The government has gone a step ahead with promoting ‘Digital India’ by mulling to give a 2 percent incentive on the GST rate in the case wherein a payment of up to 2,000 is made through the digital mediums. If the sources are to be believed, then the proposal is being deliberated upon between the finance ministry, RBI, cabinet secretariat and ministry of electronics and IT. The proposition might extend the benefits by means of discount or cashback. “The idea is to incentivise all kinds of digital payments, especially smaller transactions, in line with the government’s plan of making India a less-cash economy,” an official stated. All the efforts of the government regarding electronic payments are being led by the IT ministry and it has been undertaking various initiatives in order to promote the digital payments. A meeting was held recently to examine the transactions taking place via electronic payment mediums post demonetisation. The meeting was joined by the IT minister Ravi Shan

The Ministry of Corporate Affairs (MCA) recently notified the amended rules on Appearance of authorised representative before the National Company Law Appellate Tribunals (NCLT). The Notification substitutes the following words to Rule 63 of the National Company Law Appellate Tribunal Rules, 2016. Section 432 of the Companies Act, 2016 provides for the right to legal representation before the NCLTs. “Subject to provisions of section 432 of the Act, a party to any proceedings or appeal before the Appellate Tribunal may either appear in person or authorize one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any other person to present his case before the Appellate Tribunal. (2) The Central Government, the Regional Director or the Registrar of Companies or Official Liquidator may authorise an officer or an Advocate to represent in the proceedings before the Appellate Tribunal. (3) The officer authorised by the Central Government or t

High Court directs GST authorities to correct  its mistake, not to levy penalty on taxpayer Hon Allahabad High Court has directed the GST Authorities to rectify the mistake done in registration   while migrating the taxpayer within 2 weeks and also directed to not to take penal action against the petitioner on non filing of the GST return and deposit of tax thereon. Petitioner :- M/S Modern Pipe Industries was a registered partnership dealer under the U.P. Value Added Tax Act, 2008. With the enforcement of the Goods and Service Tax, petitioner sought its migration under Section 139 of the Act. The migration has been permitted but instead of registering the petitioner as a partnership firm it has been registered as sole proprietor by GST authorities. The petitioner applied for rectification/amendment but the rectification /amendment is not being allowed and now online application has been closed. Local GST authorities of UP State stated that the Joint commissioner (IT) in the office

☑The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, says CBDT chairman Sushil Chandra ☑The Central Board of Direct Taxes (CBDT) is open to suggestions on easing of tax deduction at source (TDS) rates, its Chairman Sushil Chandra has said. ☑Income tax scrutiny to remain limited despite ITR filings surge. ☑The income tax department will maintain the number of income tax returns (ITRs) chosen for scrutiny at the current level of less than 1% of all returns, in spite of a surge in individual tax filings to keep the process non-intrusive and taxpayer-friendly.

Tax payers will have to link their PAN with Aadhaar by the stipulated deadline, which is this month-end, as the Supreme Court verdict on privacy has no bearing on the requirement, UIDAICEO Ajay Bhushan Pandey has said.  The requirement for Aadhaar being quoted for availing government subsidies, welfare schemes and other benefits will also continue unhindered for now, he told PTI.  The government had mandated linking of PAN with Aadhaar by the extended deadline of August 31. Asked about the implication of the Supreme Court ruling (privacy being a fundamental right) on linking of Aadhaar and PAN, Pandey said: "There also, linking of PAN to Aadhaar is mandated by an amendment in income tax act...the linking will continue under that act and law. There is no change". Pandey said various deadlines that have been prescribed, be it under provision of Aadhaar Act, Income Tax Act or money laundering rules will "have to be adhered to" as "those laws are valid". 

The Central Government has notified that the E-Commerce Operators would be liable to pay Goods and Services Tax (GST) for providing house-keeping services under the new tax regime. The Notification seeks to amend the earlier notification No. 17/2017-CT(R) to make E-Commerce Operators responsible for the payment of GST on services provided by way of house-keeping such as plumbing, carpentering etc. It stated that “services by way of house-keeping, such as plumbing, carpentering etc, except where the person supplying such service through electronic commerce operator is liable for registration under sub-section (1) of section 22 of the said Central Goods and Services Tax Act.”

