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COMPOSITION SCHEME IN PROPOSED GST

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 6-9-2016 Last Replied Date:- 6-9-2016 - Goods and Services Tax (GST) is going to be a reality in near future - could be by April, 2017 or few months later. GST is a new tax in India which shall be levied and collected as an indirect tax on supply of goods and services. 'Goods' and 'Services' are defined in section 2(48) and 2(86) of the model law as well as in the Constitution. What is GST is also defined in articl .....

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or Tax would mean and include - GST levied on supply of goods or services, and Amount payable u/s 8 of model law. Section 8 of model GST law provides for a scheme of levy based on composition. It provides for a composition levy and is an overriding provision subject to the charging section i.e., section 7 on levy and collection of central or state GST. It provides for a levy / collection of an amount in lieu of the tax payable under the GST law. This provision is as follows - ''1) Notwi .....

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than one percent of the turnover during the year: Provided that no such permission shall be granted to a taxable person who effects any inter-State supplies of goods and/or services. Provided further that no such permission shall be granted to a taxable person unless all the registered taxable persons, having the same PAN as held by the said taxable person, also opt to pay tax under the provisions of this sub-section. 2) A taxable person to whom the provisions of sub-section (1) apply shall not .....

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ithout affording a reasonable opportunity of being heard to the person proceeded against. According to proposed scheme of the composition levy, following points are worth nothing - Composition scheme shall be subject to section 7 on levy and collection of GST but shall override other provisions of the law. Composition scheme shall be based on recommendations of the GST Council Composition scheme shall be subject to prescribed conditions and restrictions (to be prescribed) Under the composition s .....

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nover during the year, i.e., it could be one percent or more but certainly lower than the GST rate. Composition scheme shall not be available to taxable person who supply goods or services to other states, i.e., it will not be applicable to inter-state supplies where IGST is payable. Composition scheme can be availed by those taxable persons only where all the registered taxable persons, having the same PAN as held by the said taxable person, also opt to pay tax under the provisions. Where compo .....

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