Goods and Services Tax

Goods and Services Tax – GST – By: – NarendraKumar Thotamsetty – Dated:- 15-12-2016 Last Replied Date:- 11-2-2017 – GST Update: Whether GST migration is mandatory for all existing dealers having turnover is less than threshold limit 20L/10L? The 101 Constitutional Amendment of the Goods and Service Tax (GST) is only Constitution amendment with reference the Goods and Service Tax in the place of existing Indirect Tax Mechanism. The Final bill is yet be approved by the House of Parliament and respective State Legislature Assembly. In this regard the Government of India has initiated enrolment schedule for the GST and specified enrolment schedule as follows: States Start Date End Date Puducherry, Sikkim 08/11/2016 23/11/2016 Maharashtra, Goa,

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egistered under the State Commercial Tax Authority even if his turnover is less than the threshold limit and which is 20 Lakhs/10 Lakhs? My answer is Yes . Till the date only constitutional amendment has come into existence and the Final Bill is yet be approved the by House of Parliament and respective State Legislature Assembly. Till the time it is only a draft law. All the Commercial Tax dealers obligated to enrol for the GST migration. As per my understanding there is no Exemption as far as now. One may be covered under Reverse Charge Mechanism with reference to procurement of services and Un-Registered Dealer Purchases should come within the ambit of Goods and Service Tax. Hence they need to enrol for GST migration without fail. Submitt

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= Nice article . My question is if the law is only draft then whether the requirement of enrolment within the time limit prescribed by GSTN and not by the Statute would attract any kind of penalty . As you said that this is just provisional enrolment the procedure that the existing dealer has to carry out should also be lenient and not authoritative . Pls. share your view in this regard. – Reply By Chandravijay Shah – The Reply = Un-Registered Dealers should come within the ambit of GST and hence, they need to enrol for GST migration without fail. : Unregistered Dealers do not have TIN under the VAT Act and hence, they cannot get Enrolled, despite desire to do so. It is a Non-Starter for them.Please give your feedback ASAP. – Reply By CA.D

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Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 15-12-2016 – CHANGES IN SCHEDULE IV AND SCHEDULE V OF REVISED GST DRAFT LAW We have till now discussed the definition of supply along with provisions described in schedule I, schedule II and schedule III, and in this update, we will discuss the changes and consequences in schedule IV and V. Schedule IV:- In the previous GST Law, Schedule IV specified the activities or transactions in respect of which the Central Government, a State Government or any Local Authority shall not be regarded as a taxable person. However, in the revised GST Law, Schedule IV specified activities or transactions undertaken by the Central Government, State Government or any local authority which shall be treated neither as supply of goods nor supply of services. Although, the heading of the Schedule has been changed but it does not has significant impact with the only difference that earlier government was not considered as taxable person for certain

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me charges shall be exempt. The explanation was merely for clarification purpose and removing the same does not bring any sort of change. No other change has been made in the revised draft in context of this schedule and it has been kept identical to earlier law. Also it is worthwhile to mention that the provisions mentioned in these schedules are exactly parallel to current Service Tax Laws. SCHEDULE V:- In the previous GST draft law, the persons to be registered were specified in schedule III but in revised GST law, these have been transferred to schedule V. Changes made therein are discussed hereunder:- In the revised GST Draft Law, there is substantial relaxation in the threshold limit for getting registered under GST Law. In earlier GST draft law, the limit for registration was nine lakh rupees which has been increased to twenty lakh rupees. It is an appreciable step from Government s side. As already told by us in our earlier GST updates, this limit has been enhanced by GST counc

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or the special category states the limit is ten lakh rupees. The government in earlier GST draft had explicitly specified that for the NE states including Sikkim the registration limit shall be four lakh rupees, but in new GST draft law though the limit for special category states has been increased but it is nowhere mentioned that special category states shall be North Eastern states including Sikkim. Hence, in future there is a possibility that government may specify a new list of states for this threshold limit. In the list of persons who are required to get registered irrespective of the threshold limit following entries have been added:- Persons who are required to pay tax under sub-section (4) of section 8, irrespective of the threshold specified under paragraph 1; Persons who are required to collect tax under 56, whether or not separately registered under the Act; Every person supplying online information and database access or retrieval services from a place outside India to a

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Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 15-12-2016 – CHANGES IN SCHEDULE III OF REVISED GST DRAFT LAW We have till now discussed the definition of supply along with provisions described in schedule I and schedule II, and in this update, we will discuss the changes and consequences in schedule III. In the previous GST draft law, the persons to be registered were specified in schedule III but in revised GST law, those activities and transactions which are neither supply of goods nor supply of services have been listed in schedule III. 1. In the first entry of new GST draft law, services provided by an employee to the employer in the course of or in relation to his employment is mentioned. This means that service provided

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nsidered as supply and no GST is leviable. It is worth observing that the earlier GST Draft did not incorporated such a provision. However, this provision is presently there under Service Tax Laws. Presently, definition of service excludes fees payable to a court or tribunal set up under a law for the time being in force. It appears that the Revised GST Law rectifies the anomaly of the old GST Draft. 3. In the new GST law, a new entry has been inserted whereby the functions or the services provided by any of the following will not be considered as supply:- (a) The functions performed by the Members of Parliament, Members of State Legislature, Members of Panchayats, Members of Municipalities and Members of other local authorities; (b) The du

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Report Card on GST Implementation; Government of India lost no time in implementing the GST so far; Discussions in GST Council have been very cordial and all decisions till now have been taken by consensus; Members of the Council are participating in the meetings with a very positive attitude and are working towards the roll-out of GST as per the deadline. – Goods and Services Tax – GST – Dated:- 14-12-2016 – Press Information Bureau Government of India Ministry of Finance 14-December-2016 18:21 IST As compared to the time taken in arriving at a consensus on the Constitutional Amendment Bill for GST, the subsequent events after the passing of the Bill indicate that the Government of India and the States have done remarkably well in taking a

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es including floor rates with bands of GST. Since notification of the GST Council on 12 September 2016, six meetings of the Council have been held in New Delhi. These meetings were held on 22-23 September, 2016; 30 September, 2016; 18-19 October, 2016; 3-4 November, 2016; 2-3December, 2016 and 11 December, 2016. During these meetings, number of important decisions have been taken paving way for roll out of GST with effect from 1st April 2017. Some of the important decisions taken in the last six Meetings of the GST Council are: i. The threshold limit for exemption from levy of GST would be ₹ 20 lakhs for normal States (Rs.10 lakhs for the Special Category States enumerated in Article 279A of the Constitution). ii. The threshold for av

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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. vi. 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, pan masala and tobacco products, over and above the rate of 28% for payment of compensation to the States. The GST Council in its 1st meeting decided that GST would be rolled-out by 1 April 2017. Accordingly, various timelines had been decided for various aspe

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Goods and Services Tax – Started By: – SANDESH SHINDE – Dated:- 14-12-2016 Last Replied Date:- 14-12-2016 – Dear Sir,Request you to please provide some clarity on some queries related to GST. 1 Stock needs to be minimum exit March'17. WHY?? 2 Why should we bill in Feb and Mar to do stocking if landing prices are to come down due to reducing in Tax, will company compensate on this?? 3 Will there be a price parity in market, as inflitration will stop from other markets?? 4 Will Tax adjustments stop after GST or will they continue as this effects operating prices?? 5 Ambigiuity regarding Levied TAX structure on Different Products. 6 Sale & Purchase A/c Recociliations & its Differentiations. 7 Stocks Maintenance Criteria 8 What wil

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Goods and Services Tax – GST – By: – Ashish Mittal – Dated:- 14-12-2016 Last Replied Date:- 16-12-2016 – Composition Scheme Comparison Chart Comparison of Provision Regarding Composition Scheme under Current U.P VAT Act,2008 VS Model GST Regime S.No. Basis Under UP Act' 2008 Model GST Law For Works Contractor For Others 1 Governing Section Section-6-Composition of tax liability Section-9-Composition Levy 2 Eligibility Any Person fulfilling T/o criteria (other than person engaged in Works Contract i.e. on works contractor no T/o Limit is applicable) Person fulfilling T/O limit other than 1. Engaged in supply of services 2. Person engaged in interstate supply 3. Person making Non-Taxable Supply 4. E-Commerce Operator 5. All the taxable person has common PAN shall opt the scheme simultaneously Spl. Point: T/o Limit Applicable in case of Work Contractor unlike in UP VAT Act. Under Current UP VAT: Eligible (No T/o Limit) Under GST: Eligible (Subject to T/o Limit) Under Current UP VAT:

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er-2.50% (Min.) Others-1% (Min.) [Not less than 2.5%/1% as per Section-9 actual rate still to be specified] Actual rate still to be notified but an floor rate being specified in the section itself 7 Penal Provision – If assessee not falling in the above Scheme and opts for the same the proper officer may after giving opportunity of being heard recover tax, interest and penalty of equal amount [As per Section 9(4)]thereon as recovery under GST Officer may after applying principles of Natural Justice initiate penal action as specified 8 TRANSITIONAL PROVISIONS – 8.1. Assessee shifting from Normal Tax Regime under Earlier law to Composition Scheme under GST N.A Allowed but the ITC of stock lying in the stock shall be paid by him before switching in composition scheme in GST May apply if opted for composition scheme in GST Law 8.2. Assessee shifting from Composition Scheme under Earlier law to Normal Tax Regime under GST N.A Allowed and the ITC of stock(incl. input, semi-finished goods, a

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e a boon to the real estate sector or would be a challenge . Pls share your views in this regard. – Reply By Ashish Mittal – The Reply = Hello Ganeshan Ji, With regards to your Query, In context of real estates sector, taking about the inputs which are purchased by them as defined in Rule 2(K) CCR ' 2004, Presently no CCR is available for the same due to availment of abatement as provided by N/N-26/2012 provided by CG in lieu of power vested under Sec. 93 of F.A' 1994, wherein the real estate sector may apply abated rate @30% of taxable value but after fulfilling the condition that no CCR of inputs shall be availed by them. Now in Revised MGL also no ITC of inputs have been provided till date.[As per Section 17(4)(d) of Revised MGL] Also re-instated herewith for your ready reference. Section 17 (4) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1), (2), (3) and (4) of section 18, input tax credit shall not be available in respect of the foll

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Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 14-12-2016 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN:- CHANGES MADE IN SCHEDULE-II OF REVISED GST LAW:- Continuing the series of updates on the revised GST draft law, we had discussed on changes made in schedule I after amendments in the definition of Supply and the consequences of the same. Today we will discuss the changes in schedule II and implications of the same. Schedule II prescribes such transactions which will be deemed to be supply of goods and services. There is not much change in this schedule. But it is worth noting that as per our previous discussion on supply and schedule I, the transactions without consideration have been removed from the list. But the schedul

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etained will also be termed as supply and GST was payable on the same. In the revised draft, this entry was removed from the schedule I due to which it seemed that no GST shall be payable on it. But again this entry has been retained in the schedule II resulting in taxability on this transaction. The entry 4(c) states that if a person ceases to be a taxable person, then retention of business assets will be termed as supply. This rule will be subject to the fact that the business is transferred as a going concern or a personal representative runs the business. In remaining all cases, such retention will be supply and GST will be payable on the same. Another change made in the schedule II is that entry 4(3) of the previous draft has been dele

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Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 14-12-2016 – As you are aware of the fact that revised draft GST law is published by the Government. Many changes have been made in the revised draft GST law in comparison to earlier draft GST law. If we compare the old draft GST law with the new revised draft GST law then we can study the changes which have been made and their impact on the trade and industry. To start with we are discussing about the definition of supply given under revised GST draft law. The definition of supply given under section 3(a) of draft GST law. The first part of definition of revised GST law is inclusive as well as is similarly worded as given under earlier draft GST law. Further import of service for

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sideration then only it will be covered under GST. Second entry in schedule I is a new entry wherein supply of goods or services to related person without consideration will be termed as supply . Also, if you have separate registration under section 10 then also supply without consideration will be termed as supply . GST provides that every person has to take separate registration in each state. Hence, this entry intends to cover those transaction between separate registration though they are same person. The supply will be without consideration as he is same legal person but since separate registration is taken, hence it will be termed as deemed supply and GST is payable. Further supply between principal and agent and agent and principal w

