Sponsored
The ICAI Memorandum contains 84 suggestions on issues relating to leviability, registration, credit mechanism, transitional issues etc. for the consideration of the Government while framing the final GST Law. Addressing the issues in the ICAI Memorandum may make GST laws simple, fair and transparent and avoid litigation.
Download ICAI Memorandum containing Suggestions on Draft/ Model GST Law
Table of ICAI Suggestions on Draft/ Model GST Law is as follows:-
| Sl. No. | Contents of ICAI Memorandum on Model GST Law | Page No. |
| I. | INTRODUCTION | 1 |
| II. | EXECUTIVE SUMMARY | 2-21 |
| III. | SUGGESTIONS ON MODEL GST LAW | 22-71 |
| 1 | Aggregate Threshold limit for Registration under GST | 22 |
| 2 | Exclusions from definition of aggregate turnover | 22 |
| 3 | Definition of Business Vertical | 23 |
| 4 | Definition of “export of goods” | 23 |
| 5 | Taxation of Electricity not be included in GST | 23 |
| 6 | Definition of Inputs& Input Services | 24 |
| 7 | Correction of definition of “Input Tax Credit” | 25 |
| 8 | Definition of term “Manufacturer” | 25 |
| 9 | Meaning of “Substantial Interest” under the definition of “Related Person” |
25 |
| 10 | Definition of Term “Service” | 26 |
| 11 | Definition of “Works Contract” | 26 |
| 12 | Definition of “Inter-state Taxable Supply” | 27 |
| 13 | Definition of Words ” Captive Plant including mines” and “Captive use” |
28 |
| 14 | Definition of “Supply” | 28 |
| 15 | Authority to Central/ State Government to notify a transaction as Supply | 29 |
| 16 | Taxability of Importation of Services for personal use | 29 |
| 17 | Movement of goods within same business not to be treated as supply | 30 |
| 18 | Levy and Collection of Central/State Goods and Services Tax |
30 |
| 19 | Definition of terms “Intra-state Supply” & “Inter-state Supply” |
31 |
| 20 | Levy & Collection under Reverse Charge | 32 |
| 21 | Scope & Collection of Taxes under Composition Levy | 32 |
| 22 | Basic Exemption Limit for Small Suppliers | 34 |
| 23 | Agriculturist not considered as Taxable Person | 35 |
| 24 | Exclusion from scope of taxable persons | 36 |
| 25 | Power to grant exemption from Tax | 36 |
| 26 | Remission of tax for deterioration in quality due to natural causes | 37 |
| 27 | Taxation of Advance Payments received for goods/ services |
37 |
| 28 | Deferment of levy till Time of Supply | 38 |
| 29 | Time of Supply of Goods not to include receipt of payment | 38 |
| 30 | Reverse Charge on Goods | 39 |
| 31 | Time of Supply of goods sent or taken on approval or sale or return or similar terms | 40 |
| 32 | Cessation of services before completion of contract | 41 |
| 33 | Change in Rate of tax w.r.t Supply of Services | 41 |
| 34 | Value of Taxable Supply | 42 |
| 35 | Method of determination of Value | 42 |
| 36 | Authority of proper officer to reject declared value | 43 |
| 37 | Eligibility for Availing Input Tax Credit | 43 |
| 38 | Availment of pre-registration Credit | 44 |
| 39 | Non-availability of Input Tax Credit w.r.t to certain supplies | 44 |
| 40 | Condition for payment and filing of return for availing input tax credit | 46 |
| 41 | Tax to be paid to the credit of Government for utilizing input tax credit | 47 |
| 42 | Setting up Procedure for availing Input Tax Credit | 47 |
| 43 | Input Tax Credit of inputs sent for job work | 48 |
| 44 | Time Limit for availing CENVAT Credit | 48 |
| 45 | Recovery of excess input credit distributed by Input Service Distributor |
49 |
| 46 | Time limit to fix effective date of Registration | 50 |
| 47 | Explicit contents of a Tax Invoice | 50 |
| 48 | Amount of tax to be indicated in tax invoice and other documents | 51 |
| 49 | Clarification regarding furnishing details of outward supplies | 51 |
| 50 | Rectification of Returns by Input Service Distributors (ISD) |
51 |
| 51 | Interest on delayed payment of tax | 52 |
| 52 | Payment of refundable amount to applicant | 53 |
