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GST Knowledge Series#2 - Goods & Service Tax Key Features

Goods and Service Tax - GST - By: - CA. Chitresh Gupta - Dated:- 24-7-2015 - In continuance of our earlier series titled GST Knowledge Series# 1, Understanding the Mechanics of Goods & Service Tax, we have discussed the basic DNA of Goods & Service Tax popularly known as GST. These features as applicable to India were: DUAL GOODS AND SERVICE TAX APPLICABILITY OF GST TO ALL TRANSACTIONS DESTINATION BASED MULTI POINT LEVY COMPUTATION OF GST ON THE BASIS OF INVOICE CREDIT METHOD PAYMENT OF .....

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and Union Territories may be adopted with adequate compensation for the States.The issue is still debated and there is no consensus till date. 2. COMPOSITION SCHEME UNDER GST The States are also of the view that Composition/ Compounding Scheme for the purpose of GST should have an upper ceiling on gross annual turnover and a floor tax rate with respect to gross annual turnover. The first discussion paper suggests that there would be a compounding cut-off at ₹ 50 lakh of gross annual turnov .....

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ain GST registration number. The taxable entities with lower turnover will also have the option to register. As per First Discussion paper, each taxpayer would be allotted a PAN-linked taxpayer identification number with a total of 13/15 digits. This would bring the GST PAN-linked system in line with the prevailing PAN-based system for Income tax, facilitating data exchange and taxpayer compliance. There will be single GST registration number for all branches in a State. Therefore, a dealer havi .....

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for the Central GST and the State GST would be aligned. 5. CROSS UTILIZATION OF ITC Cross utilization of ITC between the Central GST and the State GST would not be allowed except in the case of inter-State supply of goods and services under the integrated goods and service tax (IGST) model. 6. CREDIT ACCUMULATION ON ACCOUNT OF REFUND Ideally, the problem related to credit accumulation on account of refund of GST should be avoided by both the Centre and the States except in the cases such as exp .....

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ORTS Imports will be brought under the scope of GST with necessary Constitutional Amendments. They will treated at par with inter-state transactions and Integrated goods and service tax (IGST) will be levied on imports. The incidence of tax will follow the destination principle and the tax revenue will accrue to the State where the imported goods and services are consumed. Full and complete set-off will be available on the IGST paid on import on goods and services. 9. SPECIAL INDUSTRIAL AREA SCH .....

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axpayer would need to submit periodical returns, in common format as far as possible, to both the Central GST authority and to the concerned State GST authorities. 12. ADMINISTRATION OF GST The administration of the Central GST to the Centre and for State GST to the States would be given. As per the recommendation of Task force report on GST, The Central Board of Excise and Customs(CBEC) shall be responsible for implementation of CGST and state tax administrations will be separately responsible .....

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l procedures under CGST and SGST should be uniform. The Central Government will be responsible for establishing a taxpayers information network (TINXYS) keeping in view the information requirement of CBEC and the State tax administration. The TIN will be shared between the Centre and the States. The information furnished through periodical returns shall be stored in a common database with access to both the CBEC and the State tax administrations.Since the tax base will be common, there should be .....

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