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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 .....

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ption under GST regime? Ans. Yes, there is likelihood of threshold exemption limit in GST based on gross turnover as in present case. Centre and few states are in favour of ₹ 25 lakh limit while some other states want a lower limit of ₹ 1 .....

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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 compa .....

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ent State VAT Acts below which VAT is not applicable varies from State to State. A uniform State GST threshold across States is desirable and, therefore, it has been considered that a threshold of gross annual turnover of ₹ 10 lakh both for goo .....

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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 ap .....

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Ans. The import of goods or services will be deemed as supply of goods or services or both, in the course of 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, .....

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E-filing of periodical returns E-payment of tax Common tax period National portal for access of information National Agency Trained and well equipped staff. Q.20 Why is Dual GST required? Ans. India is a federal country where both the Centre and the .....

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need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism. Q.21 What is meant by dual GST ? Ans. Dual GST signifies that GST would be levied by both, the Central Government and the Sta .....

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