Goods and Services Tax

Won t blink on GST launch,no excuse for biz not being ready:FM – Goods and Services Tax – GST – Dated:- 20-6-2017 – New Delhi, Jun 20 (PTI) The government will not blink on rolling out the GST from July 1, Finance Minister Arun Jaitley said today, emphasising that businesses cannot give any excuse for not being ready as enough time was given to them for preparation. However, implementation of the Goods and Services Tax (GST), which will unify more than a dozen separate levies to create a single market, may result in some disruption and technological glitches initially as traders and the smallest of businesses will have to file returns online, he added. GST, which was originally planned to be implemented from April 1 but was deferred by thre

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e reform step is for betterment. All reforms initially are seen as disruptive, and in the long run are seen as result yielding reform. Jaitley said the process of registration of existing central excise, service tax and state VAT payers in the new system was going on well . It is not a very complicated process, he said adding GST will check tax evasion and in the long run lead to rise in number of the assessees. As many as 65 lakh assesses have already registered and more are expected to sign up. 65 lakh who have registered they did not face problem, the five who have faced problems are on Twitter, he quipped. Ruling out deferring the rollout because of a small number of people who say businesses are not ready, he said when reforms are impl

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night of June 30-July 1 to mark the rollout of GST Jaitley said the GST Council has arrived at tax rates on most of the commodities on the basis on equivalence so that incidence of tax remains at the current level. The tax rates that has been fixed, that will apparently lower our tax revenues. But we are hoping that even after reducing rates the revenues won't come down because evasion would be checked in an efficient system, he said. Asked about GST's impact on inflation, he said when tax rates come down it also has an impact on inflation, but it would also depend on monsoon and oil prices. In some cases, because there are public interest involved, we have in fact brought down the tax rates. On first principle, Centre and states h

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Goods and Services Tax – GST – Dated:- 20-6-2017 – New Delhi, Jun 20 (PTI) Credit card providers, banks and insurers have started alerting their customers to pay higher tax post implementation of Goods and Services Tax (GST) from July 1. Customers currently pay 15 per cent service tax for such services. Starting from July 1, 2017 the GST will replace all indirect taxes like service tax and VAT. Financial services and telecom have been put in the 18 per cent GST slab. SBI Card has sent SMS to its customers alerting about the higher incidence of tax. Important: The Government of India proposes to implement the GST which is likely to be effective from July 1, 2017. Consequently, the existing service tax rate of 15 per cent shall be replaced b

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Goods and Services Tax – GST – Dated:- 20-6-2017 – The 2nd reconstituted Board of Trade (BOT) Meeting chaired by Commerce and Industry Minister Smt. Nirmala Sitharaman was held today. Addressing the meeting she said the Government is fully seized with the concerns of the exporters and is engaged in intensive inter- departmental consultations with Department of Revenue and Ministry of Finance on their concerns related to GST. She directed the officers of the Department of Commerce, Department of Revenue and DGFT to consider all the issues appropriately for the Mid-Term Review of the Foreign Trade Policy (FTP). The meeting was attended by the representatives of Industry, Industry Associations, Export Promotion Councils and Commodity Boards.

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as been in continuous interaction with the Department of Revenue in sorting out several issues of exporters relating to GST, and on the suggestion of Commerce and Industry Minister, it is in the process of reviewing the FTP to align it with the GST roll out. DGFT Shri A.K. Bhalla made a detailed presentation explaining the present trade scenario; existing export promotion schemes, efforts made by the Department of Commerce to address various issues of exporters with regard to GST and consultation with various stakeholders including exporters and industry association. He mentioned that while the Mid-Term Review of the FTP 2015-2020 launched on 01.04.2015 was due on 1st September 2017, the same has been pre-poned on the directions of Commerce