| 53 | Definition of Books of Accounts for the purpose of GST | 53 |
| 54 | Removal of goods for job work | 53 |
| 55 | Definition of “Brand Name” referring only to a service | 54 |
| 56 | Collection of Tax at Source by e-Commerce operators | 54 |
| 57 | Return of goods received in pursuance of an inward supply | 55 |
| 58 | Scrutiny of Returns | 55 |
| 59 | Filing of return to revoke best judgement assessment | 56 |
| 60 | Audit by Tax authorities of business transactions | 57 |
| 61 | Time Limit for issuing Notice to be prescribed. | 57 |
| 62 | Double tax payment for tax wrongfully collected and deposited | 58 |
| 63 | Reasons to believe Suppression to undertake a search | 59 |
| 64 | Summoning taxable persons to give evidence and produce documents | 59 |
| 65 | Access to business premises to inspect books of accounts, documents etc. | 59 |
| 66 | All offences put in one class and penalty imposed thereupon | 60 |
| 67 | Imprisonment for 5 years for repeated offences | 60 |
| 68 | Cognizable and Non-bailable Offences | 61 |
| 69 | Criteria for determining range of compounding amount | 61 |
| 70 | Appeals to First Appellate Authority& Appellate Tribunal | 62 |
| 71 | Calling of records for admitting application for Advance Ruling |
63 |
| 72 | Definition of “Manufacturer” | 63 |
| 73 | Amount of CENVAT credit carried forward in a return to be allowed as input tax credit | 64 |
| 74 | Transitional Provisions for Taxability on Return of goods from Job workers | 64 |
| 75 | Downward revision of price of goods after implementation of GST | 65 |
| 76 | Refund claim filed after the date of applicability of GST | 66 |
| 77 | Taxability of Supply without Consideration | 66 |
| 78 | Reversal of Credit for Inputs used for Personal use | 68 |
| 79 | Nexus of the term “Taxable Threshold” | 68 |
| 80 | Compulsory Registration for person making Inter-state taxable supply | 69 |
| 81 | Provision of Centralized Registration | 69 |
| 82 | Mandatory registration for Casual Taxable Person & Non- resident Taxable person | 70 |
| 83 | Tax Treatment of Stock in Transit under GST | 70 |
| 84 | Sharing of expenses borne by Shared Service Centres | 71 |
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
Tight G S T rools ko dekh ke Janta bolti hai.
‘Jail Jane k liye Appradh krna jaruri nahi hai.
Bus “Business start ker lo”
Rate of Tax is not Q?
but rules are ?
First Infrastructure should be set up and GST Start without any inconvenient rules.
GST is a good Job It must be applicable .
You should stop leakage, Not to stop the Hard workers Who Give Tax after giving so many employment without Charging any Salary from Govt. If govt give any furcility He charge mare than that . So, Stop if u can like Laloo yadav, Maya wati, Sharad pawar, Mamta, Amma, Badal Chuttala, And so many leaders in south east, even all over India has looted the Public as well as Govt.Khajana. even than India was running When U was in Opposition also says Rahul, Badera Sonia all have lootad India . So Janta pe bhrosa kro
We well come GST.with amendment Of;-
1. E bill must be above 2 lakh. for first 1 year.
2.If e bill is generated what is use E Way transport bill. It might be abolish. Or postpone.
3.Punishment like Jail is a bad law.You should think about Excise & tax.officers what type of they are. Rishvat will be at peek due to this law.
4. Transport or Reach of consignment time bar is wrong .due to so many reason i.e. Every business man has not own Transport. He has to hire from Truck Union. They always do their own . If truck is loaded at11am and he will take it at home /Union and will go/ run at night to save the money and harassment from Police.
Nutshell. GST should be implement with friendly not thinking that businessman is Chore.
Advance payment is token of confirm order,it should not be Taxable .it is not a part sale. .Sale is only made by Invoice and that invoice be taxed.