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In this update I would be discussing briefly about the definition of Electronic Commerce, Electronic Commerce operator under Draft GST Law and definition of Electronic Commerce under OECD Guidelines.
GST system depends upon online matching of supplier GST liabilities with relevant input GST credit claims by receivers of goods or services. In my opinion, for having a seamless and easy system of matching credits, GSTN should provide for online generation of TAX INVOICES by suppliers, which will altogether eliminate need for data entry of purchases by receivers of the supplies received and hence no need for reconciliation/matching of output GST database with input credit claims database.
This article is in continuation of our earlier article Service tax implications on freight forwarding and logistics industry. The Government’s efforts to release the Model GST Law in June 2016 is an admirable effort towards introduction of the much awaited Goods and Services Tax (‘GST’). Certain business processes like registration, payment, refund and filing of return were already released earlier.
In this series of updates on registration procedure under GST, I would be discussing in detail, specific provisions under Draft GST Law applicable on E-Commerce Sector. But before discussing the draft GST law, it would be appropriate here that if we first discuss the background of the issues faced by E-Commerce Sector under the present taxation structure
In this article I have shared my views on Registration requirement in GST for persons engaged in making Inter-State supply alongwith Intra State Supply having offices in single or multiple States.
The Model GST Law provides a basic infrastructure for indirect tax regime for E Commerce under ‘Chapter XIB’ titled ‘Electronic Commerce’. In simple words, it implies TCS on online sales of goods or service i.e., Every E-commerce operator engaged in facilitating the supply of any goods and/or services (like Amazon, Flipkart, etc.) shall collect tax at source at the time of credit or at the time of payment whichever is earlier.
In this update, I have taken the simplest of examples for registration requirements under draft GST Law, of a person who is only making local or within State supplies of Goods and/or Services. The conditions regarding person making Inter-State Supplies of goods and/or services is different and as we would go forward we would be taking other categories of persons and other complicated situations as well.
The model GST law has been released on 14th June, 2016. It outlays the basic structure of the CGST act; SGST acts to be based on the structure laid out. The draft of the IGST act has been also released as a part of the Model GST law. The key features of the Model are summarised as under:
On June 14, 2016 the Finance Ministry has released the ‘Model GST Law’. It outlines the structure of the GST regime. Further, the draft of ‘Integrated GST Bill, 2016’ is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. CGST is the tax levied under the Central Goods and Services Tax Bill, 2016.
The scope of IGST Model is that Centre would levy IGST which would be CGST plus SGST on all inter-State transactions of taxable goods and services with appropriate provision for consignment or stock transfer of goods and services. The inter-State seller will pay IGST on value addition after adjusting available credit of IGST, CGST, and SGST on his purchases.