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Goods and Services Tax – Started By: – Narendra Soni – Dated:- 20-6-2017 Last Replied Date:- 30-12-1899 – Dear Experts,Please guide in the below matter of refund :-Our GST rate of Raw Material is 18% and for FG are as under:- Product A 5% Product B 18% Product C 28% 1.Can we export our some products on pyt of IGST and other products under Bond, during a same tax period.2.Can we file refund claim of IGST paid on export as well as unutilised ITC for export under bond as exported in 1 above, in a

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Goods and Services Tax – Started By: – prakash kumar – Dated:- 20-6-2017 Last Replied Date:- 21-6-2017 – Dear Professional colleagues,As you know that, item wise detail is required in invoice (like HSN code, rate per piece, quantity of per item). My question is with Freight charged on the face of invoice. Whether one need to show HSN code of freight? If yes, then which HSN code?Similarly how to show other reimbursement(Like- out of pocket Exp) etc? Thanks for your valuable time. – Reply By MUKU

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Goods and Services Tax – GST – Dated:- 20-6-2017 – New Delhi, Jun 20 (PTI) Reminiscent of India's tryst with destiny at the mid-night of August 15, 1947, Parliament's historic Central Hall will host a function on the intervening night of June 30-July 1 to ring in the nation's biggest tax reform – GST. Announcing that the switchover to the Goods and Services Tax (GST) will kick in at the stroke of mid-night, Finance Minister Arun Jaitley said the hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime. The circular-shaped Central Hall had previously hosted a function that marked 50 years of Independence. President Pranab Mukherjee, who had piloted the fir

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formal economy will grow. GST being a more efficient system will also result in better tax compliance, the finance minister stressed. However, in the short term, there will be some challenges in switchover to GST, he pointed out without elaborating. Asked about industry bodies talking about small and medium enterprises not being prepared for the switchover to GST, Jaitley said July 1 as the rollout date has been announced well in advance and so nobody had any business not to be ready . Besides, additional time has been given in the initial period for filing of the results, thus giving enough time to prepare for the transition, he said. On the anti-profiteering clause in the GST law, he said the provision has been made as a deterrent which i

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Goods and Services Tax – Started By: – NITIN DESAI – Dated:- 20-6-2017 Last Replied Date:- 20-6-2017 – Dear sir,we are two star merchant exporters buying goods in india and exporting the same in convertible currency outside india. we are providing ARE and for H for excise and sales tax exemption. Now with the implementation of GST I would like to know as to whether we may procure the material without payment of GST OR we will have to pay GST and subsequently claim refund of ITC. This will resul

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Goods and Services Tax – GST – Dated:- 20-6-2017 – Chennai, Jun 19 (PTI) The Tamil Nadu Assembly on Monday adopted the GST bill amid a walkout by the opposition DMK, which wanted it to be referred to a select committee and taken up later for discussion. Seeking to allay opposition fears of a cascading of taxes following GST's scheduled rollout on July 1, the government said it will aid GDP growth. Finance Minister D Jayakumar, who intervened during the debate ahead of the passage of the Tamil Nadu Goods and Services Tax Bill, 2017, also assured the members that any impact of the rollout would be taken up with the Centre. The meetings of GST Council, of which state finance ministers are members, will be held regularly and matters relate

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y, DMK allies Congress and IUML stayed back when Stalin and his colleagues staged the walkout. DMK member Anitha R Radhakrishnan, who spoke during the debate, said traders will be affected due to GST and alleged that the Centre had not held discussions with them on the matter. The GST should be treated as a pilot exercise for the first year and the government should not act on small discrepancies by traders vis-a-vis returns, he suggested. Congress member S Vijayadharani said although the GST was piloted by Congress-led UPA, the present BJP government at the Centre had introduced some anti-people amendments including cap on tax rates, which, she said, were strongly opposed by her party at the national level. There is a danger of cascading o

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Article 9 – Final Rules (Draft) – Appeals and Revision – GST – Appeals and Revision – Draft Rules – 19-4-2017 – Article 9 – 9. Disqualification for misconduct of an authorised representative Where an authorised representative, other than those referred to in clause (b) or clause (c) of sub-section (2) of section 116 of the Act is found, upon an enquiry into the matter, guilty of misconduct in connection with any proceedings under the Act, the Commissioner may, after providing him an opportunity