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 14-12-2016 Last Replied Date:- 19-12-2016 – Supplementary Tax Invoice Supplementary tax invoice has not been defined under Model GST law. Supplementary tax invoice has to be issued by taxable person in case where any deficiency is found in a tax invoice already issued by a taxable person. Dictionary meaning of the term supplementary is added to complete or make up a deficiency . Thus, supplementary tax invoice is to be issued where any deficiency is found in a tax invoice issued already to supplement / remove such deficiency. Details required to be shown According to Rule 4 of draft GST Invoice Rules, a supplementary tax invoice and / or credit note or debit note shall conta

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ative. Input Tax Credit As per section 16(1) of Model GST law, no registered taxable person shall be entitled to the credit of any input tax in respect of any supply of goods and/or services to him unless he is in possession of tax invoice, debit note, supplementary invoice or such other taxpaying document as may be prescribed, issued by a supplier registered under the CGST/SGST or the IGST Act. However, a taxable person who has received supplies from a supplier who is paying tax under composition levy scheme or supplying non-taxable goods and/or services cannot take input tax credit on the basis of a bill of supply. Revised invoice 'Revised invoice' has not been defined under Model GST law. Revised invoice may be issued by taxable

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d invoice is the period starting from the effective date of registration till the date of issuance of certificate of registration. Therefore, a registered taxable person cannot issue a revised invoice against the invoice issued by him after the date of issuance of certificate of registration. Difference between a revised invoice and a supplementary invoice Difference between a revised invoice and a supplementary invoice can be enumerated as follows: Particulars Revised Invoice Supplementary Invoice Meaning Revised invoice may be issued by taxable person in relation to any invoice already issued by him. Supplementary tax invoice has to be issued by taxable person in case where any deficiency is found in a tax invoice already issued by a taxa

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VAT – Delhi – JCTT/Policy/2016/751-769 – Dated:- 14-12-2016 – DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P.ESTATE, NEW DELHI-110002 No. JCTT/Policy/2016/751-769 Dated 14.12.2016 To All dealers of Delhi. Subject – Communication of the provisional Identification Number and Password to dealers registered with VAT department for migration to GST from 16th December, 2016 to 31st December, 2016 As you are aware that Goods and Services Tax is to be implemented from 1st April 2017 and we understand that as a Taxpayer you would like to continue your business operations under GST regime. Goods and Services Tax Network (GSTN) has been assigned the task of collection of data of existing taxpayers under indirect taxes for their smooth transition fr

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to enter the username and password as provided in the Table by the State VAT Authority. Step 2 : Enter Mobile Number and Email ID of the Authorized Signatory of the business entity. All future correspondence from the GST Portal will be sent on this registered Mobile Number and Email ID. Step 3: Different One Time Passwords will be sent on Mobile and Email details entered. Enter the OTP sent on Mobile and Email as provide. Step 4 : Enter information and upload scanned images as mentioned in pre-Registration Form. Please read the User Guide and FAQ at https://www.gst.gov.in.help/faq before proceedings ahead. Please also see the video tutorial at http://tutorial .gst.gov.in/video also for learning for GST registration for existing dealers. In

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 13-12-2016 Last Replied Date:- 13-12-2016 – The GST Council has had six meetings so far. They plan big but perform short. On last three occasions, its meetings were scheduled for two days but concluded in just one day each. Their seriousness and lack of home work can be gauged from the very fact they have not even vetted the draft laws in last three sittings. Till yesterday's meeting, they could read down only first 99 provisions out of 195 sections of GST law. Moreover, IGST law and State's Compensation Bill are also there to be gone through. Since the Bills have not been discussed fully, there is no question of their being presented before Parliament in the ongoing

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financially. Already lot of people's money has flown so far into the making of GST law by various quarters, not just Government, GST's impact – positive or negative will affect economy, more so in post demonetization regime. With lesser time with every day passing by till September 2017, the date by which India needs to roll out GST, it will become challenging as well as risky for the nation. With next elections also narrowing down in time terms, Government's will may also be at test. States and centre are locked on contentious issue of dual control, i.e., who will 'tax and monitor' whom. Further, in post demonetization scenario, amount of compensation has become an issue -States claim, and may be right in doing so, tha

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all partymen trying to show down each other. While centre can be blamed for improper management, opposition's non-agreement is also unwanted to large extent. It is not that there could be no solution. They should all agree, sooner the better or else 16th September will come after which all present indirect taxes which are to be subsumed in GST can not be levied and we can not also go back to old taxes unless constitutional changes are reversed. That would be suicidal. – Reply By Suryanarayana Sathineni – The Reply = Dear Sir, You are right and in the worst scenerio, they may take shelter under Section 20 of the Constitutional Amendment Act to overcome this problem. As opined by you,Technically no more indirect taxes from that date. But

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Goods and Services Tax – GST – Dated:- 12-12-2016 – New Delhi, Dec 11 (PTI) With the Centre and states again failing on Sunday to sort out contentious issue of dual control of assessees, the Goods and Services Tax (GST) rollout from April 1 next year is now looking virtually impossible. The 6th meeting of the all-powerful GST Council was slated to decide on dual control of assesses but the two-day meeting was curtailed to half and even Sunday that issue couldn't be discussed because all the time was lost in going clause by clause of the voluminous draft legislations. While Finance Minister Arun Jaitley did not categorically said that the April 1 target date would be missed, states like Kerala and Tamil Nadu said that meeting the deadli

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6th GST Council Meeting Dated:- 11-12-2016 GST Council – Minutes – Circulars – GST – Minutes of the 6th GST Council Meeting held on 11 December 2016 The sixth meeting of the GST Council (hereinafter referred to as 'the Council') was held on 11 December 2016 in Pravasi Bharatiya Kendra, New Delhi under the Chairpersonship of the Hon'ble Union Finance Minister, Shri Arun Jaitley. The list of the Hon'ble Members of the GST Council who attended the meeting is at Annexure 1 . The list of officers of the Centre, the States, the GST Council and the Goods and Services Tax Network (GSTN) who attended the meeting is at Annexure 2 . 2. In his opening remarks, the Hon 'ble Chairperson of the Council welcomed all the members and informed that this meeting would discuss the carryover agenda of the fifth GST Council meeting, namely the draft Model CGST/SGST law. He added that before that, confirmation of the draft Minutes of the 5th GST Council Meeting held on 2-3

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on'ble Deputy Chief Minister of Gujarat observed that in respect of amendments in the definition of 'agriculture' and 'agriculturist', four to five States did not agree to the new definition and in this regard, the following aspects should be considered: a. Instead of keeping activities out of the tax ambit, particular items should be exempted. b. As the threshold for the registration was ₹ 20 lakh, a large number of smaller tax payers would remain out of the tax net and the proposed definition was so wide that even major farmers would be benefited, which was contrary to the principles of taxation. c. Minor forest products like honey, timber and medicinal material were taxable under the V AT Act, and expansion in the scope of definition of 'agriculture' would result in loss of this income, and the tax base would narrow down. d. The possibility of tax evasion and issues related to tax compliance would arise. e. Processing activity might b

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ude 'cooperative societies' along with 'individual' and 'HUF' within the meaning of 'agriculturist', the Hon'ble Chairperson had stated that the expression 'on his own account' would cover anyone who carried out agriculture on his own account, and that this would also cover cooperative societies. He further added that in Punjab, surplus land was diverted to the Scheduled Caste families and cooperative societies were formed giving a small share each to such families, and that they should not come within the purview of GST. The Hon'ble Chairperson observed that as this provision had already been discussed, it could be revisited after completing discussion on all the provisions of the Model GST law. iv . Section 9(1) (Composition Levy) : The Hori'ble Minister from Tamil Nadu observed that there was a typographical error in paragraph 11 (xiv) of the Minutes and the formulation 'as specified by the Council but not less than ₹

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be levied on Composition dealers only. He added that as the provision was not envisaged for other classes of dealers, there would be no level playing field.' The Council agreed to add the version of the Hon 'ble Minister from West Bengal in the Minutes. vi. Paragraph 11 (xv): The Hon'ble Minister from Rajasthan stated that his version recorded in this paragraph should be replaced by the following: 'The Hon'ble Minister from Rajasthan stated that instead of having two rates of composition levy, manufacturers should be kept out of composition and the Centre should give them reimbursement of CGST component.' The Council agreed to amend the version of the Hon'ble Minister from Rajasthan. vii. Paragraph l1(xv): The Hon'ble Deputy Chief Minister of Gujarat stated that the following should be additionally recorded as his version in this paragraph: 'The benefit of lump sum tax should be limited to the traders who were involved in the re-sale and s

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rovision, a distinction could be made between goods and services because it was easier to check supply of goods than supply of services. The Commissioner, Commercial Taxes (hereinafter referred to as 'CCT') Karnataka explained that in services, there was a presumption of a possibility of fake billing to avail input tax credit if payment was not made by the buyer to the supplier, but in goods, it was easier to verify from records whether or not it had been received by the buyers. He added that if this provision was extended to goods, this could create problem for those suppliers who supplied to the government departments or supplies made by small enterprises who might not get payment within three months. He further added that at times quality testing etc. on goods could take longer than three months, and payment could be delayed on that account too. The Hon'ble Minister from West Bengal did not agree with this submission and observed that there could be fake bills for goods

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he Minutes which related to definition of the term 'input service distributor'. The Council agreed to this suggestion. x. Section 46(1) (Tax deduction at source) : The Hon'ble Minister from West Bengal observed that during discussion on Section 46(1), he had suggested to define the term 'Governmental agencies' in paragraph 11(xxvii) and the Council had agreed to it but it was not recorded in the Minutes. He requested to add this in paragraph 11 (xxvii) of the Minutes. The Council agreed to this suggestion. xi. Paragraph 13 of the Minutes: The Hon'ble Minister from West Bengal stated that this paragraph should also record that if the Union Law Ministry had any reservations or comments on certain provisions of the Model GST law as approved by the Council, then it must be brought to the notice of the Council and discussed accordingly before it was placed before the Parliament. The Hon'ble Chairperson observed that during legal vetting, normally only ch

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asthan observed that his version was not recorded in paragraph 18 of the Minutes, and requested to add the following as his version: 'The Hon'ble Minister from Rajasthan stated that cross-empowerment was required in all three Acts as otherwise the aim of single interface would not be achieved.' The Council agreed to add the version of the Hon'ble Minister from Rajasthan. 4. In view of the above discussions, for Agenda item 1, the Council decided to adopt the Minutes of the 5th meeting of the Council with the following changesi. i. To replace the version of the Hon'ble Minister of Jammu Kashmir recorded in paragraph 11 (i) of the Minutes with the following – 'The Hon 'ble Minister from Jammu Kashmir suggested that Section 1 (2) may be amended so as to exclude Jammu Kashmir by inserting the words (except the State of Jammu and Kashmir) . Jammu Kashmir would then take the process of extending the law further as required by the Constitution of Ind

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to the traders who were involved in the re-sale and should not be extended to manufacturers. He suggested to consider one of the following two options: (i) Manufacturers should not be entitled to the benefit of lump sum tax; (ii) If it has to be given at all, it should be at the rate of 5% (2.5% CGST and 2.5% SGST) and that if the Government of India decided to extend relief, it should be given from its budgetary provision.' v. Section 16(2) (Eligibility and conditions for taking input tax credit) : To incorporate the decision in the Minutes that in Section 16(2), the time period for making payment shall be increased from three months to six months from the date of issuance of invoice and that this provision shall apply to both goods and services. vi. To omit reference to definition of the term 'input service distributor' in paragraph 11 (xxiii) of the Minutes. vii. To add in paragraph 11 (xxvii) of the draft Minutes that the Hon'ble Minister from West Benga

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tates.' xi. To add the following version of the Hon'ble Minister from Rajasthan in paragraph 18 of the Minutes – 'The Hon'ble Minister from Rajasthan stated that cross-empowerment was required in all three Acts as otherwise the aim of single interface would not be achieved.' Agenda Item 2: Approval of the Draft GST Law, the Draft IGST Law and the Draft GST Compensation Law: 5. The Hon'ble Chairperson observed that in the last meeting, the Council had discussed up to Section 46 of the draft Model GST (hereinafter referred to as the 'GST Law') law and he invited comments of the Members from Section 47 onwards. The Hon'ble Minister from West Bengal pointed out that there was certain contradiction between Section 4 and Section 5 of the GST Law in respect of the jurisdiction of the SGST officer and this needed to be addressed. The Hon'ble Chairperson stated that this could be taken up after the first reading of the whole GST Law. 6. A

