime. Once we see how much money is collected from these taxes, we can certainly look at th

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n the Parliament said, The kacha bill and pakka bill system in our country has helped mobilize back money. GST will help put an end to this. – Reply By Ganeshan Kalyani – The Reply = CII Director-General Chandrajit Banerjee has said : The GST should begin with an absolute limit of four rates as suggested by the Government, and over time, government should commit to converging these four rates to one or two rates. – Reply By Ganeshan Kalyani – The Reply = Tax experts said the April,1 GST rollout deadline will be missed. It's unfortunate that there was not much headway in the Council meeting. The only silver lining was that substantial progress seems to have been made on discussions with respect to laws and broad consensus was reached for provisions up to Chapter 20 (out of total 27 chapters), said Pratik Jain, partner and leader indirect tax, at consultancy firm PwC. – Reply By Ganeshan Kalyani – The Reply = The government was keen to introduce the GST bills in the winter session of

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tive backing , taxes could not be levied. – Reply By Ganeshan Kalyani – The Reply = The GST Council has announced that demerit goods like tobacco will be subject to the highest GST rate of 28 plus an additional cess. Tobacco taxation as a fiscal policy is a 'win-win' situation. It not only increases revenue generation but also reduces the consumption of tobacco especially for the young and poor. – Reply By Ganeshan Kalyani – The Reply = India's GST reform is a historic opportunity to implement a system of taxation that strongly supports sustainable development across its many dimensions, including health, equity, poverty and good governance . – Reply By Ganeshan Kalyani – The Reply = The Government should ensure that all tobacco products including bidis and smokeless tobacco are taxed at the highest rate of GST and subject to additional cess to protect the most vulnerable section of the society, the poor. – Reply By Ganeshan Kalyani – The Reply = Ministry of Finance has rel

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Reply = Jaitley suggested there is a need that each assessee is assessed only once since central taxes like excise and service tax and state levies like VAT are being subsumed into one. You have the pre-existing (tax) machinery of the Centre and states. (It has to be decided) how the burden of this assessment is going to be shared between the Centre and states and how we cross-empower both the Centre and states, he said further.Saying GST will usher in a common taxation and should lead to a federal bureaucracy, Jaitley felt that both the Centre and states should figure out sharing of the tax assessment.Ideally, he said, it should be proper for the issues to be resolved at the beginning of financial year on April 1 for the new regime to kick in. But then, in any case, nobody has the luxury of time, he cautioned. – Reply By Ganeshan Kalyani – The Reply = The Goods and Services Tax (GST), FM said, can be implemented anytime between April 1 and September 16, 2017, in accordance with the co

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l, there will be one tax allowing companies to save from the existing cumulative 25-30% tax burden and reduce it to 17-18% through a single unified tax and the advantage of logistics and processing costs thereof, said K Krishnamoorthy, Chairman, India Electronics & Semiconductor Association. – Reply By Ganeshan Kalyani – The Reply = All entities exempted from payment of indirect tax under any existing tax incentive scheme would pay tax in the GST regime and the decision to continue with any incentive scheme shall be with the concerned State or Central Government. In case any State Government or Central Government decides to continue any existing exemption/incentive scheme, it will be administered by way of a reimbursement mechanism. – Reply By Ganeshan Kalyani – The Reply = Bands of rates of goods under GST shall be 5%, 12%, 18% and 28% and in addition there would be a category of exempt goods. Further, a cess would be levied on certain goods such as luxury cars, aerated drinks, pa

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tes with bands of GST. – Reply By Ganeshan Kalyani – The Reply = The GST related draft laws and Provisions for cross empowerment to ensure single interface under GST are under consideration of the GST Council. 99 Sections of the Model GST Law have already been discussed by the Council and remaining Sections will be discussed in the next meeting of the Council scheduled for 22-23 December, 2016. – Reply By Ganeshan Kalyani – The Reply = Winter session of Parliament started in November 16, 2016 and ended on December 16, 2016. The GST Council is scheduled to meet again on 22-23 December, 2016. – Reply By Ganeshan Kalyani – The Reply = GST is a transactional tax and not an income tax. Transactional tax can start in any part of the financial year and therefore, the range of timing when it has to come into force because of constitutional necessity is April 1, 2017 to September 16, 2017. Hopefully, the earlier we do, the better it is for the new taxation system, Jaitley said at the annual gen

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discussed 99 sections and a few clauses need to be redrafted. We would change that during the course of time. Hopefully, in the next meeting we would be able to clear the legislation part, Jaitley said.Next GST Council meeting will take place on December 22-23. – Reply By Ganeshan Kalyani – The Reply = Central Board of Excise and Customs (CBEC) yesterday said that it has started the exercise of putting the goods in the four tax slabs. We have started the exercise of putting goods into various tax slabs. It will be shared with the (GST) Council, CBEC Chairman Najib Shah said. – Reply By Ganeshan Kalyani – The Reply = CBEC Chief Najib Shah spoke in favour of multiple rates saying How can you possibly have one rate for edible oil and car or for atta and computers. We cannot have one rate. We can reach one rate 20 years down the line. EU, several countries have one rate of 18/20 per cent, will that be acceptable to us? It would not be acceptable for us. We have to have multiple rates, – Re

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l supply, shall be treated as a supply of such principal supply; (b) a mixed supply comprising two or more supplies shall be treated as supply of that particular supply which attracts the highest rate of tax. – Reply By Ganeshan Kalyani – The Reply = Section 48 of the Revised Model GST Law provides for refund of un-utilized input tax credit to exporter of goods/ services. Under original Model GST Law, 80% upfront refund within sixty days sanctioning clause was inserted i.e. on provisional basis subject to documents verification. This limit has been revised to 90% in the new draft. It means that if an exporter files refund of say INR 100, tax authorities would provisionally pay INR 90 within 60 days of application. However, the verification of all the requisite documents would happen and then remaining amount will be refunded. – Reply By Ganeshan Kalyani – The Reply = With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. Service sector will get

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r Sumit Lunker said the April 1 rollout deadline seems challenging, as the CGST and IGST laws can be passed only in the Budget Session in early February. Thereafter, states will have to pass the SGST law in their assemblies. After the law is passed, industry would need at least 3-4 months time to be GST ready, especially on the IT infrastructure front. Most IT companies would come out with their patches and updates after the final law is crystallised. July 1 appears to be a more feasible date for implementation, he said. – Reply By Ganeshan Kalyani – The Reply = Nangia & Co Director (Indirect Taxation) Rajat Mohan said July 1 looks like the best case scenario for GST implementation as by then the industry will also be able to migrate into the new taxation regime. Source: The Economic Times. – Reply By Ganeshan Kalyani – The Reply = As far as the model GST law is concerned, PwC India Executive Director Sumit Lunker said, there is no big challenge in passing it as the GST Council has

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s, consensus on dual control could not be established.However, to bring this back on track, GST Council meeting was called on December 22-23. Here s what can be expected from 2 day meeting starting tomorrow:1. Finalisation of GST Bills2. Achieve consensus on dual control/ administration. – Reply By Ganeshan Kalyani – The Reply = Central Board of Excise and Customs released Frequently asked Questions (FAQs) in English. Later, for benefit of trade and to achieve wide reach – FAQs are understood by people speaking different languages across country, FAQs were released in Hindi and 7 regional languages – Assamese, Bangla, Gujarati, Punjabi, Kannada, Malayalam and Telugu. – Reply By Ganeshan Kalyani – The Reply = Neither the laws nor the schedule of the GST rates have been finalised as yet. This poses several challenges for businesses, the most critical being IT systems readiness, where changes can only start once the laws are finalised. Further, the industry needs to look at the vendor eco

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sses accruing on account of the adoption of the new tax regimeThe stage is now set for a dialogue on the final agenda item: cross empowerment. The council will meet on 3-4 January to resolve this issue. – Reply By Ganeshan Kalyani – The Reply = The Centre will impose a cess on luxury items like high-end cars and demerit goods including tobacco, pan masala and aerated drinks, over and above the highest 28%. Under the structure, the clean energy cess and cess on luxury items and demerit goods would be utilised to create a ₹ 50,000 crore fund every year which will be utilised to compensate the states for first five years of GST roll out.Source: livemint – Reply By Ganeshan Kalyani – The Reply = The base year for calculating the revenue of a state for Compensation has been decided as 2015-16. – Reply By Ganeshan Kalyani – The Reply = The GST Compensation Bill will provide a legal backing to the Centre s promise to compensate the states if their revenue growth rate falls below 14% in

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an Kalyani – The Reply = The Centre is pushing for a vertical division of the assessee-base without a turnover threshold. Under this model, both states and the union government will have oversight powers on a certain fixed proportion based on the number of assessees, rather than the turnover. – Reply By Ganeshan Kalyani – The Reply = Jaitley said that a committee is concurrently working on the classification exercise-a comprehensive list specifying the tax rate that each good and service will attract. – Reply By Ganeshan Kalyani – The Reply = States will be compensated 100 percent loss for 5 years, the Finance Minister added. – Reply By Ganeshan Kalyani – The Reply = V Manickam, Secretary General, Life Insurance Council, the umbrella body for all life insurers, said that the industry had sought a zero rate for insurance, which the government rejected. – Reply By Ganeshan Kalyani – The Reply = Roopam Asthana, CEO, Liberty Videocon General Insurance said that the 10 percent discount that

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aid, adding that the cess collections will be exclusively used by the Centre to compensate states. – Reply By Ganeshan Kalyani – The Reply = The centre, on the other hand, is keen on equal division of all assesses between the two authorities to ensure single interface with any one authority in line with constitutional amendment. It has mooted the idea of crossempowerment wherein both authorities can work in tandem on key functions of audit and registration of new assesses – Reply By Ganeshan Kalyani – The Reply = Associated Chambers of Commerce and Industry of India has suggested removal of a provision in the revised Model GST Law dealing with anti-profiteering since it is open to misuse and subjective interpretation, Assocham said in a statement here on Friday.In the revised Model GST Law, the central government has been given powers to constitute an authority to examine whether input tax credits availed of by any registered taxable person, or the benefit of a reduction in the tax rat

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services tax (GST) regime. – Reply By Ganeshan Kalyani – The Reply = Telecom is an infrastructure service designated as an essential service under the Essential Services Maintenance Act, 1968, and is availed by masses, said Rajan Mathews, director- general of the Cellular Operators Association of India (COAI). – Reply By Ganeshan Kalyani – The Reply = FM impressed upon the gathering the importance of coordination between the Central and the State administration in smooth transition from the old to new Indirect tax regime so that the taxpayer of the country does not suffer. – Reply By Ganeshan Kalyani – The Reply = FM Arun Jaitley after inaugurating Professional Training Course of 68th Batch of IRS (C&CE) Officers spoke on change in mindset of tax payers. He also expressed faith in the probationers to be able to carry out the onerous task of smooth rolling out and administering the new indirect tax administration system i.e. Goods and Services Tax (GST). – Reply By Ganeshan Kalyani

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By Ganeshan Kalyani – The Reply = In GST Council meeting beginning today – GST Council is expected to form consensus on Dual Control administration and discuss IGST Law. Thereafter, present the laws before parliament in budget session. – Reply By Ganeshan Kalyani – The Reply = Not even a single assessee registered in J&K has converted to GST. The reason being state government has not participated in this grand transition to GST plan.Currently, J&K is outside the purview of Service Tax. J&K is the only state in the country with powers to tax services and it want to be part of GST without compromising its constitutional position on taxing services. – Reply By Ganeshan Kalyani – The Reply =

– Reply By Ganeshan Kalyani – The Reply = Commerce

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India by virtue of their business e.g. Telecom operators like Airtel, Vodafone and Banks like ICICI, HDFC. – Reply By Ganeshan Kalyani – The Reply = The gst enrolment process kicked off on 8th November 2016. As per the figures released in GSTN in only 7 states/UT more than 50% assessees have enroled under GST.Following States are ahead in GST enrolment with maximum number assesses. These are:1. Gujarat – 78.52%2. Madhya Pradesh – 77.68%3. Chhattisgarh – 74.66%4. Rajasthan – 67.7%5. West Bengal – 56.94%6. Jharkhand – 56.47%7. Chandigarh – 53.93%8. Bihar – 48.8%9. Goa – 46.69%10. Delhi – 45.78% – Reply By Ganeshan Kalyani – The Reply = The government will present the Union Budget 2017-18 on February 1 for the financial year starting on April 1, a senior government official said. – Reply By Ganeshan Kalyani – The Reply = The Budget 2017-18 would be presented on February 1. The Part B of the Budget speech, which contains tax proposal, could carry half-yearly estimates of service, central e

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ustoms Excise & Narcotics (NACEN) has released video tutorials to explain registration and refunds under GST in very simple way. You can watch the video from below links:1. Refunds under GST2. Registration under GSTThe videos explain how refunds and registration process would work under GST. Hope you find them useful! – Reply By Ganeshan Kalyani – The Reply = There is some thinking of an increase in the service tax rate in case the GST is not implemented from April. A higher rate will help improve revenue and also bring it closer to the proposed standard rate under GST, said a close source. – Reply By Ganeshan Kalyani – The Reply = It is expected that Arun Jaitely would reveal revised GST rollout date during Budget. – Reply By Ganeshan Kalyani – The Reply = GST Council s next meeting on 16th January will play a very pivotal role in framing FM s budget speech. India will have to implement GST on or before September 15, 2017 – Reply By Ganeshan Kalyani – The Reply = Current threshold

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cedure, it will become very very simple for the people to pay taxes, Adhia said. – Reply By Ganeshan Kalyani – The Reply = GST taxes can be paid by way of NEFT, RTGS, cheque, and debit/credit cards etc. – Reply By Ganeshan Kalyani – The Reply = GST is a very very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax, Adhia said at the Vibrant Gujarat global Summit here. – Reply By Ganeshan Kalyani – The Reply = Vijay Prakash Kumar, CEO of GST Network, says, We have already rolled out one of the modules, which is registration, and using that more than 28 lakh people have already enrolled as tax payers and remaining hopefully will be doing it this month by January 31. – Reply By Ganeshan Kalyani – The Reply = The government owns 49 per cent in it, with the central and state governments owning 24.5 per cent each, w

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n Kalyani – The Reply = The Rajasthan state government will incorporate the provisions of Goods and Service Tax (GST) in the budget even if its implementation is delayed by the Centre beyond April.The budget will have separate heads under GST and well-laid guidelines of tax distribution. Sources claim the budget will be presented like every year in the same format but with additional features. – Reply By Ganeshan Kalyani – The Reply = Companies will now start locating manufacturing plants on the basis of economic sense instead of choosing areas where the taxes are lowest. Companies would need to rework their strategies because there would be little to gain in terms of tax holidays. CII President Naushad Forbes said. – Reply By Ganeshan Kalyani – The Reply = Companies, domestic or multinationals, have been choosing small hill towns and remote parts of the country to take advantage of no-tax or low-tax regimes. The advantage will cease because as the GST model law reads today, the tax ho

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h businesses would be divided in the ratio of 50:50 between Central Government and the States. – Reply By Ganeshan Kalyani – The Reply = GST is now expected to be rolled out by 1st July 2017, as opposed to the earlier date of 1st April 2017. – Reply By Ganeshan Kalyani – The Reply = Addressing media post conclusion of ninth GST Council meeting, FM Arun Jaitley has said that the new deadline for GST rollout is July 1. – Reply By Ganeshan Kalyani – The Reply = GST Council would meet again on Feb 18 to approve drafts of supplementary GST legislation. – Reply By Ganeshan Kalyani – The Reply = As per the revsied enrolment schedule, the due date for service taxpayers who are registered under Service Tax Act but not registered under State VAT has not been specified. TBD i.e. To Be Decided has been put as of now. – Reply By Ganeshan Kalyani – The Reply = Since the likely standard rte of GST would be 18 percent as decided by GST Council, there is all likelihood that Service Tax rate may be incr

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eral adverse effects to the economy if there is any increase in power tariffs due to the new tax regime. – Reply By Ganeshan Kalyani – The Reply = It is estimated that the Government shall levy tax between 12 per cent and 18 per cent on services, depending on its classification based on essential and non-essential services as a move towards the final GST rate. – Reply By Ganeshan Kalyani – The Reply = The GST will replace multiple indirect taxes like the central excise, sales tax, VAT and service tax by a single consolidated tax. The consolidation will bring to an end the exemptions associated with various taxes for exporters. As of now, it appears that exporters will first have to pay the GST on all raw materials, inputs and other services they source domestically for their exports and later claim refunds. This would imply greater expenditures for exporters since refunds will materialise only after several months. – Reply By Ganeshan Kalyani – The Reply = Currently, consumers are payi

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ficantly improve the ease of doing business in India. – Reply By Ganeshan Kalyani – The Reply = Mr. Rakesh Bhargava, director, Taxmann, said that July 1 is more realistic deadline for the rollout of GST. It's a welcome step. The government seems to have felt the pain of the industry and decided to give it ample time to make the required changes before getting GST implemented, he said. – Reply By Ganeshan Kalyani – The Reply = While the goods and services tax (GST) tax structure has been announced, the real estate industry is waiting with bated breath to see which tax rate is applied to the real estate and construction industry. Clarification would also be needed on the abatement scheme, and whether credit for input tax would be allowed if the composition scheme has been availed by developers. – Reply By Ganeshan Kalyani – The Reply = It is expected that the Government may further raise the rate of service tax to 16% – 17% to bridge the gap between current service tax rate and propo

