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FREQUENTLY ASKED QUESTIONS ON GST (PART-2)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 20-4-2016 - Frequently Asked Questions (FAQs) on GST and their answers which would help the readers to know and understand about the concept and nuances of proposed Goods and Services Tax (GST) and its models. These FAQs have been compiled with sole objective of providing a means of better understanding of GST. For details, readers may refer to Government portals / literature. Q.7 How will the place of supply be determined? Ans. I .....

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business will have to scroll through all the place of supply provisions before determining the place of supply. Q.8 How are present tax provisions different from the proposed GST model? Ans. Most of the existing provisions such as pre-deposit, arrest, prosecution, reverse charge, tax return preparers and many more will be same in the proposed draft GST law. Therefore, the model GST law appears to be largely on similar lines except the tax model and subsuming of major taxes into GST. Q.9 Will GS .....

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protection favouring imports which will boost domestic manufacturing. Also, lagging regions will catch up with more advanced regions. Getting the design of the GST right is therefore critical. Specifically, the GST should aim at tax rates that protect revenue, simplify administration, encourage compliance, avoid adding to inflationary pressures, and keep India in the range of countries with reasonable levels of indirect taxes. Q .10 How will GST benefit industry, trade and agriculture? Ans. The .....

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suming of major Central and State taxes in GST, complete and comprehensive setoff of input goods and services and phasing out of Central Sales Tax (CST) would reduce the cost of locally manufactured goods and services. This will increase the competitiveness of Indian goods and services in the international market and give boost to Indian exports. The uniformity in tax rates and procedures across the country will also go a long way in reducing the compliance cost. Q.12 How will GST benefit the sm .....

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