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HOPES FOR GST WITH RELEASE OF MODEL LAW

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 30-6-2016 Last Replied Date:- 1-7-2016 - With regional general elections to state assembly in some states getting concluded, policy makers on GST front got active and we saw a fully charged meeting or Empowered Committee under the Chairmanship of Mr. Amit Mitra, Finance Minister of West Bengal on 14-15 June, 2016. This meeting which took place after a gap of over 5 months could see the release of model law on goods and services ta .....

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y have GST in place as early as April, 2017 or a bit later. This much awaited indirect tax reform is already delayed. Now it appears that virtually every state has accepted the idea of GST and that GST has entered the second last lap of legislative ladder, last being enactment of GST law. Model law comprises of following two laws - Goods and Service Tax Act, 2016 Integrated Goods and Service Tax Act, 2016 According to the model law released, GST rates will be specified in the Schedule to the Act .....

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entral levy) and SGST (state levy). On inter-state supply of goods, IGST shall be applicable. GST would be applicable on 'supply' of goods and services. The salient feature of model GST law are enumerated hereunder: 1) Threshold limit for registration The dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds ₹ 9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their tur .....

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tion certificate shall be granted by the Central/State Government. 4) GST compliance rating score Every taxable person shall be assigned a GST compliance rating score based on his record of compliance with the provisions of this Act. The GST compliance rating score shall be updated at periodic intervals and intimated to the taxable person and also placed in the public domain. 5) Levy of Tax The person registered is liable to pay tax if his aggregate turnover in a financial year exceeds ₹ 1 .....

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includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration. It also includes importation of service, whether or not for a consideration. 7) Point of taxation CGST/SGST shall be payable at the earliest of the following dates, namely: (i) Date on which the goods are removed for supply to the recipient (in case of movable goods). (ii) Date on which the goods are made available to th .....

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shall apply to the supply of goods and/or services under the IGST/CGST/SGST Bill. Some of the methods prescribed for valuation are: a) Transaction value b) Transaction value of goods or services of like kind c) Computed value method: d) Residual method 10) Utilization of credit Utilization of IGST: The amount of input tax credit on account of IGST available in the electronic credit ledger of dealer shall first be utilized towards payment of IGST and the amount remaining, if any, may be utilized .....

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