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50,0001-. The Hon'ble Minister from Kerala suggested that self-certification of refund in regard to lack of unjust enrichment could be allowed up to a limit of ₹ 1 lakh. The Commissioner (GST), CBEC informed that the limit of ₹ 5 lakh was kept in view of the cost involved in obtaining certification for unjust enrichment. The Secretary to the Council stated that such a limit would help a large portion of refund to be directly credited to the applicant's account as was the case in Income Tax. The Hon'ble Chairperson stated that in GST, as there was a possibility to pass the tax burden to the consumer, there was a need to exercise caution and suggested to reduce the amount for self-certification to Rs two lakh or such amount as the Council may decide. He also suggested that in all Sections where amounts were mentioned, the same formulation should be used in order to avoid seeking approval of the Parliament for every change in the amount in future which could be a t

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(1) (Refund of tax): The CCT, Telangana observed that the twoyear period allowed for claiming refund was too long, and should be reduced to one year. Shri P.K. Mohanty, Consultant, CBEC explained that it was a trade friendly provision and it was in tune with the larger period allowed for demanding short payment of tax from the taxpayer. The Hon'ble Minister from Karnataka stated that in certain cases, the business practice could be such that not all documents might be put in place within one year and such businesses would be at a disadvantage if the period permitted for claiming refund was shortened. The Hon'ble Minister from Uttar Pradesh observed that while taxpayer would normally be keen to apply for refund at the earliest, at times due to some humanitarian reasons, a larger time period for claiming refund might be helpful. The CCT Gujarat pointed out that as the taxpayer would file the annual return by end of December following the end of the financial year, a period of tw

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ning the types of transporter. The Secretary to the Council suggested that normally, the expression 'transporter' would cover all modes of transport and it would not require to be specified in the law, and if required, it could be kept in the GST Rules. After discussion, the Council agreed not to define the term 'transporter' in the GST Law. vi. Section 54 (Period of retention of accounts): The Hon'ble Minister from Uttar Pradesh suggested that the period of retention of records be increased from five years to six years in order to harmonise it with the revisional power of the Chief Commissioner or Commissioner in Section 99(3). Shri Vivek Kumar, Additional Commissioner from Uttar Pradesh further explained that in case a proceeding of revision was started after five years and one month, no account might be available if the period of retention of record was kept as five years. The Hon'ble Minister from Uttar Pradesh suggested that alternately, the revisional

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es. viii. Section 56(1) (Collection of tax at source) : The Hon'ble Minister from West Bengal pointed out that the definition of 'electronic commerce operator' did. not exclude those entities who sold their goods through their own electronic portal. The Secretary to the Council explained that such entities would be required to pay the full tax instead of 1 % Tax Collection at Source (TCS). The Commissioner (OST Policy Wing), CBEC clarified that provisions of Section 56(1) shall not apply to entities selling their goods through their own electronic portal. The CCT Karnataka pointed out that Section 56(1) used the expression 'taxable supplies made through it' and not 'taxable supplies made by it' which implied that this provision was not applicable for entities supplying their goods through their own electronic portal. The Secretary to the Council observed that in order to avoid, confusion, it would be prudent to clarify that only aggregators would be trea

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ired regarding the circumstances in which provisional assessment would be required. The Commissioner (OST Policy Wing), CBEC explained that such a provision could be used where test report for a product was awaited as for example the value of busbar supplied to a State Electricity Board depended upon the copper content in the busbar. The supplier could seek provisional assessment till such time that the chemical test report was obtained. The CCT Telangana observed that there was an overlap in the concept of advance ruling and provisional assessment. The Consultant, CBEC clarified that advance ruling covered seven subjects whereas provisional assessment was limited to two subjects, namely value of goods and the applicable rate of tax. The Hon'ble Minister from Uttar Pradesh observed that the Commissioner should not have unlimited power to extend the period of provisional assessment and that he could have the power to extend it by another year. Shri Ram Tirath, Member (OST), CBEC cla

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onal assessment should be subject to a limit of four years. The Council agreed to this suggestion. xi. Section 59(1) (Scrutiny of returns): The Hon'ble Minister from West Bengal observed that as scrutiny of returns was normally to be done electronically; it was contradictory to provide for scrutiny of returns by officers. He stated that officers would need to do scrutiny only in certain cases. The Hon'ble Ministers from Assam and Tamil Nadu supported the existing provision and stated that officers needed to do scrutiny. The Hon'ble Chief Minister of Puducherry also supported the provision and observed that while the officer would carry out scrutiny, he would also be backed by the electronic system. The Secretary to the Council pointed out that the expression used in Section 59(1) was 'may', which implied that Officer would not always carry out scrutiny. CCT Karnataka further clarified that while the IT system would throw up the suspicious cases requiring scrut

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luded from carrying out scrutiny. He added that where one administration took an enforcement action, the other administration would be informed. CCT Tamil Nadu observed that while audit would be limited to 5% of the taxpayers, the remaining taxpayers would be subject to scrutiny and both Central and State administrations could potentially give notice and then it would not be clear to whom the taxpayer had to send a reply. The Principal Secretary, Finance, Odisha stated that on account of such considerations, it was important to have a system where the taxpayer must know who was his officer. The Hon'ble Deputy Chief Minister of Gujarat observed that if the arrangement was that the one who gives notice first would handle all subsequent proceedings, then there could be a competition to issue notices which was not desirable. The Hon'ble Minister from Tamil Nadu emphasized that only Option II was workable for small taxpayers whereas the bigger taxpayers could face both the administr

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tion of an assessing officer could be affected. He observed that this issue had cropped up in the context of various regulators as to whether CAG was entitled to audit quasi-judicial orders of the regulators. The Hon'ble Deputy Chief Minister of Delhi and Gujarat and the Hon'ble Minister from Uttar Pradesh also suggested to delete this provision. The Principal Secretary, Finance, Odisha observed that a tax audit was different from a CAG audit. The Hon'ble Minister from Bihar observed that CAG had power to audit only revenue of the Governments and not of the tax paid by the taxpayer. The Hon'ble Chairperson observed that the power of audit should only be in the relevant CAG Act, but as the office of CAG had also written to the GST Council on this subject, it would be separately discussed with the CAG. The Secretary to the Council stated that the CAG would be informed that the Council was not in favour of keeping this provision. The Council agreed to this suggestion. x

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as deterrent. The Hon'ble Minister from Tamil Nadu suggested to retain the existing provision and cautioned that if there was too much distinction between penalty provisions, this could lead to undue discretionary power to the assessing officer. The Hon'ble Minister from Uttar Pradesh also supported the existing provision. The Council decided not to make any changes to the provision. xv. Section 67 (1) (Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any wilful misstatement or suppression of facts): The CCT, Telangana suggested to add the clause 'or tax arrived to the best of his judgement' in section 67 (1) to permit extrapolation of short levy where the tax payer was not furnishing the details. Shri Manish Kumar Sinha, Commissioner, GST Council explained that the settled legal position was that the tax department could raise demand only to the extent that it had evidence and

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such a historical fiscal reform. The Hon'ble Chairperson observed that the GST Law had the broad consensus of the officers but now some suggestions had come up from the States. He suggested to continue with discussion on the suggestions but to hasten the process. xvi. Section 71 (Initiation of recovery proceedings): The Hon'ble Minister from West Bengal suggested that no discretion be given to the officer for recovery of revenue before a period of 90 days from the passing of an order. The CCT, Karnataka explained that in normal circumstances, no amount could be recovered before the expiry of the appeal period of 90 days, but in case of enforcement action, an officer could demand instantaneous payment as otherwise the evader could vanish as for example a truck caught with non-tax paid goods. The Hon'ble Chairperson also observed that there could be other circumstances where an officer could demand payment in a shorter period as for example, admitted tax liability, but

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). The Council decided not to make any changes to this provision. xix. Section 80 (Inspection of goods in movement): In respect of provision of inspection of goods in movement, there was a discussion regarding the desirability of keeping check posts at the borders. The Hon'ble Minister from Kerala observed that check post for other purposes like State Excise, Transport Department, etc. would continue and that for the tax administration, there should be an automated check post for capturing data of Inter-State movement of goods. He added that such a facilitation centre could be at three or four main entry points of the State and that such a mechanism would help curb tax evasion in the Origin State. The CCT Telangana observed that presently, check posts performed four functions, namely recording movement of goods, verifying genuineness of transactions, tracking transit vehicles and collecting tax and penalty. He observed that functions like collection of tax and penalty might no

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re was a provision in GST to carry electronic way bill and RFID devices which could log on to GSTN and read and verify data electronically. In this view, instead of a check post, there could only be a 'reader' to record details of the movement of goods. The CCT Gujarat stated that multiple mobile checking of the same vehicles in different States could also cause harassment and to mitigate this, it could be provided that once a vehicle had exited the State of its Origin, no check would be done en route. The Hon'ble Minister from West Bengal supported the idea of no physical check post at the border and random check of way bills uploaded electronically at the State border. He further observed that check posts would continue for other agencies such as for checking over loading. The Hon'ble Minister from Tamil Nadu observed that there should be no checks at the borders and even a trade facilitation unit need not be kept at the border as this would lead to a vested interest

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d by the Hon'ble Minister from Kerala was addressed by the provision in the Model GST Law to carry devices like RFID, which would enable uploading of data on the official electronic system when a conveyance crossed a highway. He added that if a physical data collection centre was created, this would amount to a check post. He further added that suspicious vehicles could be stopped anywhere for checking and this need not be at a State border. After discussion, the Council approved this Section in its present form. xx. Section 81 (Power to arrest): The Additional Chief Secretary, Maharashtra observed that the power of arrest and of confiscation was not in tune with the concept of ease of doing business. The Hon'ble Minister from West Bengal stated that under VAT law, there was no power of arrest and that First Information Report (FIR) could be lodged only with the police and it might not be prudent to give such power to tax authority. He further added that the tax administra

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could be carried out only by an officer not below the rank of Assistant Commissioner. The Commissioner, GST Council clarified that as per the draft GST Law, every arrest had to be approved by the Commissioner but he could authorise any officer, including an Inspector, to carry out such arrest. He also pointed out that the power to grant bail was only restricted to the Court. The Hon'ble Minister from Kerala and Uttar Pradesh suggested to raise the duty evasion threshold of arrest from ₹ 2 crore to ₹ 5 crore. The Hon'ble Chairperson pointed out that where evasion of tax was ₹ 2 crore, the value of offending goods or services would be approximately ₹ 20 crore. The Hon'ble Minister from Assam suggested to keep the evasion threshold at ₹ 50 lakh, as in his State, quantum of evasion would not be very high. The Hon'ble Chairperson suggested that in order to make the arrest provision less prone to abuse, arrest could be made for duty evasion of &

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the taxpayer had collected the tax but not deposited it with the Government. The Hon'ble Minister from Assam strongly opposed this proposed dilution of power of arrest and stated that there was no reason to side with the corrupt. After discussion, the Council noted that while most State VAT laws did not have the power to arrest and that no draconian power should be provided but arrest power could be allowed in limited cases as discussed above and within the guidelines as provided by the Hon'ble Chairperson. The Hon'ble Chairperson observed that Section 81 could be redrafted on the above basis and brought before the Council in the next meeting. The Hon'ble Minister from Tamil Nadu raised a point that the practice of certain community of charging Y2% or 1 % over and above the invoice value for community's welfare should not come within the ambit of the provision of tax collected but not deposited with the Government, as it was not a tax but a contribution to the commu

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ion 85. The other issue raised was that in Section 85, there was a reference to a specified amount of penalty and that it would be prudent to add 'or such amount as may be prescribed by the Council'. The Council agreed to this suggestion. xxiii. Section 89(1)(a) (Detention and release of goods and conveyances in transit): The CCT Andhra Pradesh observed that this Section had no provision for issuing a detention order. The Hon'ble Chairperson observed that a provision could be added that while detaining a vehicle, a detention order shall be served on the owner or the driver of the vehicle. The Council agreed to this suggestion. xxiv. Section 89(1)(c) (Detention and release of goods and conveyances in transit): The CCT, Andhra Pradesh suggested that language of Section 89(1)(c) should be slightly modified to also provide for issuance of notice before imposition of penalty. The Council agreed to this suggestion. The CCT Andhra Pradesh further suggested that this prov

