Understand the Goods and Services Tax (GST) and its impact on businesses. Learn about GST rates, compliance requirements, and its role in simplifying taxation. Stay updated with the latest GST news and updates.
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Threshold limit for the regime be Rs. 20 Lakhs. The Council agreed on the preposition to set the threshold exemption limit to Rs. 20 Lakhs for all States except North Eastern states, where this limit will be Rs. 10 Lakhs. However various states were in favour of exemption limit of Rs. 25 Lakhs since such small dealers represent only 2% of total Indirect tax collection
The concept of ‘supply’ is the key stone of the proposed GST architecture. GST is a multi-stage tax levied on supply of goods and / or services, collected at each stage of the production and distribution, in proportion to the value added by each taxable person in the chain of supply.
Registration of any business entity under Model GST Law implies obtaining a unique number from the concerned tax authorities so that all the operations of and data relating to the business can be processed and agglomerated in seamless manner with a view to allow smooth flow of Input Tax Credit and also ultimately flow of fund in inter sate transactions.
The legal and conceptual foundations of the Goods and Services Tax have thus been laid out. The power to levy GST is drawn from Article 246A proposed in the Constitutional Amendment Act. In pursuance of the same Section 7 of the CGST / SGST Act and Section 4 of the IGST Act levy the respective taxes also determining the incidence of the respective taxes therein.
Interest is a consideration for allowing someone to use your money. It could be termed as Compensation paid to one who allows his money to be used by another person. This is a common understanding and no big brains are required to understand this proposition.
Taxable person would therefore, cover both – one who are registered as taxable person under the Act and two, persons who are not so registered but required to be so registered. Thus, even unregistered person would be called a taxable person liable as such under the Act.
Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the taxpayer; ii. to expedite payment of GST involved in disputes by avoiding costly and time consuming litigation process; iii. to provide an opportunity to tax payers to come clean who may have evaded payment of tax;
The Goods and Service Tax is a levy on supply. All intra-states supplies attract Central and State GST whereas all the inter states supplies attract IGST. Hence, Supply is at the root of GST. This is our second article in the series wherein we discuss on the term supply and its relevance in current tax structure.
The Model GST Law was kept in the public domain in June 2016. It is a race against the time in order to implement the GST across the entire country by 1st April 2017.From origin based taxation system (in case of Excise and VAT/CST), GST will shift to consumption based tax system (i.e. the Taxes will go to the states where the goods and / or services are consumed).
(1) As per Section 35 Payment of Tax, Interest, Penalty and other amount of Chapter IX of GST Model Law, Every deposit made towards tax, interest, penalty, fee or any other amount by a taxable person by Internet Banking, Credit Card/ Debit Card, NEFT/RTGS or any other mode shall be credited to the Electronic Cash Ledger of such person and date of credit shall be deemed to date of deposit.