GST \u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c An Update (As on 1st July, 2019)
GST
Dated:- 3-7-2019
=============
\nDocument 1
\nPradhan Mantri
\nKaushal Vikas Yojana
\n(PMKVY)
\nMake
\nin India
\nGST
\nNATION
\nTAX
\nMARKET
\nDigital
\nIndia
\nPradhan Mantri
\nMudra Yojana
\n(
\nPMMY
\n)
\nGST
\nStart-Up
\nIndia
\nPort-led
\nDevelopment
\nGST-An Update
\n(As on 1st July, 2019)
\nGMS AND
\nal-ifa
\nGOVERNMENT OF
\n\u00c3\u00a0\u00c2\u00a4\u00c2\u00a6\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b6\u00c3\u00a0\u00c2\u00a4\u00c2\u00b8\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b5\u00c3\u00a0\u00c2\u00a4\u00c2\u00be\u00c3\u00a0\u00c2\u00a4\u00c2\u00b0\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00c2\u00a5 \u00c3\u00a0\u00c2\u00a4\u00e2\u00e2\u0082\u00ac\u00a2\u00c3\u00a0\u00c2\u00a4\u00c2\u00b0\u00c3\u00a0\u00c2\u00a4\u00c2\u00b8\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1
\n\u00c3\u00a0\u00c2\u00a4\u00e2\u00e2\u0082\u00ac\u00b0\u00c3\u00a0\u00c2\u00a4\u00c2\u00a4\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00c2\u00aa\u00c3\u00a0\u00c2\u00a4\u00c2\u00be\u00c3\u00a0\u00c2\u00a4\u00c2\u00a6
\n\u00c3\u00a0\u00c2\u00a4\u00c2\u00b6\u00c3\u00a0\u00c2\u00a5\u00c2\u0081\u00c3\u00a0\u00c2\u00a4\u00c2\u00b2\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00e2\u00e2\u0082\u00ac\u00a2
\nThis presentation is for education purposes only and
\nholds no
\nlegal validity
\nThe Journey to GST
\nIn the year 2000, the then
\nPrime Minister introduced
\nthe concept of GST and set
\nup a committee to design a
\nGST model for the country
\n2006
\n2000
\nAnnouncement by Union
\nFinance Minister, during budget
\nof 2006-07 that GST would
\nintroduced from 1 April 2010
\nMay 2017
\nGST Council
\nrecommends
\nall the rules
\nAll
\nexcept J&K
\npassed their
\nSGST ACT
\nStates
\n30th June 2<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ional Perspective (1\/2) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ertainment Tax (other than those = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n decide = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n istration, which were cancelled till 31.03.2019, has been allowed. The = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n uring the middle of a financial year has to = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n notification No. 11\/2017- Central Tax = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ally on = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e for reporting details of outward supplies (FORM GST = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 2019, the new return system (FORM GST ANX-1 & FORM GST ANX-2 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n filing of = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ransactions. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nKerala Government has, accordingly, decided to levy one per cent. 'Kerala Flood Cess' on value of intra- = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ion; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ernment for handling their refund related applications. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n iers of goods only if the turnover exceeds Rs.40 lakhs (Rs.20 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n System of GST Compliance Rating = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n idha Providers (GSPs) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n for administration of the CGST and IGST law = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST \u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c An Update (As on 1st July, 2019) GSTDated:- 3-7-2019============= Document 1 Pradhan Mantri Kaushal Vikas Yojana (PMKVY) Make in India GST NATION TAX MARKET Digital India Pradhan Mantri Mudra Yojana ( PMMY ) GST Start-Up India Port-led Development GST-An Update (As on 1st July, 2019) GMS AND al-ifa GOVERNMENT OF \u00c3\u00a0\u00c2\u00a4\u00c2\u00a6\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b6\u00c3\u00a0\u00c2\u00a4\u00c2\u00b8\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b5\u00c3\u00a0\u00c2\u00a4\u00c2\u00be\u00c3\u00a0\u00c2\u00a4\u00c2\u00b0\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00c2\u00a5 \u00c3\u00a0\u00c2\u00a4\u00e2\u00e2\u0082\u00ac\u00a2\u00c3\u00a0\u00c2\u00a4\u00c2\u00b0\u00c3\u00a0\u00c2\u00a4\u00c2\u00b8\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1 \u00c3\u00a0\u00c2\u00a4\u00e2\u00e2\u0082\u00ac\u00b0\u00c3\u00a0\u00c2\u00a4\u00c2\u00a4\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00c2\u00aa\u00c3\u00a0\u00c2\u00a4\u00c2\u00be\u00c3\u00a0\u00c2\u00a4\u00c2\u00a6 … Continue reading “GST \u2013 An Update (As on 1st July, 2019)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-68879","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/68879","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=68879"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/68879\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nArticle 366(12A)
\nSl No Definition Article
\n1.
