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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 T .....

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cheme under GST? Ans. A Composition/Compounding Scheme will be an important feature of GST to protect the interests of small traders and small scale industries. The Composition/Compounding scheme for the purpose of GST should have an upper ceiling on .....

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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 .....

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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 .....

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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 Neutra .....

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s) will be taxed at the standard rate, although this is not always true, and indeed it is not true for the states under the current regime. Q.34 What is the structure of registration number in GST ? Ans. Each taxpayer will be allotted a State wise PA .....

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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 .....

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