GIST OF GST
By: – esha agrawal
Goods and Services Tax – GST
Dated:- 20-8-2016<\/p>\n
Hello everyone coming with another article on GST, a very hot topic in discussion now a days , here is a gist of GST with meaning of some important terms which will help readers to understand the definitions properly and help practising chartered accountants to deal their clients efficiently in the matter of GST
\nYou all must have heard so many information on the Goods and Services Tax. Some are saying GST will take away the 'cascading impact' of taxes and some are saying GST is 'one nation, one rate'.
\nFirstly GST will not reduce the amount of tax you pay, but it will make it less tiresome to pay and collect. GST is about fewer taxes, at unified rate, as we all know that the taxes are levied both by central and state government in indirect taxes in different level like vat , service tax, excise duty etc, what GST will do is to sweep ('subsume') many indirect taxes into a single label.
\nAs thi<\/p>\n
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\nIt should be thanks that in case of GST there is no concept of input tax credit all taxes are summed up and GST is you pay just once for.
\nNow here is the meaning of some basic terms in GST like What does the word GOODS means in GST
\nGoods means all kinds of movable properties (which can be moved as such without any dismantling) (only tangible) eg:- visualize, marker, exercise machine, fan etc
\nINCLUDING securities, growing crops & grass, things attached to or forming art of the land e.g. electricity pole etc
\nEXCLUDING money, Actionable claim
\nWhat does the word SERVICES means in GST
\nANYTHING OTHER THAN GOODS i.e. Do something or not to do something (like non competence contra<\/p>\n
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\n * if only ” RIGHT TO USE” is transferred then it is called supply of service
\nIn case of business assets
\n * if it is permanent transfer then it is called supply of goods,
\n * but if temporary transfer then it is called supply of services,
\n * if sold by third party (bank) then supply of goods by the person
\nIn case of Immovable Property
\n * If there is Renting\/ Leasing of immovable property then it issupply of service
\n * If sale of under construction property then also it is supply of service
\nIn case of Intangible Property (IPR)
\n * Intangible property is either temporary or permanent transfer in both the cases it is supply of service
\nIn case of software
\n * If the software is customised then it is supply of service
\n * But if the software is readymade then it is supply of goods
\nGoods on which 100% Exemption is there in GST
\nROTI :- flour, pulse, rice, milk, cereals, poultry etc
\nKAPDA:- textile
\nMAKAN:- renting for residential\/ construction for one family
\nSH<\/p>\n
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\n Dated: 21-8-2016
\n Reply By esha agrawal as =
\nThere is no such notification this I have written just to make understand readers easily
\n Dated: 21-8-2016
\n Reply By KASTURI SETHI as =
\nNicely explained by both experts i.e. Sh.Ganeshan Kalyani Ji and the author.
\n Dated: 21-8-2016
\n Reply By swaminathan venkataraman as =
\nWprt :
\nIn case of Immovable Property
\n * If sale of under construction property then also it is supply of -'GOODS' AND 'service' – ( envisaged to be rolled into one, though).
\nTo note the words in FONT; see :
\n“SCHEDULE II
\nMATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES”
\n……..
\nIf so care and interested, for individual's own and the common good, look up and give further thoughts to the canvassed viewpoints against the constitutionality \/propriety of the proposed levy as shared, with reasoning, on Facebook \/Linkedin, also elsewhere in p<\/p>\n
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