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Goods and GST Bill passed, Goods and Services Tax - GST |
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Goods and GST Bill passed |
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Dear All, GST Bill is passed in Rajya Sabha on 03. 08.2016. A panel under chief economic adviser Arvind Subramanian has recommended a revenue-neutral rate of 15-15.5%, with a standard rate of 17-18% be levied on most goods and all services. But, there has been no agreement yet on rates of various goods and services, which remains a tricky issue. According to the Bill, passed in the Lok Sabha in May 2015, the rates were to be decided by a GST council headed by the central finance minister with state finance ministers as members. Let us wait. Thanks. Posts / Replies Showing Replies 1376 to 1400 of 1401 Records
Validity of e-way bill As per the CBEC guidelines, e-way bills come with an expiry date. The validity period of a bill is dependent on the distance the goods have to be transported.
Once an e-way bill expires, its validity can be extended by notifying the commissioner. However, the very fact of assigning an expiry date to an e-way bill is incomprehensible for two reasons. One, the industry itself is based on tenets of time-bound delivery. Thus, prescribing a time limit for this business is absurd. Two, we all would agree that on multiple occasions, it is possible that these timelines are breached. Straightforward situations like a fallen tree on the road, metro rail repair, or even a VIP visit in a city can lead to unknowable delays. Inter-city delays in India are anyways commonplace and doomed.
If and only if the consignment needs to be tracked based on the vehicle number, it should be done only from the first point of collection, up to the last collection node. Not only is the vehicle number not applicable in multiple instances of first/last mile delivery of individual shipments (delivery on foot/public transport), it will also impact business spontaneity, discourage exception handling (medicines etc.) and reduce resource optimisation.
Shipments where the declared value is less than ₹ 50,000 should be excluded from consolidated e-way bill that the delivery provider is mandated to submit.
The ‘Way Bill’, a state-specific bill that was expected to die a natural death along with VAT, has transcended in its new avatar, the e-way bill.
Considering the modalities of e-way bill are expected to be discussed by the GST council on August 5, 2017, one can only hope the overarching objective of GST, that is the simplification of processes and enabling ease of doing business, will be continue to be the order of the day.
GST was first announced in 2000 by the then government. Seventeen years later it is now a reality with the date for implementation set for July 1, 2017. Since 3rd August, 2016, when the Rajya Sabha first passed the bill introducing GST in the 122nd Amendment of the Constitution, there have been many changes in the proposed GST bill and the rules and regulations pertaining to it.
The persons who only supply goods/services on which reverse charge applies, are exempted from registering under GST registration.
Ola pays GST on the drivers’ services on reverse charge basis. Drivers are not required to register under GST thus removing the burden of tax compliance from individuals with limited resources (drivers) to large companies (Ola) with enough resources.
With the Notification of 19th June and 28th June, most of the CGST Act is now in force. Only sections 51 & 52 (TDS & TCS respectively) are not applicable as the government has relaxed TDS & TCS provisions for the time being to give more time to the e-commerce sellers.
Sections 42(9) & 43(9) are not applicable. These clauses say that if the output tax liability is reduced (or input tax credit is increased) due to a debit note (or a credit note) [mismatch of invoices reconciliation] then such amount shall be refunded by crediting electronic ledger. This is not applicable right now as there will not be any reconciliation for 2 months.
Every registered person with turnover more than 1.5 crores must mention the HSN Codes in each and every invoice. However, the numbers of digits to be mentioned in the Invoice depends on the annual turnover in the preceding financial year.
This is effective from 1st July, i.e., all invoices from 1st July must be GST compliant and have details of HSN codes. The same notifications have also been made under IGST (notification 5).
Rates of interest-Notification 13/2017 The rates of interest are same as mentioned in the Act. The notification ratifies the rates. This notification shall come into force from the 1st day of July, 2017
The same notification has also been made under IGST (notification 6).
Common Portal- Notification 4 /2017 It is notified that the website of the Common Portal is www.gst.gov.in managed by Goods and Services Tax Network.
Modes of verification-Notification 6 & 11/2017 The modes of verification are-
[Points ii & iii replacing the earlier Bank account based OTP as per earlier notification]
Central Tax Rate Notification (28.06.2017)
Cases where the e-commerce operator will pay IGST- Notification No. 14/2017E-commerce operator will pay the IGST in the following services-
It will come into force with effect from the 1st July, 2017.
Goods on which reverse charge applies-Notification No.4/2017 A list of goods on which reverse charge applies is issued by CBEC. When the supply is made by the specified person, then IGST will be payable on reverse charge basis by the recipient of the intra-state supply of such goods. All the provisions of will apply to such recipient.
No ITC for Construction- Notification No. 12/2017 No refund of unutilized ITC will be allowed input tax credit shall be allowed for IGST in construction of a complex, building etc. (works contract). Except in cases where the entire consideration has been received after issuance of completion certificate or after its first occupation, whichever is earlier.
Reverse Charge- Notification No. 10/2017 List of services on which reverse charge is applicable is issued. It is the same as issued under CGST Act.
Army Canteens- Notification No. 6 & 7/2017 In the public interest exempts, the following are exempted from IGST (& also CGST)-
The CSD can claim a refund of 50% on IGST of all input goods received by it for subsequent supply of such goods to the Unit Run Canteens or to the authorized customers of the CSD. This notification shall come into force with effect from the 1st July, 2017.
Inverted Rate Structure- Tax On Inputs>Tax On Outputs- Notification No.5/2017 Refund of unutilised ITC will NOT be allowed, when the ITC is accumulated due to rate of tax on inputs being higher than the rate of tax on the output goods (except nil rated or fully exempted goods). High tax on the imported raw materials compels manufacturers to raise price. On the other hand, foreign finished goods have lower tax rate.. In conclusion, manufactured goods by the domestic industry becomes uncompetitive against imported finished goods. List of goods on which this notification applies.
For UIN & Diplomats Notification No. 13/2017 This notification specifies the conditions applicable –
Panchayat services- Notification No. 11/2017 Constitutional services of the Panchayat are not covered under GST.
News on GST Act The entire framework of GST is based on GST Act. It was devised by the GST Council, which is a committee consisting of the Union Finance Minister (Chairperson), the Union Minister of State, the minister in-charge of finance or taxation or any other minister nominated by each State Government. Old Query - New Comments are closed. |
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