\nGoods
\n2.
\nService
\n3.
\nState
\nDefinition of GST
\nNATION
\nTAX
\nMARKET
\n“Goods and services tax\u00e2\u00e2\u0082\u00ac\u009d means any tax on supply of goods, or services or
\nboth except taxes on the supply of the alcoholic liquor for human
\nconsumption
\n366(12)
\n366 (26A)
\nDefinition
\nIncludes all materials, commodities, and articles [Pre Existing Definition]
\nAnything other than goods [Introduced vide 101st Constitutional Amendment
\nAct]
\n366(26B) With reference to articles 246A, 268, 269,269A and Article 279A includes a
\nUnion territory with Legislature. [Introduced vide 101st Constitutional
\nAmendment Act]
\n\u00e2\u00e2\u0082\u00ac\u00c5\u0093Goods and Services tax” law while having unique principles, has significant elements of prior Central
\nand State laws; and is also inspired by VAT\/GST legislation of EU, Australia, Malaysia etc. along with
\nInternational VAT\/GST guidelines of OECD
\n4
\nNATION
\nTAX
\nMARKET
\nGST Law from a Constitutional Perspective (2\/2)
\n\u00c3\u00a2<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nlevied by local bodies)
\nLuxury Tax
\nEntry Tax (All forms)
\nTaxes on lottery, betting & gambling
\nSurcharges & Cesses
\nGST
\n+13 Cesses
\nNATION
\nTAX
\nMARKET
\nConstitution amended to provide concurrent powers to both Centre & States to levy GST (Centre
\nto tax sale of goods and States to tax provision of services)
\nCentral Taxes
\nTax
\nAdministrations
\nCEX\/ST Act & Rules
\nProcedures
\nMultiple State Taxes
\nMultiple State Tax
\nAdministrations
\nMultiple Acts & Rules
\nMultiple procedures
\nPre-GST Indirect tax structure in India
\nSingle Tax-GST
\nSingle Tax
\nAdministration
\nUniform law
\nComputerized
\nuniform procedures
\nCustoms
\nDuty
\nCentral
\nSales Tax
\nCentral
\nLevies
\nExcise
\nDuty
\nService
\n\u00c3\u0090\u00c2\u00a2\u00c3\u0090\u00c2\u00b0\u00c3\u00e2\u0080\u0098\u00e2\u00e2\u0082\u00ac\u00a6
\nEntry Tax & Octroi
\nEntertainment Tax
\nElectricity Duty
\nLuxury Tax
\nVAT
\nState
\nLevies
\nGST
\nCGST
\nSGST\/UTGST
\nIGST
\nGST Structure in India
\nOutside GST!
\n00
\n8
\nAlcohol for human
\nconsumption
\nPower to tax remains with the
\nState
\nFive petroleum
\nproducts<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nany matter.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Till its 34th meeting, GST Council has taken 1064 decisions which include 219 decisions taken by
\nthe GST Implementation Council (GIC).
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093
\n1006 decisions have been implemented and only a total of 58 decisions (of which 39 were
\nunique issues) were under implementation.
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 In other words, 94.5% of the decisions of the GST Council have already been implemented,
\nwhich is a significant achievement given the complicated nature and wide area of subjects\/issues
\ninvolved and the fact that all decisions were taken unanimously.