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into a single market, boost revenues through better compliance and simpler procedure – Reply By Ganeshan Kalyani – The Reply = Since inception of the GST council last year, eight meetings have already taken place during which most of the issues between the States and Centre got resolved and the Government has now been able to reach a broader consensus on the model GST legislations and the same have been sent to the Ministry of Law for review. – Reply By Ganeshan Kalyani – The Reply = The GST Council has already decided on a four-slab GST rate structure. Separately, a bureaucrats panel is working on the classification exercise, a comprehensive list clubbing thousands of goods and services into different rate categories. – Reply By Ganeshan Kalyani – The Reply = The last date for GST enrolment is 31.01.2017. – Reply By Ganeshan Kalyani – The Reply = Central taxes such as, Central Excise duty, Additional Excise duty, Service tax, Additional Custom duty and Special Additional duty, Central

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taxable base, would attract an additional cess over and above the higher rate of 28 per cent, Revenue Secretary Hasmukh Adhia told reporters. – Reply By Ganeshan Kalyani – The Reply = With most services likely to attract a tax of 18 percent under GST, finance minister Arun Jaitley will likely raise the existing service tax rate in the budget for 2017-18 to align it closer the GST rate. – Reply By YAGAY AND SUN – The Reply = Vijay Kelkar backs single GST rate, says it's easier to roll out – Reply By YAGAY AND SUN – The Reply = Many issues need to be resolved to make ideal GST: Amit Mitra – Reply By YAGAY AND SUN – The Reply = Arun Jaitley may hike service tax to 16-18 per cent in Budget – Reply By YAGAY AND SUN – The Reply = Vijay Kelkar says single GST rate easy to administer. – Reply By YAGAY AND SUN – The Reply = FM assures taxmen says GST will increase new professional opportunities. – Reply By YAGAY AND SUN – The Reply = GST: CBEC officials oppose ceding taxpayer base to state

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d raised the GST issue in Parliament. Referring to the IRS officers and other Customs and Central Excise officials, present at the meeting, as colleagues , he called upon them to take up the issue collectively to the Centre by involving the trade. On the issue of delays in the promotion of Customs officers, the MP said the CAT judgment on the applicability of reservations was referred to the Supreme Court and the latter suggested an amendment of the Constitution in this regard. The Amendment Bill was passed by the Rajya Sabha but unfortunately before it could be passed by the Lok Sabha, it was dissolved and after 2014 elections no one took up the cause. Dr. Ravindra Babu, a medical student of Andhra Medical College, called upon his IRS colleagues to organise all India meets and regional meets and come to Delhi with a memorandum for submission to the Prime Minister. He also favoured improvement of the infrastructure of the Customs Department and assured of his help in bringing it to the

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Polices. Global Growth Faltering . Brexit and its Implications. Effect of Demonetisation Disruption on GST – Reply By YAGAY AND SUN – The Reply = Customs and excise officials upset with GST administration deal with states – Reply By YAGAY AND SUN – The Reply = GST: Centre, States reach consensus over dual control, rollout likely from July 1 – Reply By KASTURI SETHI – The Reply = Still the situation is fluid. The possibility of further postponement to 1.9.2017 cannot be ruled out. – Reply By Ganeshan Kalyani – The Reply = Chairman of the Empowered Committee of Ministers on GST, Amit Mitra, today said many issues needed to be resolved to make an ideal Goods and Services Tax . – Reply By Ganeshan Kalyani – The Reply = Sri Kastiei Sir, i agree with your views Sir – Reply By YAGAY AND SUN – The Reply = GST protest: 70,000 tax officers to wear black bands to work tomorrow. – Reply By YAGAY AND SUN – The Reply = IRS officers protest against GST council's decisions – Reply By YAGAY AND SUN

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Kalyani – The Reply = GST council is going to meet on 18th February. – Reply By Ganeshan Kalyani – The Reply = The rate of GST product wise is expected to analyse the impact on there working capital and on business. – Reply By Ganeshan Kalyani – The Reply = Compliances are going to be a big concern for big industries having huge transaction and having many branches. It is also going to be a big concern for service industries. Untill now they have single centralized registration for service tax. Under GST they would require to enrol in every state where they have operation. – Reply By Ganeshan Kalyani – The Reply = FM said that no major changes in current indirect tax regime of central excise, customs and service tax is made as anyway these taxes is going to subsume in GST. – Reply By YAGAY AND SUN – The Reply = Draft GST laws due in second half of Budget session: FM Jaitley – Reply By YAGAY AND SUN – The Reply = Allied GST laws coming up. – Reply By YAGAY AND SUN – The Reply = In

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ra opened – Reply By YAGAY AND SUN – The Reply = GST To Smoothen Taxation, Bring In Transparency: Experts At an interactive awareness programme for start-ups, the experts said the government is expected to resolve the queries of entrepreneurs regarding GST. – Reply By YAGAY AND SUN – The Reply = GST roll out next fiscal: Is the govt looking at changing the financial year? – Reply By YAGAY AND SUN – The Reply = GST decisions under states' pressure, reverse them: IRS – Reply By YAGAY AND SUN – The Reply = Vehicle scrap policy to go to GST Council post Cabinet nod: Gadkari V-VMP policy to push 28 million decade-old vehicles off the roads – Reply By YAGAY AND SUN – The Reply = Smartphone buyers beware: GST may lead to 25% hike in prices CyberMedia Research estimates that with imposition of goods and services tax (GST), the price of smartphone handsets would increase by around 25 percent. – Reply By YAGAY AND SUN – The Reply = Many issues need to be resolved to make ideal GST: Amit Mitr

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ssue that deals with assessee jurisdiction, deferring target for its roll-out to July 1. I am trying my best (on deadline of April 1). There was a broad view that July 1 appears to be a more realistic date for the implementation, Jaitley said at a press briefing after today's GST Council meet ended. We discussed cross empowerment issue whole day but…, Jaitley said. He, however, said there were agreements on some other issues, including an agreement that integrated GST (law) will be mutually empowerment model . Also, territorial waters, taxation powers will be delegated to the states , he said. – Reply By YAGAY AND SUN – The Reply = GST Bill: Narendra Modi govt s push to pass legislation, how it will help businesses and common manGST would be beneficial for all the stakeholders and would provide a much needed boost to the reform agenda of the government. – Reply By YAGAY AND SUN – The Reply = Potential benefits of GST: Smooth credit mechanism by decreasing the cascading effect of

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ected that they are likely to get a shorter window to prepare for the transition. Hence, businesses need to accord high priority on the transition in order to realise the full-scale benefits of GST. – Reply By YAGAY AND SUN – The Reply = Time is of the essence – act now As GST may be introduced at a short notice owing to political compulsions, the time available for businesses is less. – Reply By YAGAY AND SUN – The Reply = Anti-profiteering provision in GST law is retrograde. Section 4 of the Competition Act, 2002, provides for action against abuse of dominant position – Reply By YAGAY AND SUN – The Reply = Revenue Department prepares draft recommendations for GST rates: Report The Revenue Department has prepared draft recommendations for GST rates on services. According to the draft, GST on telecom, banking, financial services, aviation is proposed to be pegged at 18%, according to a report. – Reply By YAGAY AND SUN – The Reply = Meeting Apple s demands for tax concessions to be diff

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n on countervailing duty on imported components, as GST does not allow for individual exemptions. – Reply By YAGAY AND SUN – The Reply = Centre assures realty sector of revenue neutral GST rate. – Reply By YAGAY AND SUN – The Reply = Credai, the apex body of private real estate developers, today said that it is expecting a revenue-neutral GST rate without any adverse impact on realty prices, a relief for the sector. – Reply By YAGAY AND SUN – The Reply = Credai expects GST rate to be neutral for housing sector. – Reply By YAGAY AND SUN – The Reply = GST to create ₹ 36,000 crore software market in MSME segment. – Reply By Ganeshan Kalyani – The Reply = The implementation of the Goods and Services Tax (GST) can add 1.5-2.0 percent to the country s GDP feels Adi Godrej, Chairman of Godrej Group. Sectors lagging right now due to various reasons, including demonetisation, will pick up strongly, and the last 3 quarters of this financial year will be very good for the economy, he told C

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also continue and will clear all the pending cases of VAT in near future and after that they may cease to function. – Reply By YAGAY AND SUN – The Reply = Realty will pick up post GST implementation, says Adi Godrej Adi Godrej, Chairman, Godrej Group on Wednesday said that realty will pick up post implementation of Goods and services tax (GST). GST can add 1.5-2% to GDP, he said. – Reply By YAGAY AND SUN – The Reply = Blue Star J&K plant awaits clarity on GST compensation Air conditioning and commercial refrigeration major, Blue Star Ltd today said it was awaiting greater clarity on Goods and Services Tax (GST) compensation for their proposed greenfield plant at Jammu before moving ahead any further constructing the factory. – Reply By Ganeshan Kalyani – The Reply = We are very close to finalisation of law. The Model law will be finalised by the end of this month. Currently, Model CGST and SGST law are being vetted by the law ministry, and these will be taken before the GST Council

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Draft Model Goods And Services Tax (GST) Law. – Reply By YAGAY AND SUN – The Reply = Cong says govt delaying GST implementation Congress today accused the government of being insensitive towards implementing GST and said the blame for delaying the key tax reform measure for three years should be on the Modi dispensation. – Reply By YAGAY AND SUN – The Reply = Land, real estate should be brought under GST: Delhi deputy CM – Reply By YAGAY AND SUN – The Reply = Govt hopeful of passing GST bills in 2nd leg of Budget session Replying to a question on GST bill, Parliamentary Affairs Minister Ananth Kumar said, That is on the plate. GST council is meeting on 18th and it will be decided after that, but we are hopeful that supporting GST bills will be passed in the next phase of the session. – Reply By YAGAY AND SUN – The Reply = Preparing for GST: For SMEs this can be a good starting point – Reply By YAGAY AND SUN – The Reply = Govt may rework indirect tax maths mid-way after GST entry – Rep

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s Avendus' Andrew Holland Valuations are challenging. We are seeing early signs of pick-up from demonetisation but its not a V-shape pick-up and will not be a V-shaped recovery – Reply By YAGAY AND SUN – The Reply = Cos rush to merge arms for better efficiency under GST. – Reply By YAGAY AND SUN – The Reply = Adi Godrej expects double-digit GDP growth once GST kicks in Going ahead, remonetisation will spur the company s earnings in the fourth quarter ending March 2017, Godrej Group Chairman Adi Godrej said, adding that GST rollout will fuel the company s and India's growth in FY18. – Reply By YAGAY AND SUN – The Reply = GST Council to discuss anti-profiteering clause at February 18 meet. – Reply By YAGAY AND SUN – The Reply = StanChart pegs GDP at 7.2% in FY18, says GST may slow down growth Analysts at Standard Chartered expect GDP growth in India to be slow at 7.2 percent for financial year 2018 as against 7.5 percent estimated by a majority of other economists. – Reply By YAG

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dustry bats for lower rate of GST; says over 5 per cent tax will hamper the growth – Reply By YAGAY AND SUN – The Reply = Here s how CIOs can manage the complexities arising out of GST.In an interview with ETCIO.COM, DD Mishra, Research Director, Gartner explains the various ways in which GST will impact the IT systems and how CIOs can manage the complexities arising from it. – Reply By YAGAY AND SUN – The Reply = Retailers seek early implementation of GST Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to USD 1.3 trillion by 2020, its CEO Kumar Rajagopalan said. – Reply By JAIPRAKASH RUIA – The Reply = In Revised Model GST Law, In definitions, at some places the Central Excise Act, 1944 (1 of 1944) Central Excise Rules, 2002 referred. Why the outgoing Act and Rules are referred to keep them alive. Why the definitions are not mentioned independently in the MGST

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w to compensate states for revenue loss. – Reply By Ganeshan Kalyani – The Reply = The GST Council has formally approved the compensation law and the same would now be tabled before the cabinet for their approval. With regard to revised draft of the laws the same would be vetted and presented in the next meeting of GST Council to be held on 04 and 05 March 2017. – Reply By YAGAY AND SUN – The Reply = India should learn from other nation's GST experience: CII-Deloitte Report Countries like Malaysia and Canada have struggled with preparation time, rate issues, tax laws – Reply By YAGAY AND SUN – The Reply = Why delayed GST is as disruptive for economy as demonetisation If the central government is credited for bringing this legislation, then it has to be criticised for failure to meet deadlines. – Reply By YAGAY AND SUN – The Reply = Good news: Contentious GST issues get resolved The council has cleared 57 matters raised so far, along with the states' compensation law. – Reply By

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he burden of taxation on the consumer – especially the poor. The third, probably the primary reason for this change, is to enable the business and trading community to have a smooth run in their transactions, tax accounting and against harassment. To that extent, this change is really part of the reforms from 1992 to make business easier and make India one market. It is inextricably connected with opening up India for investment – especially with respect to goods and services. In the Select Committee on the Bill, there were important dissents opposing a proposal on the one per cent additional tax to go to the states (as self-defeating) and on votes in the GST council. That was at a preliminary stage. Eventually, what the Bill did was to rewrite the revenue empowerments of the Centre and the states in respect to indirect taxation on goods and services – requiring constitutional amendments to legislative federalism. The new provision permits these taxes to both the Union and the states,

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to put an important part of the economy on hold. We can see this as partial concessions to ideology (prohibition) and practicality (petroleum). But the practicalities of deferment needed rigorous working out. But part of what is claimed for GST is as deceptive as the story of the dahi seller who dreams he will sell more and more earthen pots of dahi until the one he carries falls. I can understand the claim of a smoother machinery of indirect taxes. But in July 2016, PM Modi claimed that this would necessarily enable poverty alleviation. Understanding I have doubts that the PM really understands more than a propagatory overview. Hence, his silence of this all too important measures which he is due to address soon. The PM's primary claim is that this measure will alleviate poverty because of the widening of the tax base. This is illusory as any student of tax distribution knows. Increasing the tax will impact the consumer. Decreasing it will affect state revenues. We cannot also ru

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econd cheer because GST is an important change to simplify the tax structure. On the third cheer, judgment is reserved until we find out how it works. – Reply By YAGAY AND SUN – The Reply = 4-tier GST rate may lead to classification disputes' – Reply By YAGAY AND SUN – The Reply = Delhi Government extends deadline for registering on GST portal. – Reply By YAGAY AND SUN – The Reply = With GST all set to be rolled out, there are some concerns that remain for India Inc says Pratik Jain of PWC. – Reply By YAGAY AND SUN – The Reply = Manish Sisodia on GST: It will be another economic disaster after note ban if it doesn t address traders concerns Manish Sisodia on Tuesday hit out at the Centre saying that if GST talks don't address traders' concerns then it will be yet another economic disaster after note ban. – Reply By YAGAY AND SUN – The Reply = Asian Paints CEO sees limited impact of GST-led disruption According to Asian Paints CEO KBS Anand, Goods won't create a disrupti

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ation to GST. – Reply By YAGAY AND SUN – The Reply = Parliament session: GST must be put in fast-forward mode After a lull of almost a month, the GST Council met last week for the tenth time since its first meeting in September 2016. – Reply By YAGAY AND SUN – The Reply = GST: Health groups seek higher taxes for tobacco – Reply By YAGAY AND SUN – The Reply = Control over territorial waters, inter-state transfers key to GST Bills The council has sought the views of a law committee on the matter. – Reply By Ganeshan Kalyani – The Reply = Under existing VAT/CST Law, inter-state stock transfers does not has any tax liability. Also in case of intra-state stock transfer there is no VAT liability.Under Goods and Services Tax (GST) regime, the taxability is on the supply of goods and or Service even if without consideration. Thus, stock transfer would become taxable under GST. – Reply By YAGAY AND SUN – The Reply = Finance Ministry launches app to provide updates to taxpayers on GST. The GST m

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ent launches GST app to facilitate smooth transition to new tax regime The CBEC GST app will help taxpayers migrate to GST, provide toll free numbers and videos and reading material on GST and put up draft laws and rules. – Reply By YAGAY AND SUN – The Reply = The GST: so far so good, but not good enough The proposal departs from the expert view that an ideal GST should have a few exempted commodities and a single rate for all commodities – Reply By YAGAY AND SUN – The Reply = GST: Here s why legal terms must reflect fundamentals agreed by GST Council In India, the goods & services tax (GST) cannot be activated without the efforts and recommendations of the GST Council. – Reply By Ganeshan Kalyani – The Reply = The GST Council, led by FM Arun Jaitley, in its last meeting on January 16 arrived on the consensus that 90 per cent of tax assessees below ₹ 1.5 crore annual turnover will be assessed by states and the remaining 10 per cent by the Centre. For taxpayers with over &#837

