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GST - Some Issues and Possible Solutions

Goods and Service Tax - GST - By: - CA Akash Phophalia - Dated:- 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. Defined as any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption . .....

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evied by State Government. (SGST) Mode of implementation Central Government will make laws for levy of CGST and IGST. State Government will also make law for levy of SGST. Likely Tax Rates It is stated by FM that the rates will be Revenue Neutral. Expected to be anything between 16% to 20%. Not necessary that all states must implement If a State does not implement then it may continue to charge VAT. .....

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s per the information, there will be common threshold limit for manufacturer/ service provider. This will trouble manufacturer as the limit will be heavily reduced. Carry forward of CENVAT credit It has been experienced that in transition phase, the credit is allowed to be carried forward. Restriction in utilisation of credit Since, CGST and SGST are to be treated separately, taxes paid against the CGST shall be allowed to be taken as ITC f .....

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