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FREQUENTLY ASKED QUESTIONS ON GST (PART-3)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 26-4-2016 - 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.15 Is there going to be any threshold limit for exem .....

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d exemption for GST? Ans. Threshold exemption is built into a tax regime to keep small traders out of tax net. This has three-fold objectives: It is difficult to administer small traders and cost of administering of such traders is very high in comparison to the tax paid by them. The compliance cost and compliance effort would be saved for such small traders. Small traders get relative advantage over large enterprises on account of lower tax incidence. The present thresholds prescribed in differ .....

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Keeping in view the interest of small traders and small scale industries and to avoid dual control, the States also considered that the threshold for Central GST for goods may be kept ₹ 1.5 Crore and the threshold for services should also be appropriately high. Q.17. How will export of goods / services be taxed ? Ans. Export transactions of goods or services shall be zero rated, i.e. no GST will be payable on export transactions. Q.18. How imports are likely to be taxed under GST regime ? .....

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