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import of goods and IGST on import of services. It is likely that under GST, rate of Duty Drawback could be limited to the amount of BCD paid on imported inputs used for exported goods/services. – Reply By Ganeshan Kalyani – The Reply = The much-touted Good and Services Tax (GST) will be rolled out on July 1, 2017 and is likely to bring in a uniform experience to the existing Herculean system. But, Gaurav Dua, Head-Research of Sharekhan feels that India's biggest tax reform may disrupt earnings growth of companies for a few quarters. – Reply By Ganeshan Kalyani – The Reply = Mr Gaurav Dua further said, Generally, on average, companies keep an inventory of 4-5 months that they would prefer to bring down once GST is implemented. This could cause some temporary disruption in financial performance of Indian companies. – Reply By Ganeshan Kalyani – The Reply = The Association of Indian Revenue Services (IRS) officers of Customs and Central Excise has penned down a letter to PM Narendra

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have to file 3 Service Tax returns in one year. In GST era, they will have to file 61 returns per state, per year, after taking registration in each state in which they have presence. So, a major Bank like SBI, which has branches in all 35 states and Union Territories, will end up filing over 2,000 returns annually. This does not seem to be in the spirit of ease of doing business, as it will lead to severe rise in compliance costs, it said. – Reply By Ganeshan Kalyani – The Reply = Eleventh meeting of GST Council – GST Council clears CGST and IGST law In a constructive meeting of the GST Council, various important aspects have been finalised. These have been summarised below: (i) Approval of CGST and IGST lawsThe CGST and IGST laws have been formally approved by the GST Council today.The laws would now be vetted from a legal perspective again to incorporate minor changes (from a legal wording perspective) post which the same would be tabled before the Cabinet for their approval. Once

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the taxpayer. Most of the compliances would be automated, and there would be minimal physical interface between the taxpayer and Government officials – Reply By Ganeshan Kalyani – The Reply = All goods and services used in the course or furtherance of business eligible for input tax credit eligible on all goods and services except for a few restrictions specified in the law – Reply By Ganeshan Kalyani – The Reply = Concept of Input service distributor (ISD) to continue to allow the flow of credit of input services. In the draft model GST law it was mentioned for both goods and services. – Reply By Ganeshan Kalyani – The Reply = Pending minor legal drafting, the Government seems set to pass the laws in the second half of Budget session of Parliament which begins from 9 March 2017. The implementation of GST from 1 July 2017 seems like a reality now. – Reply By Ganeshan Kalyani – The Reply = The next meeting of GST Council is scheduled on 16th March 2017. – Reply By Ganeshan Kalyani – Th

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excise but attract value added tax in states. The association wants this distinction to continue under the GST, which is to be implemented from July 1. – Reply By Ganeshan Kalyani – The Reply = Experts point out that GST being levied on branch transactions could be cumbersome because of the enormous number of financial transactions being carried out and because it will be impossible for banks and finance institutions to value services provided by one branch to another and then pay GST on that. Banks have written to the government to amend the GST law involving such 'self-supply' of services. – Reply By YAGAY AND SUN – The Reply = GST might be disruptive like demonetisation: UR Bhat In an interview with CNBC-TV18, UR Bhat said that going ahead the US Fed meet and roll-out of the goods and services tax (GST) will act as a catalyst for the market. – Reply By YAGAY AND SUN – The Reply = Parliament Meets, PM Narendra Modi Underscores Star Status Of GST Reform To meet the July 1 dead

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gress, has created frequent disruptions to stall legislation. Technically, Money Bills can be cleared even without a discussion on the Upper House, but the opposition will allege that violates basic democratic principles for a reform as crucial as the GST. The GST is expected to make business simpler and reduce business transaction costs. The Congress has said in the past that it will not accept the rate of tax being presented in a Money Bill, which would not need the Rajya Sabha's approval. In August last year, parliament cleared GST, delivering a huge victory for Prime Minister Narendra Modi. Half of India's 29 state legislatures need to pass the same act – this has been done. The three new laws to implement the tax will similarly have to be cleared by state legislatures after they are approved by parliament. – Reply By YAGAY AND SUN – The Reply = Intuit looks to tap small businesses for GST compliance Rolling-out experience in Malaysia, Australia will give it an edge, says C

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rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future. – Reply By Ganeshan Kalyani – The Reply = The government is keen to pass the much-awaited legislations related to the GST during the month-long session which will continue till April 12. – Reply By Ganeshan Kalyani – The Reply = The Export Promotion Council for EOUs and SEZs (EPCES) today urged the government to exempt special economic zones from Goods and Services Tax (GST) levies. The issue was discussed at a workshop on GST impact on SEZs and export oriented united (EOUs). – Reply By Ganeshan Kalyani – The Reply = During the workshop, it was unanimously decided that Export Promotion Council for EOUs and SEZs (EPCES) must request the central and state governments to provide exemption to SEZs from payment of CGST/SGST/IGST as there is no mechanism in SEZ Act for refund and it is also not a subsidy, the EPCE

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he know told PTI. – Reply By Ganeshan Kalyani – The Reply = There shall be levied a tax called the central/state goods and services tax (CGST/SGST) on all intra-state supplies of goods and/or services… at such rates as may be notified by the central/state government but not exceeding 14 per cent on the recommendation of the Council and collected in such manner as may be prescribed, the draft law states. – Reply By Ganeshan Kalyani – The Reply = The central and state officials will soon start the exercise to determine which goods and services should fall in which tax bracket and the same will be taken to the Council for approval soon.Together with this, they will also decide the goods and services that would attract a cess on top of the peak rate to create a corpus that can be used for compensating states for any loss of revenue from implementation of GST in the first five years.The government is looking at GST rollout from July 1. – Reply By Ganeshan Kalyani – The Reply = Revenu

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if the tax cost of a product under GST regime gets reduced vis-a-vis tax cost of such product under non-GST regime, such benefit should be passed on by the supplier to the recipient of the supply.The model GST Law in its current shape does not throw light on procedural aspects as to how this task will be undertaken, when does it start, how will excess profit be measured etc.Such a concept was introduced in Malaysia too while implementing GST wherein price control was done through amendments to Price Control and Anti-Profiteering Act, 2011 in 2014 read with Pric (e Control and Anti-Profiteering (Mechanism to determine unreasonably high profit)(Net profit margin) Regulations, 2014.These regulations specify a certain period during which increase in net profit margin will be under consideration through checks like tax imposed, supplier s cost, demand and supply conditions, cost incurred in course or furtherance of business etc.It remains to be seen how Indian government shapes up the enab

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, aims to tap a large number of Indian enterprises with its goods and services tax (GST)-ready software product.With the unified taxation system likely to be implemented in July 1 this year, Intuit, the provider of the accounting software QuickBooks, believes it will have an edge over peers with its experience of GST roll-outs in Malaysia and Australia.QuickBooks is a cloud-based accounting software for small businesses. The product runs on a subscription – Reply By Ganeshan Kalyani – The Reply = Lucas Watson, chief marketing and sales officer, Intuit, said that while the company was better positioned to serve its existing customers once GST was implemented, it could tap a large chunk of the 51 million-odd small businesses in the country. We need to make sure QuickBooks is ready for GST and we think it is a transformational point. We have 51 million small businesses in India and 12 million are digitally ready today. When you have the GST (compliance) requirement, it will create lot mor

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sident Manas Kumar Thakur says, there were about 22 lakh indirect tax assesses currently across India. And once GST is implemented, this number will go anywhere upto 70 lakhs. So, the Government wans us to train traders and new assesses in familiarising them with filling in forms etc.Mr. Manas Kumar also said that the Institute of Cost Accountants of India has set a target of training 15 lakh traders from across India in the coming one year in GST basics. – Reply By Ganeshan Kalyani – The Reply = ICAI has already started the training and four hundred traders have been trained so far. We are creating a pool of trainers who would subsequently train others on the fundamental aspects of the Goods and Services Tax (GST), he said – Reply By Ganeshan Kalyani – The Reply = Many big retail chains give contracts to farmers for growing certain agricultural products which are then directly sold in the malls. Industry trackers say that such contractual farming would now attract GST. Also some of th

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ill collect identical rates of taxes on goods and services. For instance, if 18 percent is the GST rate on a product, both the states and the Centre will get 9 percent each called the CGST and SGST rates. – Reply By Ganeshan Kalyani – The Reply = There are some reports in media that GST rates of specific products and services have been finalized. In wake of these false reports, CBEC has clarified that rates have not been finalized as yet. – Reply By YAGAY AND SUN – The Reply = Finally, GST is coming in July: A primer on India's biggest tax reform – Reply By YAGAY AND SUN – The Reply = GST on gold and jewellery is still not known as of now. Currently, the sector pays 10 percent import duty, 1 percent tax and 1 percent VAT. – Reply By YAGAY AND SUN – The Reply = Desirable to rollout GST from Sept 1: J&K Finance Minister Haseeb Drabu wants states to get at least six months' time to iron out operational challenges. – Reply By YAGAY AND SUN – The Reply = GST: No clarity yet on t

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n the ownership. – Reply By YAGAY AND SUN – The Reply = Cabinet may consider GST supplementary legislations on MondayA set of four supporting legislations-the Compensation Law, the Central-GST , Integrated-GST and Union Territory-GST -are likely to go together to the cabinet for approval. – Reply By YAGAY AND SUN – The Reply = Amazon India brings out A-Z GST Guide programmeThe A-Z GST Guide programme in its pilot phase has already helped train over 5,000 sellers on the Amazon platform to get ready for GST, which is set to be rolled out from 1 July. – Reply By YAGAY AND SUN – The Reply = Department of Revenue to assess impact of inflation after GSTThe Department of Revenue which exercises control in respect of matters relating to all the direct and indirect Union taxes is going to study the impact of the most awaited Goods and Services Tax on the inflation graph. – Reply By YAGAY AND SUN – The Reply = Maharashtra govt gears up for GST, seeks VAT dues – Reply By YAGAY AND SUN – The Reply

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t six months. The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both. The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016. Background: The Government is committed to early introduction of GST, one of the biggest refor

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er on India's biggest tax reform – Reply By YAGAY AND SUN – The Reply = I want entire country to discuss, understand GST, says Narendra Modi – Reply By Ganeshan Kalyani – The Reply = As per the draft GST Law, every person who, on the day immediately preceding the appointed day, is registered or holds a license under an earlier law, shall be liable to be registered under this Act with effect from the appointed day. – Reply By Ganeshan Kalyani – The Reply = Provisional ID is a 15 digit number which should be read in the following manner:1. First 2 digits reflect state code2. Next 10 digits are your PAN3. Next digit represents entity number of the same PAN holder in a state4. Next two digits are default numbers for tax authorities internal purposes. – Reply By Ganeshan Kalyani – The Reply = Nomura report has said that the implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points. – Reply By G

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;s wide geographical reach built around large consumer hubs and centralized technology infrastructure, Vulcan is all set to emerge as the network of choice for companies looking to become GST compliant in a short span. The design of the network is eminently suited to the requirements of the impending GST regime, which is a destination based tax. – Reply By Ganeshan Kalyani – The Reply = Refund under VAT includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported out of India, or refund of tax on the supply of goods regarded as deemed exports, or refund of un-utilized input tax credit. – Reply By Ganeshan Kalyani – The Reply = 5 key things to know regarding refunds under GST:1. Time limit for refund of tax or interest is two years.2. To prevent lockin of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, ninety perce

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both states and center is looking into it. The aim is that closest slab should fit in most of the commodities. – Reply By Ganeshan Kalyani – The Reply = Strong representations are being filed to continue existing exemptions available to SEZs through Commerce Minsitry.Shah further said the exemptions will have to be minimum in GST. Exemptions promised will either phase out slowly or will be supported through Budgetary routes. – Reply By Ganeshan Kalyani – The Reply = The most talked about highlight of the Model GST l Law (November draft) is a provision that enables government to constitute an authority to monitor the prices of goods and services under GST regime to ensure that any reduction in a business effective cost, or in the tax rate on goods and services as a result of the introduction of GST, is passed on to consumers in the form of appropriately reduced – Reply By Ganeshan Kalyani – The Reply = Currently, lot of industries are plagued with different types of credit restrictions.

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n does it start, how will excess profit be measured etc.Such a concept was introduced in Malaysia too while implementing GST wherein price control was done through amendments to Price Control and Anti-Profiteering Act, 2011 in 2014 read with Pric (e Control and Anti-Profiteering (Mechanism to determine unreasonably high profit)(Net profit margin) Regulations, 2014.These regulations specify a certain period during which increase in net profit margin will be under consideration through checks like tax imposed, supplier s cost, demand and supply conditions, cost incurred in course or furtherance of business etc.It remains to be seen how Indian government shapes up the enabling provision to ensure passing of reduction in cost under GST to consumers. – Reply By Ganeshan Kalyani – The Reply = Sharing a link on GST. http://www.gstindia.com/gst-law-a-look-at-the-tax-returns-you-need-to-file-and-when-to-file-them/ – Reply By Ganeshan Kalyani – The Reply = In the GST regime, a pay-first-and-get-

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Good Sense Triumphs, Chidambaram once said. – Reply By Ganeshan Kalyani – The Reply = Industry body FICCI said it is looking forward to introduction of the much-awaited Goods & Services Tax (GST), saying it would be a very significant step in the field of indirect tax reforms in India. – Reply By Ganeshan Kalyani – The Reply = Introduction of GST would make Indian products competitive in the domestic and international markets. – Reply By Ganeshan Kalyani – The Reply = Biggest benefit of GST is that it will disincentivise tax evasion. If you don t pay tax on what you sell, you don t get credit for taxes on your inputs. Also, you will buy only from those who have already paid taxes on what they are supplying. Result: a lot of currently underground transactions will come overground. – Reply By Ganeshan Kalyani – The Reply = Under current tax regime, we have more tax on fewer items; with GST, there will be less tax on more items. Ideally, no good or service should be tax-exempt, as thi

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requires them to adopt technology and become part of a digital economy. Under the new indirect tax regime, every taxable person needs to furnish their tax details online. – Reply By Ganeshan Kalyani – The Reply = Under the current regime, businesses have the option to file manual challans. However, the new law requires them to comply via the online mode only. Every supply to a registered person needs to be reported through the GSTR-1 form. In addition, GSTR-2 and GSTR-3, which are inward supply details and monthly GST return form, respectively, are required to be filed every month on the GST portal. Also, companies will be required to submit additional returns specific to their specific businesses under the GST regime. – Reply By Ganeshan Kalyani – The Reply = Under the GST Law, a normal taxpayer will be required to furnish three monthly returns and one annual return. There are also provisions for separate returns for taxpayers registered under the composition scheme and those register

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are the key incremental expenses incurred/to be incurred by businesses in embracing GST. – Reply By Ganeshan Kalyani – The Reply = India would be implementing an imperfect GST, wherein crucial sectors like oil & gas, electricity, have been left out of the GST net and they have to continue with the current indirect tax structure that we currently have. – Reply By Ganeshan Kalyani – The Reply = The compliance prescribed under the GST regime requires every taxable person making a supply to upload transaction wise details to the GST network and input tax credits are available to purchaser only where the tax as reported by the supplier is actually deposited. – Reply By Ganeshan Kalyani – The Reply = All businesses – manufacturers, distributors, retailers – will have to register on the GST network once the regulation comes to force. All the transactions of a company and thereby the revenues and profits would be captured by the GST system. – Reply By Ganeshan Kalyani – The Reply = Experts

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in tobacco taxation in India and bring a fair relief to the tobacco farmers without compromising on its tobacco control goals, said Murali Babu, General Secretary, FAIFA in a statement. – Reply By Ganeshan Kalyani – The Reply = GST is an opportunity to remove tax arbitrage in tobacco taxation and disincentivise illegal and contraband products which have been flooding the Indian market. GST is also an opportunity to remove discrimination among various classes of tobacco farmers. There should not be any discrimination among cigarette, bidi, chewing tobacco farmers, said Babu. – Reply By Ganeshan Kalyani – The Reply = Even as Amazon India prepares for the much-awaited Goods and Services Tax (GST) roll-out on July 1, it is still worried about the proposed 1 per cent Tax Collection at Source (TCS) on e-commerce players.Industry players feel the TCS would impact the working capital of small sellers and lead to massive job loss. – Reply By Ganeshan Kalyani – The Reply = Many banks and financ

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hi Shome has said that the success of the goods and services tax (GST) hinges on the preparedness of businesses to comply with the new levy. – Reply By Ganeshan Kalyani – The Reply = GST is meant to create a seamless common market and the Centre is hopeful of rolling out the new levy on July 1. – Reply By Ganeshan Kalyani – The Reply = GST excludes real estate, electricity and alcohol besides petroleum products that will be brought under the net subsequently. – Reply By Ganeshan Kalyani – The Reply = GST will be administered both by the Central and state tax authorities. So Shome underscores the need for proper training of the tax administration to ensure ease of doing business. – Reply By Ganeshan Kalyani – The Reply = The Centre and states will be forced to make improvements in the GST design if taxpayers find it difficult to comply with the new regime. – Reply By Ganeshan Kalyani – The Reply = The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) expects number of pending

