GOODS & SERVICES TAX (GST) (Status as on 01st May, 2017)
GST
Dated:- 3-5-2017
GOODS & SERVICES TAX (GST) (Status as on 01st May, 2017)
\n=============
\nDocument 1
\nGOODS &
\nSERVICES TAX
\n(GST)
\n(Status as on 01st May, 2017)
\n1
\nPRESENTATION PLAN
\nWHY GST: BENEFITS
\n\u00e2\u009d\u2013 EXISTING INDIRECT TAX STRUCTURE
\n\u00e2\u009d\u2013 FEATURES OF CONSTITUTION AMENDMENT ACT
\n*GST COUNCIL
\n\u00e2\u009d\u2013 MAIN FEATURES OF GST LAW
\n\u00dc\u20ac
\nGSTN
\n\u00e2\u0153\u00b0 ROLE OF CBEC
\nWAY FORWARD
\n2
\nWHY GST?
\nBENEFITS
\n3
\nWHY GST: BENEFITS
\nTo Trade
\n\u00e2\u02dc\u0090 Reduction in multiplicity of
\ntaxes
\nTo Consumers \u00dc\u20ac
\n\u00e2\u02dc\u0090 Mitigation of cascading\/ double
\ntaxation
\n\u00e2\u02dc\u0090 More efficient neutralization of
\ntaxes especially for exports
\n\u00e2\u02dc\u0090 Development of common
\nnational market
\n\u00e2\u02dc\u0090 Simpler tax regime
\nFewer rates and exemptions
\nDistinction between Goods &
\nServices no longer required
\n\u00e2\u2013\u00a1 Simpler Tax system
\nReduction in prices of
\ngoods & services due
\nto elimination of
\ncascading
\n\u00e2\u02dc\u0090 Uniform prices
\nthroughout t<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nKey Features: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n al Government, at the rate to be prescribed = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ts = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s, Casual = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n 7 days = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n lders = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GOODS & SERVICES TAX (GST) (Status as on 01st May, 2017) GSTDated:- 3-5-2017GOODS & SERVICES TAX (GST) (Status as on 01st May, 2017) ============= Document 1 GOODS & SERVICES TAX (GST) (Status as on 01st May, 2017) 1 PRESENTATION PLAN WHY GST: BENEFITS \u00e2\u009d\u2013 EXISTING INDIRECT TAX STRUCTURE \u00e2\u009d\u2013 FEATURES OF CONSTITUTION AMENDMENT ACT *GST … Continue reading “GOODS & SERVICES TAX (GST) (Status as on 01st May, 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-3331","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3331","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=3331"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/3331\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n\u00e2\u2013\u00a1 Concurrent jurisdiction for levy & collection of GST
\nby the Centre & the States – Article 246A
\n\u00e2\u02dc\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\u2026\u2026..
\n\u00e2\u009d\u2013 Key Features contd.
\n\u00e2\u02dc\u0090 Compensation for loss of revenue to States for five years on
\nrecommendation of GSTC – Clause 19
\n\u00e2\u02dc\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\u00e2\u02dc\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
\nGov<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGovernment may convert existing area based exemption
\nschemes into reimbursement based scheme
\n14
\n\u00e2\u0153\u00b0 Decisions:
\n…GST COUNCIL….
\n\u00e2\u02dc\u0090 To ensure single interface all administrative control
\nover
\n–
\n\u00e2\u2013\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\u00e2\u2013\u00a1 Same arrangement would be applicable for IGST Act
\nwith few exceptions
\n15
\n…GST COUNCIL
\n\u00e2\u0153\u00b0 Decisions:
\n\u00e2\u2013\u00a1 CGST, UTGST, IGST, SGST & GST Compensation Law
\nrecommended
\n\u00e2\u02dc\u0090 Formula for calculating compensation finalized
\n\u00e2\u02dc\u0090 Tax 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 demerit
\ngoods
\nRules on input<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nMaximum rate ring fenced in law
\n18
\n….MAIN FEATURES OF LAW….
\n* Determination of nature of supply.
\n\u00e2\u2013\u00a1 Elaborate Rules provided for determining the place of
\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\u00e2\u2013\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\u00e2\u02dc\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\u00e2\u02dc\u0090 Elaborate principles devised for determining the time of
\nsupply of goods or services with following being crucial
\ndeterminants with certain excep<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nservices and capital goods are partly used for business
\nand partly for non-business purposes
\n\u00e2\u02dc\u0090 Proportionate credits allowed in case inputs, inputs
\nservices and capital goods are used for taxable including
\nzero rated and exempt (including non-taxable) supplies
\n22
\n…MAIN FEATURES OF LAW….
\nInput Tax Credit (ITC):
\n\u00e2\u02dc\u0090 ITC cannot be availed after filing of return for the month
\nof September of next Financial Year or filing of Annual
\nReturn
\n\u00e2\u02dc\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\u00e2\u02dc\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\u00e2\u2013\u00a1 Input Service Distributor mechanism for distribution of
\nITC of input services
\n23
\n…MAIN FEATURES OF LAW….
\n\u00e2\u009d\u2013 Registration.
\n\u00e2\u02dc\u0090 PAN based Registration
\nrequired to be obtained for each State from where tax<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ntaxpayers, non-resident taxpayers, TDS Deductors,
\nInput service Distributors (ISDs) to file separate
\nelectronic returns with different cut-off dates
\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\u00dc\u20ac
\n…MAIN FEATURES OF LAW….
\n\u00e2\u009d\u2013 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\u00e2\u02dc\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\u00e2\u009d\u2013 Payment:
\nCross-utilization of ITC between CG<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n\u00e2\u2013\u00a1 Tax refund will be directly credited to the bank account
\nof applicant
\n30
\n….MAIN FEATURES OF LAW….
\n\u00e2\u009d\u2013 Assessment and Audit.
\n\u00e2\u02dc\u0090 Self-assessment of tax
\n\u00e2\u02dc\u0090 Provisions for assessment of non-filers, unregistered
\npersons & summary assessments in certain cases
\n\u00e2\u02dc\u0090 Provision for provisional assessment on request of
\ntaxable person – to be finalized in six months
\n\u00e2\u02dc\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\u00e2\u02dc\u0090 Audit to be completed within 3 months, extendable by a
\nfurther period of 6 months
\n31
\n…MAIN FEATURES OF LAW….
\n\u00e2\u009d\u2013 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 pe<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nCentral Government – 24.5%
\nEC and all States together – 24.5%
\n\u00e2\u02dc\u0090 Financial Institutions – 51%
\n36
\n….GSTN
\nTo function as a Common Pass-through portal for
\ntaxpayers-
\n\u00e2\u02dc\u0090 submit registration application
\n\u00e2\u02dc\u0090 file returns
\n\u00e2\u02dc\u0090 make tax payments
\nTo develop back end modules for 27 States (MODEL-II)
\n\u00e2\u009d\u2013 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\u00e2\u009d\u2013 Prominent role as custodian of Centre's fiscal destiny in relation
\nto indirect taxes
\n\u00e2\u009d\u2013Role 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n