The formats and business process approved on 21st July 2018 in 28th GST Council Meeeting were in line with the basic principles with one major change i.e the option of filing quarterly return with monthly payment of GST in a simplified GST return format by the small tax payers.
We need to understand how the law makers interpret the tax liability of the duty free shops and for that we have to rely and interpret the following definition of CGST and IGST .
The whole beauty and important feature of GST Is its so called seamless chain of input tax credit (ITC) . The purpose of ITC is to avoid the bottleneck of the existing indirect taxation system i. e cascading of taxes. Cascading of taxes, in simple language, is ‘tax on tax’. Under this new system Goods and Services Tax (GST) would mitigate such cascading of taxes.
Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST)
In all my session at The institute of Chartered Accountant on GST on the topic of Challenges in implementation I use to highlight the numerous challenges before GSTN . Now the same challenges surfaced as glitches in the GST Network — the IT backbone of the Goods and Services Tax (GST).
Section 49 provides for the following: 1. Methodology or mode of payment of tax, interest, penalty, fee or any other amount by a taxable person, 2. This Section prescribes three kinds of ledgers to be maintained by the taxable person.
Steel industry – Post GST- i) Reduction of logistics cost and time- Presently if a truck passes thru different states there are number of indirect cost attributed to the product and this increase the price of the product. Each time it crosses a state there are number of check post which delay the supply of goods to the customer. In the post GST regime there will 40 to 45 % saving in time.
