GOODS & SERVICES TAX (GST) (Status as on 01st April, 2017)
GST
Dated:- 7-4-2017
GOODS & SERVICES TAX (GST) (Status as on 01st April, 2017)
\n=============
\nDocument 1
\nGOODS &
\nSERVICES TAX
\n(GST)
\nStatus as on 01st April, 2017)
\n1
\nPRESENTATION PLAN
\nWHY GST: BENEFITS
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c EXISTING INDIRECT TAX STRUCTURE
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c FEATURES OF CONSTITUTION AMENDMENT ACT
\n*GST COUNCIL
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c MAIN FEATURES OF GST LAW
\n\u00c3\u00c5\u0093\u00e2\u00e2\u0080\u009a\u00ac
\nGSTN
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00c2\u00b0 ROLE OF CBEC
\nWAY FORWARD
\n2
\nWHY GST?
\nBENEFITS
\n3
\nWHY GST: BENEFITS
\nTo Trade
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Reduction in multiplicity of
\ntaxes
\nTo Consumers \u00c3\u00c5\u0093\u00e2\u00e2\u0080\u009a\u00ac
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Mitigation of cascading\/ double
\ntaxation
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 More efficient neutralization of
\ntaxes especially for exports
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Development of common
\nnational market
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Simpler tax regime
\nFewer rates and exemptions
\nDistinction between Goods &
\nServices no longer required
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 Simpler Tax system
\nReduction in prices of
\ngoods & services due
\nto elimination of
\ncascading
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Uniform prices
\nthrough<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n .2016 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ent may convert existing Area based exemption = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Elaborate Rules provided for determining the place of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nservices and capital goods are used for taxable including = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tes = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Self-assessment of tax = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tal for = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GOODS & SERVICES TAX (GST) (Status as on 01st April, 2017) GSTDated:- 7-4-2017GOODS & SERVICES TAX (GST) (Status as on 01st April, 2017) ============= Document 1 GOODS & SERVICES TAX (GST) Status as on 01st April, 2017) 1 PRESENTATION PLAN WHY GST: BENEFITS \u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c EXISTING INDIRECT TAX STRUCTURE \u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c FEATURES OF CONSTITUTION AMENDMENT ACT *GST … Continue reading “GOODS & SERVICES TAX (GST) (Status as on 01st April, 2017)”<\/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-3218","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3218","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=3218"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3218\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nKey Features:
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 Concurrent jurisdiction for levy & collection of GST
\nby the Centre & the States – Article 246A
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Centre to levy & collect IGST on supplies in the
\ncourse of inter-State trade or commerce including
\nimports Article 269A
\n–
\n9
\n….FEATURES OF CAA\u00e2\u00e2\u0082\u00ac\u00a6\u00e2\u00e2\u0082\u00ac\u00a6..
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Key Features contd.
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Compensation for loss of revenue to States for five years on
\nrecommendation of GSTC – Clause 19
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 GST on petroleum crude, high speed diesel, motor spirit
\n(commonly known as petrol), natural gas & aviation turbine
\nfuel to be levied from a later date on recommendations of
\nGSTC
\n10
\n..FEATURES OF CAA
\nKey Features contd.
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 GSTC – Article 279A
\nTo be constituted by the President within 60 days from the
\ncoming into force of the Constitution Amendment
\nConsists of Union FM & Union MOS (Rev)
\nConsists of Ministers in charge of Finance \/ Taxation of each
\nState
\nChairperson – Union FM
\nVice Chairperson – to be chosen amongst the Ministers of State<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nschemes into reimbursement based scheme
\n14
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00c2\u00b0 Decisions:
\n…GST COUNCIL….
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 To ensure single interface all administrative control
\nover
\n–
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 90% of taxpayers having turnover below Rs. 1.5 cr. would
\nvest with State tax administration
\n10% of taxpayers having turnover below of Rs. 1.5 cr.
\nwould vest with Central tax administration
\ntaxpayers having turnover above Rs. 1.5 cr. would be
\ndivided equally between Central and State tax
\nadministration
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 Same arrangement would be applicable for IGST Act
\nwith few exceptions
\n15
\n…GST COUNCIL
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Decisions:
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 CGST, UTGST, IGST, SGST & GST Compensation Law
\napproved
\nFormula for calculating compensation finalized
\nTax rates
\nFour tax rates namely 5%, 12%, 18% and 28%
\nSome goods and services would be exempt
\nSeparate tax rate for precious metals
\nCess over the peak rate of 28% on specified luxury and sin
\ngoods
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Rules on registration, payment, retur<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nsupply
\n–
\nIntra-State supply of goods or services where the location
\nof the supplier and the place of supply are in the same State
\n–
\nInter-State supply of goods or services where the location
\nof the supplier and the place of supply are in different State
\nLiability to pay:
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 Liability to pay tax arises only when the taxable person
\ncrosses the exemption threshold
\n19
\n….MAIN FEATURES OF LAW….