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lled out, the revenue would be split between the Centre and the states in almost equal proportion. – Reply By Ganeshan Kalyani – The Reply = While the C-GST will give powers to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed, the I-GST is to be levied on inter-state supplies. – Reply By Ganeshan Kalyani – The Reply = The S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST. – Reply By Ganeshan Kalyani – The Reply = The Council has already finalised a four-tier tax structure of 5, 12, 18 and 28 per cent, but the model GST law has kept the peak rate at 40 per cent (20 per cent to be levied by the Centre and an equal amount by the states) to obviate the need for approaching Parliament for any change in rates in future. – Reply By Ganeshan Kalyani – The Reply = The cess will be levied on top of peak rate on selected demerit goods like luxury cars for creation of a corpus that will be used f

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ha or Upper House can only recommend changes, not insist on them. – Reply By Ganeshan Kalyani – The Reply = The GST is expected to make business simpler and reduce business transaction costs. – Reply By Ganeshan Kalyani – The Reply = The Union Cabinet has cleared amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. – Reply By Ganeshan Kalyani – The Reply = 16 cesses and surcharges on union excise and service tax will get abolished as a pre-cursor to rolling out Goods and Services Tax (GST) from July. – Reply By Ganeshan Kalyani – The Reply = Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on rollout of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes, an official release said after the Cabinet meeting chaired by Prime Minister Narendra Modi. – Reply By Ganeshan Kalyani – T

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= As per the latest government data only 11.22% of taxpayers who are registered under Service Tax Act but not registered under State VAT have migrated to GST. While it appears that tax payers are delaying to migrate, the other side of coin is that GSTN has not been able to provide provisional ID and password (required for migration to GST) in all cases. – Reply By Ganeshan Kalyani – The Reply = Migration is the foremost step that a tax payer needs to undertake in order to move to GST regime. Migrating to GST does not in any way just mean conversion of registration or change in name of tax, it entails change in IT systems, processes, supply chain, invoicing, compliance etc. – Reply By Ganeshan Kalyani – The Reply = 89% (Approx) of registrants have not migrated, to GST. – Reply By Ganeshan Kalyani – The Reply = Looks like prospective car buyers are going to have to consider more factors than just make and model or gas mileage before investing in a car once the Goods and Services Tax is

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ble, when supplier and place of supply is in one state. However, if the supplier and the place of supply are located in different States, then IGST is payable. – Reply By Ganeshan Kalyani – The Reply = As per revised Model IGST Law, place of supply involving movement of goods shall be the location of the goods where movement of goods terminates for delivery to the recipient. – Reply By Ganeshan Kalyani – The Reply = Where supply does not involve movement of goods; the place of supply will be the location of goods at the time of delivery to the recipient. – Reply By Ganeshan Kalyani – The Reply = The place of supply of goods in case of assembly or installation of goods will be the place of installation or assembly. – Reply By Ganeshan Kalyani – The Reply = The place of supply in case of goods taken onboard for consumption in aircraft, is the place or location at which such goods are taken on board. For example, if an aircraft departs from Bangalore to Mumbai after taking onboard food fo

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n Jaitley said. – Reply By YAGAY AND SUN – The Reply = Jaitley hopes GST roll out from July 1 to make goods cheaper – Reply By YAGAY AND SUN – The Reply = Jaitley says tax collection will improve after GST roll out. – Reply By YAGAY AND SUN – The Reply = KitKat is a biscuit and Parachute Coconut oil is edible! That's the new topic for GST debate – Reply By YAGAY AND SUN – The Reply = Consumer goods distributors, wholesalers to bear the brunt of GST. – Reply By YAGAY AND SUN – The Reply = With the GST's implementation, the middlemen will come into the organised bracket and will have to pay taxes for the very first time. – Reply By YAGAY AND SUN – The Reply = Officers can explain benefit of GST to people: IRS association – Reply By YAGAY AND SUN – The Reply = GST an opportunity to remove anomalies in tobacco taxation – Reply By YAGAY AND SUN – The Reply = Expect positive benefits of GST to show up in Q4: Aditi Nayar, ICRA – Reply By YAGAY AND SUN – The Reply = From taxes on alcoh

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er of goods or services and place of supply of goods or services are located in same State, then CGST and SGST is payable. – Reply By YAGAY AND SUN – The Reply = Cabinet clears abolition of cesses for GST rollout, government to incur ₹ 65,000-crore loss – Reply By Ganeshan Kalyani – The Reply = If the supplier and the place of supply are located in different States, then IGST is payable. – Reply By YAGAY AND SUN – The Reply = FAITH hands over GST representation to Ministry of Finance Hospitality industry's apex body Federation of Associations in Indian Tourism and Hospitality or FAITH has handed over its GST representation to the Ministry of Finance in charge for recommending rates to the GST council. – Reply By YAGAY AND SUN – The Reply = Rupee unlikely to breach 70/$ in 2017; bet on GST related sectors: Lalit Nambiar Domestic liquidity flows into the equity market seemed to have bolstered valuations given that all other asset classes including reality, gold, fixed deposits

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re 3 months enough for industry to prepare for GST, ask experts. – Reply By YAGAY AND SUN – The Reply = Blue Star stalls ₹ 220-crore investment in J&K over GST query – Reply By YAGAY AND SUN – The Reply = Blue Star s Mukundan Menon says the firm has put on hold its investment as J&K has not clarified whether relief in excise duty is going to continue after GST implementation – Reply By Ganeshan Kalyani – The Reply = Goods and Services Tax is India s biggest reform in India s indirect tax structure. – Reply By Ganeshan Kalyani – The Reply = UTGST Bill provides for levy of GST on intra-UT supply of goods and services in the Union Territories without legislature. – Reply By Ganeshan Kalyani – The Reply = The Compensation Bill provides for compensation to the states for loss of revenue due to GST for a period of five years. – Reply By Ganeshan Kalyani – The Reply = The introduction of GST bill will help in simplifying administration as it removes multiple taxation systems at

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ing strengthened. The Directorate General Tax Payer Services is being expanded for greater out- reach for facilitating smooth transition for the taxpayers to the GST environment. The existing training establishment, to be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry. The renamed Directorate General of Goods & Service Tax Intelligence is also being strengthened and expanded to become an important wing of the Government in its fight against Tax Evasion and Black Money. – Reply By Ganeshan Kalyani – The Reply = The GST Council has set up Working Groups to address peculiar problems of some of the sectors for their hassle-free transition into the new tax regime. – Reply By Ganeshan Kalyani – The Reply = The Working Groups have been directed to take a quick look at th

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etting up 10 working groups to address the concerns of industry will provide much needed clarity to the industry on sector specific issues. However, the timeline for submitting the report looks tight. – Reply By Ganeshan Kalyani – The Reply = Commerce and Industry minister Nirmala Sitharaman said Amercian phone-maker Apple s demand for tax incentives to set up a manufacturing unit in the country will have be looked at after the Goods and Services Tax (GST) is rolled out. – Reply By Ganeshan Kalyani – The Reply = The government has not accepted most of the demands of the iPhone maker, Commerce and Industry minister Nirmala Sitharaman said. – Reply By Ganeshan Kalyani – The Reply = The American tech giant has sought various concessions on taxation and import of components for setting up the Apple manufacturing unit. – Reply By Ganeshan Kalyani – The Reply = Apart from tax sops, Apple also wants relaxation in the mandated 30 per cent local sourcing of components. Earlier reports had said

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val. – Reply By YAGAY AND SUN – The Reply = GST: CST compensation to States: Centre to release ₹ 5834 Crore before Mar 31st. – Reply By YAGAY AND SUN – The Reply = Companies, consultants grope in the dark to meet GST deadline. – Reply By YAGAY AND SUN – The Reply = GST Council meet: No e-wallets for exporters, but tax refunds in 7 days. – Reply By YAGAY AND SUN – The Reply = Last gasp tasks: GST bills and rate fitment process. – Reply By YAGAY AND SUN – The Reply = GST Network gearing up to handle more than 3600 Crore invoices annually. – Reply By YAGAY AND SUN – The Reply = Govt may table GST Bills in Parliament on Monday – Reply By YAGAY AND SUN – The Reply = Central GST, integrated GST, Union Territory GST and the compensation law are likely to be introduced in the Lok Sabha and could be taken up for discussion as early as 28 March. – Reply By YAGAY AND SUN – The Reply = Once these GST Bills are cleared by Parliament, the states will then take the state GST Bill to their respe

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of industry WITH the Union Government setting the stage for the passage of the GST Bills, the GST Council has set up Working Groups to address peculiar problems of some of the sectors for their hassle-free transition into the new tax regime. Some of the key issues are: i. Services provided between establishments of same entity without invoice or payment in certain sectors with high volumes of transactions with operations spread on a country-wide basis; ii. Compliance challenges for small and medium sector in an automated environment with end-to-end matching of invoices; iii. Issues raised by sectors employing large work force and with vast disparity, e.g., textiles; iv. Special regime in sectors with disproportionate high value with relatively lesser value addition and large number of job workers; v. Cascading due to the exclusion of certain products from the GST and commitments relating fiscal stability clause in Production Sharing Contracts; vi. Issues due to existing abatements in t

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(AR) i. Gems and Jewellery : Reyaz Ahmad, Director TRU j. Services received and provided by : D. P. Nagendra Kumar, Pr. Commissioner the Government The Working Groups have been directed to take a quick look at the key issues and suggest ways and means to overcome the key concerns. They may interact with concerned administrative ministries and key Industry bodies/associations, professionals and other suitable persons. The emphasis of the Groups would be on procedural simplification and possible rate structure and will have to submit their reports latest by April 10, 2017. Based on their initial reports, decision on further action to expand the working groups by including officers from the state governments may be taken. (F. No. 349/36/2017-GST) (Ram Tirath) Member (Budget & GST) – Reply By YAGAY AND SUN – The Reply = Ministry of Finance Release ID: 159886 24-March, 2017 16:54 IST Releasing of GST Compensation to States Pending introduction of GST in the Country, Union Cabinet in its

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2017 20:57 IST Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals: i. Amendment to the Customs Act, 1962; ii. Amendments to the Customs Tariff Act, 1975; iii. Amendment to the Central Excise Act, 1944; iv. Repeal of the Central Excise Tariff Act, 1985; and v. Amendment or repeal of the provisions relating to Acts under which cesses are levied. The above proposals will result in the following benefits: i. Insertion of Sections 108A and 108B in the Customs Act, 1962 seeks to provide for furnishing of information relating to import/export of goods by specified persons to enable analysis and detection of cases of unter/over-valuation in imports and exports, misuse of export promotion schemes including the Drawback Scheme and violations of the provisions of the Cu

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The Reply = The input tax credit if any left in electronic credit ledger be allowed to be set off against future liability or be refunded. – Reply By YAGAY AND SUN – The Reply = A State-wise single registration for a taxpayer for filing returns, paying taxes, and to fulfil other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official. – Reply By YAGAY AND SUN – The Reply = A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxes can be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST). – Reply By YAGAY AND SUN – The Reply = A business entity with an annual turnover of up to ₹ 20 lakhs would not be

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– Reply By YAGAY AND SUN – The Reply = In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State Law, it has been provided that the ITC entitlement arising out of taxes paid under the Central Law can be cross-utilised for payment of taxes under the laws of the States or Union Territories. For example, a taxpayer can use the ITC accruing to him due to payment of IGST to discharge his tax liability of CGST / SGST / UTGST. Conversely, a taxpayer can use the ITC accruing to him on account of payment of CGST / SGST / UTGST, for payment of IGST. Such payments are to be made in a pre-defined order. – Reply By YAGAY AND SUN – The Reply = In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law has been retained to allow the flow of ITC in respect of input services within a legal entity. – Reply By YAGAY AND SUN – The Reply = To prevent lock-in of capital of exporters, a provision has been made to

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regime. – Reply By YAGAY AND SUN – The Reply = An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers. – Reply By YAGAY AND SUN – The Reply = In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments. – Reply By YAGAY AND SUN – The Reply = GST changes: Enabling provision for peak 40% rate Council suggests change from present 28%, with Centre and states each empowered to have up to 14%. – Reply By YAGAY AND SUN – The Reply = The Goods and Services Tax (GST) Council is likely to get the power to raise the rate up to 40 per cent for any item in future, without the need for parliamentary approval. The proposed move has not gone down well with tax experts, who want the rates to be moderate even in the future.a The Council, chaired by Finance Minister Arun Jaitley, has proposed an enabling provision in the GST Bills for a peak rate

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is also sending Emails/recorded telephonic messages to all registered CENTRAL EXCISE / SERVICE TAX assessees requesting them to migrate to GST. Outreach programmes such as Awareness Workshops/ Training for CENTRAL EXCISE/SERVICE TAX assessees are being organized all over India at the Commissionerate and Divisional offices of CBEC. – Reply By YAGAY AND SUN – The Reply = All existing CENTRAL EXCISE/SERVICE TAX assessees are requested to migrate as early as possible, latest by 31-03-2017. – Reply By Ganeshan Kalyani – The Reply = Commerce and Industry minister Nirmala Sitharaman today said Amercian phone-maker Apple s demand for tax incentives to set up a manufacturing unit in the country will have be looked at after the Goods and Services Tax (GST) is rolled out. – Reply By Ganeshan Kalyani – The Reply = GST will be coming soon. So, tax-related incentives demanded by Apple will have to be looked from a different angle, Sitharaman told PTI on the sidelines of Chemexcil function here. – R

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portal has initiated a portal to check status of conversion of existing registration to GST. – Reply By Ganeshan Kalyani – The Reply = Tax payer can now check whether the existing registration has successfully migrated to GST. – Reply By Ganeshan Kalyani – The Reply = Tax payer can now check whether the existing registration has successfully migrated to GST. For the same tax payers need to follow following steps:1. Select the concerned state from the drop down.2. For the purpose of reference number, ID Type needs to be selected. Tax payers can choose from Provisional ID, PAN or Registration number.On submission, portal will show whether the migration has been successfully completed or not. – Reply By Ganeshan Kalyani – The Reply = The anti-profiteering clause introduced under the Goods and Services Tax (GST) regime is unlikely to lead to any immediate cost benefits to customers. Experts have raised concern over its implementation. – Reply By Ganeshan Kalyani – The Reply = GST tax rates

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an Kalyani – The Reply = There has been a four-rate GST structure of 5 percent, 12 percent, 18 percent and 28 percent that has been finalised for the country. This will subsume all other taxes including excise, value-added tax and octroi. – Reply By Ganeshan Kalyani – The Reply = Mani explained that companies could even argue that their overall costs including production and manpower have gone up, leaving little room to keep rates low. – Reply By Ganeshan Kalyani – The Reply = There is a possibility of manufacturers arguing that costs necessitate them to increase prices whereas they have, in fact, kept prices stable, MS Mani, Senior Director, Deloitte Haskins and Sells said. – Reply By Ganeshan Kalyani – The Reply = If taxes go up and the company faces a direct hit, the end consumer will have to pay a premium for the regular products that he/she may purchase. In such case checking for anti profiteering clause would be difficult. – Reply By Ganeshan Kalyani – The Reply = The Union Cabin

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an Kalyani – The Reply = In addition, new clauses are proposed to be incorporated in the Customs Act to provide for furnishing of information on import and export of goods to detect under or over-valuation and misuse of export promotion schemes. – Reply By Ganeshan Kalyani – The Reply = GST Provisional ID is a 15 digit number which should be read in the following manner:1. First 2 digits reflect state code2. Next 10 digits are your PAN3. Next digit represents entity number of the same PAN holder in a state4. Next two digits are default numbers for tax authorities internal purposes. – Reply By Ganeshan Kalyani – The Reply = As per the draft GST Law, every person who, on the day immediately preceding the appointed day, is registered or holds a license under an earlier law, shall be liable to be registered under this Act with effect from the appointed day. – Reply By Ganeshan Kalyani – The Reply = Existing tax payers are required to enroll on GST portal for registration migration under GS

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By Ganeshan Kalyani – The Reply = According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year. – Reply By Ganeshan Kalyani – The Reply = Godrej Group chairman Adi Godrej on Saturday hailed demonetisation and the proposed GST bill, stating that believers in India's strong future outstripped its doubters. – Reply By Ganeshan Kalyani – The Reply = Demonetisation helped checking black money, ensuring mid- and long-term growth while the GST, which would be implemented from July, would help achieve positive economic growth of the country, Godrej said. – Reply By Ganeshan Kalyani – The Reply = Right policy and decision of the government was shaping the reform in right direction and enhancing growth rate, said Godrej while speaking at the 61st Convocation of leading B-School XLRI School of Management. – Reply By Ganeshan Kalyani – The Reply = Godrej, who was bestowed with Sir Jehangi