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ister from West Bengal suggested a pre-deposit of 20% or 15%. The Hon'ble Minister from Kerala supported a pre-deposit of 20%. After discussion, the Council agreed to increase the rate of pre-deposit from 10% to 20% for all cases without providing for any discretion. xxvi. The Hon'ble Chairperson observed that Section 100 (Constitution of the National Appellate Tribunal) onwards of the Model GST law shall be taken up in the next meeting. 7. For agenda item 2, the Council approved the provisions of Chapter X to Chapter XX (Sections 47 to 97) and Sections 98 and 99 of Chapter XXI subject to the decisions/observations as recorded below. It was also agreed that during legal vetting, if the Union Law Ministry had reservations or comments on certain provisions of the Model GST Law or suggested changes in the language of the law, these would be brought before the Council for discussion and approval before placing the draft law in the Parliament. i .. Section 2(7), 2(8) and 2(

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Sections where amounts are prescribed, an amendment be done by incorporating an additional expression 'or such amount as the Council may decide'. v. Section 48(3) (Refund of tax): To add another proviso to this Section granting power to the Council not to allow refund in certain cases even when there was an inverted duty structure. vi. Section 53(6) (Accounts and other records): To add the expression 'transporter' so that they are also made liable to maintain record of goods being transported by them. vii. Section 54 (Period of retention of accounts): To amend the Section by increasing the period of retention of records from five years to six years. viii. Section 56(1) (Collection of tax at source): To suitably clarify that only aggregators would be treated as electronic commerce operators and it would exclude those entities who sold their goods through their own electronic portal. ix . Section 56(4), 56(5)J 56(6), 56(7), 56(8) and 56(10) (Collec

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ower to arrest): To be redrafted providing that arrest could be made for duty evasion of ₹ 2 crore or more and that arrest made for duty evasion ranging from ₹ 2 crore to ₹ 5 crore shall be bailable and beyond ₹ 5 crore shall be non-bailable. The language of the provision to also convey that wherever there was a grey area relating to assessment, no arrest shall be made. xvi. Section 85 (1) (xiv) (Offences and penalties): The committee of officers dealing with GST law to harmonize the provisions of Section 85 (1) (xiv) and Section 89(l)(a) of the Model GST law. xvii. Section 85 (Offences and penalties): In addition to the reference of the specified amount of penalty, to further add 'or such amount as may be prescribed by the Council' xviii. Section 89(1)(a) (Detention and release of goods and conveyances in transit): To amend the provision by adding that while detaining a vehicle, a detention order shall be served on the owner or the drive

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Goods and Services Tax – GST – By: – CS SANJAY MALHOTRA – Dated:- 10-12-2016 Last Replied Date:- 30-12-1899 – Goods and Service Tax – Transitional Provisions By: CS Sanjay Malhotra (Practising Company Secretary / Indirect Tax Expert) Goods and Service Tax will bring in Business Transformation; hence it s important to understand the Transitional Provisions to ensure that the proposed tax system takes care of existing tax credits, payments and should not be a TAX COST for the assessee s. Due care has to be taken in shift over from Present set of Indirect Tax system to GST Regime so that the required compliances shall be complied with and taxes paid under present taxation system should be rolled over in GST Law. Appointment of Officers under GST Act (Section 165) of Model GST Law provides that all the officers appointed under Central / State Laws relating to Taxes shall be deemed to have been appointed as GST Officers under the respective Acts. Migration of Existing Tax Payers (Section 1

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in GST (Section 167) Registered Taxable person other than a person opting to pay Tax under Composition Levy shall be allowed to take credit of CENVAT / VAT / Entry Tax as available on the day immediately preceding the day on which GST Act comes into force. Tax credit has to be taken as opening balance in Electronic Ledger i.e. online Input Tax Credit Ledger in GSTIN. CENVAT Credit available under Excise and Service Tax as on date preceding to GST Act date shall be carried forward in Electronic Ledger under the head CGST and Vat / Entry Tax credit under the head SGST . Tax Credit has to be carry forward provided the same is admissible both under present and in GST law. Refund of CST if any under the earlier law shall be refunded as per the provisions of earlier law and no credit / refund is eligible under GST. The above provisions shall be incorporated under respective CGST and SGST Acts. Unavailed CENVAT Credit on Capital Goods not carry forward in return to be allowed in GST in certa

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provided the same is admissible both under present and in GST law. The above provisions shall be incorporated under respective CGST and SGST Acts. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations (Section 169) Any person who is into the sales of Exempted goods / Provision of Exempted Services is exempted from Registration under the present Law. Under GST, these persons besides First Stage & Second Stage Dealer, Registered Importer, Providing Works Contract Services, shall have to get himself registered under the GST Act if the products / services come out of exemption or is subject to levy under the GST Act. Such registered persons under the GST Act shall be eligible to claim Input Tax credit in respect of Inputs, WIP held in stock , Inputs contained in final products as on the date immediately preceding to the Date from which GST Act comes into force. Such Tax Credit is admissible provided recipient should have Invoice with

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uties and taxes on inputs held in stock to be allowed to a Taxable person switching over from Composition scheme (Section 172) Any Registered person who is paying tax in the capacity of Composite Tax Payer at a fixed rate or fixed amount under the present tax law of Centre / State shall be eligible to take input Tax credit in Electronic Credit Ledger in respect of Inputs, WIP held in stock, input contained in Finished Goods as on the date immediately preceding to the Date from which GST Act comes into force. Tax Credit is allowed provided the same is admissible both under present and in GST law. The above provisions shall be incorporated under respective CGST and SGST Acts. Exempted Goods Returned to Place of Business in GST regime(Section 173) No Tax shall be payable by the person returning the exempted goods provided the said goods are cleared not earlier than a period of 6 months from the date of enactment of GST Act and further returned to supplier of goods within a period of 6 mon

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under the provisions of present tax law for further processing, testing, repair, etc and are returned after processing within a period of 6 months or extended period of 2 months from the date on which GST Act comes into force, then NO Tax shall be payable. Tax shall be payable by manufacturer if the inputs are not received back within a period of 6 months or extended period from the date when GST comes into force OR Tax is to be paid by Job Worker if the goods after processing are returned back after a period of 6 months after the GST enactment date. If registered person shows sufficient cause, then the period of 6 months may be extended by another 2 months by the competent authority. The above provisions shall be incorporated under respective CGST and SGST Acts. Semi-finished Goods removed for job work and returned on or after the appointed day (Section 176) In case Semi-finished goods are removed for carrying out certain manufacturing processes under the provisions of present tax law

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ot amounting to manufacture under the provisions of present tax law and are returned after processing within a period of 6 months from the date on which GST Act comes into force, then NO Tax shall be payable. Tax shall be payable by manufacturer if the inputs are not received back within a period of 6 months from the date when GST comes into force OR Tax is to be paid by person returning the goods if the goods after processing are returned back after a period of 6 months after the GST enactment date. If registered person shows sufficient cause, then the period of 6 months may be extended by another 2 months by the competent authority. Manufacturer has the option as available under the earlier law to remove goods from Job worker premises on payment of duty in domestic market or without payment of duty in case of Exports. The above provisions shall be incorporated under respective CGST and SGST Acts. Issue of supplementary invoices, debit or credit notes where price is revised in pursuan

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of issue of the said invoice or credit note only if the recipient of the invoice or credit note has reduced his input tax credit corresponding to such reduction of tax liability. The above provisions shall be incorporated under respective CGST and SGST Acts. Pending Refund Claims to be disposed of under earlier Law (Section 179) Claim for Refunds submitted by any taxable person in earlier law in respect of Tax/Duty/Interest or any other amount shall be refunded as per the then provisions of Tax laws and any amount accruing to him shall be paid in cash. If the claim is fully or partially rejected, then the amount so rejected shall stands to lapse. The above provisions shall be incorporated under respective CGST and SGST Acts. Refund claims filed after the appointed day for goods cleared / Exported or Services provided before the appointed day to be disposed of under earlier law (Section 180) Provisions for Refund Claims as applicable in the earlier law shall be followed for refund in GS

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ting to Output Tax Liability (Section 183) Every proceeding initiated under any appeal, revision, review or reference shall be disposed off in accordance with the provisions of earlier law and any amount stands accrue to the person shall be paid in Cash and ANY amount stands recoverable on account of any appeal, revision; review or reference shall be recoverable as Tax arrears and shall not be admissible as input tax credit under this Act. The above provisions shall be incorporated under respective CGST and SGST Acts. Treatment of the amount recovered or refunded in pursuance of assessment or adjudication proceedings (Section 184) Where any duty / interest / penalty or any other amount is demanded under any appeal, revision, review or reference whether before or after the enactment of GST Act, the same shall be recovered as Tax arrears and amount shall not be admissible as input tax credit under this Act. Where any duty / interest / penalty or any other amount becomes Refundable under

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er GST Act in respect of Supply of Goods and services provided after the enactment of GST Act even if the agreement / contract is executed prior to introduction of GST Act. The above provisions shall be incorporated under respective CGST and SGST Acts. Progressive or periodic supply of goods or services (Section 187) No Tax is payable if the payment has been received and tax has been deposited prior to the introduction of GST Act in respect of Supply of Goods and services after the enactment of GST Act. The above provisions shall be incorporated under respective CGST and SGST Acts. Taxability of Goods / Services in Certain Cases (Section 188-189) Tax shall be payable as per the earlier provisions of the Point of Taxation if the said POT arose prior to the GST Act comes into force. Credit distribution of service tax by ISD (Section 190) Input Tax shall be distributed by ISD on the invoices issued before the enactment of GST and received after the enactment of said act. Provision for tra

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voices for such goods had been issued not earlier than twelve months immediately preceding the appointed day; and (iv) the principal has either reversed or not availed of the input tax credit in respect of such goods. Tax paid on Capital Goods lying with Agents to be allowed as Credit under SGST Law (Section 193) This provision shall be incorporated only under respective SGST Acts. Input Tax credit is admissible to the Agent in respect of CAPITAL goods lying at his place subject to the following conditions:- (i) the agent is a registered taxable person under this Act; (ii) both the principal and the agent declare the details of stock of capital goods lying with such agent on the date immediately preceding the appointed day in such form and manner and within such time as may be prescribed in this behalf; (iii) the invoices for such goods had been issued not earlier than twelve months immediately preceding the appointed day; and (iv) the principal has either reversed or not availed of th

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 9-12-2016 – Credit Note As per section 2(35) read with section 24(1) of model GST law, where a tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged in that a tax invoice is found to exceed the taxable value and/or tax payable in respect of such supply, the taxable person, who has supplied such goods and/or services, may issue to the recipient a credit note containing prescribed particulars. (Refer Q. No. 24). Accordingly, credit note has to be issued by taxable person who had earlier issued a tax invoice for supply of any goods and/or services credit note has to be issued where tax invoice has charged excess value and/o

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ever is earlier. It may be noted that annual return is required to be filed under section 30(2) on or before 31st December of the financial year following the relevant financial year. In cases where such annual return is filed after 30th September, the time limit for issuing credit note will be 30th September only. According to proviso to section 24(1), no credit note shall be issued by the taxable person if the incidence of tax and interest on such supply has been passed by supplier to recipient. Debit Note As per section 2(36) read with section 24(2) of the model GST law, where tax invoice has been issued for supply of any goods and/or services and the taxable value and/or tax charged in that tax invoice is found to be less than the taxab

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 8-12-2016 Last Replied Date:- 19-12-2016 – What is Bill of Supply As per proviso to section 23 of Model GST Law a registered taxable person supplying non-taxable goods and/or services or paying tax under the provisions of section 8 in relation to composition levy shall issue, instead of a tax invoice, a bill of supply( in lieu of tax invoice) containing the prescribed particulars. Accordingly, for a bill of supply, following points are relevant: bill of supply to be issued by registered taxable person supplying non-taxable goods and/or services. bill of supply to be issued by registered taxable person paying amount under the composition levy. bill of supply containing prescribed particulars is issued in lieu of tax invoice. bill of supply will also be issued by unregistered persons who are not required to pay GST. bill of supply will generally contain the similar particulars as in case of tax invoice except that of tax

