Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

FREQUENTLY ASKED QUESTIONS ON GST [PART-6 (LAST)]

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 18-5-2016 Last Replied Date:- 30-12-1899 - 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.37 In GST regime, Inf .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rn, and a common challan for tax payment and therefore a common portal providing three core services (registration, returns and payments) would ease compliance. It also stated that the information technology preparedness of states must be improved. Further, the IT infrastructure, unified tax credit clearing mechanism may be put in place. The GSTN is the comprehensive back end infrastructure network for the management of tax data and reporting of the GST. The Committee noted that the Non Governme .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n tax payers and tax authorities availing its services. The GSTN will provide a front end portal to administer the Inter - State Taxation (IGST). The above network will work as a clearing house mechanism which will pool all the information about taxes levied on the Inter-State transactions and provide data on the amounts to be transferred to the destination state for ensuring seamless input tax credit. GSTN has been entrusted with the responsibility to develop, operate and maintain a common GST .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ferent account heads for CGST, SGST, IGST) etc. Each tax authority will have full flexibility in using this data for in-house automation, integration, and enforcement. Q.39 It is understood that under GST regime some states shall be benefitted by one percent additional tax. What is this tax ? Ans. An additional tax (not to exceed 1%) on the supply of goods in the course of inter-state trade or commerce would be levied and collected by the centre. Such additional tax shall be assigned to the stat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on had been taken on this. For a decision, this provision also requires a two-third majority in the Empowered Committee. However, Sub-committee on GST rates headed by CEA( MOF) has not found favour with proposed additional tax. Q.40 Are there any disadvantages of additional tax ? Ans. The 1% tax will increase cost of inter-state job work of goods. The 1% tax will increase cost of inter-state transactions and hence, to that extent, will discourage inter-state movement of goods. Thus, it will be h .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

zation of CGST and SGST would generally not be allowed except in the case of inter-State supply of goods and services under the IGST model which is explained in answer to the next question. Q.42 How can the burden of tax, in general, fall under GST? Ans. The present forms of CENVAT and State VAT have remained incomplete in removing fully the cascading burden of taxes already paid at earlier stages. Besides, there are several other taxes, which both the Central Government and the State Government .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

also be phased out, the final net burden of tax on goods, under GST would, in general, fall. Since there would be a transparent and complete chain of set-offs, this will help widening the coverage of tax base and improve tax compliance. This may lead to higher generation of revenues which may in turn lead to the possibility of lowering of average tax burden. Q.43 In case of transfer of business (change in the constitution), whether the input tax credit would be available to transferee? Ans. Whe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version