Extracts
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 T ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X gross annual turnover and a floor tax rate with respect to gross annual turnover. In particular there will be a compounding cut-off at ₹ 50 lakhs of the gross annual turnover and the floor rate of 0.5% across the States. The scheme would allow ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X eduction in revenue of the government. This adjusted Rate is termed as Revenue Neutral Rate (RNR). According to Sub-committee on GST rates headed by CEA (MOF), the term Revenue Neutral Rate (RNR) will refer to that single rate, which preserves revenu ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X l 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 ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X For example, a legal entity with single registration within a State would have 1‟ as 13th digit of the GSTIN. If the same legal entity goes for a second registration for a second business vertical in the same State, the 13th digit of GSTIN ass ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X eturn can be filed without payment of self-assessed tax as per the return but such return would be treated as an invalid return and would not be taken into consideration for matching of invoices and for inter-Governmental fund settlement among States ..... X X X X X X X Extract - Part text only Click here to Access Full Contents X X X X X X X
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