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e goods or services requires such bill. Consolidated Bill of Supply According to proviso to Rule 3 of draft GST Invoice Rules, a consolidated bill of supply shall be prepared by the registered taxable person at the end of each day in respect of all such supplies where the bill of supply has not been issued and value of the goods or services supplied is less than one hundred rupees. Accordingly, consolidated bill of supply shall be prepared by the registered taxable person- at the end of each day, in respect of all supplies for value of less than rupees one hundred (Rs. 100), consolidated bill of supply will only cover supplies where bill of supply has not been issued. – Reply By JAIPRAKASH RUIA – The Reply = Dear Sir,Good Article.1) Whether Zero rated supply like EXPORT will be treated as non taxable goods. 2) Currently the service tax is based on negative list and approx. 119 code issued by dept. are not relevant. Whether dept. has issued service accounting code for many services not

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ssued by the Department are not relevant. Whether Department has issued service accounting code for many services not covered in the list of 119 codes.The Service Accounting Codes (SAC) have not been declared in the Model GST Law or Revised GST Law issued by the GST Council so far. Yes, there is a code No. 120 for all residual services not falling under 119 services.Thanks & Regards,CA Sanjay Kumawat – Reply By Dr. Sanjiv Agarwal – The Reply = Dear Sir, Reverse charge on goods under GST The Central or a State Government may, on the recommendation of the GST Council, by notification, specify categories of supply of goods and/or services the tax on which is payable on reverse charge basis and the tax thereon shall be paid by the recipient of such goods and/or services and all the provisions of this Act shall apply to such person as if he is the person liable for paying the tax in relation to the supply of such goods and/or services. GST on advance received from customer for supply of

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 6-12-2016 Last Replied Date:- 8-12-2016 – Payment of tax due Section 71 of the Model GST Law ( Law for short) provides that any amount payable by a taxable person in pursuance of an order passed under the Act shall be paid by such person within a period of 90 days from the date of service of such order. The proper officer is at his discretion to direct to pay the said amount within such short period as may be specified by him in the interest of revenue. The reasons for such order shall be recorded in writing. Recovery of tax Section 72 provides that if the taxable person fails to pay the tax payable consequent on any order within 90 days, the proper officer shall proceed to recover the amount. The amount may be recovered by any one of the following methods- The proper officer may deduct or may require any other specified officer to deduct the amount so payable from any money owing to such person which may be under the

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any pass book, deposit receipt, policy or any other document for the purpose of any entry, endorsement or the like being made payment is made, notwithstanding any rule, practice or requirement to the contrary; If such person fails to make the payment he shall be deemed to be a defaulter in respect of the amount specified in the notice and all the consequences of this Act or rules made there under shall follow; The officer issuing such a notice may amend or revoke such notice at any timeor from time to time or extend the time for making any payment in pursuance of the notice; Any person making any payment in compliance with a notice shall be deemed to have made payment under the authority of the person in default; Such payment being credited to the appropriate Government shall be deemed to constitute a good and sufficient discharge of the liability of such person to the person in default to the extent of the amount specified in the receipt; Any person discharging any liability to the pe

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isfy the amount for the dues and the remaining amount, if any, may be paid to the taxable person; The proper officer may issue a certificate to the District Collect to recover the amountas if it is an arrear of land revenue; The proper officer may file an application to the appropriate Magistrate and such Magistrate shall proceed to recover from such person the amount specified there under as if it were a fine imposed by him; Section 72(2) provides that where the terms of any bond or other instrument executed under the Act or any rules or regulations made there under provide that any amount due under such instrument may be recovered without prejudice to any other mode of recovery; Section 72(3) provides that where any amount of tax, interest or penalty is payable, the proper Officer of SGST, during the course of recovery of SGST arrears, may recover the amount from the said person as if it were an arrear of SGST and credit the amount so recovered to the account of Central Government. S

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prescribed. Where there is default in payment of any installment on its due date, the whole outstanding balance payable on such date shall become due and payable forthwith and shall, without any further notice being served on the person, be liable for recovery. Transfer of property to be void Section 75 provides that if a taxable person creates a charge on or parts with the property belonging to him or in his possession, in favor of any other person with the intention to defraud the Government revenue, such charge or transfer shall be void as against any claim in respect of any tax or any other sum payable by the said person. Such charge or transfer shall not be void if it is made for adequate consideration and without notice of the pendency of such proceedings under this Act or without notice of such tax or other sum payable by the said person or with the previous permission of the proper officer. First charge Section 76 provides that any amount payable by a taxable person or any othe

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Goods and Services Tax – GST – Dated:- 3-12-2016 – New Delhi, Dec 2 (PTI) Citing constitutional compulsion, Finance Minister Arun Jaitley sought to drive home the point that the Goods and Services Tax has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenue collection. He made a pitch for widening the tax base, saying efforts are on to make taxation process far simpler and make rates more reasonable. For instance, he said, the 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

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Goods and Services Tax – Started By: – yogesh Panchal – Dated:- 3-12-2016 Last Replied Date:- 3-12-2016 – Dear All Expert, Please guide, Meaning and scope of supply Comparative view under revised model GST law vis-à-vis earlier model GST law. Which published on 26th November 2016. earlier model GST law term supply is contained in sub section (2)(a) of section 3 of the model CGST/SGST act,2016 as above, Where a person acting as an agent who, for an agreed commission or brokerage, either s

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Goods and Services Tax – GST – By: – Bimal jain – Dated:- 3-12-2016 – Meaning and Scope of Supply – Comparative view under Revised Model GST Law vis-à-vis Earlier Model GST Law Whilst the Government is keen to make Goods and Services Tax ( GST ) a reality by envisaged April 1, 2017 deadline, efforts put in by the Government to look into the voluminous suggestions submitted by various stakeholders, on First cut Model GST Law (put on public domain on June 14, 2016), is indeed commendable. Honest attempt of the Government to eradicate the daunting provisions in the earlier Model GST Law, can be very well seen in the Revised Model GST Law which was made public on November 26, 2016. Apart from addressing key concerns of the Industry in a very decent manner, the Revised Model GST Law has also proposed an anti-profiteering mechanism to ensure benefit of lower taxes is shared with consumers, and also ensures no tax on securities and subsidies provided by the Government as also free of

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bility of all transactions, whether commercial or otherwise under GST regime. Like the Earlier Model GST Law, definition of term supply is contained in Section 3 of the Model CGST/SGST Act, 2016. A comparative view of the provisions is given hereunder for easy digest: Section Sub Earlier Model GST Law Revised Model GST Law 3 (1) Supply includes Supply includes (a) all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business No changes Definition of supply still continues to be an inclusive and subjective one (b) importation of service, whether or not for a consideration and whether or not in the course or furthe

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changes Concept of supply without consideration still continues but Schedule I revamped to done away with nightmare situations like Business Assets/ services put to private or non-business use, Assets retained after deregistration, FOC Supplies, etc. (2) Schedule II, in respect of matters mentioned therein, shall apply for determining what is, or is to be treated as a supply of goods or a supply of services Schedule II, in respect of matters mentioned therein, shall apply for determining what is, or is to be treated as a supply of goods or a supply of services No changes Supply of goods Vs. Supply of services still continues with minimal changes (2A) Where a person acting as an agent who, for an agreed commission or brokerage, either supplies or receives any goods and/or services on behalf of any principal, the transaction between such principal and agent shall be deemed to be a supply Omitted Corresponding provision in Schedule I Following inserted in Schedule I – Para 3: Supply of g

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xable net. Schedule IV dealing with activities or transactions undertaken by the Central Government, a State Government or any Local Authority in which they are engaged as public authorities, which shall neither be treated as supply of goods nor supply of services, was also present in earlier Model GST Law. Schedule III has been now newly added which covers activities or transactions which shall neither be treated as supply of goods nor supply of services like services by an employee to employer in course of or in relation to his employment, services of funeral, burial etc. (3) (4) Subject to sub-section (2), the Central or a State Government may, upon recommendation of the Council, specify, by notification, the transactions that are to be treated as- (i) a supply of goods and not as a supply of services; or (ii) a supply of services and not as a supply of goods; or (iii) neither a supply of goods nor a supply of services Subject to sub-section (2) and sub-section (3), the Central or a

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not be deemed supplies by them. (5) 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 treated as supply of that particular supply which attracts the highest rate of tax Gist of the changes Taxability of composite and mixed supplies: A new incorporation to determine taxability of bundled supplies in following manner: Composite supply i.e. supplies naturally bundled à It shall be treated as a supply of principal supply Mixed supply i.e. two or more individual supplies or combination thereof, not constituting composite supply à It shall be treated as a supply which attracts the highest rate of tax In our next Article, we would cover analyses and impact of the changes made in Schedule I to the Model CGST/SGST Act, 2016. – Ar

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5th GST Council Meeting Dated:- 3-12-2016 GST Council – Minutes – Circulars – GST – Minutes of the 5th GST Council Meeting held on 2-3 December 2016 The fifth meeting of the GST Council (hereinafter referred to as 'the Council') was held on 2-3 December 2016 in Pravasi Bharatiya Kendra, New Delhi under the Chairpersonship of the Hon'ble Union Finance Minister, Shri Arun Jaitley. The list of the Hon'ble Members of the GST Council who attended the meeting is at Annexure. 1 . The list of officers of the Centre, the States, the GST Council and the GSTN who attended the meeting is at Annexure 2. 2. In his opening remarks, the Hon'ble Chairperson of the Council welcomed all the members and then took up the agenda items for discussion. 3. The following five agenda items were taken up for consideration: i. Confirmation of the Minutes of the 4th GST Council Meeting held on 3-4 November, 2016. ii. Approval of the Draft GST Law, the Draft IGST Law and the

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ept open and it could be considered after the completion of the rate fitment exercise. The Council agreed that no amendment was required in the Minutes on this issue. ii. The officer from Odisha stated that in paragraph 33 of the Minutes, the version of the Hon'ble Minister from Odisha recorded therein should be replaced with the following – 'The Hon'ble Minister from Odisha supported Option II.' iii. The Commissioner of Commercial Tax (CCT), Rajasthan stated that in paragraph 15 of the Minutes, the fourth sentence relating to the version of the Hon'ble Minister from Rajasthan recorded in the aforesaid paragraph should be replaced with the following version – 'He further stated that a special rate may be kept for demerit goods and that levying cess for generating revenue for compensation for five years was not desirable. He suggested that instead of deciding the special rate after five years, a special rate of tax for demerit goods may be decided at presen

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n Law 6. The Hon'ble Chairperson invited the members to commence discussion on this agenda item. However, a discussion ensued regarding the order of discussion between agenda items 2 and 3. The Hon'ble Ministers from Uttar Pradesh and Kerala suggested that agenda item 3 (Provision for Cross-Empowerment to ensure Single Interface under GST) be taken up first. The Hon'ble Chairperson stated that the Members needed to converge on a consensus on all issues. He observed that if a provision of law was linked to agenda item 3, then it could be decided along with the agenda item 3. The Hon'ble Chief Minister of Puducherry stated that it was important to get a clear picture in respect of agenda item 3 and then, it would be easier to decide on the law. The Hon'ble Minister from West Bengal strongly suggested to discuss agenda item 3 first as this had already been discussed in three meetings of the Council and in one informal meeting of the Members of the Council. The Hon

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person emphasized that the officers had worked on the draft model laws and this needed to be discussed and provisions of law linked to agenda item 3 could be looked at separately. The Hon'ble Minister from Kerala observed that if States wanted agenda item 3 to be discussed before agenda item 2, it could be agreed upon, particularly when it was also discussed earlier in an informal meeting of the Council. The Hon'ble Deputy Chief Minister of Delhi observed that as 8 or 9 Members had requested to change the sequence of the agenda, this could be accepted. The Hon'ble Chairperson observed that the art of reaching consensus was to first take up issues that bind the Council rather than those that divide it. He also pointed out that there was no scope to defer implementation of GST beyond 16 September 2017 and that the Council needed to be mindful that the laws needed to be passed in the Parliament and the State Legislatures. He further observed that the laws needed to be cleared

