Goods and Service Tax (GST) – PPT by Indirect Committee of ICAI
GST
Dated:- 17-1-2015
Constitution Amendment Bill in the Lok Sabha today with respect to Goods and Services Tax (GST)
\n
\n=============
\nDocument 1
\nGoods and Service Tax
\n(GST)
\nGlobally Known As VAT
\ncopyright@idtc_icai_2015
\nStandardised PPT by
\nIndirect Taxes Committee
\nInstitute of Chartered Accountants of India
\nIndirect Taxes Committee of ICAI
\nMajor Initiative in 2014-15
\n\u00e2\u00e2\u0082\u00ac\u00a2
\n.
\n\u00e2\u00e2\u0082\u00ac\u00a2
\n.
\n.
\n\u00e2\u00e2\u0082\u00ac\u00a2
\n\u00e2\u00e2\u0082\u00ac\u00a2
\nOrganized More than 100 Program in One Council Year.
\nE Learning Course on Excise, Custom, Service tax and CST Launched- to learn any
\nwhere, any time.
\n12 Web Cast with recorded Lecture for free download.
\nMore than 6 Research based Publication launched, 9 more into release by end of
\nJanuary 2015.
\nOrganized more than 25 program for CBEC officials for capacity building in
\nDepartment.
\nPursuing Service Tax Audit in line with 44AB Audit in Income Tax to give bird eye view
\non complianc<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n No. 83, = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Expectations from GST = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n duties of exci se = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n = 12.10 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nNon-Vatable Tax borne by = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \n22 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n C to examine business processes under GST = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n tively. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n f Goods (9% from central Government = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n dispute resolution mechanism for issues relating to levy of GST. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n on 25 Company formed to design automation of GST in = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n te the cost = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Goods and Service Tax (GST) – PPT by Indirect Committee of ICAI GSTDated:- 17-1-2015Constitution Amendment Bill in the Lok Sabha today with respect to Goods and Services Tax (GST) ============= Document 1 Goods and Service Tax (GST) Globally Known As VAT copyright@idtc_icai_2015 Standardised PPT by Indirect Taxes Committee Institute of Chartered Accountants of India … Continue reading “Goods and Service Tax (GST) – PPT by Indirect Committee of ICAI”<\/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-597","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/597","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=597"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/597\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nList I, Schedule
\nVII
\nEntry No. 52
\n&62 List II,
\nSchedule VII
\nTaxable Event is
\nSale
\nTaxable Event is
\nImport & Export
\nTaxable Event is
\nEntertainment
\n& Entry of
\nGoods
\nProposed Indirect Tax Structure
\nIntra State
\nTaxable
\nSupply
\nInter State
\nTaxable
\nSupply
\nImport From
\nOutside
\nIndia
\nExcise and
\nService Tax will
\nbe known as
\nCGST
\nCST will be
\nknown as
\nIntegrated GST
\n(IGST)
\nCustom Duty
\nLocal VAT &
\nOther taxes will
\nbe known as
\nSGST
\nApprox. Sum
\nTotal of CGST
\nand SGST
\nIn Place of CVD
\nand SAD, IGST
\nwill be charged
\ncopyright@idtc_icai_2015
\nLO
\n\u00e2\u00e2\u0082\u00ac\u00a2
\nBenefits to Assessee
\nReduction in multiplicity of taxes.
\nMitigation of cascading\/ double taxation.
\nMore efficient neutralization of taxes especially for exports.
\nDevelopment of common national market.
\nSimpler tax regime –
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Fewer rates and exemptions.
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Conceptual clarity (Goods vs. Services).
\n\u00e2\u00e2\u0082\u00ac\u00a2
\ncopyright@idtc_icai_2015
\nCO
\nBenefits to Exchequer\/Govt.
\nSimpler Tax system.