\nNATION
\nTAX
\nMARKET
\n12
\nNATION
\nTAX
\nMARKET
\nRegistration and Threshold (1\/19)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Threshold limit of aggregate turnover for exemption from registration and payment of GST for suppliers of
\nservices would be Rs. 20 lakhs and Rs. 10 lakhs (for States of Manipur, Mizoram, Nagaland and Tripura).
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Threshold limits of aggregate turnover for exemption from registration and payment of GST for the suppliers
\nof goods wou<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\napplication for revocation can be filed till 22.07.2019.
\n13
\nMigration (2\/19)
\nNATION
\nTAX
\nMARKET
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 One more window for completion of migration process permitted. Due date for the taxpayers who
\ndid not file the complete FORM GST REG-26 but received only a Provisional ID (PID) till
\n31.12.2017 for furnishing the requisite details to the jurisdictional nodal officer was extended till
\n31.01.2019.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Due date for furnishing FORM GSTR-3B and FORM GSTR-1 for the period July, 2017 to February,
\n2019\/quarters July, 2017 to December, 2018 by such taxpayers was extended till 31.03.2019.
\n14
\nComposition Scheme (3\/19)
\nComposition threshold limit increased to be Rs. 1.5 Crore.
\nComposition scheme shall not be available to inter-State suppliers and specified category of
\nmanufacturers.
\nCompliance under Composition Scheme simplified – Taxpayers under Composition scheme have been
\nallowed to pay 'self-assessed <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ninform the government about his choice by filing FORM
\nGST CMP-02.
\nThe GST Council in its 35th meeting held on 21.06.2019
\ndecided that the last date for filing of intimation, in FORM
\nGST CMP-02, for availing the option of payment of tax
\nunder notification No. 2\/2019-Central Tax (Rate) dated
\n07.03.2019 is extended from 30.04.2019 to 31.07.2019.
\n15
\nNATION
\nTAX
\nMARKET
\nTax Administration (4\/19)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 In order to ensure single interface, all administrative control over 90% of taxpayers
\nhaving turnover below Rs. 1.5 crore would vest with State tax administration and over
\n10% with the Central tax administration. Further, all administrative control over
\ntaxpayers having turnover above Rs.1.5 crore shall be divided equally in the ratio of
\n50% each for the Central and State tax administration.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Powers under the IGST Act shall also be cross-empowered on the same basis as under
\nCGST and SGST Acts with few exceptions.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Po<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(Rate) dated 28.06.2017,
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 cement which constitute the shortfall from the minimum value of goods or services or both required to be
\npurchased by a promoter for construction of project as prescribed in notification No. 11\/2017- Central Tax (Rate),
\nand
\ncapital goods supplied to a promoter for construction of a project on which tax is payable or paid at the rate
\nprescribed in notification No. 11\/2017- Central Tax (Rate).
\nEarlier, the reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-
\nsection (4) of section 5 of the IGST Act, 2017 was kept under suspension till 30.09.2019.
\n17
\nNATION
\nTAX
\nMARKET
\nPayment of Tax (6\/19)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 There shall be no requirement on payment of tax on advances received for supply of
\ngoods by all taxpayers.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 A Group of Ministers constituted for promoting digital payment has recommended to
\nallow cash back to an amount equal to 20% of GST paid or Rs. 100\/-, w<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nthe common portal at the time of filing of the
\nrefund application itself, thereby obviating the
\nneed for a taxpayer to physically visit a tax
\noffice for submission of a refund application.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Completely electronic refund module has also
\nbeen finalized and will be deployed soon.
\nExport
\n(7\/19)
\nNATION
\nTAX
\nMARKET
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 E-Wallet Scheme shall be introduced for
\nexporters soon and till then relief for
\nexporters shall be given in form of broadly
\nexisting practice.
\nSupply of services to qualify as exports,
\neven if payment is received in Indian
\nRupees, where permitted by the RBI.
\n19
\nNATION
\nTAX
\nMARKET
\nReturn and Late Fees (8\/19)
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 All taxpayers are required to file return FORM GSTR-3B & pay tax on monthly basis.
\nTaxpayers with turnover up to Rs. 1.5 Cr are required to file information in FORM GSTR-1 on a
\nquarterly basis.