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aneshan Kalyani – The Reply = Turnover of less than INR. 15 million – 90% of businesses would be administered by States, and the balance 10% by Central Government. – Reply By Ganeshan Kalyani – The Reply = The mechanism for split of the assessees would be based on the risk parameters/ profiles of the users . – Reply By Ganeshan Kalyani – The Reply = In case of complex or contentious issues involved with respect to services (such as place of supply etc), assessment of the same may be undertaken by the Central Government. – Reply By Ganeshan Kalyani – The Reply = States would have the power to levy taxes within 12 nautical miles under GST. – Reply By Ganeshan Kalyani – The Reply = GST is now expected to be rolled out by 1 July 2017 (as opposed to the earlier date of 1 April 2017). – Reply By Ganeshan Kalyani – The Reply = Fitment of rates – The rate committee would finalise rates of different goods and services under GST and submit the same before the GST Council. – Reply By Ganeshan Kal

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a complete overhaul of the current indirect tax system. – Reply By Ganeshan Kalyani – The Reply = GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems. – Reply By Ganeshan Kalyani – The Reply = GST would bring in significant change in doing business in India. Advocacy for best practices, gearing up for changes in processes, training teams and developing IT systems for being GST compliant are the key areas to be assessed. – Reply By Ganeshan Kalyani – The Reply = The Government is committed to introduce GST by April 2017. – Reply By Ganeshan Kalyani – The Reply = The Government is committed to introduce GST by July 2017. – Reply By Ganeshan Kalyani – The Reply = Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be sub

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he Reply = Both CGST and SGST would be levied on the basis of the destination principle. – Reply By Ganeshan Kalyani – The Reply = Exports would be zero-rated, and imports would attract tax in the same manner as domestic goods and services. – Reply By Ganeshan Kalyani – The Reply = As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services tax (GST), which the government wants to put in place by July 1. – Reply By Ganeshan Kalyani – The Reply = Ahead of the introduction of GST-related legislation in Parliament this week, the government has set up 10 groups to iron out sectoral issues faced by trade and industry to ensure a smooth transition to the new regime with just a little over three months to go. – Reply By Ganeshan Kalyani – The Reply = In a chat with ET Now, Suresh Narayanan, Chairman & MD, Nestle India, says despite t

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Goods and Services Tax (GST) bills may have reached the final lap with their introduction in the Parliament on Monday but informed sources told DNA Money the road from here to the final of the proposed unified indirect tax could get stretched with the government seriously looking at shifting the date of the new tax going live from July 1 to September 1. – Reply By Ganeshan Kalyani – The Reply = This could be done to give industry more time to prepare for the new indirect tax regime and for further fine-tuning the GST bills. – Reply By Ganeshan Kalyani – The Reply = There seems to be an informal acceptance of GST date being pushed to September 1 among officials in the finance ministry, revenue department and CBEC, said one of the souro spoke on condition of anonymity. – Reply By Ganeshan Kalyani – The Reply = The exercise of finalising five draft GST legislations – Central GST (CGST), State GST (SGST), Union Territory GST (UTGST), integrated GST (IGST) and Compensation to states – by t

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provisional ID given for enrolment purposes or Permanent Account Number. – Reply By Ganeshan Kalyani – The Reply = In addition to above, the Central Board of Excise and Customs (CBEC) has announced the availability of an additional e-sign services by NSDL, from 04 April 2017. E-sign service is an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document. This will promote the signing of enrolment applications using Aadhaar number of the authorised signatory. – Reply By Ganeshan Kalyani – The Reply = The enrolment under GST can now be done till 31 April 2017. – Reply By Ganeshan Kalyani – The Reply = Revenue Secretary Hasmukh Adhia has said that the biggest challenge for Government would be the outreach to trade and industry in next 3 months. He adds that right now focus is on migration existing tax payers to GST (transition). Currently, only 60% of the assessees have migrated to GST. – Reply By Ganeshan Kalyani – The Reply = The Goods and S

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xcise Duty registrations was set at 31st March 2017. – Reply By Ganeshan Kalyani – The Reply = Considering delay in rolling out laws and lack of preparation the timeline of GST enrollment is extended up to 31st April, 2017. – Reply By Ganeshan Kalyani – The Reply = Under GST a provision of payment of GST under reverse charge by a registered person upon procurement from un-registered person is provided. – Reply By Ganeshan Kalyani – The Reply = GST Bills were introduced as 'Money Bill' in Lok Sabha. – Reply By Ganeshan Kalyani – The Reply = In context to GST Rates, Revenue Secretary states that tax incidence will be closer to existing ones, while service tax rates will be 5%, 12% & 18%, 18% being standard rate. – Reply By Ganeshan Kalyani – The Reply = Government has extended the deadline to migrate existing registration (a.k.a GST Enrolment) to 30th April 2017 for all existing registrations to be migrated across state and centre. – Reply By Ganeshan Kalyani – The Reply = Th

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goods into the four tax slabs already decided. – Reply By Ganeshan Kalyani – The Reply = The Govt. wanted to include real estate in GST but the States opposed to including same in first year. – Reply By Ganeshan Kalyani – The Reply = Under the GST Regime, the HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods. Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2-digit code and the taxpayers whose turnover is ₹ 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC). – Reply By Ganeshan Kalyani – The Reply = The Central Government has issued draft rules for credit, valuation, transition and composition and amended rules relating to registration, invoicing, payment, refunds and returns issued earlier. With this, the Government has issued most of

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ually benefit from lower, uniform prices across the country. – Reply By Ganeshan Kalyani – The Reply = The Goods and Services Tax (GST) will replace nearly a dozen central and state levies into a single national sales tax. It will make the movement of goods cheaper and seamless across the country. It would be far simpler than the current system, where a good is taxed multiple times and at different rates. – Reply By Ganeshan Kalyani – The Reply = There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on luxury items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years. – Reply By Ganeshan Kalyani – The Reply = The GST council is yet to decide which goods fall in which slab. The GST rates will remain broadly in line with the existing rates. To keep inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rat

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d As Central Board of Indirect Taxes and Customs (CBIC) – Reply By Ganeshan Kalyani – The Reply = Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services or both having same PAN as that of the ISD. – Reply By Ganeshan Kalyani – The Reply = An ISD is required to obtain a separate registration. The threshold limit of registration is not applicable to ISD. The registration of ISD under the existing regime (i.e. under Service Tax) would not be migrated in GST regime. All the existing ISDs will be required to obtain fresh registration under new regime in case they want to operate as an ISD. – Reply By Ganeshan Kalyani – The Reply = The distribution of credit

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ctions and why it has been reintroduced is a mystery to us because it makes things more complex, especially for service providers, M.S. Mani, senior director at Deloitte Haskins Sells LLP said. – Reply By Ganeshan Kalyani – The Reply = Existing tax payers are required to migrate to Goods and Services Tax (GST) regime. This GST enrolment activation drive kicked off in November for VAT registrants and in January for Service Tax and Excise registrants. Deadline to migrate is set at 30th April 2017. – Reply By Ganeshan Kalyani – The Reply = In terms of most number of tax payers who have migrated to GST, the state that tops the list is – Karnataka with 92.83% conversion. 2nd in list is Maharashtra with 88.01% followed by Gujarat 87.44%. – Reply By Ganeshan Kalyani – The Reply = Taxpayers who are registered under Service Tax Act but not registered under State VAT stand at 30.1% and Taxpayers who are registered under Central Excise Act but not registered under State VAT at a very low 13.15% –

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compliance provisions and a lack of clarity on compoundable offence. I think people should be given enough time to adjust. The second aspect is that the GSTN has to be proved in a trial. The Finance Minister spoke of 30 billion invoices a day. If that number if right, it is a humongous number. Is the GSTN capable of processing all that without glitches? I think the GSTN should be allowed to run it on a trial basis for a month or two before you actually launch GST, he told The Financial Express. – Reply By Ganeshan Kalyani – The Reply = Chidambaram also raised questions over the 14 percent revenue figure for states that the government has assured. If this 14 percent has to be achieved, many goods could fall under the higher rate of 28 percent. – Reply By Ganeshan Kalyani – The Reply = The GST Bill have an anti-profiteering provision which ensures reduction of tax incidence is passed on to the customers. ?There is no definition of anti-profiteering, they are going to set up an authority

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ssue, said Sudhir Kapadia, national tax leader at EY in India. If they get decided too late, then in all fairness the government should consider an extension of time. – Reply By Ganeshan Kalyani – The Reply = GST is not just change in tax rate or type of tax. It entails huge change in pricing, valuation, processes – procurement and supply including supply chain. It also impacts the IT system of a company, from invoicing formats to generating input and output reports. – Reply By Ganeshan Kalyani – The Reply = Under Goods and Services Tax (GST) regime, every taxpayer would be assigned a compliance rating based on the compliance record of the assessee. As per Section 149 of the CGST Bill passed by Parliament, 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. – Reply By Ganeshan Kalyani – The Reply = While, the GST law does not prescribe the parameters for compliance

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ed at periodic intervals and also will be put up in the public domain, .The rating would be made publicly available on the GST Network (GSTN) website as tax authorities intend to build peer pressure among companies to ensure compliance. This rating score will be updated at periodic intervals. – Reply By Ganeshan Kalyani – The Reply = With the assent of Hon'ble President of India, to four supporting legislations of on GST i.e. CGST, IGST, UTGST and Compensation Cess after getting it passed from by both the houses of parliament the way of rollout of GST from 1st July, 2017 seems possible. – Reply By KASTURI SETHI – The Reply = Yes, Sir. It seems possible. Still we are to use the terms of possible . – Reply By Ganeshan Kalyani – The Reply = Every registered person who causes movement of goods of consignment value exceeding Rs. 50000.00 – (i) in relation to a supply; or (ii) for reasons other than supply; or (iii) due to inward supply from an unregistered person, shall, before commence

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arry the e-way bill even if the value of the consignment is less than fifty thousand rupees. Provided further that where the movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter, he or the transporter may, at their option, generate the e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule. – Reply By Ganeshan Kalyani – The Reply = The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-State movement of goods. – Reply By Ganeshan Kalyani – The Reply = Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the transporter may upload the said information in FORM GST INS- 04 on the common portal. – Reply By Ganeshan Kalyani – The Reply = The facility of generation and cancellation of e-way bill may

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nsignee, whether in his own conveyance or a hired one, the said person or the recipient may generate the e-way bill in FORM GST INS-1 electronically on the common portal after furnishing information in Part B of FORM GST INS-01. – Reply By Ganeshan Kalyani – The Reply = Where the e-way bill is not generated under clause (a) and the goods are handed over to a transporter, the registered person shall furnish the information relating to the transporter in Part B of FORM GST INS-01 on the common portal and the e-way bill shall be generated by the transporter on the said portal on the basis of the information furnished by the registered person in Part A of FORM GST INS-01. – Reply By Ganeshan Kalyani – The Reply = Where the movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter, he or the transporter may, at their option, generate the e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule. – Reply B

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Facilitation Centre notified by the Commissioner, within 24 hours of generation of the e-way bill. – Reply By Ganeshan Kalyani – The Reply = A registered person may obtain an Invoice Reference Number from the common portal by uploading, on the said portal, a tax invoice issued by him in FORM GST INV-1, and produce the same for verification by the proper officer in lieu of the tax invoice and such number shall be valid for a period of thirty days from the date of uploading. – Reply By Ganeshan Kalyani – The Reply = The Commissioner may, by notification, require a class of transporters to obtain a unique RFID and get the said device embedded on to the conveyance and map the e-way bill to the RFID prior to the movement of goods. – Reply By Ganeshan Kalyani – The Reply = The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-

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ortal. – Reply By Ganeshan Kalyani – The Reply = Sharing an article. Pls click on the link below.http://www.gstindia.com/gst-rules-one-leg-still-stuck-in-old-taxes/ – Reply By Ganeshan Kalyani – The Reply = Goods and Services Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer. – Reply By Ganeshan Kalyani – The Reply = Alcohol for human consumption is kept out of GST. Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have temporarily been kept out and GST Council shall decide the date from which they shall be included in GST. Electricity has also been kept out of GST. – Reply By Ganeshan Kalyani – The Reply =

– Reply By Ganeshan Kalyani – The Reply = The proposed rules for movement of goods in the goods and services tax (GST) regime, which requires the transporters to generate e-way bills on the GST portal, would involve substantial costs in installing radio frequency identification devices (RFIDs) at several posts. Experts say that there is no clarity on who will foot the bill for the infrastructure. – Reply By Ganeshan Kalyani – The Reply = The proposed system requires a transporter to generate a new e-way bill when the goods are transferred from one conveyance to another. Experts said that it is expected these rules would push the business towards greater transparency and would flush out businesses that are operating beyond the tax net. Further, the requirement for officials to record the summary of inspection within 24 hours would deter unscrupulous inspectors, Nangia said. – Reply By Ganeshan Kalyani – The Reply = States of Tamil

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sation loss Odisha Chief Minister Naveen Patnaik said Odisha has actively participated in the deliberations of the GST Council. We are on course to enact necessary State GST legislation. – Reply By Ganeshan Kalyani – The Reply = Fourteen state legislatures will approve their respective State Goods and Services Tax (SGST) laws by mid-May, according to Revenue Secretary Hasmukh Adhia. – Reply By Ganeshan Kalyani – The Reply = Addressing a GST Conclave here on Tuesday, he said all states were expected to pass their SGST laws by May-end to ensure that the GST regime was rolled out by July. – Reply By Ganeshan Kalyani – The Reply = Bihar and Telangana had already passed the SGST laws while Rajasthan was likely to approve the bill on Wednesday. – Reply By Ganeshan Kalyani – The Reply = Allaying fears that consumers would have to pay more for goods and services under the GST regime due to an increase in tax rates, Mr. Adhia said the prices of most items would decrease while those of services

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nfrastructure and services for implementation of GST).Mr. Kumar said it would help in healthy competition among taxable persons. – Reply By Ganeshan Kalyani – The Reply = Prices will not increase due to higher incidence of tax and, instead, are likely to come down under the Goods and Services Tax (GST) regime, the central government said on Tuesday. – Reply By Ganeshan Kalyani – The Reply = Almost 60 per cent of the income of the Centre and states comes from items that attract 14 per cent value added tax and 12.5 per cent excise duty. There will be a likely decrease in the tax on each of these items under GST, Revenue Secretary Hasmukh Adhia told reporters at a GST conclave here. – Reply By Ganeshan Kalyani – The Reply = Adhia said that though most services will be taxed at 18 per cent under the GST regime, as against the current 15 per cent service tax, a majority of these will get input tax credit on purchases and the overall tax incidence will remain the same. About 18 per cent (ser

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ing of supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. – Reply By Ganeshan Kalyani – The Reply = If a taxpayer tries to evade tax, the GSTN software will be able to detect that and downgrade the compliance rating, the Secretary added. – Reply By Ganeshan Kalyani – The Reply = Adhia said the government plans to roll out GST from July 1. Our full effort is to roll out GST from July 1 and I urge trade and industry to not be complacent, he said. – Reply By Ganeshan Kalyani – The Reply = As many as 14 states have said they will pass the State GST (SGST) Bills by the middle of next month and by May-end all legislatures will have passed the SGST Bill, he added. – Reply By Ganeshan Kalyani – The Reply = While the businesses are waiting for the tax rates for various commodities under the Goods and Services Tax (GST), the government is unlikely to announce the rates soon. The fitment of rates will be made public only a few days before

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ow down production till July 1 if it s known that a commodity will be taxed at a lower/higher rate under GST. But these are business decisions an entrepreneur needs to take, especially since transition rules allow only 40% of input tax credit on excise tax paid on the closing stocks, which may not be sufficient for many businesses, Archit Gupta, founder and CEO, Cleartax.com said. – Reply By Ganeshan Kalyani – The Reply = The source reiterated that the GST rate for an item will be, to the extent possible, the one that is nearest to the current rate. It is expected that the council will take into account is the real tax incidence at present rather than the nominal rate. – Reply By Ganeshan Kalyani – The Reply = The flip side of the delayed announcement of rates is the paucity of time for businesses to prepare themselves. Gupta said while large companies have been preparing for GST for over a year and are more likely to adjust to the late rate announcement, it can wreak havoc for small b

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Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future. – Reply By Ganeshan Kalyani – The Reply = We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India's medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states, the IMF official said. – Reply By Ganeshan Kalyani – The Reply = With the introduction of the Goods and Services Tax (GST) from July 1, 2017, inter-state transportation of goods would become more efficient. And among all, the logistics sector, comprising inbound and outbound segments of manufacturing and services supply chains, is likely to get the much-needed boost. Logistics companies in India are moving from traditional setups towards integration of IT and technology and this is expected to reduce the costs incurred and meet service demands. – Reply By Ganeshan Kalyani – The R

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umer industries and increasing dispersal in demand, we may see investment opportunities in the areas such as road transportation, railways, multimodal logistics parks, online retail logistics and value-added services. – Reply By Ganeshan Kalyani – The Reply = Besides the logistic sector, GST implementation will also create a true unified national market in India and this is expected to make Indian economy more efficient and prosperous. Companies such as TCI express, Transport Corporation of India, Allcargo, Snowman Logistic, GDL, Gati and VRL Logistics are likely to see good growth going forward. – Reply By Ganeshan Kalyani – The Reply = While the businesses are waiting for the tax rates for various commodities under the Goods and Services Tax (GST), the government is unlikely to announce the rates soon. The fitment of rates will be made public only a few days before the July 1 roll-out, sources told FE. – Reply By Ganeshan Kalyani – The Reply = ET VIEW: Make Clear RulesThe onus lies o