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Goods and Services Tax – Started By: – arun aggarwal – Dated:- 20-6-2017 Last Replied Date:- 21-10-2017 – Sir I would like to repeat my question after all the clarifications and implementation of GST is final. I would be left with the stocks on which I have taken cenvat as a registered excise manufacturer./dealer Under GST the rates are much lower than the rates of excise/cenvat I have paid The query is that how to take the refund of that balance, as per sec 140 of GST there is no provision of

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Goods and Services Tax – Started By: – Murari Agrawal – Dated:- 20-6-2017 Last Replied Date:- 21-6-2017 – Dear Experts – When we receive advance against supply, the amount received to be treated as net of tax or including tax. If the goods are supplied within same month, how to show tax in the invoice. If the goods are supplied in subsequent month, how to adjust the tax/ show in Invoice. Thanks. – Reply By MUKUND THAKKAR – The Reply = GST is applicable in case of advance received against supply

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Goods and Services Tax – Started By: – SURYAKANT MITHBAVKAR – Dated:- 20-6-2017 Last Replied Date:- 29-6-2017 – We have manufacturing of Pharma Machinery having branch within state.As per GST Transitional Provisional Stock lying at the appointment of GST should not beyond one year from the appointment of GST Act.In this regard, we have returned goods from our customer and same has been showing in form V register and lying as finished goods since last two years.Can we transfer the same to our ot

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Goods and Services Tax – Seeks to empower the Principal Commissioner of Central Tax, Bengaluru West to grant registration in case of online information and database access or retrieval services provid

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Goods and Services Tax – Certain sections of the IGST Act, 2017 came into force w.e.f. 22.06.2017 i.e Definitions, Officers, Registration, Application of certain provision of CGST to IGST, Power to ma

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Goods and Services Tax – Modes of verification under CGST Rules, 2017 – Notification – TMI Updates – Highlights

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Goods and Services Tax – Seeks to exempt persons only engaged in making taxable supplies, total tax on which is liable to be paid on reverse charge basis – Notification – TMI Updates – Highlights

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Goods and Services Tax – Common Goods and Services Tax Electronic Portal – www.gst.gov.in – Notification – TMI Updates – Highlights

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Goods and Services Tax – CGST Rules, 2017 on registration and composition levy – Notification – TMI Updates – Highlights

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Goods and Services Tax – Jurisdiction of Central Tax Officers – CGST officers – Notification – TMI Updates – Highlights

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Goods and Services Tax – Certain sections of the CGST Act, 2017 came into force w.e.f. 22.06.2017 – i.e Definitions, Administrations, Composition, Registration, Migration, Common Portal, Power to make rule – Notification – TMI Updates – Highlights

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Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 20-6-2017 – This part of the series contains meanings of certain terms covered in Section 2 of the CGST Act, 2017. These are Proper Officer, Quarter, Recipient, Registered Person, Removal and Reverse Charge. Proper Officer [Section 2(91)] 'Proper officer' in relation to any function to be performed under this Act, means the Commissioner or the officer of the central tax who is assigned that function by the Commissioner in the Board. Proper officer means Commissioner or Officer of Central Tax who is assigned such function by Commissioner or Board. The term proper officer could be understood as assessing officer of a taxable person. Quarter [Section 2(92)] 'Quarter' shall mean a period comprising three consecutive calendar months, ending on the last day of March, June, September and December of a calendar year. Quarter means a period of three calendar months. There are jour quarters in a calendar year i.e,

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called recipient of goods and / or services. In the supply contract involving the payment of consideration, the person who is liable for payment of such consideration will be considered recipient. It is important to note that consideration could be paid by recipient or any third person. The determination will not depend on the fact who makes the payment but the person who is liable to make the payment will be considered recipient. In the contract for supply of goods, where no consideration is payable, recipient would mean a person to whom goods have been delivered or possession or use of the goods is given or made available. In respect of contract of supply of services, where no consideration is payable, recipient would mean the person to whom service has been rendered. Registered Person [Section 2(94)] 'Registered person' means a person who is registered under section 25 but does not include a person having a Unique Identity Number. Registered person is a person who is registe