It’s been over a month since the rollout of the unified tax regime, Goods and Services Tax (GST) in the country still everyone is wondering what would be the overall effect of GST on the industry. The government also has been closely watching daily price changes in more than two dozen essential commodities to check any abnormal price movement. Inflation has been in a declining trend after demonetisation and the CPI inflation continued to decline after GST as well to reach its lowest level in June. According to government's statements and reports in the media, there has been no big instance of supply disruptions. The rollout of GST has been smooth so far and the tax department is also working hard to ease any possible bottlenecks that remain unresolved. Currently, there is little clarity on whether the benefits of GST are actually transmitting to the end users. Therefore, states have been demanding to study the matter and come up with more clarification for the production c

In terms of Sr. No. 1 of paragraph 1 of Notification No. 13/2017- Central Tax (Rate) dated 28.06.2017, Central Government had earlier notified the applicability of reverse charge on GTAby providing that Supply of Services by a goods transport agency (GTA) in respect of transportation of goods by road to- Specified category recipient*1 shall fall under reverse charge. Further Paragraph 1 of Notification No. 11/2017- Central Tax (Rates) notifies central tax rates for services subject to condition mentioned there in the notification. Sr No. 9(iii) of that para had prescribed 2.5% Central Tax rate for Services of goods transport agency (GTA) in relation to transportation of goods (including used household goods for personal use) with the condition that 'credit of input tax charged on goods and services used in supplying the service has not been taken'. Thus the effective rate for GTA was 5% with no ITC to the transporter. Then there arises a question, what if a person do not wis

Have you Applied for GST Registration in July and Got the Registration in Aug ? if Yes than you are not liable to and not allowed to e-file your returns for the period of July .   For Example: Date of Liable to Register in GST : 10.07.2017 Date of Application Submission : 20.07.2017 Date of Grant of Registration : 02.08.2017 Now in this case if you are not allowed to e-file returns for July than do not bother Section 40 of CGST Act clearly states that ”Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.” The above information clarifies about First return under section 40 of CGST Act,2017, and one could furnish all his detail of July and Aug in the returns of August as per section 40. it also important to mention that in the above case of example, when you recei

# If a registered person wants to claim wants to take credit of ITC available under pre-GST regime, it is required to file Form TRAN-1. # GST on Jewellery is payable @ 3% of the total transaction value, whether or not the making charges are shown separately in the invoice. *The Central Government has issued Notifications on dated 22nd August 2017 notifying the following amendments:* # ECO responsible for payment of GST on services provided by way of house-keeping such as plumbing, carpentering etc. # Rate of GST on specific works contracts reduced from 18% to 12%. # GTA operators granted an option to pay tax @ 12% and to avail input tax credit. Tax under reverse charge mechanism need not be paid by service recipient in this case. # Limited Liability Partnership (LLPs) shall also be considered as partnership firm or firm under GST. # Motor cab operators granted an option to pay tax @ 12% and to avail input tax credit. # Rates for Job work in case of textile products including g

The educational institutions that have been granted the exemption from GST are pre-schools and higher secondary educational institutes both private and Govt. The Right of Children to Free and Compulsory Education Act of 2009 has made education not only compulsory but has also made the Govt. responsible to provide education at economical rates. The  Council has kept education sector free from its ambit. Services related to education, provided by any educational institution to its students, faculty and staff like transportation, catering, mid day meals, admissions, examinations, housekeeping etc. have been exempted under GST. The educational institutions that have been granted the exemption from GST are pre-schools and higher secondary educational institutes both private and Govt. The exemption has also been granted to the services provided by the Indian Institutes of Management to their students, by way of the – 1. 2 year full-time residential PG programs in Management  for Pos

The Finance Ministry has notified that GST is applicable on the difference between the selling price and the purchase price in terms with Rule 32(5) of CGST Rules, 2017. This notification is dated July 15 2017. However, in cases where the value of such supply is negative, the same shall be ignored. Further, the notification states that Central Tax or CGST is exempted in case of intra-state buying and selling of second hand goods. This is in case where the supplier is not registered since in that case, ITC is not available on such supplies.