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agreement if the intention was to resolve issues. He observed that it was important to look at the larger picture and not to indulge in a political debate. He also observed that Jammu Kashmir was the most empowered legislature in the country which also levied Service Tax but he was making an effort to implement GST in his State too. He further observed that approval of law was not contingent upon an agreement on the administrative arrangement. 9. The Hon'ble Minister from Kerala observed that after the Constitutional amendment, the States had lost the bargaining power and had been reduced to the level of a municipality but on the administrative issue, power at State level was very important and this could not be compromised. He observed that there was a history of discussion on cross-empowerment and the agenda should have followed that sequence. The Hon'ble Chairperson observed that rights of the Centre were contingent upon States' agreement and vice versa and in that

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genda item 3. The Hon'ble Minister from Jammu Kashmir wondered how the issue of cross-empowerment could help improve the status of State Governments, as the power of bureaucracy to administer a tax did not lead to improving the status of States. He added that it was collectively decided to share the power to tax. The Hon'ble Minister from Uttar Pradesh observed that agenda item 3 had implications on several provisions of law. He suggested to give a fixed time for discussion on cross-empowerment and if there was no agreement, then, the discussion could move to agenda item 2. The Hon'ble Chairperson proposed that the draft IGST Law and the agenda item 3 could be taken up together and before that, the draft Central GST/State GST Laws and the Compensation Law could be taken up for discussion. The Council agreed to this suggestion and thereafter, discussion on agenda item 2 was taken up. Discussion on the Draft Model GST Law 11. Introducing the Draft Model GST Law, the

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n of India and the Constitution of Jammu Kashmir. The Council agreed to this suggestion. ii. Section 2 (7), 2 (8) and 2 (106) (Definitions): The Hon'ble Minister from Telangana suggested that the definition of agriculturist should not be limited to those who cultivate the land personally as small landholders might give their land to other ryots for cultivation. The Hon'ble Deputy Chief Minister of Delhi observed that tenancy was quite common in India and to make them taxable under GST would be a very big decision which needed to be discussed. The Hon'ble Minister from Uttar Pradesh suggested that the definition of 'agriculturist' should be a broad one. The Hon'ble Minister from Kamataka observed that while tenant farming was widespread, most States had laws against tenancy. He therefore posed a question whether tenancy could be legalized under the Model GST Law. The Hon'ble Chief Minister of Puducherry observed that share-cropping was prevalent in var

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be very wide and informed that his State had sent a definition for 'agriculturist' which read as follows – 'means a person not being a company, a firm, a limited liability partnership, any body corporate incorporated by or under the laws of a country outside India, involved in the operations of agriculture, either 1. by one's own labour, or 2. by the labour of one's family, or 3. by servants on wages payable in cash or kind or by hired labour, or 4. through any usufructuary, mortgage or lease or otherwise. He also suggested to delete the definition of the term 'to cultivate personally' contained in Section 2 (106). The Hon'ble Minister from Uttar Pradesh suggested to add pisciculture and animal husbandry in the definition of 'agriculture'. The Hon'ble Minister from Telangana suggested to keep poultry and dairy as part of the definition of agriculture. The Commissioner of Commercial Tax (hereinafter referred to as 'CCT'

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ity was exempted, then the processed dairy products produced by an agriculturist would also be exempt. The Hon'ble Chief Minister of Puducherry observed that a very small percent of dairying, poultry farming, etc. was carried out by corporates and due to this, the entire sector should not be subject to tax. The CCT, Maharashtra stated that in his State there was no Value Added Tax 01 AT) on primary products, but processed goods like cheese, butter and ghee attracted VAT. The Hon'ble Deputy Chief Minister of Gujarat observed that milk cooperative was a big activity in Gujarat and the practice was to exempt the farmers bringing milk to the cooperative but to tax the subsequent value added products. The Hon'ble Minister from Kerala stated that raw agriculture products were not taxed and as there was an exemption threshold of ₹ 20 lakh, the existing provision was acceptable. The Hon'ble Minister from Haryana stated that 50% of agricultural activity was through share c

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from Odisha stated that the collection of minor forest produce should not be taxed. The Hon'ble Minister from Tamil Nadu suggested to exclude branded, processed and packaged items from the definition of agriculture. The Secretary explained that these categories would not come within the ambit of agriculture. The Hon'ble Minister from Tamil Nadu also suggested to add pisciculture in the definition of agriculture. The Hon'ble Minister from Telangana suggested that in section 2(7), nothing should be excluded from the definition of agriculture. The Hon'ble Deputy Chief Minister of Gujarat cautioned against changing the existing definition of agriculture as this would invite demand for agricultural subsidy from the hitherto excluded sectors. The Hon'ble Minister from Tripura suggested to include rubber plantations and tea in the definition of agriculture. The Hon'ble Minister from Meghalaya suggested to include apiculture (beekeeping) and piggery in the definition o

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l operation on his own account- a) by one's own labour, or b) by the labour of one's family, or c) by servants on wages payable in cash or kind [(but not in crop share)] or by hired labour under one's personal supervision or the personal supervision of any member of one's family and to retain the Explanation 1 and 2 under Section 2 (106). However, the Council did not agree to the suggestion from the Hon'ble Minister from Punjab to add a sub-clause (d), namely, 'through any usufructuary, mortgage or lease or otherwise' and to include cooperative societies within the meaning of agriculturist. iii. The Hon'ble Minister from Punjab suggested that the lease of agricultural land should be exempt from service tax. After discussion; the Council agreed that this would be considered at the time of discussing exemptions from GST. iv. Section 2 (11) (Definitions): The Hon'ble Minister from Tamil Nadu suggested defining 'State' in the dra

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tions): The Hon'ble Minister from West Bengal suggested that the definitions of 'intra-state supply of good;' and of 'intra-state supply of services' should be incorporated in the Model GST Law also instead of only cross-referencing it to the IGST Act. The Hon'ble Deputy Chief Minister of Delhi also supported this proposal. The Council agreed to this suggestion. vii. Section 2 (63) (Definitions): The Hon'ble Minister from Tamil Nadu suggested that instead of cross-referencing the definition of 'manufacturer' from the Central Excise Act, 1944, the definition should be incorporated in the Model GST Law itself so that the definition in the Model GST Law did not change merely due to change in the definition in the Central Excise Act, 1944. The Hon'ble Deputy Chief Minister of Delhi also supported this proposal. The Council agreed to this suggestion. viii . Section 3 (2) (Meaning and scope of supply): The Hon'ble Minister from West Benga

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ice' was in the Model GST Law itself but in the revised version, it had been shifted to the draft IGST Act. He suggested that the definition of 'location of recipient of service' should also be incorporated in the Model GST Law. The Council agreed to this suggestion. x. Section 7 (Powers of SGSTICGST officers under the Act): The Council agreed that this Section would be discussed later as it related to cross-empowerment. xi. Section 8 (1) (Levy and Collection of CentraliSt ate Goods and Services Tax): The Hon'ble Minister from Kerala observed that as tax rates were not decided, a 14% cap on rate should not be kept. He further observed that after 5 years, once cess had ceased to exist, the tax rate would exceed 28% if cess was merged with tax. The Hon'ble Minister from Tamil Nadu suggested to keep the tax rate at 20%. The Secretary clarified that under Article 265 of the Constitution, no tax could be levied without the authority of law and therefore, a rate

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n scheme in violation of the provisions of law, the same could be handled through audit or enforcement provisions. The CCT, Karnataka explained that as there were certain conditions that had to be fulfilled by a person opting for the Composition scheme, the provision for permission had been kept. After discussion, the Council agreed that this provision be amended and that the benefit of the Composition scheme shall be availed on the basis of declaration rather than permission, subject to the conditions precedent being fulfilled. xiii. Section 9 (1) (b) (Composition Levy): The Hon'ble Deputy Chief Minister from Delhi expressed concern in regard to this provision and stated that any grocery store which was selling goods not leviable to tax under OST would get excluded from the benefit of the Composition scheme. The CCT, Gujarat clarified that this provision would only apply to stores selling the 5 petroleum products and potable alcohol which were excluded from GST and they would

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an 2.5% each in CGST and SGST. He sought the Council's approval for a change in its earlier decision. The Hon'ble Minister from Rajasthan observed that the threshold for Composition levy was too low which could be increased or CGST on supplies from small manufacturers could be reimbursed by the Central Government. The Secretary stated that the Central Government could decide separately regarding the issue of reimbursement of CGST to small manufacturers. The Hon'ble Minister from Tamil Nadu strongly argued for a Composition Scheme on the basis of the capacity of a unit instead of its turnover such as that for brick kilns. He observed that this would avoid the need for verification of turnover. The Secretary stated that it would be administratively difficult to fix capacities for different industries. The CCT, Karnataka explained that presently, the capacity based Composition scheme was available to different industries in different States (such as ply board in Haryana, marbl

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o agreed to modify its original decision taken in the 1 st GST Council meeting dated 22-23 September 2016 as per which manufacturers were not to be extended the benefit of the Composition scheme and agreed to extend the benefit to manufacturers also, subject to clause (e) of Section 9 (1) of the Model GST Law. The Council also agreed that such a scheme should be limited to turnover-based composition rather than capacity based composition. xv. The Council also discussed the rate oftax under Section 9 (Composition Levy). The Hon'ble Minister from West Bengal observed that a combined tax rate of 5% on manufacturers under the Composition scheme would lead to loss of competitive advantage. The Secretary explained that the Composition scheme would normally be relevant to manufacturers making Business-to-Consumer (B2C) supplies where no input tax credit CITC) was involved. The Hon'ble Minister from Punjab suggested to levy a higher rate of GST for manufacturers as value addition fo

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The Hon'ble Minister from Rajasthan stated that instead of having two rates of composition levy, manufacturers should be kept out of composition and the Centre should give them reimbursement of the CGST component. The Hon'ble Deputy Chief Minister of Gujarat stated that the benefit of lump sum tax should be limited to traders who were involved in resale and should not be extended to manufacturers. He suggested to consider one of the following two options: (i) Manufacturers should not be entitled to the benefit of lump sum tax; (ii) If it has to be given at all, it should be at the rate of 5% (2.5% CGST and 2.5% SGST) and that if the Government of India decided to extend relief, it should be given from its budgetary provision. The Hon'ble Minister from Tamil Nadu suggested that manufacturers should be levied a combined tax rate of 2% whereas traders should be levied a combined tax rate of 1 %. The Hon'ble Minister from Odisha suggested a combined tax rate of 2% for trade

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ST) for traders and a total composition rate of 2% (i.e. 1 % for CGST and 1 % for SGST) for manufacturers. xvi. Section 9 (Composition Levy) and Section 8 (Levy and Collection of Central/State Goods and Services Tax): The Hon'ble Minister from West Bengal raised the issue whether tax on reverse charge basis should be levied on Composition dealers only. He added that as the provision was not envisaged for other classes of dealers, there would be no level playing field. The CCT, Gujarat suggested that levy of tax on reverse charge basis should be applied on all supplies from unregistered persons (which is otherwise chargeable to tax) as otherwise, it would create a non-level-playing field between unregistered persons and the registered taxpayers. He further added that without such a provision, it would be beneficial to buy goods from an unregistered person as no tax was paid at the time of receipt of goods even when incidence of tax had arisen. The Council accepted this suggesti

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uncil would recommend the rates and exemptions under all the three Acts, parity would be ensured. However, after discussion, the Council agreed to make suitable modification in the wording of Section 11 to reflect the understanding that applicability of exemptions under CGST, SGST and IGST shall be uniform. xviii. Section 12(2)(b) (Time of supply of goods): The Hon'ble Minster from West Bengal observed that there was presently no tax on advances received for sale of goods and that the terms of payment should not be made a point of taxation. The CCT, Gujarat explained that even today tax was collected on advances received for provision of services and to have parity, it was also applied to goods. The CCT, Karnataka added that for some goods, there was considerable gap of about 3-4 months between receipt of advance and delivery of goods and that the government should not be deprived of taxes for this period. The Hon'ble Minister from Telangana observed that tax on advances s

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ied that if vouchers were given for use in a grocery store, the point of supply of goods shall be fixed through this provision. The Secretary suggested to define the term 'voucher' in the Definitions section. The Council agreed to define the term 'voucher' in the Definitions section. xx. Section 15 (Value of taxable supply): The Hon'ble Minister from West Bengal raised a question as to why the value of reimbursable supply was omitted in the new draft. The Commissioner (GST Policy Wing), CBEC clarified that this provision was covered under Section 15(2)( c) and that this would be supplemented by the Valuation Rules which would have elaborate provisions for situations not covered under the Section. The Hon'ble Minister from West Bengal observed that the principle applied in respect of reimbursable expenditure in Service Tax should be used in GST to which the Commissioner (GST Policy Wing), CBEC clarified that this would be addressed in the Valuation Rules. Th

