Download updated ICAI FAQ’s and MCQ’s on GST (September, 2018)
Indian economy has been witnessing the spurring growth with the paradigm shift from consumer based tax to destination based tax from July 1,2017. Seamless credit, elimination of cascading effect of taxes, removal of multiple indirect taxes, curtailed physical barriers etc. are some of the prominent features of GST felicitating ‘One Nation – One Market – One Tax’. Hence, it will benefit all stakeholders i.e. Government, Businessmen and consumers inter-alia by not only increasing the tax revenue but also reducing the cost of goods and services.
GST, a single biggest tax reform in the history of India is a destination based tax pervasively impacting ever sphere of business like supply chain, IT system, accounting, cash flow, credits, product pricing, compliances, legal contact etc. Hassle free implementation of GST calls for endeavors from both the Government and our Countrymen.
Since, our profession commands great credibility, it is imperative for our members to recognize and understand the intricacies, benefits etc. of this major tax reform and cope with rapidly changing environment. Therefore, the Indirect Taxes Committee of ICAI has come out with revised publication titled “FAQ’s and MCQ’s on GST“. This novel initiative of the Committee provides a comprehensive coverage of GST in easy to understand question answer format written in lucid language which would facilitate the reader to easily comprehend the emerging law.
ICAI for smooth implementation of GST has always been supporting the Government with its intellectual resources, expertise and efforts. Being a partner in GST Knowledge Dissemination, the Indirect Taxes Committee of ICAI through its various publications on GST, Certificate Course (Virtual and face to face), Workshop, Seminars and Standardized PPTs, e-learning, webcast, suggestions provided at the nascent and every stage law etc. has always endeavored to a part of this major tax reform which can benefit the society. One more step towards this initiative taken by Indirect Taxes Committee of ICAI is revision of its publication named “FAQ’s and MCQ’s on GST’. This publication will facilitate our members and stakeholders to understand the GST Laws in a very easy manner in question answer mode.
Click to Download FAQ’s and MCQ’s on GST Directly from ICAI Website
sir,
request following clarifications:-
01. what is the relevance of threshold limit for registering under gst of Rs. 20Lacs since the person not required to register is treated as an unregistered dealer and incidence of tax from 5 to 28% is on receiver of the goods or services
02. what is need for payment of gst liability along with the return, when it is not necessary that in construction industry the ra bill will get certified and remitted in same month and depends on govt approvals of budget etc for work contract bills.
03. getting gst registered suppliers and subcontractors for construction industry working at remote areas is not practicable and also the hapazard rcm on receiver of goods and services for gst payment from 5 to 28% will be huge burden on cash flows since sources of funds are limited and do not follow monthly pattern but milestones
it is desirable to remove rcm
04. why the dealers should trust on gst portal for input and rcm payment input credits and matching and mis matching of inputs of suppliers and subcontractors and date deadlines of the gst system may result in destroying the entire infrastructure, agro based rural economy the root of financial system of bharat. this may not be the vision of atal bihari vajpayee for gst execution.
05. will the govt. make part payments of ra bills for gst remittances or the govt takes the responsibility of remittance of gst on behalf of contractors in construction of roads, irrigation, power, mining projects which attract 12% gst. the onus of remittance of tds may be on the receiver of work contract services instead of provider of service, keeping in view huge volume of resources/funds.
06.the rate of works contract although revised to 12% from earliar 18% the same is not updated in
most of web sites including cbec.gov.in
“Composite supply of Works contract as defined in clause 119 of section 2 of CGST Act 18%”