\nBr<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAutomation of process by way of e-registrations, e-returns, e-payment
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 No requirement of verifications during inter state movement of Goods
\nZero rating of supplies to exporters
\nAdministrative efficiency in case of assessment and adjudication
\nEase of compliance
\nSelf-policing
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\n10
\nFEATURES OF PROPOSED GST
\nMODEL
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\n11
\nFeatures of Proposed GST
\nDestination based Taxation
\nApply to all stages of the value chain
\nApply to all taxable supplies of goods or services (as against manufacture, sale or provision of
\nservice) made for a consideration except –
\nExempted goods or services – common list for CGST & SGST
\nGoods or services outside the purview of GST
\nTransactions below threshold limits
\nDual GST having two concurrent components-
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Central GST levied and collected by the Centre
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 State GST levied and collected by the States
\ncopyright@idtc_icai_2015
\n12
\nFeatures of Proposed GST contd.\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Excise duty levied under \u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00aa
\nMedicinal & Toiletries
\nPreparation Act
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Additional
\nduties
\nService Tax
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Surcharges & Cess
\ncustoms (CVD & SAD)
\nPurchase Tax
\nEntertainment
\n(not
\nlevied by the local bodies)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0
\nLuxury Tax
\nof \u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00aa
\nEntry Tax (All forms)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Taxes on lottery, betting &
\ngambling
\nSurcharges & Cess
\ncopyright@idtc_icai_2015
\n15
\nFeatures of Proposed GST contd.
\nGST Rates-to be based on RNR- Four rates
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Merit rate for essential goods and services
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Standard rate for goods and services in general
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Special rate for precious metals
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 NIL rate
\nFloor rate with a small band of rates for standard rated goods or services for SGST
\no This is similar to mandatory guidelines which will be issued by GST Council in line with
\nEuropean Directive 12\/2006
\nOptional Threshold exemption in both components of GST.
\nOptional Compounding scheme for taxpayers having taxable turnover up to a certain<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(Rs. 10 + 1 + 1.10)
\nDealer
\nConsumer
\nCGST = * 12.10
\nITC = (11)
\n1.10
\nCentral Tax = 12.10
\n(10+1+1.10)
\nTax Invoice (A)
\nTax Invoice (B)
\nTax Invoice (C)
\nCost
\n=
\n100
\nCost
\n=
\n110
\nValue
\n=
\n100
\nValue
\n=
\n110
\nValue
\n=
\n121
\nCGST
\nSGST
\n=
\n10
\nCGST
\n=
\n11
\nCGST
\n=
\n12.10
\n=
\n10
\nSGST
\n=
\n11
\nSGST
\n=
\n12.10
\n120
\n132
\n145.20
\ncopyright@idtc_icai_2015
\n19
\nState Tax (X) = Rs. 11
\nPresent Scenario (Inter-State Trade of Goods)
\nVAT = 11
\nCST = 2.42
\nITC = (2.42)
\nEntry Tax
\n3
\n=
\nVAT 13.31
\nITC = (12.10)
\n0
\n1.21
\nInput Manufacturer
\nExcise = 10
\nOutput Manufacturer
\nExcise = 11
\nITC = (10)
\n1
\nState Tax (Y) = 16.91
\n(Rs. 13.91 + Rs. 3)
\nDealer
\nConsumer
\nTax Invoice (B)
\nTax Invoice (A)
\nTax Invoice (C)
\nCost
\n=
\n100
\nValue
\n=
\n100
\nCost
\n=
\n126.42
\nValue
\n=
\n110
\nExcise
\nVAT
\n=
\n10
\nValue
\n=
\n139.06
\nExcise
\n=
\n11
\n=
\n11
\nVAT
\n=
\n13.91
\nCST
\n=
\n2.42
\n121
\n152.97
\n123.42
\ncopyright@idtc_icai_2015
\nCentral Tax = 11
\n(10+1)
\n20
\n20
\nGST Scenario (Inter-State Trade of Goods)\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n11.00
\n0.00
\n25.00
\n1.10
\nBusiness
\n8.
