GST – Some Issues and Possible Solutions
By: – CA Akash Phophalia
Goods and Services Tax – GST
Dated:- 29-5-2015<\/p>\n
Goods and service tax
\nIssues
\nSolutions
\nMeaning
\nGST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operating on negative concept.
\nDefined as “any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption”.
\nCentral & State taxes subsumed
\nCentral Tax – Central Excise Duty, Service Tax, Additional Custom Duty, Central Surcharge,
\nState Tax – Sales Tax, Entertainment Tax, Octroi Tax, Entry Tax, Purchase Tax, Luxury Tax, Lottery Tax, Betting and Gambling Tax, St<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n commended by GST council. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST – Some Issues and Possible SolutionsBy: – CA Akash PhophaliaGoods and Services Tax – GSTDated:- 29-5-2015 Goods and service tax Issues Solutions Meaning GST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operating on negative concept. … Continue reading “GST – Some Issues and Possible Solutions”<\/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-620","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/620","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=620"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/620\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nProcedural Compliance
\nLikely to increase as it provides that every branch of the manufacturer\/ service provider located in different states will have to obtain registration separately.
\nCommon threshold exemption limit for manufacturer\/ Service provider
\nAs per the information, there will be common threshold limit for manufacturer\/ service provider. This will trouble manufacturer as the limit will be heavily reduced.
\nCarry forward of CENVAT credit
\nIt has been experienced that in transition phase, the credit is allowed to be carried forward.
\nRestriction in utilisation of credit
\nSince, CGST and SGST are to be treated separately, taxes paid against the CGST shall be allowed to be taken as ITC for CGST only and t<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n