GST \u2013 An Update (As on 1st August, 2019)
GST
Dated:- 7-8-2019
=============
\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 August, 2019)
\nGMS AND
\nal-ifa
\nGOVERNMENT OF
\n\u00e0\u00a4\u00a6\u00e0\u00a5\u2021\u00e0\u00a4\u00b6\u00e0\u00a4\u00b8\u00e0\u00a5\u2021\u00e0\u00a4\u00b5\u00e0\u00a4\u00be\u00e0\u00a4\u00b0\u00e0\u00a5\u008d\u00e0\u00a4\u00a5 \u00e0\u00a4\u2022\u00e0\u00a4\u00b0\u00e0\u00a4\u00b8\u00e0\u00a5\u2021
\n\u00e0\u00a4\u2030\u00e0\u00a4\u00a4\u00e0\u00a5\u008d\u00e0\u00a4\u00aa\u00e0\u00a4\u00be\u00e0\u00a4\u00a6
\n\u00e0\u00a4\u00b6\u00e0\u00a5\u0081\u00e0\u00a4\u00b2\u00e0\u00a5\u008d\u00e0\u00a4\u2022
\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
\nFirst Discussion Paper
\nwas released by the
\nEmpowered Committee
\n2009
\nApril 2017
\n2011
\nConsti<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n itutional Perspective (1\/2) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nEntertainment Tax (other than those = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n g to decide = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n on of those registration, which were cancelled till 31.03.2019, has been allowed. The = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ear or during the middle of a financial year has to inform the = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n constitute the shortfall from the minimum value of goods or services or both required to be = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the same = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Rs. 50\/- per day instead of Rs. 200\/- per = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ts 35th meeting held = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n . The GST Council in its 35th = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s implementation and = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n option given to real estate firms to continue to pay tax at the old rates (effective rate of 8% or 12% with = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nPlace of supply in case of job work of any treatment or process done on goods temporarily = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n not exceeding the total = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y & collection of GST by the Centre (CGST) and the States = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e movement = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \u2013\u00a0 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n SP Portal = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST \u2013 An Update (As on 1st August, 2019) GSTDated:- 7-8-2019============= 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 August, 2019) GMS AND al-ifa GOVERNMENT OF \u00e0\u00a4\u00a6\u00e0\u00a5\u2021\u00e0\u00a4\u00b6\u00e0\u00a4\u00b8\u00e0\u00a5\u2021\u00e0\u00a4\u00b5\u00e0\u00a4\u00be\u00e0\u00a4\u00b0\u00e0\u00a5\u008d\u00e0\u00a4\u00a5 \u00e0\u00a4\u2022\u00e0\u00a4\u00b0\u00e0\u00a4\u00b8\u00e0\u00a5\u2021 \u00e0\u00a4\u2030\u00e0\u00a4\u00a4\u00e0\u00a5\u008d\u00e0\u00a4\u00aa\u00e0\u00a4\u00be\u00e0\u00a4\u00a6 … Continue reading “GST \u2013 An Update (As on 1st August, 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-68898","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/68898","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=68898"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/68898\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68898"}],"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\u201d 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\u201cGoods 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)<\/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\u00d0\u00a2\u00d0\u00b0\u00d1\u2026
\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
\nprod<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nany matter.
\n\u00e2\u2013\u00a0 Till its 34th meeting, GST Council has taken 1064 decisions which include 219 decisions taken by
\nthe GST Implementation Council (GIC).
\n\u00e2\u0153\u201c
\nAs on 14.05.2019, 1006 decisions have been implemented and only a total of 58 decisions
\n(of which 39 were unique issues) were under implementation.
\nIn 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 most decisions were taken unanimously.
\nNATION
\nTAX
\nMARKET
\n12
\nNATION
\nTAX
\nMARKET
\nRegistration and Threshold (1\/19)
\n\u00e2\u2013\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\u00e2\u2013\u00a0 Threshold limits of aggregate turnover for exemption from registration and payment of GST for the supplier<\/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\u00e2\u2013\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\u00e2\u2013\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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\ngovernment about his choice by filing FORM GST CMP-02.
\nThe last date for filing of intimation, in FORM GST CMP-02, for
\navailing the option of payment of tax under notification No. 2\/2019-
\nCentral Tax (Rate) dated 07.03.2019 is extended to 30.09.2019.