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Other taxpayers would have to file FORM GSTR-1 on a monthly basis.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 On account of difficulties being faced by taxpa<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nANX-1) and one for availing input tax credit (FORM GST ANX-2) based on invoices, etc. uploaded by the supplier.
\nInvoices can be uploaded continuously by the supplier and can be continuously viewed and accepted by the recipient
\nfor availing input tax credit. This process would ensure that very large part of the return is auto-populated based on the
\ninvoices uploaded by the buyer and the supplier. Simply put, the process would be “UPLOAD – LOCK- PAY” for
\nmost tax payers.
\nTaxpayers would have the facility to create his profile based on nature of supplies made and received. The information
\nwhich a taxpayer would be shown and would be required to fill in the return would depend on his profile.
\nNIL return filers (no purchase and no sale) shall be given facility to file return by sending SMS.
\nThere shall be quarterly filing of return for the small taxpayers having turnover up to Rs. 5 Cr as an optional facility.
\nQuarterly return <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nonly) to be available for trial for taxpayers. Taxpayers to continue to file FORM GSTR-1 & FORM GSTR-3B as
\nat present;
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 From October, 2019 onwards, FORM GST ANX-1 to be made compulsory. Large taxpayers (having aggregate
\nturnover of more than Rs. 5 crores in previous year) to file FORM GST ANX-1 on monthly basis whereas small
\ntaxpayers to file first FORM GST ANX-1 for the quarter October, 2019 to December, 2019 in January, 2020;
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 For October and November, 2019, large taxpayers to continue to file FORM GSTR-3B on monthly basis and
\nwill file first FORM GST RET-01 for December, 2019 in January, 2020. It may be noted that invoices etc. can be
\nuploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019
\nonwards. FORM GST ANX-2 may be viewed simultaneously during this period but no action shall be allowed on
\nsuch FORM GST ANX-2;
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 From October, 2019, small taxp<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nreturns for two consecutive tax periods, be brought into effect from 21.08.2019.
\n22
\n22
\n23
\nITC
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 ITC in relation to invoices issued by the
\nsupplier during FY 2017-18 may be availed by
\nthe recipient till the due date for furnishing of
\nFORM GSTR-3B for the month of March,
\n2019, subject to specified conditions.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 To provide sufficient time to the trade and
\nindustry to furnish the declaration in FORM
\nGST ITC-04, relating to job work, the GST
\nCouncil in is 35th meeting held on 21.06.2019
\nextended the due date for furnishing the said
\nform for the period July, 2017 to June, 2019 till
\n31.08.2019.
\nTDS\/TCS
\n(11\/19)
\nNATION
\nTAX
\nMARKET
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00aa TDS\/TCS provisions implemented from
\n01.10.2018.
\nFurther, to provide some more time to TDS
\ndeductors to familiarize themselves with
\nthe new system, last date for furnishing
\nreturn in FORM GSTR-7 for the months
\nof October, 2018 to December, 2018 and
\nJanuary, 2019 extended up to 28.02.2019.
\nExemption from TDS fo<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Phase 1 is proposed to be voluntary and it
\nshall be rolled out from Jan, 2020.
\n24
\n24
\nNATION
\nTAX
\nMARKET
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009d\u00e2\u00e2\u0082\u00ac\u00b0
\nReal Estate (13\/19)
\nGST shall be levied at effective rate of 5% on residential properties outside affordable segment and 1% on affordable housing
\nproperties.
\nDefinition of affordable housing: A residential house\/flat of carpet area of up to 90 sqm in non-metropolitan cities\/towns and
\n60 sqm in metropolitan cities having value up to Rs. 45 lakhs (both for metropolitan and non-metropolitan cities). Metropolitan
\nCities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad),
\nHyderabad, Kolkata and Mumbai (whole of MMR).
\nGST exemption on TDR\/JDA, long term lease (premium), FSI: Intermediate tax on development right, such as TDR, JDA,
\nlease (premium), FSI shall be exempted only for such residential property on which GST is payable.
\nConditions for new tax rate:
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Input tax credit shall not b<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nstate supply of goods by taxable person to an unregistered person in respect of supplies specified in
\nTABLE under sub-clause (2) of clause 14 of the Kerala Finance Bill, 2019.
