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FREQUENTLY ASKED QUESTIONS ON GST (PART-5)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 9-5-2016 - 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.31 What is the scope of composition and compounding s .....

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option for GST registration for dealers with turnover below the compounding cut-off. Q.32 What is meant by Revenue Neutral Rate (RNR) ? Ans. It is the tax rate that will allow the Government to receive the same amount of money despite of changes in tax laws. In the GST regime the revenue of the government would not be same in comparison with the present tax structure due to tax credit mechanism, removal of cascading effect , or otherwise. Therefore an adjusted in tax rate is required to avoid r .....

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te structure, depending on policy choices about exemptions, what commodities to charge at a lower rate (if at all), and what to charge at a very high rate. Q.33 How is Revenue Neutral Rate different from standard rate of GST ? Ans. The Revenue Neutral Rate should be distinguished from the standard rate defined as that rate in a GST regime which is applied to all goods and services whose taxation is not explicitly specified. Typically, the majority of the base (i.e., majority of goods and service .....

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