\nTotal Tax paid by Consumer
\n13.31
\n24.20
\n13.91
\n24.44
\n9.
\nFinal value paid by Consumer
\n146.41
\n145.20
\n152.97
\n146.65
\ncopyright@idtc_icai_2015
\n22
\n222
\nPresent Scenario (Intra-State Trade of Service)
\nInput Service Provider
\nOutput Service Provider
\nConsumer
\nService Tax = 11
\nService Tax = 10
\nITC
\n= (10)
\n1
\nTax Invoice (B)
\nTax Invoice (A)
\nCost
\n= 100
\nValue
\n= 100
\nValue
\n= 110
\nService Tax
\n= 10
\nService Tax
\n110
\n=Rs. 11
\n121
\ncopyright@idtc_icai_2015
\nCentral Tax = 11
\n(10+1)
\n23
\n23
\nGST Scenario (Intra-State Trade of Service)
\nSGST = 10
\nSGST
\nITC
\n= 11
\n= (10)
\n1
\n=
\nState Tax Rs. 11
\n(10+1)
\nInput Service Provider
\nOutput Service Provider
\nConsumer
\nCGST = * 10
\nCGST
\n= Rs. 11
\nITC
\n= (10)
\nRs.1
\nTax Invoice (B)
\nTax Invoice (A)
\nCost
\n= 100
\nValue
\n= 100
\nValue
\n= 110
\nCGST
\n= 10
\nCGST
\n= 11
\nSGST
\n=
\n10
\nSGST
\n= 11
\n120
\n132
\ncopyright@idtc_icai_2015
\nCentral Tax = 11
\n(10+ 1)
\n24
\n24
\nPresent Scenari<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSGST
\n=
\n12.10
\n120
\n132
\n145.20
\ncopyright@idtc_icai_2015
\nCentral Tax = 12.10
\n(10+2+10* – *9.90**)
\n26
\n26
\nComparison (Trade of Service)
\nSr. No.
\nParticular
\nIntra-State
\nInter-State
\nPresent
\nGST
\nPresent
\nGST
\n1.
\nInitial Value
\n* 110.00
\n120.00
\n110.00
\n120.00
\n2.
\nCentre's Tax
\n11.00
\n11.00
\n12.10
\n12.10
\n3.
\nState (X)'s Tax
\nRs.0.00
\n11.00
\nRs.0.00
\n0.00
\n4.
\nState (Y)'s Tax
\n* 0.00
\n12.10
\n5.
\nState's Total
\n0.00
\n11.00
\n* 0.00
\n12.10
\n6.
\nTotal Tax paid to Govt.
\n11.00
\n22.00
\n12.10
\n24.20
\n7.
\nNon-Vatable Tax borne by
\n0.00
\n0.00
\n0.00
\n0.00
\nBusiness
\n8.
\nTotal Tax paid by Consumer
\n11.00
\n22.00
\n12.10
\n24.20
\n9.
\nFinal value paid by Consumer
\n121.00
\n132.00
\n133.10
\n145.20
\ncopyright@idtc_icai_2015
\n27
\n27
\ncopyright@idtc_icai_2015
\nPART II
\n28
\nROAD TO GST.