\nThe said flood cess shall be levied from 01.08.2019.
\nKerala government has also decided to allow local bodies to collect entertainment tax on movie tickets up
\nto 10 per cent.
\n27
\nRecent Law amendments w.e.f. 01.02.2019 (15\/19)
\nNATION
\nTAX
\nMARKET
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Scope of input tax credit has been widened, and it would now be made available in respect of
\nthe following:
\nMost of the activities or transactions specified in Schedule III
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Motor vehicles for transportation of persons having seating capacity of more than thirteen
\n(including driver), vessels and aircraft
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093
\nServices of general insurance, repair and maintenance in respect of motor vehicles, vessels
\nand aircraft on which credit is ava<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSupply of goods in case of high sea sales.
\nRegistered persons may issue consolidated credit\/debit notes in respect of multiple invoices
\nissued in a Financial Year.
\nAmount of pre-deposit payable for filing of appeal before the Appellate Authority and the
\nAppellate Tribunal capped at Rs. 25 Cr and Rs. 50 Cr respectively.
\nRecovery can be made from distinct persons, even if present in different State\/Union territories.
\n29
\nNATION
\nTAX
\nMARKET
\nRecent Law amendments w.e.f. 01.02.2019 (Contd.) (17\/19)
\nAmount of IGST not apportioned to the Centre or the States\/UTs may, for the time being, on the
\nrecommendations of the Council, be apportioned at the rate of fifty per cent. to the Central
\nGovernment and fifty per cent. to the State Governments or the Union territories, as the case
\nmay be, on ad-hoc basis and this amount shall be adjusted against the amount finally
\napportioned.
\nFifty per cent. of such amount, as may be recommended by the Council, which remains
\nunutilized in th<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRate of interest on delayed payments and delayed refund has been recommended.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Supply from GTA to unregistered persons has been exempted from tax.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Group of Ministers has been constituted to examine the GST Rate Structure on Lotteries.
\n\u00c3\u00a2\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009c\u00c2\u00a0 Group of Ministers has been constituted to look into the issues being faced by MSMEs and to provide
\nsolutions for the same.
\n31
\nNATION
\nTAX
\nMARKET
\nOther decisions (19\/19)
\nIn principle approval has been given for creation of a Centralized Appellate Authority for Advance Ruling
\n(AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling
\nAuthorities on the same issue. This would be implemented once the law is amended.
\nExisting tax incentive schemes of Central or State governments may be continued by respective
\ngovernment by way of reimbursement through budgetary route. The schemes, in the present form, would
\nnot continue in GST.\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nlakhs in case of States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland,
\nPuducherry, Sikkim, Telangana, Tripura and Uttarakhand)
\nMain Features of the GST Act (2\/5)
\nOption of Voluntary Registration
\nNATION
\nTAX
\nMARKET
\nComposition threshold shall be Rs. 150 lakhs, special category States of Arunachal
\nPradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura and Uttarakhand
\nhave the said limit as Rs. 75 lakhs
\n\u00c3\u00a2\u00c5\u00e2\u0080\u009c\u00e2\u00e2\u0082\u00ac\u00c5\u0093 Composition scheme shall not be available to inter-State suppliers, and specified
\ncategory of manufacturers
\nDeemed Registration in three working days
\nInput Tax Credit available on taxes paid on all procurements (except few specified
\nitems)
\n33
\nMain Features of the GST Act (3\/5)
\nSet of auto-populated Monthly returns and Annual Return
\nComposition taxpayers to file Quarterly returns
\nAutomatic generation of returns
\nGST Practitioners for assisting filing of returns
\nGSTN and GST Suvid<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAnti-Profiteering provision
\n\u00e2\u00e2\u0082\u00ac\u00e2\u0080\u009d
\nNATION
\nTAX
\nMARKET
\nNational Anti-Profiteering Authority (NAA) set up to examine the complaints of non-
\npassing the benefit of reduced tax incidence.
\nA three-tier structure adopted to investigate anti-profiteering complaints from consumers.