\nThe last date for furnishing statement containing the details of the
\nself-assessed tax in FORM GST CMP-08 for the quarter April, 2019
\nto June, 2019 (by taxpayers under composition scheme), has been
\nextended from 31.07.2019 to 31.08.2019.
\n15
\nNATION
\nTAX
\nMARKET
\nTax Administration (4\/19)
\n\u00e2\u2013\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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\npurchased by a promoter for construction of a project as prescribed in notification No. 11\/2017- Central Tax
\n(Rate) dated 28.06.2017,
\n\u00e2\u0153\u201c 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\u00e2\u2013\u00a0 There shall be no requirement on payment of tax on advances received for supply of
\ngoods by all taxpayer<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nare being finalized.
\n\u00e2\u2013\u00a0 All the supporting documents\/invoices in
\nrelation to a claim for refund in FORM GST
\nRFD-01A are being uploaded electronically on
\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\u00e2\u2013\u00a0 Completely electronic refund module has also
\nbeen finalized and will be deployed soon.
\nExport
\n(7\/19)
\nNATION
\nTAX
\nMARKET
\n\u00e2\u2013\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\u00e2\u2013\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 FOR<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nday.
\n20
\nNATION
\nTAX
\nMARKET
\n\u00e2\u2013\u00a0
\nNew Return System (9\/19)
\nNew return system is simple with two main annexures. One for reporting details of outward supplies (FORM GST
\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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\non 21.06.2019 has decided to introduce the new return system in a phased manner, as described below:
\n\u00e2\u0153\u201c Between July, 2019 to September, 2019, the new return system (FORM GST ANX-1 & FORM GST ANX-2
\nonly) to be available for trial for taxpayers. Taxpayers to continue to file FORM GSTR-1 & FORM GSTR-3B as
\nat present;
\n\u00e2\u0153\u201c 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\u00e2\u0153\u201c 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
\nonw<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nmeeting held on 21.06.2019 decided that the Rule 138
\nE of the CGST rules, pertaining to blocking of e-way
\nbills on non-filing of returns for two consecutive tax
\nperiods, be brought into effect from 21.08.2019.
\nElectric Vehicles (10\/19)
\nThe Council in its 36th meeting held on 27.07.2019
\ndecided to reduce the GST rates on electric vehicles
\nfrom 12% to 5% and charger or charging stations for
\nelectric vehicles from 18% to 5% w.e.f. 01.08.2019.
\nHiring of electric buses (of carrying capacity of more
\nthan 12 passengers) by local authorities has been
\nexempted from GST w.e.f. 01.08.2019.
\n22
\n222
\n23
\nITC
\n\u00e2\u2013\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\u00e2\u2013\u00a0 To provide sufficient time to the trade and
\nindustry to furnish the declaration in FORM
\nGST ITC-04, relating to job w<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nrelated structural issues.
\nThe Group of Ministers will be assisted by the
\ncommittee of experts from Central Government,
\nState Governments and the NIPFP (National
\nInstitute of Public Finance and Planning), who
\nwould study and share the findings with GoM.
\nThe GOM in turn would give
\nrecommendation to the GST Council.
\nits
\nElectronic Invoicing (12\/19)
\nNATION
\nTAX
\nMARKET
\nThe Council in its 35th meeting held on
\n21.06.2019 decided to introduce electronic
\ninvoicing system in a phase-wise manner for
\nB2B transactions.
\nThe Phase 1 is proposed to be voluntary and it
\nshall be rolled out from Jan, 2020.
\n24
\n24
\nNATION
\nTAX
\nMARKET
\n\u00e2\u2014\u2030
\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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nITC) on on-going projects (buildings where construction and actual booking have both started before 01.04.2019) which have
\nnot been completed by 31.03.2019.
\n25
\n26
\nNATION
\nTAX
\nMARKET
\nNatural Calamity Cess (14\/19)
\nGST Council in its 32nd Meeting held on 10.01.2019 approved levy of Cess on Intra-State Supply of
\nGoods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2
\nyears.
\nKerala Government has, accordingly, decided to levy one per cent. 'Kerala Flood Cess' on value of intra-
\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.\n<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nimported into India and then exported without putting them to any other use in India, would be
\noutside India.