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delivery and collection of goods by recipient has been considered as removal. It is important to note that dispatch of goods not for delivery will not constitute removal. Goods can be dispatched for delivery by the supplier or any other person acting on behalf of supplier. The term Removal has been used for providing law in respect of issuance of tax invoice under section 31, Job work provisions under section 19 and also in transition provisions. 'Reverse Charge [Section 2(98)] 'Reverse charge' means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or subsection (4) of section 5 of the Integrated Goods and Services Tax Act. Reverse charge means the liability to pay tax on the recipient of goods and / or services in respect of supplier of such goods and/or services. The goods and / or services which are noti

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Goods and Services Tax – GST – By: – Bimal jain – Dated:- 20-6-2017 – Dear Professional Colleague, GST rollout from July 1, 2017 – GST Council eases rules for return filing for July & August While sticking to the rollout date of July 1, 2017 for the first-of-its-kind mammoth indirect tax reform post independence in India, the all-powerful GST Council headed by the Hon ble Finance Minister, Mr. Arun Jaitley concluded their meet for the 17th time on June 18, 2017. The GST Council on Sunday made the dreaded anti-profiteering clause more palatable specifying a sunset clause of two years even as it relaxed the deadline for filing returns under the GST till September. With the conclusion of the 17thGST Council meet on June 18, 2017, the gist of the key takeaways from the meeting of the GST Council are as under: July 1, 2017 announced as the rollout date for GST India s tryst with its most comprehensive indirect tax reform, i.e. GST, will begin on July 1. The GST Council, the apex decisi

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ll need to be filed by September 20. GSTR-1 with invoice level details for the month of July will need to be filed by September 5. For the month of August, the deadline will be September 20. GSTR-2 and GSTR-3 for these two months will be filed thereafter. The simplified rules for filing returns require a taxpayer to file only a simple, self-certified return -by August 20 for July and September 20 for August. This would summarise inward and outward supplies rather than specify invoice-wise detailed returns as per GST rules. However, assesses must file the return with invoice details in September for both months. These will be matched with the simpler returns filed earlier, and any difference in tax amount will be paid by the tax assessee , Shri Adhia said. Approval to Draft Rules for relating to advance ruling, appeals and revision, assessment and anti-profiteering The GST Council also approved the Rules relating to advance ruling, appeals and revision, assessment and anti-profiteering.

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ving across states will be tracked, Shri. Jaitley said the transient rule would prevail pending a final decision. New Registrations from June 25: On the registration of businesses, Shri Jaitley said that 65.6 lakh, or 81.1%, of the existing 80.91 lakh excise, service tax and VAT assessees, have migrated to the GST Network. Registration, which closed on June 15, will reopen on June 25, and the process has been going on satisfactorily , he said. Businesses should not rush for migration. The provisional ID number will be the same for GSTIN (GST identification number). New businesses too need not rush. They will have 30 days for GSTIN. Relaxation in tax rate for hotels: The GST Council has decided to provide relief to hotels by raising the threshold tariff for the 28% tax rate to ₹ 7,500 from ₹ 5,000 proposed earlier. After a lot of discussion (it was decided) that 28% limit in hotels will start from ₹ 7,500 which means that between ₹ 2,500 and ₹ 7,500, the ra

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ategory states had been kept pending. Composition Scheme -Negative List: The GST Council has also recommended that manufacturers of the following goods shall not be eligible for the Composition Scheme: Ice cream and other edible ice, whether or not containing cocoa [2105 00 00] Pan masala [2106 90 20] Tobacco and manufactured tobacco substitutes [24] GST Rate on certain goods: The GST Council also recommended that the GST rate on dried singhada and makhanawill be 5%. GST Rate on vessels: The council has set a 5% integrated GST on shipping vessels with input tax credit. Our Comments: The GST Council will meet again on June 30 to take stock and decide before the implementation of GST. With clear announcement of July 1, 2017 as the appointed day, it is time now for all of us to gear up for timely rollout of GST. The relaxation in timeline for filing the initial invoice-wise returns for first two months after GST rollout allows only a reasonable time for the Industries and the GSTN along w