\nAt the initial level are the state screening committees and a national standing committee to examine complaints.
\nThese committees refer complaints to the Director General of Safeguards (DGAP), mandated to conduct a thorough
\ninvestigation by seeking information from the companies concerned.
\nThe third and final level is the NAA, which examines the investigation report and hears the company and the
\ncomplainant before pronouncing a final decision.
\n36
\nBenefits of GST (1\/2)
\n37
\n1
\nReduction in Cascading of Taxes
\n2
\nOverall Reduction in Prices
\n3 Common National Market
\n4
\nBenefits to Small Taxpayers
\n5 Self-Regulating Tax System
\n6 Non-Intrusive Electronic Tax System
\nDecr<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nNATION
\nTAX
\nMARKET
\nGoods and Service Tax Network (2\/4)
\nGST Council in its 27th meeting held on 04.05.2018 has approved the change in
\nshareholding pattern of GSTN
\nConsidering the nature of 'state' function' performed by GSTN, the GST Council felt
\nthat GSTN be converted into a fully owned Government company
\nAccordingly, the GST Council approved acquisition of entire 51 per cent of equity
\nheld by non-Governmental institutions in GSTN amounting to Rs. 5.1 Cr, equally by
\nthe Centre and the State Governments
\n40
\n40
\nNATION
\nTAX
\nMARKET
\nGoods and Service Tax Network (3\/4)
\nHarmonization of Business Processes and
\nFormats
\nAutonomy of back-end systems of States
\nand Centre
\nCommon & Shared
\nIT Infrastructure
\nCore Services
\n–
\nRegistration
\n–
\nReturns
\nPayments
\nHelpdesk support
\nInformation on Inter-State supply and cross-
\ncredit utilization
\nAnalytics
\nIGST Settlement
\nFront-end
\nNon-Statutory Functions
\nIT
\nInterfaces
\nStatutory Functions
\n\u00e2\u00e2\u0082\u00ac\u00a2
\n\u00e2\u00e2\u0082\u00ac\u00a2<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nAssessment, Audit, Anti-evasion & enforcement under CGST, UTGST & IGST Law
\nLevy & collection of Central Excise duty on products outside GST – Petroleum Products
\n& Tobacco
\nLevy & collection of Customs duties
\nDeveloping linkages of CBIC – GST System with GSTN
\nTraining of officials of both Centre & States
\nOutreach programs for Trade and Industry
\nDirector General of Anti – Profiteering, CBIC has been mandated to conduct detailed
\nenquiry on anti-profiteering cases
\n44
\nPradhan Mantri
\nKaushal Vikas Yojana
\n(PMKVY)
\nGST
\nStart-Up
\nIndia
\nwww.cbic.gov.in-led
\nwww.cbic-gst.gov.inent
\nCBIC Help Desk
\nToll Free: 1800 1200 232
\nEmail: cbecmitra.helpdesk@icegate.gov.in
\nMake
\nin India
\nGST
\nNATION
\nTAX
\nMARKET
\nDigital
\nIndia
\nPradhan Mantri
\nMudra Yojana
\n(
\nPMMY
\n)
\nGSTN Help Desk
\nToll Free: 0124-4688999
\nEmail: helpdesk@gst.gov.in
\nGMS AND
\nal-ifa
\n\u00c3\u00a0\u00c2\u00a4\u00e2\u00e2\u0082\u00ac\u00b0\u00c3\u00a0\u00c2\u00a4\u00c2\u00a4\u00c3\u00a0\u00c2\u00a5\u00c2\u008d\u00c3\u00a0\u00c2\u00a4\u00c2\u00aa\u00c3\u00a0\u00c2\u00a4\u00c2\u00be\u00c3\u00a0\u00c2\u00a4\u00c2\u00a6
\nGOVERNMENT OF
\n\u00c3\u00a0\u00c2\u00a4\u00c2\u00a6\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b6\u00c3\u00a0\u00c2\u00a4\u00c2\u00b8\u00c3\u00a0\u00c2\u00a5\u00e2\u00e2\u0082\u00ac\u00a1\u00c3\u00a0\u00c2\u00a4\u00c2\u00b5\u00c3<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n