Composition_Comparision_GST Vs. UP VAT
By: – Ashish Mittal
Goods and Services Tax – GST
Dated:- 14-12-2016<\/p>\n
Composition Scheme Comparison Chart
\nComparison of Provision Regarding Composition Scheme under Current U.P VAT Act,2008 VS Model GST Regime
\nS.No.
\nBasis
\nUnder UP Act' 2008
\nModel GST Law
\nFor Works Contractor
\nFor Others
\n1
\nGoverning Section
\nSection-6-Composition of tax liability
\nSection-9-Composition Levy
\n–
\n–
\n2
\nEligibility
\nAny Person fulfilling T\/o criteria (other than person engaged in Works Contract i.e. on works contractor no T\/o Limit is applicable)
\nPerson fulfilling T\/O limit other than
\n\t1. Engaged in supply of services
\n\t2. Person engaged in interstate supply
\n\t3. Person making Non-Taxable Supply
\n\t4. E-Commerce Operator
\n\t5. All the taxable person has common PAN shall opt the scheme simultaneously
\n\tSpl. Point: T\/o Limit Applicable in case of Work Contractor unlike in UP VAT Act.
\nUnder Current UP VAT: Eligible (No T\/o Limit)
\n\tUnder GST:<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 2)\/08-U.P.Ordi.-37-2008-Order-(5)-2008 Dated 4th February, 2008] = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n he tax on purchases are to become cost then the price of real estate would tend to go high. In this situation would GST be a boon to the real estate sector or would be a challenge . Pls share your views in this regard. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Composition_Comparision_GST Vs. UP VATBy: – Ashish MittalGoods and Services Tax – GSTDated:- 14-12-2016 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 … Continue reading “Composition_Comparision_GST Vs. UP VAT”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2020","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2020"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2020\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nFor Manufacturer-2.50% (Min.)
\n\tOthers-1% (Min.)
\n\t[Not less than 2.5%\/1% as per Section-9 actual rate still to be specified]
\nActual rate still to be notified but an floor rate being specified in the section itself
\n7
\nPenal Provision
\n–
\nIf 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
\nOfficer may after applying principles of Natural Justice initiate penal action as specified
\n8
\nTRANSITIONAL PROVISIONS
\n–
\n–
\n–
\n–
\n8.1. Assessee shifting from Normal Tax Regime under Earlier law to Composition Scheme under GST
\nN.A
\nAllowed but the ITC of stock lying in the stock shall be paid by him before switching in composition scheme in GST
\nMay apply if opted for composition scheme in GST Law
\n8.2. Assessee shifting from Composition Scheme under Earli<\/p>\n
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\n Dated: 15-12-2016
\n Reply By Ashish Mittal as =
\nHello Ganeshan Ji,
\nWith 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.
\nSection 17 (4) Notwithstanding anything contained in sub-section<\/p>\n
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