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Compensation whether furtherence of business for input tax credit – Goods and Services Tax – Started By: – Rakesh Chitkara – Dated:- 20-6-2017 Last Replied Date:- 4-7-2017 – FACTS :A developer pays compensation to its customers to compensate for delay and default in handing over of the possession of property within the stipulated time.Compensation will be formula based (more like an interest) calculated based on amounts paid and period of delay.QUERY ::Whether GST will be applicable on this compensation.Whether such tax will be paid under RCM because the customer is an unregistered person ?If yes, then whether developer can get the ITC of the same ?First Opinion1. This is an expense item. 2. Self – Invoice would be raised bearing unique ser

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an activity used or intended to be used for the purpose of furtherance of business or commerce for ITC purposes ? Is it expansive and enlarges the scope or is it an expression of restricting the scope ?Also relevant case laws please. – Reply By Mehak Malhotra – The Reply = Dear Rakesh Chitkara, 1) Whether GST will be applicable on this compensation ? GST will be applicble on this compensation. Reason : a) This is not a supply of goods. b) It will get covered under definition of service. To qualify this definition, there have to be 2 important things. First, there has to be an ACTIVITY and second there should be a CONSIDERATION for that activity. In our case, activity is that the customer is waiting and giving an extension for completion in

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ansaction will not be supply, because supply is not made by the individual in the course or furtherance of business. Further, no input tax credit was admissible on such car at the time of its acquisition as it was meant for non-business use. Since, this service was taken by the developer not for the personal purpose but for the business, its input tax credit would be definitely allowed. If the developer has not taken the extension, he could not have completed the construction and could not have served the customer. So, in order to complete the transaction he took the service and paid compensation. Therefore, this is very well qualify the phrase used or intended to be used for the purpose of furtherance of business or commerce . Thank you. I

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Goods and Services Tax – Started By: – Vineet Virmani – Dated:- 20-6-2017 Last Replied Date:- 23-10-2017 – Can Job Work be taken as continous supply of services for the purpose of issuing invoices in

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Customs – PUBLIC NOTICE NO. 17/2017 – Dated:- 20-6-2017 – MINISTRY OF FINANCE DEPARTMENT OF REVENUE OFFICE OF THE COMMISSIONER OF CUSTOMS CUSTOM HOUSE, NEW HARBOUR ESTATE, THOOTHUKUDI – 628004. Date: 20.06.2017 PUBLIC NOTICE NO. 17/2017 Subject: ICES Advisory 009/2017(GST)-implementation of revamped module for Manual filing and processing of Bills of Entry/ Shipping Bills-reg. Attention of all Exporters /Importers/Custom Brokers/ Clearing Agents / Steamer Agents/Shipping agents/Trade and Industry and Public is invited to CBEC instructions vide F. No. 401/81/2011-Cus III dated 02/06/2017 on the subject of Manual filing and processing of Bills of Entry/ Shipping Bills (available in the website http ://www.cbec.gov.in/resources//htdocs-cbec/c

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y post clearance. The absence of provision for monitoring of non-entry of data, unique number generation and e-payment warranted a new procedure to be laid out by the Board to achieve the above objectives. The Manual Data entry modules in ICES have already been modified to incorporate such changes. The detailed user manual has been enclosed. 5. The salient features of the module includes Electronic capture of basic data starting from BE/SB Job Entry and proceeds to record important events in system like AC Approval to get BE/SB number assigned, Capture of Assessment, E-Payment, OOC/LEO without asking for details. Post clearance, relevant details need to be entered into the system. The IGM related to manual BE would also be closed automatica

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