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BASIC CONCEPTS OF GST (PART- 14) - Constitutional Amendments

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 26-3-2016 - Amendment of Union List List I of Seventh Schedule would stand amended as follows: Entry 84 relating to excise duty would deal with duties of excise on the following goods manufactured or produced in India, namely:- (a) petroleum crude; (b) high speed diesel; (c) motor spirit (commonly known as petrol); (d) natural gas; (e) aviation turbine fuel; and (f) tobacco and tobacco products. Petroleum products and tobacco will .....

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2 (Taxes on the entry of goods into a local area for consumption, use or sale therein) shall be omitted; and Entry 54 dealing with intra-State sales-tax/VAT shall be substituted and would deal with- taxes on the sale of petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural gas, aviation turbine fuel and alcoholic liquor for human consumption, but not including sale in the course of - inter-State trade or commerce or international trade or commerce of such goods. En .....

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f inter-state trade or commerce and thus it will attract IGST (CGST plus SGST). Thus, import of goods will attract Basic Customs Duty and IGST, while import of services will attract IGST. Further, it appears that alcohol for human consumption will be kept outside the GST regime. Exclusion of the alcohol sector could mean that companies manufacturing alcohol may not be in a position to avail credit of GST paid by them on their procurements. Additional tax on inter-State supply for transitional pe .....

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