\nThe following transactions to be treated as no supply (no tax payable) under Schedule III:
\n\u00e2\u0153\u201c
\n\u00e2\u0153\u201c
\nSupply of goods from a place in the non-taxable territory to another place in the non-
\ntaxable territory without such goods entering into India;
\nSupply of warehoused goods to any person before clearance for home consumption;
\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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\namount transferred to the Centre and the States as recommended by the Council, shall be
\nrecovered from the Centre and the balance fifty per cent. from the States in the ratio of their
\nbase year revenue.
\n30
\nNATION
\nTAX
\n\u00e2\u02dc\u0090
\nOther decisions (Contd.) (18\/19)
\nFormula and mechanism for GST Compensation Cess has been finalized.
\n50% of the GST paid will be refunded to CSD (Defense Canteens).
\nMARKET
\nCentralized UIN shall be issued to every Foreign Diplomatic Mission \/ UN Organization by the Central
\nGovernment for handling their refund related applications.
\nRate of interest on delayed payments and delayed refund has been recommended.
\n\u00e2\u2013\u00a0 Supply from GTA to unregistered persons has been exempted from tax.
\n\u00e2\u2013\u00a0 Group of Ministers has been constituted to examine the GST Rate Structure on Lotteries.
\n\u00e2\u2013\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
\nMA<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(SGST)
\nCentre to levy and collect IGST on supplies in the course of inter-State supplies & on imports
\nCompensation for loss of revenue to States for five years
\nAll transactions and processes only through electronic mode – Non-intrusive administration
\nPAN Based Registration
\nRegistration mandatory for suppliers of services only if the turnover exceeds Rs.20 lakhs (Rs.10
\nlakhs in case of States of Manipur, Mizoram, Nagaland and Tripura).
\nRegistration mandatory for suppliers of goods only if the turnover exceeds Rs.40 lakhs (Rs.20
\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
\nh<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nof goods with effect from 01.04.2018. As on 16.06.2018, all States and Union
\nTerritories have introduced e-way bill system for intra-state movement of goods
\nRefund to be granted within 60 days
\nProvisional release of 90% refund to exporters within 7 days
\nMain Features of the GST Act (5\/5)
\nInterest payable if refund not sanctioned in time
\nRefund to be directly credited to bank accounts
\nComprehensive transitional provisions for smooth transition of existing tax payers to GST regime
\nSpecial procedures for job work
\nSystem of GST Compliance Rating
\nAnti-Profiteering provision
\n\u2014
\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 complaint<\/p>\n
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\nIncorporated in March 2013 as Section 25 private limited company with paid up
\ncapital of Rs. 10 crore
\n\u00e2\u2014\u2030
\nEquity Holders
\n39
\n\u00e2\u0153\u201c Central Government – 24.5%
\n\u00e2\u0153\u201c EC and all States together – 24.5%
\n\u00e2\u0153\u201c Financial Institutions – 51%
\nTo function as a Common Pass-through portal for taxpayers-
\n\u00e2\u0153\u201c submit registration application
\n\u00e2\u0153\u201c file returns
\n\u00e2\u0153\u201c make tax payments
\nTo develop back end modules for 27 States (MODEL -II)
\nInfosys appointed as Managed Service Provider (MSP)
\nAppointed 73 GST Suvidha Providers (GSPs)
\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 GS<\/p>\n
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\nNATION
\nTAX
\nMARKET
\nState and Central Government
\nModel 1 States
\nMobile Apps
\nGST Provided
\nPortal
\nAP Sales
\nTax
\nTN Sales
\nCBEC
\nTax
\nGST
\nCommon
\nCore GST System
\nPortal
\nCentral
\nTaxpayer
\nRegistratio
\nInvoice
\nUpload
\nTax
\nPayments
\nReturns
\nFiling
\nReturn
\nProcessing
\nTax Ledger Settlement
\nBank and
\nRBI
\nInterface
\nReports
\nand MIS
\nn
\n42
\n42
\nScrutiny
\nand
\nAssessment
\nRole of CBIC
\nNATION
\nTAX
\nMARKET
\nRole in Policy making: Drafting of GST Law, Rules & Procedures – CGST, UTGST &
\nIGST Law
\nCBIC is responsible for administration of the CGST and IGST law
\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 t<\/p>\n
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