The Central Government has issued Notifications number 20 to 23-CGST, all dated 22nd August 2017 notifying the following amendments: 1.  Rate of GST on specific works contracts reduced from 18% to 12%. 2.  GTA operators granted an option to pay tax @ 12% and to avail input tax credit. Tax under reverse charge mechanism need not be paid by service recipient in this case. 3.  Motor cab operators granted an option to pay tax @ 12% and to avail input tax credit. 4.  Rates for Job work in case of textile products including garments, printing of books, newspapers, periodicals, etc reduced from 18% to 5%. 5.  Certain services related to printing of books, newspapers, periodicals, etc where only content is supplied by the publisher and the physical inputs including paper used for printing belongs to the printer covered under supply of services and chargeable at 12%. 6.  Certain supplies provided by Fair Price Shops to Central Government or State Governments by way of sale under Public

Some taxpayers will not want to avail the transitional credit (TRAN-1) for the month of July. In this case, the due date for GSTR 3B filing is 25th Aug, 2017. For those taxpayers who want to claim the transitional credit (TRAN-1) for the month of July, the due date for GSTR 3B filing is 28th Aug, 2017. To avail the benefits of claiming the the credit, you will have to file GST TRAN-1 before GSTR- 3B. Please note that there is no provision to revise the GST TRAN-1. If there are any errors or rectification to be done, it is not possible. Also, any invoices related to the previous period (Aug 28th to Sept 30th) is received by the taxpayer, there is no provision to book such credits in future returns. Ensure that you file your returns before the extended due date.

CBEC released a short FAQ of 100 tweets received and answered by Govt’s tweeter handle – ‘ askGST_GOI ’, covering various aspects like registration, refund, cess, composition scheme, exports, returns, invoices and transition. Attachment below we have given some of those tweets and also attached the entire document which contains all the 100 Question and Answers. Click Here to Download that PDF

As GST is in full swing from 1st July 2017 there are many query related to fact that which activity to be treated as supply of goods and which activities to be treated as supply of services. So this article encompass the topic i.e. Activities to be treated as supply of Goods or supply of services. Schedule 2 of CGST act tells us about the activities to be treated as supply of goods or supply of services. 1. Transfer (a) Any transfer of the title in goods is a supply of goods; (b) Any transfer of right in goods or of undivided share in goods without the transfer of title thereof, is a supply of services; (c) Any transfer of title in goods under an agreement which stipulates that property in goods shall pass at a future date upon payment of full consideration as agreed, is a supply of goods. 2. Land and Building (a) Any lease, tenancy, easement, licence to occupy land is a supply of services; (b) Any lease or letting out of the building including a commercial, industrial

Some taxpayers will not want to avail the transitional credit (TRAN-1) for the month of July. In this case, the due date for GSTR 3B filing is 25th Aug, 2017. For those taxpayers who want to claim the transitional credit (TRAN-1) for the month of July, the due date for GSTR 3B filing is 28th Aug, 2017. To avail the benefits of claiming the the credit, you will have to file GST TRAN-1 before GSTR- 3B. Please note that there is no provision to revise the GST TRAN-1. If there are any errors or rectification to be done, it is not possible. Also, any invoices related to the previous period (Aug 28th to Sept 30th) is received by the taxpayer, there is no provision to book such credits in future returns. Ensure that you file your returns before the extended due date.

Ever since the Form GSTR-3B format was released, the fundamental question which most of businesses have is ‘How can I capture the details of my Transitional ITC in Form GSTR-3B?’. With the extended dude date of 25th August, 2017, just a few days away, this questions seems to be one of the most concerned area for business in filing Form GSTR-3B. Lets discuss What is Transitional ITC all about? Transitional input tax credit refers to carry forward of closing balance of tax credit from earlier indirect tax regime to GST. The GST Law allows you to carry forward the tax credit in 2 ways. First one being, the carry forward of closing balance of tax credit from the last return filed in earlier regime. Second being the tax credit on closing stock held on last day allowed in certain citation. However, to be eligible, there certain conditions which businesses need to meet. The Cenvat Credit will be carried forward as CGST Credit and VAT as SGST credit. Businesses are allowed to use thi