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provision for goods and services and further agreed that the time period for making payments shall be increased from three months to six months from the date of issuance of invoice. xxii . Section 16(1) (Eligibility and conditions for taking input tax credit): The Hon'ble Minister from Tamil Nadu questioned the rationale for allowing deferred input tax credit for pipelines and telecommunication towers but not for other capital goods. The Secretary clarified that credit was being staggered for these two categories of capital goods in view of the large amounts of ITC involved. The Hon'ble Minister from Kamataka observed that no ITC was given on power transmission lines though GST could be levied on wheeling charges. The Chief Economic Advisor, Government of India suggested to levy a low rate of GST on electricity to allow the blocked ITC in the power sector to pass through and that this would address the problem of high cost of power generation. The Secretary clarified that

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two sectors with this aim in mind. The Hon'ble Minister from Uttar Pradesh stated that if credit was spread over three years, it should not adversely impact the compensation to the States. The Chairman, CBEC informed that ITC on capital goods was high and it amounted to about ₹ 25,000 crore and out of this, pipelines and telecommunication towers accounted for about ₹ 10,000 crore. The Hon'ble Deputy Chief Minister of Gujarat observed that for the first five years of GST implementation, it would be beneficial for States if ITC on pipelines and telecommunication towers was given in the first year itself, but it would create problems for them after the expiry of the five-year compensation period. The Hon'ble Minister from Karnataka stated that telecommunication towers and pipelines were being extended the facility of ITC for the first time and if they were also allowed to take this credit in a single year, this would lead to a double bonanza for these two sectors,

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9;ble Minister from West Bengal suggested to clarify the wordings regarding excess distribution of credit to one or more recipients of credit. The Commissioner (GST Policy Wing), CBEC explained the mechanism of an Input Service Distributor (ISD). The Hon'ble Minister from West Bengal observed that the wordings of Section 22 regarding recovery of excess distribution of credit to one or more recipients of credit could be made clearer. The Council agreed to this suggestion. xxiv. Section 23 (Registration): The Hon'ble Minister from West Bengal observed that the progress of migration of taxpayers to GST was slow due to server errors and slow login process. He enquired as to what steps were being taken to rectify the situation. The Hon'ble Ministers from Chhattisgarh, Bihar and Jharkhand also expressed concern regarding considerable time being taken for logging in to the system for migration. Shri Navin Kumar, Chairman, Goods and Services Tax Network (GSTN) informed that mi

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o-Consumer (B2C) supplies, there was a discussion in the Empowered Committee (EC) in the past and it was concluded that the tax element should be shown in B2C invoices as well so that the consumer was aware of the amount of tax he paid for a transaction and that this would enhance transparency. The Hon'ble Chief Minister of Puducherry observed that every consumer should know as to how much tax he paid. The Hon'ble Deputy Chief Minister of Gujarat observed that even today, tax was being shown separately in the invoices. The Council agreed not to make any change in the provision. xxvi. Section 42 (Levy of late fee): The Hon'ble Minister from Haryana observed that the maximum late fee of ₹ 5,000 was too low. He also enquired as why the term 'late fee' was used instead of the term 'penalty'. The CCT, Karnataka explained that late fee would be charged under all three Acts and effectively, this would come to ₹ 15,000. If a higher late fee was c

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limit for transactions to attract TDS and that all government transactions should attract TDS at the rate of 1 %. The Hon'ble Minister from Haryana also supported this demand and also suggested that the TDS rate should be higher. The Secretary stated that a higher TDS rate was not desirable as TDS was only meant to create an audit trail. The Hon'ble Minister from Jammu Kashmir stated that law should not be made to address the errant taxpayers and that imposing TDS for all transactions would become very cumbersome. The Hon'ble Minister from Karnataka also warned that TDS on all Government transactions would create a lot of workload for the officers. The CCT, Karnataka stated that there was an alternative provision in the Draft Model GST Law of giving a Unique Identity Number (UIN) which could be obtained by panchayats, etc. and that they could report their purchases at a fixed periodicity (say one year) and upload it on GSTN for the purpose of matching. He added that this

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e the term 'Governmental agencies' in Section 46(1). After these discussions, the Council agreed that the limit for TDS under this Section shall be ₹ 2.5 lakh for all categories of supplies and to define the term 'Governmental agencies' III Section 46(1). 12. The Hon'ble Chairperson stated that discussion on the rest of the Sections of the Draft Model GST Law could be deferred for the next meeting of the Council and that some time should be devoted for discussion on agenda item 3 (Provision for Cross-Empowerment to ensure Single Interface under GST). The Council agreed to defer discussion on the remaining provisions of the Draft Model GST Law for the next Council meeting. 13. Accordingly, for agenda item 2, the Council approved the provisions of Chapters I to IX of the Model GST Law (Sections 1 to 46) subject to the decisions/observations recorded below and also subject to changes that might be suggested by the Union Law Ministry during the process of ve

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, grazing, dairy farming, poultry farming, stock breeding, piggery, apiculture, the mere cutting of wood or grass, gathering of fruit, collection of minor forest produce, raising of man-made forest or rearing of seedlings or plants. iii . Section 2(8) and Section 2(106) (Definitions): To merge the definitions under these two sections as follows – agriculturist means an individual or a Hindu Undivided Family, who carries on any agricultural operation on his own account- a) by one's own labour, or b) by the labour of one's family, or c) by servants on wages payable in cash or kind or by hired labour under one's personal supervision or the personal supervision of any member of one's family and to retain the Explanation 1 and 2 under Section 2(106). iv. To consider the issue of exemption from GST for lease of agricultural land at the time of discussing exemptions from GST. v. Section 2(11) (Definitions): To discuss the definition of 'State' at

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ion of recipient of service' in the Model GST Law as presently defined in the IGST Act. xi. Section 7 (Powers 0/ SGSTICGST officers under the Act): To discuss it later as it related to cross-empowerment. xii. Section 8(1) (Levy and Collection 0/ Centra/IState Goods and Services Tax): To change the rate cap from the existing rate of 14% to 20%. xiii. Section 9 (Composition Levy): To modify the original decision taken in the 1 st GST Council meeting dated 22-23 September 2016 as per which manufacturers were not to be extended the benefit of the Composition Scheme and agreed to extend the said benefit to manufacturers also, subject to clause (e) of Section 9(1) of the Model GST Law, and that such a scheme shall be limited to turnover-based composition rather than capacity based composition. xiv. Section 9(1) (Composition Levy): To amend the section so as to provide that the benefit of Composition scheme shall be availed on the basis of intimation rather than permi

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ne the term 'voucher' in the Definition section. xix. Section 16(1) (Eligibility and conditions for taking input tax credit): To defer decision regarding ITC in respect of capital goods till data on the total quantum of ITC availed on capital goods was received from CBEC. xx. Section 16(2) (Eligibility and conditions for taking input tax credit): To increase the time period for making payment from three months to six months from the date of issuance of invoice for both goods and services. xxi. Section 22 (Manner of recovery of credit distributed in excess): To make the wordings of Section 22 clearer regarding recovery of excess distribution of credit to one or more recipients of credit. xxii. Section 42 (Levy of late fee): To change the wording in the law suitably to reflect that the maximum late fee shall not be less than ₹ 5,000 or an amount as recommended by the Council. xxiii . Section 46 (Tax deduction at source): To prescribe the limit for

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of audits and for taxpayers with turnover above ₹ 1.5 crore, the Centre could conduct a higher number of audits. He expressed that in principle, it was a correct philosophy to move on, but cross-empowerment of IGST was a critical element. The Hon'ble Minister from Karnataka supported the view of the Hon'ble Minister from Tamil Nadu on the issue of cross-empowerment under IGST. He further observed that if one tried to divide the base, the lines of division became very sensitive. The alternative suggestion referred to by the Hon'ble Minister from Tamil Nadu would help to utilise both the administrations optimally without dividing the taxpayer base, but some variation could be made in the suggestion. 15. The Hon'ble Chairperson invited the Chairman, CBEC to express his views on the subject. The Chairman, CBEC stated that there was useful discussion during the officers' meeting. He stated that for smooth working of CGST and SGST, cross-empowerment was essentia

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try. He further observed that Central Sales Tax (CST) was an origin based levy, and that sales became inter-State by virtue of transactions entered into by the seller as well as the buyer as both needed to be registered under CST but the position would be different under IGST and that the number of taxpayers doing inter-State transaction would be lesser in GST than that in CST. He also observed that IGST being a destination based tax, the place of supply was a very important issue, and the revenue concern would essentially be that of the destination State and the Centre and that the origin State was not concerned with it. The Hon'ble Minister from Tamil Nadu raised a question regarding the relevance of buyer and seller being under CST. The Commissioner, GST Policy Wing, CBEC clarified that in CST, C-forms were given by destination States and thus, the buyers also became registered as inter-State dealers even if their subsequent transactions were only intra-State, whereas under GST,

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aler in State X could use ITC of SGST for payment of IGST, and the administration of State X should have the power to cross-check the correct availment of ITC. The Hon'ble Minister from Uttar Pradesh supported this view and observed that in his State, about 50% of dealers were carrying out inter-State transaction and it was necessary to allow State governments to administer IGST. The Commissioner (GST Policy Wing), CBEC clarified the fund settlement procedure under GST. He explained that if IGST was cross-utilised for payment of SGST in a State, the Central government would transfer the equivalent amount of money to that State government and if SGST was used to pay IGST in a State, the concerned State would transfer an equivalent amount to the Centre. He further clarified that as per data received by the GST Council for twenty States, the all-India average of inter-State dealers was only 27%. The Hon'ble Minister from Kamataka stated that the all-India average might be differen

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tration but without cross-empowerment under IGST, almost 60% of dealers would not have single interface. He emphasized that if the State administration conducted the audit of a unit, there was no reason for the case to go to the Central administration. The Hon'ble Minister from Tamil Nadu stated that it was essential that the key processes under GST, namely registration, return, scrutiny, audit, enforcement, appeals, refund and demand should be conducted by one authority only, and to achieve such a single interface, a horizontal division was necessary as suggested under Option II. 18. The Hon'ble Deputy Chief Minister of Gujarat observed that the issue of cross-empowerment had been discussed four times but the Constitutionality of eros -empowerment under IGST was being raised for the first time. He suggested dividing the taxpayer base in the ratio of 60% to States and 40% to the Centre. The Hon'ble Minister from Tamil Nadu observed that Article 269A itself gave power to

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t one interpretation was that under Article 269, the Central Government was empowered to assign the whole of the tax to States and CST was assigned to the States exercising this power, whereas Article 269A provided for apportionment of tax between the Centre and the States, which meant sharing a portion. The CCT Gujarat stated that without cross-empowerment under IGST, GST could not be implemented efficiently and the distinction between Origin State and Destination State was an artificial one. He emphasized that the Origin State also had a stake in IGST. The Hon'ble Minister from Rajasthan stated that cross-empowerment was required in all three Acts as otherwise, the aim of single interface would not be achieved. The Hon'ble Chairperson observed that in case there was no Constitutional problem for cross-empowerment under IGST, one needed to look at an optimal solution. The Hon'ble Minister from Karnataka stated that one solution could be to do cross-empowerment and provide

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axpayers for turnover above ₹ 1.5 crore and for units in multiple States, central registration could also be explored. He also stated that while the State would carry out the various processes, the .Central administration could have complete access to data regarding scrutiny etc. The Hon'ble Minister from West Bengal stated that to avoid complications for taxpayers below ₹ 1.5 crores, they should remain with the States. The Hon'ble Minister from Kerala supported the suggestion of the Hon'ble Ministers of Uttar Pradesh, West Bengal and Gujarat. The Hon'ble Deputy Chief Minister of Gujarat suggested that for units with turnover below ₹ 1.5 crore, the auditable units could be divided in the ratio of 70:30 for the States and the Centre and for units above ₹ 1.5 crore turnover, it could be 60:40 for the States and the Centre for all purposes, including audit and enforcement. The Hon'ble Minister from Punjab stated that if, for units with turnover