\n* Composition Scheme:
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Provision for levy of tax on fixed rate on aggregate turnover
\nupto a prescribed limit in a financial year (Composition
\nscheme) without participation in ITC chain
\nTime & Value of supply:
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Elaborate principles devised for determining the time of
\nsupply of goods or services with following being crucial
\ndeterminants with certain exceptions:
\nDate on which supplier issues invoice
\nDate on which supplier receives the payment, whichever is
\nearlier
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 Tax is to be paid on Transaction va<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nzero rated and exempt (including non-taxable) supplies
\n22
\n…MAIN FEATURES OF LAW….
\nInput Tax Credit (ITC):
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 ITC cannot be availed after filing of return for the month
\nof September of next Financial Year or filing of Annual
\nReturn
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 ITC available only on provisional basis for a period of
\ntwo months until payment of tax and filing of valid
\nreturn by the supplier
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Matching of supplier's and recipient's invoice details
\nITC to be confirmed only after matching of such
\ninformation
\nITC to be reversed in case of mis-match
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a1 Input Service Distributor mechanism for distribution of
\nITC of input services
\n23
\n…MAIN FEATURES OF LAW….
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Registration.
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 PAN based Registration
\nrequired to be obtained for each State from where taxable
\nsupplies are being made
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 A person having multiple business verticals in a State
\nmay obtain separate registration for each business
\nvertical
\n\u00c3\u00a2<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAnnual return to be filed by 31st December of the
\nfollowing Financial Year along with a reconciliation
\nstatement
\nShort-filed returns not to be treated as a valid return for
\nmatching & allowing ITC and fund transfer between
\nCentre and States
\nGST practitioners scheme to assist taxpayers mainly in
\nfiling of returns
\n26
\n\u00c3\u00c5\u0093\u00e2\u00e2\u0080\u009a\u00ac
\n…MAIN FEATURES OF LAW….
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Payment:
\nSystem of electronic cash ledger and electronic ITC
\nledger
\nTax can be deposited by internet banking, NEFT \/ RTGS,
\ndebit\/credit card and Over The Counter
\nDate of credit to the Govt. account in the authorized
\nbank is the date of payment for credit in electronic cash
\nledger
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Payment of Tax is made by way of the debit in the
\nelectronic cash or credit ledger
\n27
\n…MAIN FEATURES OF LAW….
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Payment:
\nCross-utilization of ITC between CGST & IGST, between
\nSGST\/UTGST & IGST allowed
\nHierarchy for discharging payments of various tax
\nliabilities
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Provision for TDS on certain entities
\n\u00c3<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Provisions for assessment of non-filers, unregistered
\npersons & summary assessments in certain cases
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Provision for provisional assessment on request of
\ntaxable person – to be finalized in six months
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Audit to be conducted at the place of business of the
\ntaxable person or at the office of the tax authorities, after
\nprior intimation to taxable person
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 Audit to be completed within 3 months, extendable by a
\nfurther period of 6 months
\n31
\n…MAIN FEATURES OF LAW….
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Demand:
\nAdjudication order to be issued within 3\/5 years of
\nfiling of annual return in normal cases & fraud \/
\nsuppression cases respectively
\nSCNs to be issued at least 3 months and 6 months
\nprior to last date of passing adjudication order in
\nnormal cases and in fraud cases respectively
\nTaxable person can settle demand at any stage, right
\nfrom audit\/investigation to the stage of passing of
\nadjudication order and even thereafter
\n32
\n….MAIN FEATURES OF <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ntaxpayers-
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 submit registration application
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 file returns
\n\u00c3\u00a2\u00cb\u00c5\u0093\u00c2\u0090 make tax payments
\nTo develop back end modules for 25 States (MODEL-II)
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Infosys appointed as Managed Service Provider (MSP)
\n* Appointed 34 GST Suvidha Providers (GSPs)
\nto develop simple applications to be used by taxpayers for
\ninteracting with GSTN
\n37
\nROLE OF CBEC
\n38
\nROLE OF CBEC
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c Prominent role as custodian of Centre's fiscal destiny in relation
\nto indirect taxes
\n\u00c3\u00a2\u00c2\u009d\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009cRole in Policy making: Drafting of GST Law, Rules & Procedures
\n– CGST, UTGST & IGST Law
\nAssessment, Audit, Anti-evasion & enforcement under CGST &
\nIGST Law
\n* Levy & collection of Central Excise duty on products outside GST
\n– Five specified Petroleum Products & Tobacco
\n* Levy & collection of Customs duties
\n* Developing linkages of CBEC – GST System with GSTN
\n*
\nTraining of officials of both Centre & States
\n39
\nWAY FORWARD
\n40
\n40
\nWAY FORWARD….
\nPassage of CGST, UTGST, and IGST & GST Compensation<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n