Govt gets Rs 42K crore tax so far in first filing under GST. (As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.) Income tax scrutiny volume to remain same even as more people file ITRs. (The income tax department will not increase the number of tax returns taken for scrutiny — currently at 1 percent of all I-T returns filed — even though more and more people are filing for returns.) Changes in Tax Audit - Form 3CD (AY 2017-18). (CBDT has amended Form 3CD w.e.f 1 Apr. 2017 by substituting clause 13(d) with new clauses 13(d), (e) and (f)  requiring reporting of the adjustments and disclosures mandated by the ICDS. Amended clause 13(d) requires reporting by tax auditor on adjustment required in profits or loss for complying with the ICDS provisions. New clause 13(e) requires ICDS-wise reporting of t

Section 21 of the IGST Act, 2017 states that all services Imported on or after 1st July (appointed day) are liable to tax under GST, regardless of whether the transactions for such import of services had been initiated before the appointed day.  Exception to section 21 of the IGST Act, 2017 are as follows: No tax payable under GST -  When tax on such import of services had been paid in full under the previous law Balance amount of tax payable  under GST Issue -  If the tax on such import of services had been paid in part under the existing law For the purposes of this section, a transaction shall be deemed to have been initiated before the appointed day if either the invoice relating to such supply or payment, either in full or in part, has been received or made before the appointed day. According to section 7(1)(b) of CGST Act, 2017, import of services for a consideration whether or not in the course or furtherance of business, will be considered as supply.  Schedule I of CGST A

Place of Business is an important concept under the GST regime. Place of Business is helpful in determining issues related to utilization of input tax credit along with placement of accounts and records, audit, casual taxable person, non-resident and determining provision of transitional provisions under Job Work. Section 2(85) of CGST Act, 2017 defines the Place of Business as in the picture below. Section 2(89) of the CGST Act, 2017 defines Principle Place of Business as principle place of business specified in the certificate of registration.

1.Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defied in GST law as under: “Aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess. 2.The aggregate turnover is a crucial parameter for deciding the eligibility of a supplier to avail the benefi of exemption threshold of Rs. 20 Lakhs [Rs. 10 Lakhs in case of special category States except J & K] and for determining the threshold limit for composition levy. Let us dissect the defiition in small parts to understand the meaning clearly. There are certain terms used in the defiition which need a bit of elaboratio

Taxpayers are required to file returns depending on the activities they undertake. Under GST, a regular taxpayer needs to furnish monthly returns and one annual return. There are separate returns for taxpayers under the composition scheme, non-resident taxpayer, taxpayer registered as an “input service distributor”, a person liable to deduct or collect the tax (TDS/TCS) and a person granted Unique Identification Number. So taxpayers are required to file returns depending on the activities they undertake. However, for the first two months, the return filing process has been simplified by requiring all taxpayers to provide just the summary details in form GSTR-3B while the forms for outward and inward supplies—GSTR-1 and GSTR-2, respectively—can be filed 25 days after they are first due. Here's a guide for you:

One of the sea changes brought about by the GST era is the way we determine the value of goods and services.  As a business, one needs to be aware of the changes in the valuation method and also how to go about valuation in some special cases, for e.g. additional charges / discounts, branch transfers (which are taxable under GST) and when a supply is made with money not being the consideration.  In order to eliminate ambiguities and avoid litigation due to inaccurate or flawed valuation of goods and services, valuation methods have been provided by the law which act as guidelines to businesses while determining the accurate taxable value.  Valuation of Taxable Supplies under GST  In the previous tax regime, different methods were adopted to determine the value of the supply, for e.g. -  a) Excise - Based on transaction value or quantity of goods or MRP  b) VAT - Based on sale value  c) Service Tax - Based on taxable value of taxable service rendered  However, in the GST regime,

Q : Would an ISD require to obtain registration for each state? A : Input Service Distributor is required to obtain compulsory registration under GST in a state or Union territory from where he makes a taxable supply of goods or services or both. Thus, he is not required to obtain registration in the State/Union territory to where he is distributing the credit. Q: Supplies to Export Oriented Unit whether it is needs to be accounted as Deemed Export or Zero rated supply. A: Only supplies made to SEZ has been notified as Zero rated supply. Supplies to EOU has not been notified under Zero rated supply so it shall be treated as normal taxable supplies. Q: My client is a manufacturer of some food product and he is also supplying the same in his restaurant so under composition scheme he has to pay 5 % as a service provider or as a manufacturer 1%. A: If you are supplying the food product in packets to the customers, then it will be considered as manufacture and accordingly, 2% GST rate