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he other authority. It was further clarified that cross-empowerment of refund required examination of the issue whether an officer of the Central administration could draw funds from the Consolidated Fund of the States and whether an officer from the State administration could draw funds from the Consolidate Fund of India. The Hon'ble Minister from Tamil Nadu observed that the model suggested by the Centre would require creation of more offices of the Central Government. The Chairman, CBEC clarified that the reorganization of CBEC did not envisage any expansion of the manpower and that the entire work would be performed by the existing manpower. He also pointed out that in Service Tax, the Central tax administration had a very significant presence in the taxpayer segment of turnover below ₹ 1.5 crore. 19. The Secretary suggested certain broad parameters as a possible solution for this Issue. He suggested that the enforcement-based action shall lie with both the tax adminis

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stration. The Hon'ble Minister from Punjab observed that such an arrangement would lead to a disproportionate number of taxpayer above the turnover of ₹ 1.5 crore going to the Centre. The CCT, Karnataka stated that in the scheme suggested by the Secretary, audit of taxpayers with turnover below ₹ 1.5 crore by the Central administration shall not exceed 1 % of the total taxpayer base below ₹ 1.5 crore, but there would be no restriction regarding the intervention by the Centre III respect of taxpayers having turnover above ₹ 1.5 crore and by the States for taxpayers with turnover below and above ₹ 1.5 crore. The Hon'ble Minister from West Bengal wondered why the Centre needed to have any toehold over taxpayers with a turnover below ₹ 1.5 crore. The Hon'ble Minister from Assam observed that the Centre had been administering taxpayers with turnover below ₹ 1.5 crore in Service Tax and suggested to vertically divide the taxpayer base so

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Hon'ble Minister from Punjab stated that there was nothing sacrosanct about the turnover threshold of ₹ 1.5 crore and there was a need to explore whether exclusive control for the States could be for a lower threshold, say ₹ 1 crore or even lower. 20. After these deliberations, the Council decided to defer a decision on this issue and to continue further discussion in the next meeting of the Council. Agenda item 4: Date of the next meeting of the GST Council 21. After discussion, it was agreed that the next meeting of the Council would be held on 11-12 December 2016 in New Delhi. Agenda item 5: Any other agenda item with the permission of the Chairperson 22. Some Members of the Council desired to discuss the impact of demonetization. The Hon'ble Chief Minister of Puducherry stated that it was important to discuss how to overcome loss of revenue due to demonetization. The Hon'ble Minister from West Bengal stated that it was important to dis

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nue could not be ruled out. The CCT, Amilia Pradesh stated that he had been directed by his Government to request the Council to clarify whether compensation under GST was to come only through cess or whether the Central Government would also be willing to compensate from the Consolidated Fund of India. The Hon'ble Minister from Punjab observed that as the Central Government had decided to compensate the States, the matter should be left to the Centre. The Hon'ble Minister from Uttar Pradesh stated that an assurance was needed that States would continue to be compensated even if there was a shortfall in the revenue collection. The Hon'ble Minister from Rajasthan observed that the Constitutional amendment itself had an assurance regarding the compensation. He suggested that demonetization should be discussed separately with the Hon'ble Union Finance Minister. The Hon'ble Minister from Kerala stated that States were also facing the crisis of currency and there was a n

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Goods and Services Tax – GST – Dated:- 2-12-2016 – New Delhi, Dec 2 (PTI) Finance Minister Arun Jaitley today said demonetisation may impact growth for a quarter or so but this disruption will not last too long and the move along with GST will help create a larger and cleaner economy. I have least doubt in my mind that (one year from now) you will have a bigger economy, higher GDP, cleaner GDP. You will have a higher tax base and more money in banks, and probably interest rates will be more reasonable. Therefore, all these collectively could contribute a lot as far as GDP is concerned, he said at the HT Leadership Summit. Both the economy and social system will see a major transformation after the implementation of the Goods and Services T

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Goods and Services Tax – Started By: – yogesh Panchal – Dated:- 1-12-2016 Last Replied Date:- 6-12-2016 – Dear All Experts, We have do two Business (1) manufacturing & (2) Trading, currently we are follow the rule 6(3)a of Cenvat Credit Rules-2004, maintain separate account of manufacturing inputs material & for the trading material also, revert service tax credit at turnover ratio prescribe in the central excise law. In above scenario please guide on following points. Trading warehouse material on which we have not take the credit, we have not charged excise duty at the time of sales, not collect duty from our customer, but if duty paid stock laying in trading warehouse on 31st March-2017. As a closing stock. also after implementa

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h-2017. – Reply By Ganeshan Kalyani – The Reply = Revised Draft Model GST Law has been published very recently . – Reply By sreemannarayana B – The Reply = The revised Section 18 (4) of revised GST Law states as follows: 4) Where an exempt supply of goods or services by a registered taxable person becomes a taxable supply, such person shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finishedgoods held in stock relatable to such exempt supply and on capital goodsexclusively used for such exempt supply on the day immediately precedingthe date from which such supply becomes taxable:However,under Section 18

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Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 1-12-2016 Last Replied Date:- 1-12-2016 – In order to compensate the States for the introduction of Goods and Service Tax regime, the Central Government proposed to levy a new cess called as GST Compensation Cess through the Goods and Services Tax (Compensation to the States for loss of Revenue) Bill, 2016. The Government proposes to introduce the said bill in the winter session of Parliament and it may be introduced in the first week of December, 2016. The said bill extends to the whole of India. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf. GST Compensation Cess Section 8 of the bill provides for the levy and collection of GST compensation cess ( cess for short). The said section provides that there shall be levied and collected in accordance with the provisions of this Act, a cess to be called the GST Compensation Cess . The rate

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turns in such formats, as may be prescribed, along with the returns to be filed under the Model GST law. The taxable person shall pay the amount payable under the Act in the manner as may be prescribed. Refund of Cess paid may be applied in prescribed form. For the purposes of cess, all the provisions, except for the format to be filed, of the Model GST law and the rules made there under shall apply in relation to the levy and collection of the cess. Section 11(1) provides that the provisions of CGST and the rules made there under including those relating to assessment, input tax credit, non levy, short levy, interest, appeals, offences and penalties shall apply mutatis mutandis in relation to the levy and collection of the cess leviable as they apply in relation to the levy and collection of Model law. Section 11(2) provides that the provisions of IGST Act, 2016 and the rules made there under including those relating to assessment, input tax credit, non levy, short levy, interest, app

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4.2017 (a probable date). 3. Section 3 provides the projected growth rate of the State. This section provides that the projected nominal growth rate of revenue subsumed for a State during the transition period shall be 14% per annum. 4. Section 5 provides the calculation of the base year Revenue of a State, i.e., 2015 – 16. The base year revenue of a State shall be the sum of the revenue collected by the State and local bodies during the base year on account of the taxes levied net of refunds with respect to the following taxes imposed by the respective State or Centre, which are subsumed into GST- VAT, sales tax, purchase tax, tax collected on works contract or any other tax levied by the concerned State under the erstwhile Entry 54 of List II of the VII Schedule to the Constitution, prior the Constitution (101st Amendment) Act, 2016 ( amendment for short); Entry tax, octroi, local body tax or any other tax levied by the concerned State under the erstwhile Entry 52 of List II of the V

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State Government to specific entities under the laws to promote industrial investment would be included in the total base year revenue of the State, subject to the conditions as may be prescribed; In respect of any State, if any part of revenue are not credited in the Consolidated Fund of the respective State, the same shall be included in the total base year revenue of the State, subject to the conditions as may be prescribed. 5. Section 5(3) provides that the following shall not be included in the calculation of the base revenue for the State- Any taxes levied under the erstwhile Entry 54 of List II of the VII Schedule prior to amendment on the sale or purchase of petroleum crude, high speed diesel, motor spirit, natural gas, aviation turbine fuel and alcoholic liquor for human consumption; Any taxes levied under CST on the sale or purchase of petroleum crude, high speed diesel, motor spirit, natural gas, aviation turbine fuel and alcoholic liquor for human consumption; Any cess impo

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ncial year after receipt of the final figure, as audited by C&AG. In case of excess amount has been released in any financial year during the transaction period, the excess amount shall be adjusted against the compensation payable in the subsequent financial year. 9. Section 7(2) provides that the total GST compensation payable shall be calculated as detailed below- The projected revenue for any financial year during the transition period, that have accrued to a State shall be calculated; The actual revenue collectedby a State in any financial year during the transition period net of refunds and the IGST apportioned to that State as certified by C&AG; Total GST compensation payable in any financial year shall be the difference between the projected revenue and the actual revenue collected by the State. 10. Section 7(3) provides that the loss of revenue at the end of any quarter shall be calculated at the end of every quarter as detailed below- The projected revenue till the end

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y the State to the Central Government and such amount shall be credited to the GST Compensation Fund. Disposal of GST Compensation Fund Section10(3) provides the procedure for the disposal of balance of amount in the GST Compensation Fund after the transition period is over and after compensating all the States for the transition period. According to this Section 50% of the amount remaining unutilized in the GST Compensation Fund at the end of the transition period shall be transferred to the Consolidated Fund of India and shall be distributed between the Centre and the State and amongst the States as per provisions of Article 270(2) of the Constitution. The balance 50% shall be distributed amongst the States in the ratio of their total revenues from SGST in the last year of the transition period. – Reply By Ganeshan Kalyani – The Reply = The Compensation cess is over and above IGST , CGST & SGST . It was said that there would be single rate in place of various tax rates that we ha

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 1-12-2016 Last Replied Date:- 6-12-2016 – Meaning of tax invoice ? As per section 2(60) read with section 23 of Model GST law, tax invoice is required to be issued by a registered taxable person showing description of goods and/or services, value, tax and other particulars at the time of supply. It is a document evidencing supply of goods and services which becomes the basis for charge of tax. According to explanation provided under section 23 of Model GST law, tax invoice shall be deemed to include a document issued by an input service distributor(ISD) under section 17, and shall also include any supplementary or revised invoice issued by the supplier in respect of a supply made earlier. Thus, tax invoice shall be deemed to include- a document issued by an input service distributor, and any supplementary or a revised invoice issued by the supplier in respect of a supply made earlier. Invoice is a document which provide

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s is important. As per section 23 of Model GST law, a registered taxable person supplying taxable services shall issue a tax invoice, within the prescribed time, showing the description, the tax charged thereon and such other particulars as may be prescribed. Therefore, a registered taxable person supplying taxable services shall issue a tax invoice- within the prescribed time, Tax invoice should show- description of services, tax charged , and other details. Particulars to be shown in a tax invoice According to section 23 of Model GST law, read with Rule 1 of draft GST Invoice Rules, a tax invoice issued by the supplier shall contain the following details: name, address and GSTIN of the supplier, a consecutive serial number containing only alphabets and/or numerals, unique for a financial year, date of its issue, name, address and GSTIN/ Unique ID Number, if registered, of the recipient, contain the following details: name and address of the recipient and the address of delivery, the

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d representative. Details required in a tax invoice of supply meant for export According to proviso to Rule 1 of draft GST Invoice Rules, in case of exports, an invoice shall carry an endorsement supply meant for export on payment of IGST or supply meant for export under bond without payment of IGST , as the case may be, and shall, in lieu of the details specified in clause (e) of Q. No. 5 above , contain the following details: name and address of the recipient, address of delivery, name of the country of destination, and number and date of application for removal of goods for export in form ARE-1. Other details required to be mentioned in the invoice According to proviso to Rule 1 of draft GST Invoice Rules, the Board/Commissioner may issue a notification to specify any of the following additional requirements – the number of digits of HSN code for goods or, as the case may be, the accounting code for services, that a class of taxable persons shall be required to mention, for such per

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supply of services- within a period of thirty days from the date of supply of service, Tax invoice for continuous supply of services- within a period of thirty days from the date when each event specified in the contract, which requires the recipient to make any payment to the supplier of services, is completed, Tax invoice for supplier of service in case of a banking company or a financial institution including a non-banking financial company(NBFC)- within forty five days from the date of supply of service. Time limits of issue of a tax invoice for services can be summarized as follows : Types of supply Time frame Supply in ordinary course Within 30 days from the date of supply of services Continuous supply Within 30 days from the date when each event specified in the contract for payment Banking company/Financial Institution including NBFC Within 45 days from the date of supply of services – Reply By Ganeshan Kalyani – The Reply = Nice article sir.The provision of digitally signed in

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