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n for various taxes like VAT, Excise etc in the present taxation regime. But with the roll out of GST, there would be a single tax and accounting for this will be very simple. It can be done through an offline excel form provided by GST Network. If someone uses this form for keeping record of purchase and sales, then he can use this for filing return. Thus, compliance would be minimised, he said. – Reply By Ganeshan Kalyani – The Reply = Adhia, who is spearheading implementation of the Goods and Services Tax (GST), said the finance ministry is gearing up for its roll out and five days training has already been given to officers.Besides, IT training for them is going on, he said. – Reply By Ganeshan Kalyani – The Reply = To promote the GST enrolment and lure pending tax payers to migrate, Bollywood superstar Salman Khan promotion with the tagline I have enrolled with the GST. Have you? have been circulated by CBEC. – Reply By Ganeshan Kalyani – The Reply = With government looking all se

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ressed gratitude towards migrants by thanking them. It further adds that the Enrolment process has closed with effect from 1st May 2017. Data of all those who have signed the enrolment form will be migrated to the new GST System. – Reply By Ganeshan Kalyani – The Reply = As per the GST portal, The enrolment window will reopen at a later date for taxpayers who could not enrol themselves as well as for those who enrolled but did not sign the enrolment form. – Reply By Ganeshan Kalyani – The Reply = GST is expected to roll out from Jul 1 2017. – Reply By Ganeshan Kalyani – The Reply = Implementation of Goods and Services Tax in India carries notion of being a compliance loaded law. While the increase in compliance may be manifold for service providers but may not be as much for traders or manufacturers. – Reply By Ganeshan Kalyani – The Reply = Many people think that implementation of GST would result in increase in compliance cost. This is completely misplaced, he said.He said people hav

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lment of businesses under GST continues to lag, with only about 70 per cent of them migrating as of the April 30 deadline.Migration of service tax and Central excise assessees to GST was also low at 43.73 per cent and 24 per cent, respectively.The issue is likely to be taken up at the GST Council meeting in Srinagar on May 18 and 19. Unless we have tested the GSTN how can we say we are ready? Then there are 14 draft GST rules in the public domain, which are yet to be finalised. We also have no clarity on whether new rules will come in or only 14 will be there. July 1 seems to be a very aggressive date for rollout, Bimal Jain, Chairman, Indirect Taxes Committee, PHDCCI, said.Finance Minister Arun Jaitley is keen on launching GST from July 1 and the Finance Ministry is making every effort to ensure this. The Ministry argues that a July 1 rollout of GST, which has been delayed by seven years, would mean it starts from the beginning of a new quarter. It could be an accounting headache for

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of concern in some quarters is the passage of the State GST Bills. Only five States have passed the SGST Bill, although the Finance Ministry expects all States to enact it by May 31.Source: Hindu Business Line – Reply By Ganeshan Kalyani – The Reply = The Uttar Pradesh cabinet have also approved the SGST Bill today. The decision was taken at the fifth cabinet meeting of the state government headed by Chief Minister Yogi Adityanath.With this, Uttar Pradesh and Uttarakhand becomes sixth and seventh state to pass SGST Bill after Bihar, Jharkhand, Telangana, Rajasthan and Chhattisgarh. – Reply By Ganeshan Kalyani – The Reply = The complexity in taxes was a tax in itself. The GST is aimed to reduce these complexities and turn the country s into a developing economy , said Shekhawat, Industry Minister. – Reply By Ganeshan Kalyani – The Reply = The Uttar Pradesh government today approved implementation of the Goods and Services Tax (GST) in the state and the same will be passed in the Assembl

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er V of RGST Act 2017. below is excluded from ITC : (d) goods or services or both received by a taxable person for construction of an immovable property (other than plant and machinery) on his own account including when such goods or services or both are used in the course or furtherance of business; – Reply By Ganeshan Kalyani – The Reply = In my view goods or services used for construction of immovable property is excluded from the definition of input tax credit. – Reply By Ganeshan Kalyani – The Reply = The committee tasked to fit rates of items under the Goods and Services Tax (GST) regime will meet on Friday and Saturday to finalise GST rates for individual items, a senior finance ministry official told Bloomberg Quint. Once the committee comprising state and central government officials fixes rates, these will be tabled before the GST Council in its next meeting on May 18-19. The council will then take a final call on individual rates for different commodities. – Reply By Ganesha

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ficial added. – Reply By Ganeshan Kalyani – The Reply = All the above reports will be submitted before the council's next meeting, which will then decide whether certain industries will get exemptions in the new indirect tax regime, the official said. The apex indirect tax body was also instructed by the Prime Minister's Office to follow certain parameters while fixing GST rates closer to the existing tax rates, another senior finance ministry official told Bloomberg Quint. – Reply By Ganeshan Kalyani – The Reply = Finance Minister Arun Jaitley on Friday assured that new rates under the Goods and Services Tax (GST) regime will not bring any surprise as they won t be significantly different from the existing rates. – Reply By Ganeshan Kalyani – The Reply = We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained, and therefore, nobody is going to taken by surprise, it s not going to be very signi

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ling provision in the Central Goods and Services Tax Bill, which asks for passing the benefits on tax reduction to consumers. – Reply By Ganeshan Kalyani – The Reply = The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is passed on to the consumers. – Reply By Ganeshan Kalyani – The Reply = The all important and most powerful body-GST Council has released its logo. Arun Goyal, additional secretary, GST Council tweeted to inform about the logo launch. GST Council was formed on 12th September 2016. – Reply By Ganeshan Kalyani – The Reply = The upcoming Goods and Services Tax (GST) regime, which the Centre intends to roll out from July 1, may turn out to be a record-keeping headache for firms, based on draft rules issued for accounts and records. – Reply By Ganeshan Kalyani – The Reply = Apart from maintaining accounting and tax invoice registers, entities will also have to record the complete address of premi

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ncial services providing companies like ERP companies and Tax Accounting Software Providers etc. – Reply By KASTURI SETHI – The Reply = Latest news is that Govt. is firm to implement GST from 1.7.17 despite hurdles with determination to remove the hurdles. Let us see what happens. – Reply By Girish D – The Reply = Dear All,Any views on continuing of upfront duty exemptions under the export promotion schemes, such as EOU, STP, EHTP, EPCG, Advance Authorisation etc., under the GST regime? – Reply By Ganeshan Kalyani – The Reply = Item wise GST rate is declared yesterday in the 14th GST Council meeting held at Srinagar. – Reply By Ganeshan Kalyani – The Reply = – Reply By Ganeshan Kalyani – The Reply = http://www.cbec.gov.in/resources//htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule-18.05.2017.pdf – Reply By Ganeshan Kalyani – The Reply = After the GST rollout, Entry level cars and two wheelers, paint and cement, electrical items and consumer durables are expected to get cheaper. Also

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y JAIPRAKASH RUIA – The Reply = Dear Sir,for point No. 2, there may be two scenario.a) GST liability is paid by supplier on advance received from customer and at the time of supply, supplier raise the invoice by charging the GST reduced by what has been discharged on advance payment by mentioning the same in invoice.b) GST liability is paid by supplier on advance received from customer and at the time of supply, supplier raise the invoice by charging full GST as applicable and at the time of payment, pay the GST by taking credit of GST paid on advance against the said supply. That means whether what we say will be adjusted for payment against supply willbe treated as taking the credit of GST paid on Advance received. In that case whether the input tax credit section/rule empower the supplier to take credit/adjust the GST on advance paid. – Reply By Ganeshan Kalyani – The Reply = Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, th

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n Kalyani – The Reply = The GST Network, the company providing IT backbone for GST rollout, has received as many as 160 applications from firms that have evinced interest in acting as GST Suvidha Providers. – Reply By Ganeshan Kalyani – The Reply = The GSTN in December last year had named 34 firms, including Tata Consultancy Services, Deloitte Touche, EY and Tally Solutions, to act as GST Suvidha Providers (GSPs). – Reply By Ganeshan Kalyani – The Reply = The fitment of rates of goods were discussed during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council had broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The information was also being uploaded immediately after the GST Council s decision and it will be subject to further vetting during which the list may undergo some changes. – Reply By Ganeshan Kalyani – The Reply = With few weeks to go before the nationwide goods and services tax (GST) is implem

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votes of all the State Governments taken together shall have a weightage of 2/3rd of the total votes cast in that meeting. One half of the total number of members of the GST Council shall constitute the quorum at its meetings. – Reply By Ganeshan Kalyani – The Reply = 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. – Reply By Ganeshan Kalyani – The Reply = The all important and most powerful body-GST Council in recent past released its logo. Arun Goyal, additional secretary, GST Council tweeted to inform about the logo launch. GST Council was formed on 12th September 2016. – Reply By Ganeshan Kalyani – The Reply = The Finance Ministry will be setting up a new dedicated team to dispose of the cases related to tax issues pending before the Central Board of Excise and Customs (CBEC) before the implementation of the Goods and

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over to avoid any choas. So, rules must be clear, and the tax administration well-equipped to handle GST. Ideally, the new levy should be rolled out three months after the publication of GST rules to make transition smooth for businesses. – Reply By Ganeshan Kalyani – The Reply = Testing of the GSTN is under progress. – Reply By Ganeshan Kalyani – The Reply = The provision of input tax credit in the upcoming GST tax regime, scheduled to roll out from July 1 this year, will be beneficial for the construction and infrastructure sector, according to a study. – Reply By Ganeshan Kalyani – The Reply = In case of real estate ,prima facie, the GST rate does appear higher than the current taxation regime, the availability of input tax credit under the GST will neutralise the impact of higher taxes, Icra said in its report on Impact of GST on Corporate Sector. – Reply By Ganeshan Kalyani – The Reply = Under GST, the composite supply of works contracts fall under the 18 per cent GST rate with fu

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by GSTN from 01-06-2017 to 15-06-2017 for updation of IEC in GSTIN. – Reply By Ganeshan Kalyani – The Reply = GST Council is meeting for the 15th time today to finalise pending draft rules namely transition, accounts and records, return filing, advance ruling etc.GST Council will also finalise taxes to be levied on six commodities, including gold, textiles and biscuits, as the Centre and states gear up to roll out the new indirect tax regime from July 1. – Reply By Ganeshan Kalyani – The Reply = Goods and Services Tax (GST) is expected to roll out from July 1, 2017. With not much time left for roll out, the Indian Banks Association (IBA) has informed a Parliamentary panel that lenders are not yet geared up for implementation of the new indirect tax regime. – Reply By Ganeshan Kalyani – The Reply = Since the GST will be operational from July 1, 2017, banks have to make lot of changes in their systems and other procedures. The preparedness of all banks for implementation of GST on July

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rules for GST returns. It also released formats of returns to be filed under GST. (Download GST Return formats) – Reply By Ganeshan Kalyani – The Reply = Under GST, primarily a tax payer is required to file following: 1. GSTR 1- Details of outwards supplies of goods or services 2. GSTR 2- Details of inward supplies of goods or services 3. GSTR 3- Monthly return Tax payers under composition scheme is required to file quarterly return under GSTR 4. – Reply By Ganeshan Kalyani – The Reply = What remains a huge concern for the industry is release of return formats such late in the hour and expecting industry to get system/ ERP ready before July 1.Share your thoughts on the return formats in the comments section.Thanks – Reply By Ganeshan Kalyani – The Reply = The Goods and Services Tax council met on Friday for its 15th meeting in New Delhi.The agenda for the 15th meeting of the GST Council was to clear two important rules related to transition provisions and returns to be filed under the

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f sticking to the target date of July 1: FM Arun JaitleyWith government putting all the requisite law in public domain, it is now upon industry to get ready for GST before July 1. – Reply By Ganeshan Kalyani – The Reply = A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the consignor and consignee, the point of origin of the consignment, its destination, and route. A provison of e-way bill has been placed in GST. – Reply By Ganeshan Kalyani – The Reply = Key highlights of e-WayBill Rules under GST are:1. Moving goods worth more than ₹ 50,000 under GST will require prior online registration of the consignment and securing an e-way bill that tax officials can inspect anytime during the transit to check tax evasion.2. Upon generation of the e-way bill on the common portal, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the tr

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hrough such RFID readers where the e-way bill has been mapped with RFID.7. Provision of physical verification goods can be carried out by officer upon proper authorization from Commissioner. – Reply By Ganeshan Kalyani – The Reply = Inspection of Goods8. A summary report of every inspection of goods in transit shall be recorded online by the proper officer in Part A of FORM GST INS – 03 within twenty four hours of inspection and the final report in Part B of FORM GST INS – 03 shall be recorded within three days of the inspection.Detention of Vehicle9. transporter whose vehicle has been intercepted and detained for a period exceeding 30 minutes, he may upload the said information on the GSTN portal.Experts believe that through e-WayBill mechanism, black market or un-organised sector would take a big hit as the government would have details of every goods movement. – Reply By Arunachalam siva – The Reply = Sir, Assessee is not register under Excise but register under Sale tax. Not availi

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their old inventories ahead of the July 1 rollout of the goods and services tax (GST) and minimize their losses. Television-sets, refrigerators, air-conditioners and washing machines now have their price tags slashed. Discounts vary, depending on the life of the old stock and the cost price: Retailers say they would make a loss of about 6 per cent on unsold stock purchased before May, and about 14 per cent on one-yearold inventories, against which input credits cannot be availed. – Reply By Ganeshan Kalyani – The Reply = The discounts are available even after the GST Council increased excise credit to 60 per cent from 40 per cent on the transitional stock during its last meeting on June 3.The usual discount offered by the retailers is around 10-15 per cent on maximum retail price (MRP) and it will now significantly go up -about three-fold. – Reply By Ganeshan Kalyani – The Reply = Even brands such as Samsung, Panasonic, Hitachi and Videocon have come up with consumer promotional offer

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y By Ganeshan Kalyani – The Reply = According to industry executives, some of the large consumer electronic retail chains are sadd led with old inventory of more than ₹ 100 crore each. These would make a big dent on their margins, since the white-goods makers have come up with compensation schemes for unsold stock purchased only in May and June. The old inventory would also include products that are on display on the shop floor, since several of them tend to be a year old and eventually sold to customers. A senior executive with a leading consumer electronics chain said the company is even sacrificing margins to clear out stock. – Reply By Ganeshan Kalyani – The Reply = The GST Council, in its last meeting Saturday, agreed to increase deemed credit to 60 per cent for products in the GST slab of 18 per cent and more. White goods, televisions, kitchen appliances and small appliances fall under the 28 per cent GST slab. – Reply By Ganeshan Kalyani – The Reply = The Council also prop

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, She has not felt the need to apply for a sales tax number. My business is very small and doesn't require sales tax registration, says the Gurgaon-based entrepreneur. But this will soon change because Dhingra plans to take her business online. The Goods and Services Tax (GST), which comes into effect from 1 July, requires all e-commerce businesses, including tiny outfits like Dhingra's, to register under the new tax regime. – Reply By Ganeshan Kalyani – The Reply = In Surat, textile manufacturer Devrishi Arora is vaguely aware that GST will soon come into effect but is yet to take concrete steps for migrating his business to the new tax. I have read a lot of newsreports on the GST and we are in touch with some tax professionals for this, says Arora. – Reply By Ganeshan Kalyani – The Reply = Dhingra and Arora are not alone. Even though the new tax comes into effect barely three weeks from now, many businesses have not prepared themselves for GST. In a recent survey by CA Club I

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its. Many small entrepreneurs feel they can bypass the GST if their turnover is less than ₹ 20 lakh. That is true, but this exemption comes with its own set of problems. If you are not in GST, the businesses you supply to will have to bear the burden of your compliance. They may eventually switch to vendors who are registered under GST, she warns. It is adviced even if you are a small business with a turnover of less than the GST threshold of ₹ 20 lakh, get yourself registered. – Reply By Ganeshan Kalyani – The Reply = It may come as a surprise, but joining the GST is not the Himalayan task that some entrepreneurs and small businessmen presume it to be. One can register online by logging on to gst.gov.in. Some companies, such as tax filing portal ClearTax.in, charge a small fee for assisting companies and small businesses to get on board . We offer a bouquet of services, including cloud-based GST software, an end-to-end platform for filing GST returns and GST compliant bill

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oks. – Reply By Ganeshan Kalyani – The Reply = GST will require a very high level of compliance. Out go the hand-written ledgers, accounting books and notepads. Everything will now be online and will need to be updated regularly. A business will have to file 37 returns in a year (three returns per month and one annual return) per state. If it does business from offices in more than one state, the number of returns will go up accordingly. A business with a offices in three states will have to file 111 tax returns in a year. – Reply By Ganeshan Kalyani – The Reply = The GST provides some relief for smaller outfits that may not be able to meet these stiff requirements. An enterprise with a turnover of less than ₹ 50 lakh can opt for the composition scheme, which levies a presumptive tax of 0.5-2.5% on the turnover. However, this option is not open to everybody. Only manufacturers and specific service providers (restaurants) can opt for this composition scheme. – Reply By Ganeshan Ka