Question 1: How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or services has been treated as: • Inter-State supply and covered under the IGST Act. • 'Zero rated supply' i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage or at the final product stage. Question 2: What will be the impact of GST on zero rating of export of goods? Answer: This will make Indian exports competitive in the international market. Question 3: Have the procedures relating to exports by manufacturer exporters been simplified in GST regime? Answer: Yes. The procedures relating to export have been simplified so as to do away with the paper work and intervention of the department at various stages of export. The salient features of the scheme of export under GST regime are as follows: • The goods and services can be exported either on payment of IGST which can be claimed as refund after the goods have been export

Q1: Why am I supposed to fill GSTR-3B? A: GSTR-3B is to be filed in lieu of GSTR-3. Here it has been notified as of now that GTSR-3B has to be filed for the month of JUL & AUG. GSTR-3B has to be most probably filed in those cases where GSTR3 cannot be filed. Q2: In the previous answer it is mentioned GSTR-3B has to be filed where GSTR-3 cannot be filed, what does that mean? A: For the months of JUL & AUG, GSTR-1 & GSTR-2 are not to be filed within the originally prescribed time and thus GSTR-3 will not be formed because it is the auto-populated form and thus GSTR-3B comes into scenario. Q3: In what manner data has to be provided in GSTR-3B? A: Data in GSTR-3B has to be provided in a consolidated manner i.e. the consolidated amount in respect of information aksed has to be furnished. Invoice wise information has not to be furnished. So, taxpayer will be required to consolidate their sales and purchase data for the month for the purpose of filing GSTR-3B. Q4: I

There are many queries about what information need to be given in Table 5 of Form 3B. Below are some points which can help in putting information in Table 5. 🏋🏻 *1. Inward Supply from Composition dealers:* Here the Inward supplies received from Composition user needs to be filled, rather for any purchase or for business expense. 🏋🏻 *2. Inward exempted supply:* This one is the most critical to fill as it will cover all supply of exempted goods or services. Some examples are: 👉 *A.* All URD purchase below 5000 on which reverse charge is not paid, as it is an exempt supply. 👉 *B.* Amount of interest paid, GTA charges below 750 or 1500 and many more supplies which are exempt. This is a big flow as all the details of minor expenses needs to be given monthly. 🏋🏻 *3. Inward NIL rate supply:* This includes all supplies classified under NIL rate. 🏋🏻* 4. NON GST Supply:* This heading will include all activities which are Supply but GST act in not applicable to them currently *li

ATTENTION of Importers and Custom Brokers is drawn to the incidence of IGST on the ocean freight paid or payable on the imported goods. The ocean freight services on import of goods wherein the carrier is contracted by the supplier in the exporting country and the freight is also paid by the exporter are being charged to GST. The Integrated tax@ 5% is leviable on the value of import freight under heading 9965(ii) as per Notification No. 8/2017-Integrated tax (Rate) dated 28 th June, 2017. The heading is reproduced below: “(ii) Transport of goods in a vessel including services provided or agreed to be provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.” The Notification further states that where the value of taxable service provided by a person located in a non-taxable territory to a person located in a non-taxable ter

🐌1. After login, select Return Dashboard 🐌2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B 🐌3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1 and TRANS 2. 🐌4. Enter details of interest, if payable, in Section 5.1. Late fee will be computed by thesystem 🐌5. Click on Save GSTR-3B button. After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button. 🐌6. On clicking Submit GSTR-3B button, System will post (debit) the self-assessed liabilities including system generated late fee in Liability Register and credit the claimed ITC into ITC ledger. 🐌7. After this the Payment of Tax tile will be enabled, please click it and declare your paym

To know the rates of any commodity or service please refer the link mentioned below:                              http://www.cbec.gov.in/htdocs-cbec/gst/index To know the HSN Code of any commodity please refer the link mentioned below:                              http://www.cbec.gov.in/htdocs-cbec/excise/cxt-2016-17-new/cxt-1617-june16-idx To know the SAC Code of any service please refer the link mentioned below:                              http://www.cbec.gov.in/htdocs-servicetax/st-notifications/st-notifications-2012/st48-2012 ------------------------ GST Helpdesk helpdesk@gst.gov.in Helpdesk Contact Number: 0120-4888999