\n–
\nMILESTONES
\ncopyright@idtc_icai_2015
\n29
\nRoad to GST- Milestones
\n2006, announcement of the intent to introduce GST by 01.04.2010
\nNovember 2009 – First Discussion Paper (FDP) released by EC on which Commen<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nDecember 2014-122nd Constitutional Amendment bill introduced in Parliament
\ncopyright@idtc_icai_2015
\n32
\ncopyright@idtc_icai_2015
\nFEATURES OF CONSTITUTION
\nAMENDMENT BILL
\n\u00c3\u00a0\u00c2\u00a4\u00c2\u00b8\u00c3\u00a0\u00c2\u00a4\u00c2\u00a4\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00c2\u00af\u00c3\u00a0\u00c2\u00a4\u00c2\u00ae\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b5 \u00c3\u00a0\u00c2\u00a4\u00c5\u00e2\u0080\u009c\u00c3\u00a0\u00c2\u00a4\u00c2\u00af\u00c3\u00a0\u00c2\u00a4\u00c2\u00a4\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1
\nCONSTITUTION OF INDIA
\nPreunble
\nWE THE PEOPLE OF INDIA, having
\nsolemny resolved to constitute India into a
\nSovereign Socialist Secular Democratic Repablo
\nand to soute to all its citizens
\nJUSTICE
\nSocial, economics and political
\nHERTY
\nof thought, expression, brief, far and worship
\nCQUALITY
\nof states and of oppertunity, and to
\nproncle artorg than all
\nFRATERNITY
\nassuring the dignity of the individual and
\nthe ane and integrity of the Nation
\nIN OUR CONSTITUENT ASSEMBLY
\nthis twenty-sixth day of November, 1949, do
\nHEREBY ADOPT, ENACT AND GIVE TO
\nCURSELVES THUS CONSTITUTION
\n33
\n33
\nFeatures of Constitutional Amendment Bill
\n122 nd Amendment Bill introduced in LSon 19.12.2014
\n\u00e2\u00e2\u0082\u00ac\u00a2
\nKey Feat<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Consists of all State Ministers of Finance
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Quorum is 50% of total members
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Decisions by majority of 75% of weighted votes of members present & voting
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 1\/3rd weighted votes for Centre & 2\/3rd for all States together
\ncopyright@idtc_icai_2015
\n35
\nFeatures of Constitutional Amendment Bill contd.
\nKey Features contd.
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Council to make recommendations on
\nTaxes, etc. to be subsumed in GST
\nExemptions & thresholds
\nGST rates
\nBand of GST rates
\nModel GST Law & procedures
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00c2\u00b0 Special provisions for special category States
\nDate from which GST would be levied on petroleum products
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Council to determine the procedure in performance of its functions
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Council to decide modalities for dispute resolution arising out of its recommendations
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Changes in entries in List -1 & ||
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Compensation for loss of revenue to States for five years
\ncopyright@idtc_icai_2015
\n36
\ncopyright@id tc_icai_2015
\nPART III
\n37
\nIntegrated Good<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nIGST credit can be utilized for payment of IGST, CGST and SGST in sequence by Importing
\ndealer for supplies made by him.
\nIGST Model envisages that the Centre will levy tax at a rate approximately equal to
\nCGST + SGST rate on inter-State supply of goods & services.
\nIt would basically meet the objective of providing seamless credit chain to taxpayer
\nlocated across States.
\ncopyright@idtc_icai_2015
\n40
\nIntegrated Goods and Service Tax (IGST) contd.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009d\u00e2\u00e2\u0082\u00ac\u00b0
\nIGST model obviates the need for refunds to exporting dealers as well as the need for
\nevery State to settle account with every other State
\nThe Exporting State will transfer to the Centre the credit of SGST used for payment of IGST
\nThe Centre will transfer to the importing State the credit of IGST used for payment of SGST
\nThus Central Government will act as a clearing house and transfer the funds across the
\nStates
\ncopyright@idtc_icai_2015
\n41
\nIllustration for IGST Model
\nMr. A (based in Maharashtra) supplied Good<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nand 1% paid as cash by Mr. B)
\nCentral Government will get 9% IGST on inter-state supply of goods to Gujarat (8% from
\nMaharashtra Government and 1% paid as Cash by Mr. A)
\nImportant to note is that while Central Government got 9% as tax, at the same time Mr. B
\n(based in Gujarat) has been allowed full credit of IGST paid by Mr. A (based in
\nMaharashtra)
\ncopyright@idtc_icai_2015
\n43
\n443
\nKey Enablers for IGST
\nUniform e-Registration
\nCommon e-Return for CGST, SGST & IGST
\nCommon periodicity of Returns for a class of dealers
\nUniform cut-off date for filing of Returns
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 System based validations\/consistency checks on the ITC availed, tax refunds
\nEffective fund settlement mechanism between the Centre and the States
\ncopyright@idtc_icai_2015
\n44
\nRole of Dealers in GST Framework
\nEvery dealer has to submit one single GST return consisting information about all
\nhis purchases\/sales at Invoice level along with line item.