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a poor score leads to loss of business, warns Minal. – Reply By Ganeshan Kalyani – The Reply = Credit rating provision is what many tax professionals are worried about. They fear the compliance score will be used to assess the credibility of a business. This could wipe out small businesses that face cash-flow problems and delay payments. Since their problems will now be public knowledge, buyers will avoid this company leading to further payment delays. This will slowly, but with certainty, drive almost every small business to eventual closure, contends Goenka. – Reply By Ganeshan Kalyani – The Reply = As the GST deadline approaches, many in the industry and in tax circles are hoping it will be deferred. Almost three out of five respondents to the CA Club India poll wanted the rollout to be postponed. As Indians, procrastinating is in our DNA. It is also the general human tendency to resist change. Instead, we must embrace this change in a positive light, says Vivek Jain, Founder of the

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hop, it will be beneficial to get your company registered under GST. We wish your business good luck and prosperity. – Reply By Ganeshan Kalyani – The Reply = All imports shall be deemed as inter-State supplies and accordingly Integrated tax shall be levied in addition to the applicable Custom duties. – Reply By Ganeshan Kalyani – The Reply = The IGST Act, 2017 provides that the integrated tax on goods imported into India shall be levied and collected in accordance with the provisions of the Customs Tariff Act, 1975 on the value as determined under the said Act at the point when duties of customs are levied on the said goods under the Customs Act, 1962. – Reply By Ganeshan Kalyani – The Reply = The integrated tax on goods shall be in addition to the applicable Basic Customs Duty (BCD) which is levied as per the Customs Tariff Act. – Reply By Ganeshan Kalyani – The Reply = GST compensation cess, may also be leviable on certain luxury and demerit goods under the Goods and Services Tax (C

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put tax credit of the integrated tax paid at the time of import shall be available to the importer and the same can be utilized by him as Input Tax credit for payment of taxes on his outward supplies. The integrated tax shall, in essence, be a pass-through to that extent. – Reply By Ganeshan Kalyani – The Reply = The Basic Customs Duty (BCD), shall however, not be available as input tax credit. – Reply By Ganeshan Kalyani – The Reply = The place of supply of goods, imported into India shall be the location of the importer. Thus, if an importer, say is located in Rajasthan, the state tax component of the integrated tax shall accrue to the State of Rajasthan. – Reply By Ganeshan Kalyani – The Reply = Buying a car is a long term decision and hence, a buyer looks around for every possible information available on any reduction in prices in near future before buying a car. Consumers planning to buy car are struggling to find answer to the question – Whether they should buy car before GST or

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han Kalyani – The Reply = Mid segment cars currently carry effective tax rate of around 40-48% (including cascading effect of VAT).Under GST, mid segment cars are to be taxed at 40-43%. Again, there is not much change and thus, it may not translate into price hike. – Reply By Ganeshan Kalyani – The Reply = Buyers of hybrid cars are in for a disappointment as these are proposed to be taxed at the highest GST rate bracket of 28% in addition to attracting of 15% cess. Keeping environmental concern in mind, it is only just and logical for government to bring subsidy in order to bring boost to Hybrid cars. – Reply By Ganeshan Kalyani – The Reply = This could act as a dampener for companies proposing to invest in hybrid technology and adversely impact sale of such vehicles, unless a subsidy is separately given by the Government to offset such tax incidence, said Sarika Goel, tax partner at EY India – Reply By Ganeshan Kalyani – The Reply = We are waiting for an official notification on the G

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under GST, a proviso has been created to Rule 1 mandating a SEZ Unit to take a separate registration under GST.This interpretation is based on overall understanding and intention of registration provisions under GST. Every person (X Ltd.) is required to take registration in each state from supply is made. Also, this interpretation keeps government s intention to track SEZ supplies and exemptions separately on track.If we drill each word and put together harmonious interpretation with registration provisions in general – each person (person has been defined to be on PAN level/ entity level) having SEZ unit or units (seemingly it implies SEZ Unit or units in a state) in a Special economic Zone (here zone means SEZ authority which in all cases is one for one state) shall make separate registration.Until there is no clarity, the subject matter is open to interpretation. Do share your views in comments section. – Reply By Ganeshan Kalyani – The Reply = On the surface, provision creates a s

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etation draws support from the fact that every SEZ compliance is unit-wise in existing regime as well.2. All SEZ units covered under one Zone will be required to take one common GST registrationBased on this interpretation, X ltd will be required to take 3 registrations – one registration for 2 units in infospace, one for 2 units in Silokhera (remember, the provision reads a person having a unit(s) in a Special Economic Zone.. shall make a separate application for registration) and one registration for non-SEZ unit.This interpretation may have backing upon plain reading in dictionary terms but does not throw up any logical support.3. All SEZ units in one particular state will be required to take one common GST registrationBased on this interpretation, X ltd will be required to take 2 registration – one registration for 4 SEZ units in Haryana and one for non-SEZ unit. – Reply By Ganeshan Kalyani – The Reply = To have an automated seamless compliance under GST, software based application

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r you: 1. Invoice data upload (B2B and large value B2C). 2. Upload GSTR-1 (return containing supply data) which will be created based on invoice data and some other data provided by the taxpayer. 3. Download data on inward supplies (receipts or purchase) in the form of Draft GSTR-2 from GST Portal created by the Portal based on GSTR-1 filed by corresponding suppliers. 4. Do matching of purchases made and that downloaded from GST portal. Finalize the same based on his own purchase (inward supply data) and upload GSTR-2. 5. File GSTR-3 created by GST Portal based on GSTR-1 and 2 and other info and tax paid. 6. Meet other applicable compliance. – Reply By Ganeshan Kalyani – The Reply = Benefits of meeting GST compliance through ASP-GSP1. Consumption across technologies and platforms (mobile, tablets, desktops, etc.) based on the individual requirements.2. Automated upload and download of data.3. Ability to adapt to changing taxation and other business rules and end user usage models.4. In

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sed. – Reply By Ganeshan Kalyani – The Reply = Addressing the media at a press meet after the gst council meeting held today , Finance Minister Arun Jaitley said that the rates have been revised after getting feedback from industry players. – Reply By Ganeshan Kalyani – The Reply = Arun Jaitley said: After considering the recommendations, the GST Council has reduced the tax level in 66 out of 133 items on which representations were made by the industries. The reductions, he said, were based on two major principles – maintaining equivalence and the change in the utilisation behavior. – Reply By Ganeshan Kalyani – The Reply = Some of the revised tax items, the FM highlighted were: Cashew revised from 12% to 5% Packaged food, including some fruits and vegetables, pickles, toppings, instant food, sauces revised from 18% to 12% Agarbatti revised from 12% to 5% Dental wax revised from 28% to 8% Insulin revised from 12% to 5% Plastic beads revised from 28% to 18% Plastic turpolin revised from

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tes want, through the DBT (Direct Benifit Transfer), the state can refund the GST of regional cinema. – Reply By Ganeshan Kalyani – The Reply = For workers in industries like textile, diamond processing etc, where the workers take the work home, 18% tax that is now being charged will be fixed at 5% because the GST for these sectors have gone down as well. – Reply By Ganeshan Kalyani – The Reply = The next meeting for the GST Council will be on June 18th. – Reply By Ganeshan Kalyani – The Reply = At its sixteenth meeting, the GST Council decided to reduce the tax rates on 66 items out of the 133 items for which it had received representations. It also increased the upper limit of turnover for payment of tax under the composition option from INR 50 lacs to INR 75 lacs and approved the accounts and records rules. The next meeting of the GST Council will be held on 18 June, 2017. – Reply By Ganeshan Kalyani – The Reply = The Government had received representations from various industry ass

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t for the payment of tax under composition of tax option for traders, manufacturers and restaurants to INR 75 lacs from the previous INR 50 lacs. The service providers continue to remain ineligible to opt for the composition scheme. – Reply By Ganeshan Kalyani – The Reply = The GST Council has also approved the accounts and records rules. However, the anti-profiteering rules are under preparation and will be released upon finalisation. It was mentioned that the release of anti-profiteering rules is not linked with the introduction of GST and that it could be brought over anytime. – Reply By Ganeshan Kalyani – The Reply = The next meeting of the GST Council is scheduled to be held on 18 June, 2017, to consider e-way bill provisions and to decide the rate of tax on lottery. – Reply By Ganeshan Kalyani – The Reply = The industry continues to await clarity with respect to the mechanism of implementing anti-profiteering provisions and e-way bills. Further, few other aspects such as treatmen

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rates on lottery taxes and e-way bills will be decided. – Reply By Ganeshan Kalyani – The Reply = Twenty Four (24) States have passed the State GST (SGST) Act till yesterday i.e. 5th June, 2017 while 7 States viz. Meghalaya, Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the State GST (SGST) Act. – Reply By Ganeshan Kalyani – The Reply = List of States that have passed the SGST Bill:1. Telangana2. Bihar3. Rajasthan4. Jharkhand5. Chhattisgarh6. Uttarakhand7. Madhya Pradesh8. Haryana9. Goa10. Gujarat11. Assam12. Arunachal Pradesh13. Andhra Pradesh14. Uttar Pradesh15. Puducherry16. Odisha17. Maharashtra18. Tripura19. Sikkim20. Mizoram21. Nagaland22. Himachal Pradesh23. Delhi24. Manipur – Reply By Ganeshan Kalyani – The Reply = States are enthusiastically taking initiative in passing SGST Bill. PM Modi took stock of GST preparedness and was informed that GST systems such as IT infrastructure, training of officials, integration with banks, and enr

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s spreading through social networking apps and sites on delay in GST roll out. Through a tweet, Dr. Adhia said The rumours about GST implementation being delayed are false. Please do not be misled by it. – Reply By Ganeshan Kalyani – The Reply = After the end of the seventeenth meeting of the GST Council, the Government has categorically reiterated the introduction of GST from 01 July. – Reply By Ganeshan Kalyani – The Reply = Considering the preparedness of the Industry, the GST Council has relaxed the return filing timelines for the first two months after the introduction of GST. – Reply By Ganeshan Kalyani – The Reply = The GST Council also finalised five sets of rules (except e-way bills) and the rate of tax on lottery, in addition to amending the rate of tax for the hospitality industry – Reply By Ganeshan Kalyani – The Reply = The decision on the E way bills has been deferred and in the interim period, the States are allowed to follow the existing way bills provisions. – Reply By

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w of what you are reporting to each entity. – Reply By Ganeshan Kalyani – The Reply = What this eventually means is that it was easier to be a non-compliant earlier. I could rely on my chartered accountant and tell him, Okay, this year I want to pay this much tax, please prepare my books accordingly. But, now this would become very difficult because others have reported to GSTN and hence tax authorities know all the details. – Reply By Ganeshan Kalyani – The Reply = One of the fundamental shifts that companies need is to ensure that the books of account that they maintain are fully in sync with GSTN and they are reconcilable to an external third party. Every transaction that flows into your bank should be aligned to some other transaction which is reported by someone else. – Reply By venkataraman swaminathan – The Reply = Dear SirWe are having Closing Balances in our Cenvat credit records for CESS & SHE CESS in INputs/ Capital Goods & Input service credit account and reported i

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ontract attracted two levies – value added tax at the rate of 5% and service tax depending on the work. Also, no ITC was available to the builders.Though the levy under GST is set at a higher, 18% rate, it is accompanied by ITC availability. Builders thus get to avail ITC accruing on purchase of raw materials such as cement, steel and bitumen. In effect, the net [tax] will not be 18%, he said, addin g the change, however, had given rise to a lot of doubts among the builders. They are also concerned about GST s impact on their working capital.Noting that the seminar is to discuss the issues, he said government tender conditions stipulate that any mid-course increase in the tax levy would be borne by the government. Under GST too, the government would bear the burden but after deducting the benefit on account of ITC. Net of tax will be paid… on that count there should be no doubt, he said, pointing out that projects involving more consumption of cement and steel, the ITC would be

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ship of Special Chief Secretary and another, to assess the impact, is to be held on July 17.On the transition to GST and impact on traders, the official replied it was business as usual. Since doubts lingered, the Commercial Taxes Department was conducting outreach programmes in all districts as well as sector specific meetings with respective trade and industry associations. – Reply By Ganeshan Kalyani – The Reply = A week ahead of the goods and services tax (GST) roll-out, a visibly stressed chairman of the GST Network (GSTN), NAVIN KUMAR, says that it (the IT backbone of the GST) will be ready by July 15. Although confident of the software, Kumar tells Dilasha Seth it will stabilise over three-four months from the GST introduction. – Reply By Ganeshan Kalyani – The Reply = Online Information Database Access and Retrieval services (OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with t

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d OIDAR services be taxable under GST?Answer: For any supply to be taxable under GST, the place of supply in respect of the subject supply should be in India. In case, both the supplier of OIDAR Service and the recipient of such service is in India, the place of supply would be the location of the recipient of service i.e. it would be governed by the default place of supply rules.What happens in cases where the supplier of service is located outside India and the recipient is located in India? In such cases also, the place of supply would be India and the transaction would be amenable to tax. – Reply By Ganeshan Kalyani – The Reply = Q2: Who will be responsible for paying the tax?Answer: In cases where the supplier of such service is located outside India and the recipient is a business entity (registered person) located in India, the reverse charge mechanism would get triggered and the recipient in India (registered entity under GST) will be liable to pay GST under reverse charge and

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said service, except when the intermediary satisfies the following conditions:(a) The invoice or customer s bill or receipt issued by such intermediary taking part in the supply clearly identifies the service in question and its supplier in non-taxable territory(b) The intermediary involved in the supply does notauthorise the charge to the customer or take part in its charge. This means that the intermediary neither collects or processes payment in any manner nor is responsible for the payment between the non-taxable online recipient and the supplier of such services(c) The intermediary involved in the supply does not authorise delivery(d) The general terms and conditions of the supply are not set by the intermediary involved in the supply but by the supplier of services – Reply By Ganeshan Kalyani – The Reply = Q3: How would the entity located outside India comply with the responsibilities entrusted under GST? The supplier (or intermediary) of online information and database access o

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ental authority, an individual or any other person not registered and receiving online information and database access or retrieval services in relation to any purpose other than commerce, industry or any other business or profession, located in taxable territory. The expression governmental authority means an authority or a board or any other body: (i) Set up by an Act of Parliament or a State Legislature or (ii) established by any Government with ninety per cent or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution. – Reply By Ganeshan Kalyani – The Reply = Q5. What are the examples of OIDAR?Answer: Following are few examples of services that qualify under OIDAR:a) Website supply, web-hosting, distance maintenance of programmes and equipmentb) Supply of software and updating thereofc) Supply of images, text and information and making available of databasesd) Supply of music, films and games, inc

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GST, section 9(4) of the CGST Act, 2017 states that if a person registered under GST purchases goods and/ or services from unregistered person then the tax shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both. – Reply By Ganeshan Kalyani – The Reply = From reading of the section, it transpires that if you are registered under GST and you purchases goods and/ or services from person not registered under GST, then you will have to pay GST under reverse charge. However, you will get ITC of GST paid. – Reply By Ganeshan Kalyani – The Reply = After introduction of this provision, there were several representations made by various stakeholders highlighting how difficult it would be for the industry to comply with it as almost every tax payers make procurement from unregistered supplier. – Reply By Ganesh

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early the government wants to discourage the practice of working without GST number and bring everyone under tax net – Reply By Ganeshan Kalyani – The Reply = A proposal to refund central goods and services tax (GST) on items made in formerly excise-free zones in Himachal Pradesh, Uttarakhand and the North-East is set to be presented to cabinet. The move will benefit companies such as CiplaBSE, Dabur, Dr Reddy s and TVS MotorBSE that invested in those areas because of the tax break. – Reply By Ganeshan Kalyani – The Reply = The Expenditure Finance Committee (EFC) has approved the scheme, which is likely to benefit a number of automobile, fast-moving consumer goods (FMCG) and pharmaceutical companies that have invested in these zones. – Reply By Ganeshan Kalyani – The Reply = Many companies in the cement sector have plants in such zones in the North-East. Department of Industrial Policy and Promotion, which anchors the scheme, will move the proposal for cabinet consideration. – Reply By

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give their suggestions pertaining to the tax system which he would take up during the GST council meeting. – Reply By Ganeshan Kalyani – The Reply = Sisodia said he would review the facility with the department s officers after two days. – Reply By Ganeshan Kalyani – The Reply = The Government is mindful of the concerns of tax payers, especially the small taxpayers, arising from transition to the GST regime from 1st of July, 2017. – Reply By Ganeshan Kalyani – The Reply = With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the Composition scheme, it has been decided to extend the time limit for filing intimation for Composition levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017. – Reply By Ganeshan Kalyani – The Reply = Similarly, the taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for

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the composition scheme, nonresident taxpayer, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/ TCS) and a person granted Unique Identification Number. – Reply By Ganeshan Kalyani – The Reply = The basic features of the returns mechanism in GST include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto-reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC. – Reply By Ganeshan Kalyani – The Reply = It is important to note that a taxpayer is NOT required to file all types of returns. In fact, taxpayers are required to file returns depending on the activities they undertake. The government had relaxed return filing procedure for first two months i.e. July and August 2017. – Rep