For Amendment of Non-Core Fields in GST Registration: First login into www.gst.gov.in  then click "Services"  then click on "Registration" and  then Choose " Amendment of Registration Non-Core Fields " Amendment can be done in respect of :  i) Addition of Registration Nos of Pre-GST Act,  ii) Modification of Mobile Number and E-mail ID,  iii) Modification or addition of Authorized Signatory,  iv) Addition or modification in Goods and Services,  v) Addition or modification of bank details,  vi) Modification of personal details of Proprietor

1. Login to the GST Portal with valid credentials. 2. The Dashboard is displayed. Click the Services > Payments > Create Challan command. 3. The Create Challan page is displayed. In the Tax Liability Details grid, enter the details of payment to be made. Note: To know the exact tax liability, you can check the Tax Liability Ledger. You can also enter any amount irrespective of your liability which will get updated in your Electronic Cash Ledger which can be utilized later. Amount entered under any Minor head (Tax, Interest, Penalty, Fee and Others) and Major Head (CGST, IGST, SGST/UTGST, Cess) can be utilized only for that liability. Cross-utilization among Major and Minor heads are not possible. The Total Challan Amount field and Total Challan Amount (In words) fields are auto-populated with total amount of payment to be made. 4. In the Payment Modes option, select the appropriate choice. In case of E-Payment a. Select the E-Payment as payment mode. 5. After you ente

Vice President of GST Network Shri Shashi Bhushan Singh conducted a webinar to clarify certain issues related to filing of GSTR-3B GST as under: (1)    Transitional Input Tax Credit of Excise, Service Tax, VAT etc. cannot be claimed in GSTR-3B. He said that "The legal provisions don’t allow claiming transitional credit through Form GSTR-3B, they have to claim through Transition Forms". (2)    He further explained that any revision in GSTR-3B must be routed through Forms GSTR-1, GSTR-2 and GSTR-3. (3)    Refund (if allowable as per section 54 of CGST Act, 2017) CANNOT be claimed under Form GSTR-3B, excess ITC can be carried forward to subsequent months for setting off liability. (4)    Where there are no inward or outward supplies during July & August, ‘Nil’ return must be filed. (5)    Composition scheme dealers shall file Form GSTR-4 in the month of October, while e-commerce operators supplying own goods & services will require to file Form GSTR-3B, b

Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day.- (1) Every registered person entitled to take credit of input tax under section 140 shall, within ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1, duly signed, on the common portal specifying therein, separately, the amount of input tax credit of eligible duties and taxes, as defined in Explanation 2 to section 140, to which he is entitled under the provisions of the said section. GSTN has not yet allowed  facility of Online Filing of TRAN-1. Non-provision of this facility has resulted in a situation that credit stands blocked and taxpayers will be required to pay GST for July  in cash in spite of having balance of credit in hand. According to RS Sharma Advocate the carry forward of Closing Balance under Central Excise, Service Tax & VAT Returns has already been allowed under GST Acts and when GSTN has failed to provide facility for

The mid-year Economic Survey has called for including electricity , alcohol, real estate, health and education, in the framework of goods and services tax to expand the base of the newly implemented indirect tax. “Bringing electricity into GST framework would improve competitiveness of Indian industry because taxes on power get embedded in manufacturers' costs, and can be claimed back as input tax credit,“ said the Economic Survey Volume-2, authored by chief economic adviser Arvind Subramanian. Inclusion of land and real estate, and alcohol in GST will improve transparency and reduce corruption. Criticising the decision to keep health and education completely out of GST, the survey said the move is “inconsistent with equity“ as these services are consumed disproportionately by the rich. It also called for increasing tax on gold and jewelle ry from the current 3%, saying it is another segment “disproportionately consumed by the very rich“. The survey said there are “early signs

Reverse charge mechanism under GST and implications of exemption upto Rs. 5000 per day Let’s look at the critical provisions of the GST law which have enabled reverse charge mechanism :- Compulsory Reverse Charge even if the supplier is registered – Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both. The above section primarily covers services availed from Goods Transport Agency, Lawyer, government, corporate sponsorships, director etc. Reverse Charge if the supplier is unregistered – Sec 9(4) The central tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a r