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BASIC CONCEPTS OF GST (PART-4)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 23-1-2016 Last Replied Date:- 27-1-2016 - How do we compare the present indirect tax laws vis-à-vis proposed GST law regime ? In this part, an attempt is being made to list down the possible differences between the present tax laws and proposed provisions under GST. This comparison is not final and is only for academic purposes to understand the differences or deviations tax base, origin, structure, approach to tax goods an .....

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l; No comprehensive taxation of services at the State level; few services are taxed under separate enactments • Import of goods in India are not subjected to State VAT A dual tax with both Central GST (CGST) & State GST (SGST) will be levied on the same base. Thus, all goods and services, barring a few exceptions, will be brought into the GST base. There will be no distinction between goods and services for the purpose of tax with a common legislation applicable to both It allows seamle .....

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under separate Act, i.e., Customs Act, 1962. Taxable event is import No change is proposed 6. CVD/SAD Imposed by Centre under separate Act, i.e., Customs Act, 1962. Taxable event is import To be subsumed in CGST; Taxable event will be import 7. Service Tax Imposed by Centre under separate Act (Finance Act, 1994). Taxable event is provision of service To be subsumed in CGST & SGST; Taxable event will be provision of service 8. Central Sales Tax Imposed by Centre under CST Act, 1956. Collectio .....

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e of Goods Inter-State : Centre Local : State Concurrent powers to Centre & State 13. Powers to levy Tax on Provision of Services Service Tax by Centre Concurrent powers to Centre & State; States to tax more than 40 services 14. Tax on Import in India Goods are taxed to Customs Duty (comprises Basic Customs Duty, CVD & SAD); Services are taxed to Service Tax Basic Custom Duty on goods : No Change - CVD & SAD on import of goods and import of services : To be subsumed in GST 15. Ta .....

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wed 19. Cascading Effect Allows cenvat tax credit between Excise Duty & Service Tax, but not with VAT (cross set off is not allowed) Allows seamless tax credit amongst Excise Duty, Service Tax & VAT 20. Non-Creditable Goods Do exist May exist depending upon negative list / exemptions etc 21. Credit on Inputs used for Exempted Activities Not allowed May not be allowed 22. Various Exemptions -Excise Free Zone or VAT Exemption Available May be phased out 23. Exemption for transit Inter-Stat .....

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#8377; 1.5 crores & above may be administered by Centre and less than ₹ 1.5 crores may be administered by States) 28. VAT Threshold Limit Presently, ₹ 5 lacs to 10 lacs May be ₹ 10 lacs to ₹ 20 lacs 29. Service Tax Threshold Limit ₹ 10 lacs May be ₹ 10 lacs to ₹ 20 lacs 30. Classification of Commodities Excise Duty based on HSN VAT not applicable Likely to be based on HSN 31. VAT/GST Regis­tration Number Simple TIN (some States : PAN only based) .....

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of goods Situs issue between States Interpretational issues Sale or works contract Valuation of composite transactions, etc. Exemptions Suppression / limitation Likely to be reduced provided GST legislations are properly drafted (To be continued ………) - Reply By Ashok Aggarwal - The Reply = Very good analysis and comparison between present situation and that after implementation of proposed GST law. Let us hope that the procedures will be simple and more system based to avoid .....

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