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of all the outward supplies made during the month of July 2017 needs to be filed by 10th August, 2017. – Reply By Ganeshan Kalyani – The Reply = GSTR-2 (Statement of Inward Supplies):This return signifies accrual of ITC (Input Tax Credit) from the inputs received during the previous month. It is auto-populated from the GSTR-1s filed by the corresponding suppliers of the Taxpayer except for a few fields like imports, and purchases from unregistered suppliers. It needs to be filed by the 15th of every month in relation to supplies received during the previous month. For example, a statement of all the inward supplies received during the month of July 2017 needs to be filed by 15th August, 2017. – Reply By Ganeshan Kalyani – The Reply = GSTR-3 (Monthly return): This is a consolidated return. It needs to be filed by the 20th of every month. It consolidates outward supplies, inward supplies, tax payable, ITC etc. NOTE: Payment of GST is to be made on or before 20th of every month. – Reply

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been done away with.The rectification of errors/ omissions is allowed in the subsequent returns.However, no rectification is allowed after furnishing the return for the month of September following the end of the financial year to which, such details pertain, or furnishing of the relevant annual return, whichever is earlier. – Reply By Ganeshan Kalyani – The Reply = Goods and Service Tax (GST) does not permit any revision of GST returns, which may create some challenges for taxpayers. – Reply By Ganeshan Kalyani – The Reply = A taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which GST is payable for individual goods or services or both is also separately notified Classification of supply (whether as goods or services, the category of goods and services) is essential to charge applicable rate of GST on the particular supply. The application of rates will pose no prob

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lly bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply:Illustration: Where goods are packed and transported with insurance, the supply of goods, packing materials, transport and insurance is a composite supply and supply of goods is a principal supply. – Reply By Ganeshan Kalyani – The Reply = The rule is – If various elements of a bundled service are naturally bundled in the ordinary course of business, it shall be treated as provision of a single service which gives such bundle its essential character – Reply By Ganeshan Kalyani – The Reply = Whether the services are bundled in the ordinary course of business, would depend upon the normal or frequent practices followed in the area of business to which services relate. Such normal and frequent practices adopted in a business can be ascertained from several indicators some of which are listed below :• The perception of the consumer or the service receiver – If

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o the provision of hotel accommodation and the resultant package would be treated as services naturally bundled in the ordinary course of business – Reply By Ganeshan Kalyani – The Reply = • Other illustrative indicators, not determinative but indicative of bundling of servicesin the ordinary course of business are:-There is a single price or the customer pays the same amount, no matter how much package they actually receive or use- The elements are normally advertised as a package- The different elements are not available separately- The different elements are integral to one overall supply. If one or more is removed, the nature of the supply would be affected – Reply By Ganeshan Kalyani – The Reply = No straight jacket formula can be laid down to determine whether a service is naturally bundled in the ordinary course of business. Each case has to be individually examined in the backdrop of several factors some of which are outlined above. – Reply By Ganeshan Kalyani – The Reply

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loor of which is to be used as residence and the other for housing a printing press. Such renting for two different purposes is not naturally bundled in the ordinary course of business. Therefore, if a single rent deed is executed it will be treated as a service comprising entirely of such service which attracts highest liability of service tax. In this case, renting for use as residence is a negative list service while renting for non-residence use is chargeable to tax. Since the latter category attracts highest liability of service tax amongst the two services bundled together, the entire bundle would be treated as renting of commercial property. – Reply By Ganeshan Kalyani – The Reply = The tax liability on a composite or a mixed supply shall be determined in the following manner:(a) A composite supply comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of such principal supply(b) A mixed supply comprising two or more supplies shall be t

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s at his principal place of business. It has cast the responsibility on the owner or operator of warehouse or godown or any other place used for storage of goods and on every transporter to maintain specified records.The section also empowers the Commissioner to notify a class of taxable persons to maintain additional accounts or documents for specified purpose or to maintain accounts in other prescribed manner.It also provides that every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant. – Reply By Ganeshan Kalyani – The Reply = 2. Every registered person is required to maintain true and correct account of following:(a) production or manufacture of goods(b) inward and outward supply of goods or services or both(c) stock of goods(d) input tax credit availed(e) output tax payable and paid and(f) such other particulars as may be prescribed(g) goods or services imported or exp

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y tax period(d) names and complete addresses of suppliers from whom goods or services chargeable to tax under the Act, have been received(e) names and complete addresses of the persons to whom supplies have been made(f) the complete addresses of the premises where the goods are stored including goods stored during transit along with the particulars of the stock stored therein(g) monthly production accounts showing the quantitative details of raw materials or services used in the manufacture and quantitative details of the goods so manufactured including the waste and by products thereof(h) accounts showing the quantitative details of goods used in the provision of services, details of input services utilised and the services supplied(i) separate accounts for works contract showing:• the names and addresses of the persons on whose behalf the works contract is executed• description, value and quantity (wherever applicable) of goods or services received for the execution of work

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ed, in hard copy or in any electronically readable format – Reply By Ganeshan Kalyani – The Reply = 5. Any entry in registers, accounts and documents shall not be erased, effaced or overwritten and all incorrect entries, other than those of clerical nature, shall be scored out under attestation and thereafter the correct entry shall be recorded and where the registers and other documents are maintained electronically, a log of every entry edited or deleted shall be maintained.Further each volume of books of account maintained manually by the registered person shall be serially numbered – Reply By Ganeshan Kalyani – The Reply = 6. Period for preservation of accounts: All accounts maintained together with all invoices, bills of supply, credit and debit notes, and delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for 6 years from the due date of furnishing of annual return for the year pertaining to such accounts and records. – Reply By

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supplyto the recipient, also receives and incurs expenditure on some other supply on behalf of the recipient and claims reimbursement (as actual, without adding it to the value of his own supply) for such supplies from the recipient of the main supply. While the relationship between them (provider of service and recipient of service) in respect of the main service is on a principal to principal basis, the relationship between them in respect of other ancillary services is that of a pure agent. – Reply By Ganeshan Kalyani – The Reply = Let s understand the concept by taking an example:A is an importer and B is a Custom Broker. A approaches B for customs clearance work in respect of an import consignment.The clearance of import consignment and delivery of the consignment to A would also require taking service of a transporter.So A, also authorises B, to incur expenditure on his behalf for procuring the services of a transporter and agrees to reimburse B for the transportation cost at ac

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ed as pure agent of the recipient of supply – Reply By Ganeshan Kalyani – The Reply = (c) does not use for his own interest such goods or services so procured(d) receives only the actual amount incurred to procure such goods or services in addition to the amount received for the supply he provides on his own accountThe important thing to note is that a pure agent does not use the goods or services so procured for his own interest and this fact has to be determined from the terms of the contract.In the illustration of Importer and Customs Broker given above, assuming that the contract was for clearance of goods and delivery to the Importer at the price agreed upon in the contract.In such case, the Customs Broker would be using the transport service for his own interest (as the agreement requires him to deliver the goods at the importers place) and thus would not be considered as a pure agent for the services of transport procured. – Reply By Ganeshan Kalyani – The Reply = Another import

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gent is possible only and only if all the conditions required to be considered as a pure agent and further conditions stipulated in the rules are satisfied by the supplier in each case.The supplier would have to satisfy the following conditions (in addition to the condition required to be satisfied to be considered as a pure agent)for exclusion from value: (i) The supplier acts as a pure agent of the recipient of the supply, when he makes payment to the third party on authorization by such recipient (ii) The payment made by the pure agent on behalf of the recipient of supply has been separately indicated in the invoice issued by the pure agent to the recipient of service (iii) The supplies procured by the pure agent from the third party as a pure agent of the recipient of supply are in addition to the services he supplies on his own account.The following illustration will make the concept clearer:• Corporate services firm A is engaged to handle the legal work pertaining to the inc

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n rules are also met so that only the real value of the service provided is subjected to GST. – Reply By Ganeshan Kalyani – The Reply = The concept is borrowed from the erstwhile Service Tax Determination of Value Rules, 2006 and carried forward under GST. Under the GST Valuation Rules 2017, a pure agent is given the following meanings.A pure agent means a person who: (a) enters into a contractual agreement with the recipient of supply to act as his pure agent to incur expenditure or costs in the course of supply of goods or services or bothneither intends to hold nor holds any title to the goods or services or both so procured or provided as pure agent of the recipient of supply(c) does not use for his own interest such goods or services so procured(d) receives only the actual amount incurred to procure such goods or services in addition to the amount received for the supply he provides on his own accountThe important thing to note is that a pure agent does not use the goods or servic

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t the premises of the traders and shopkeepers without authorization. In case of any difficulty, complain at Phone no. 011-23370115, Central Revenue Building, I. P. Estate, New Delhi. – Reply By Ganeshan Kalyani – The Reply = The Comptroller and Auditor General (CAG) has finalised an End-to-End IT solution to audit the Goods and Services Tax (GST). The proposal envisages a pilot programme on the GST audit which will be ready by October this year and, after two beta versions, a final stage of near real-time peer review, and a digital audit report by March 2019. CAG Shashi Kant Sharma told The Indian Express that with GST becoming a reality, they too are in a position to come out with an audit on a digital platform within one working financial year. – Reply By Ganeshan Kalyani – The Reply = The GST digital audit, according to CAG officials, will create many firsts. It aims to leave a zero-paper trail and go completely paperless from day one with key features of the platform being a digita

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ccording to the CAG proposal, information relating to audit observations raised in field inspection reports and, subsequently, draft paras prepared by GST audit officers will also be stored in the data warehouse and will be accessible to stakeholders after security clearance. – Reply By Ganeshan Kalyani – The Reply = The CAG proposes to use Aadhaar-based OTP and finger-print authentication for entry into the portal by any user, entry by officers of the Indian Audit and Accounts Department (IAAD) working on the GST audit as well as for digital signatures of documents. – Reply By Ganeshan Kalyani – The Reply = E-way bill provision under GST is not made effective from 01.07.2017 as e-way bill system under GST is not yet ready. However, till 30.09.2017, a provision for e-way bill has been notified by Order vide G.O.MS No. 309 dated 24.07.2017. Order notifying e-way bill provision to be effective till 30.09.2017. e-Waybill is required for the movement of goods which are not exempted under t

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obacco products have additional cess. This cess is of 15%. – Reply By Ganeshan Kalyani – The Reply = SGST full form is State GST or State Goods and Services Tax. Whereas CGST full form is Central GST or Central Goods and Services Tax. It means that Central Government and State Government levy CGST and SGST on transactions. It is only when transactions are in one state. – Reply By Ganeshan Kalyani – The Reply = IGST full form is Integrated Goods and Services Tax or Integrated GST. Additionally Central Government levies IGST on inter state transactions and imported goods and / or services. – Reply By Ganeshan Kalyani – The Reply = India sits at number 35 on the World Bank Logistics Index, which takes into account multiple variables such as customs, infrastructure, international shipments, logistics quality and competence, tracking and tracing, and timeliness. – Reply By Ganeshan Kalyani – The Reply = As Prime Minister Narendra Modi pushes for better standards in ease of doing business, b

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shipments. – Reply By Ganeshan Kalyani – The Reply = As per the CBEC guidelines, any movement of goods exceeding the value of ₹ 50,000 cannot be made by a registered entity without an e-way bill. This bill can be generated at the GSTN portal or through an SMS. However, with the extent of information solicited by the e-way bill, the industry sees existential challenges in complying with the process requirements. – Reply By Ganeshan Kalyani – The Reply = Firstly, the bill aims to capture certain information such as vehicle registration number and driver details from express/courier and multi-modal transport operators prior to the movement of goods of consignment.In the existing business models, multiple individual consignments are collected by the EDS operator (delivery boys on foot, e rickshaw, bicycle in addition to vans or motor bikes). Moreover, when these individual shipments are received at a hub, they are sorted and allotted vehicles depending on cost and time optimization

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customer – the delivery provider is merely an agent to move goods from one location to another. It would be unfair to hold the delivery provider responsible for goods if the value is not the same as that declared by the sender. – Reply By Ganeshan Kalyani – The Reply = It is imperative for us to appreciate the distinct way that India s EDS model operates. Considering that its services are extremely sensitive to time and accuracy, any lag in the delivery process on account of compliance would be insensitive to the industry as a whole. It is important to take cognisance of the role that the air express industry has played in facilitating India s trade competitveness. – Reply By Ganeshan Kalyani – The Reply = Validity of e-way billAs per the CBEC guidelines, e-way bills come with an expiry date. The validity period of a bill is dependent on the distance the goods have to be transported. Distance Validity Period Less than 100 km One day 100 km < Distance < 300 km Three days 300 km &l

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s the vehicle number not applicable in multiple instances of first/last mile delivery of individual shipments (delivery on foot/public transport), it will also impact business spontaneity, discourage exception handling (medicines etc.) and reduce resource optimisation. – Reply By Ganeshan Kalyani – The Reply = Shipments where the declared value is less than ₹ 50,000 should be excluded from consolidated e-way bill that the delivery provider is mandated to submit. – Reply By Ganeshan Kalyani – The Reply = The Way Bill , a state-specific bill that was expected to die a natural death along with VAT, has transcended in its new avatar, the e-way bill. – Reply By Ganeshan Kalyani – The Reply = Considering the modalities of e-way bill are expected to be discussed by the GST council on August 5, 2017, one can only hope the overarching objective of GST, that is the simplification of processes and enabling ease of doing business, will be continue to be the order of the day. – Reply By Ganes

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. Only sections 51 & 52 (TDS & TCS respectively) are not applicable as the government has relaxed TDS & TCS provisions for the time being to give more time to the e-commerce sellers. – Reply By Ganeshan Kalyani – The Reply = Sections 42(9) & 43(9) are not applicable. These clauses say that if the output tax liability is reduced (or input tax credit is increased) due to a debit note (or a credit note) [mismatch of invoices reconciliation] then such amount shall be refunded by crediting electronic ledger. This is not applicable right now as there will not be any reconciliation for 2 months. – Reply By Ganeshan Kalyani – The Reply = Every registered person with turnover more than 1.5 crores must mention the HSN Codes in each and every invoice.However, the numbers of digits to be mentioned in the Invoice depends on the annual turnover in the preceding financial year. Turnover in previous FY No. of digits Upto ₹ 1.50 Cr NIL More than ₹ 1.50 Cr. & upto ₹

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ces Tax Network. – Reply By Ganeshan Kalyani – The Reply = Modes of verification-Notification 6 & 11/2017 The modes of verification are- Aadhaar based Electronic Verification Code (EVC) Electronic verification code generated through net banking login on the common portal Electronic verification code generated on the common portal [Points ii & iii replacing the earlier Bank account based OTP as per earlier notification] – Reply By Ganeshan Kalyani – The Reply = Central Tax Rate Notification (28.06.2017) Most of the goods are kept at the same rates as announced by the GST council earlier but rough or nonindustrial unworked diamond or precious stones will be charged CGST at the rate of 0.125%. List of goods exempt from CGST. No change in the list. Oil, gas, coal and petroleum licenses and sub-contract licenses and leases will be charged GST at the rate of 2.5%. The person liable to deduct TDS as per the GST law supplying intrastate goods or services to an unregistered person would

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es where the e-commerce operator will pay IGST- Notification No. 14/2017 E-commerce operator will pay the IGST in the following services- Transportation of passengers by a radio-taxi, motorcab, maxicab and motor cycle (Eg. Ola outstation from Bangalore to Chennai) Providing accommodation in hotels, inns and other commercial places meant for residential or lodging purposes. For example a small hotel registered on Oyo rooms. Oyo rooms will pay IGST However, if the person (hotel) supplying such service through e-commerce is liable for registration under GST then that person will pay. Eg, Ibis Hotel is a large multi-chain hotel also registered on Oyo rooms. Then Ibis Hotel will pay. It will come into force with effect from the 1st July, 2017. – Reply By Ganeshan Kalyani – The Reply = Goods on which reverse charge applies-Notification No.4/2017 A list of goods on which reverse charge applies is issued by CBEC. When the supply is made by the specified person, then IGST will be payable on rev

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s by the CSD/Unit Run Canteens to the authorized customers The CSD can claim a refund of 50% on IGST of all input goods received by it for subsequent supply of such goods to the Unit Run Canteens or to the authorized customers of the CSD. This notification shall come into force with effect from the 1st July, 2017. – Reply By Ganeshan Kalyani – The Reply = Inverted Rate Structure- Tax On Inputs>Tax On Outputs- Notification No.5/2017Refund of unutilised ITC will NOT be allowed, when the ITC is accumulated due to rate of tax on inputs being higher than the rate of tax on the output goods (except nil rated or fully exempted goods).High tax on the imported raw materials compels manufacturers to raise price. On the other hand, foreign finished goods have lower tax rate.. In conclusion, manufactured goods by the domestic industry becomes uncompetitive against imported finished goods.List of goods on which this notification applies. – Reply By Ganeshan Kalyani – The Reply = For UIN & Di

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