\nAccordingly necessary r<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ncopyright@idtc_icai_2015
\n46
\n46
\ncopyright@idtc_icai_2015
\nPART IV
\n47
\nSalient features of Proposed Place of Supply Rules
\nPlace of Supply Rules should be framed keeping in view the following principles:
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Rules for B2B Supplies and B2C supplies should be different.
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Place of supply for B2B supplies should normally be the location of recipient of goods or
\nservices and not where services is actually performed.
\no This is required to maintain smooth flow of credit. To illustrate, Mr. A (located in
\nRajasthan) participates in exhibition organized by Mr. B (located in Delhi).
\nNormally place of supply will be Delhi and Mr. A located in Rajasthan will not be
\neligible for input tax credit.
\ncopyright@idtc_icai_2015
\n48
\nSalient features of Proposed Place of Supply Rules contd.
\nRules for B2B supplies should be such so that input tax credit should be available to
\nrecipient.
\nPlace of Supply Rules should be<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nline with TINXYS\/ NSDL
\ncopyright@idtc_icai_2015
\n51
\nKey Questions before introduction of GST
\nKey Design issues under Discussion –
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0
\nExtent of Dual Control
\nRate structure (based on RNR)
\nExempted Goods or Services
\nExemption threshold
\nComposition threshold
\nExclusion Vs. Zero rating of certain goods in GST regime
\nRole of Centre\/ States in inter-State Trade
\nPlace of Supply Rules for Goods and Services
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Mechanics of IGST model
\nAccount settlement between the Centre and the States under IGST model
\ncopyright@idtc_icai_2015
\n52
\n529
\nKey Questions before introduction of GST
\nKey Business processes under Discussion –
\nMultiple registration within one State
\nDispute settlement over taxable and enforcement jurisdiction
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Audit, enforcement, recovery etc.
\ncopyright@idtc_icai_2015
\n53
\n33
\nRevenue Neutral Rates (RNR)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Rate which will give at-least the same level of revenue, which the Centre and
\nStates ar<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nof production\/services. Buyer of these products\/services while paying this additional
\ncost could not claim any benefit of taxes so paid and hidden in the cost. To illustrate
\nElectricity company while paying 5% excise duty on coal has no option but to add the
\nsame into cost of generation while claiming electricity charges from a builder who in
\nturn may have claimed credit if such duty is charged as input taxes from him.
\nZero rated good on the other hand enable the producer\/service provider to claim the
\nrefund of input taxes paid from department, hence will not form part of cost of
\nproduction\/services.
\ncopyright@idtc_icai_2015
\n56
\nInternational Perspective in GST
\nRates and Policy issues of VAT
\nEmerging Issues
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Bit Coins\/ Coupons
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 B2C
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Online Supply of Services
\no E Commerce Transactions
\no Dispute Settlement between States
\n\u00c3\u00a3\u00e2\u00e2\u0080\u009a\u00ac\u00e2\u00e2\u0082\u00ac\u00c5\u00a1 Exclusions
\no RNR
\ncopyright@idtc_icai_2015
\n57
\n40
\ncopyright@idtc_icai_2015
\nGST PLANNING
\n21 \u00c3\u0090\u00c2\u00ac\u00c3\u0090\u00e2\u00e2\u0082\u00ac\u00c5\u0093\u00c3<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n