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GST SINCE ITS INTRODUCTION

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 12-1-2018 Last Replied Date:- 24-1-2018 - The Goods and Service Tax concept was introduced with effect from 01.07.2017 in India. This is a very significant step taken by the Government amalgamating a large number of Central and State indirect taxes into a single tax. The tax on goods and services is integrated. The aim of introduction of GST is to mitigate cascading effect of taxation in a major way and pave the way for a common .....

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onstituted comprising the Union Finance Minister, the Minister of State (Revenue) and the State Finance Ministers to recommend on the GST rate, exemption and thresholds, taxes to be subsumed and other features. This mechanism would ensure some degree of harmonization on different aspects of GST between the Centre and the States as well as across States. One half of the total number of members of GSTC would form quorum in meetings of GSTC. Decision in GSTC would be taken by a majority of not less .....

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Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017 and GST (Compensation to the States) Act, 2017, with effect from 12.04.2017. In addition CGST (Extension to Jammu & Kashmir) Act, 2017 and IGST (Extension to Jammu & Kashmir) Act, 2017 were also enacted so that it would be applicable to Jammu and Kashmir. All States have enacted the respective State Goods and Services Tax Act and also the Union territories. The Central Government also notified Central Goods an .....

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te); 18 notifications for Union territory tax; 47 notifications for integrated tax (Rate); 1 notification for compensation cess; and 7 notifications for compensation cess (rate). The Central Government also issued- 28 circulars for CGST; 2 circulars for IGST; and 1 circular for compensation cess; The Central Government also issued- 11 orders for CGST; and 1 order of UTGST. The CBEC has prepared itself for meeting the implementation challenges, which are quite formidable. The number of taxpayers .....

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erred to the new regime. The transitional provisions allowed to transfer their CENVAT credit to be utilized in the GST regime. The due dates for filing returns were prescribed by various types of assessees like that of composition scheme supplier, turnover not exceeding ₹ 1.5 crores, turnover exceeding ₹ 1.5 crores etc., To guide taxpayers in relation to GST matters, CBEC has issued a range of frequently asked questions on 12 sectors and other topics related to GST law, procedures, t .....

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No. of applications which are still in process 1,43,655 8 Total No. of taxpayers; new + migrated (3 +5) 99,09,549 9 No. of taxpayers who have opted for composition scheme 16,61,494 Source: www.cbec.gov.in The Act and Rules prescribes various returns to be filed by the assessee. Due to the network glitches the registered persons cannot able to file the respective returns in the due date. The Board extended the due dates whenever necessary and also waived the late fee. The following table shows t .....

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