Goods and Services Tax

GST SINCE ITS INTRODUCTION

Goods and Services Tax – GST – By: – Mr.┬áM. GOVINDARAJAN – Dated:- 12-1-2018 Last Replied Date:- 24-1-2018 – The Goods and Service Tax concept was introduced with effect from 01.07.2017 in India. This is a very significant step taken by the Government amalgamating a large number of Central and State indirect taxes into a single tax. The tax on goods and services is integrated. The aim of introduction of GST is to mitigate cascading effect of taxation in a major way and pave the way for a common national market. Originally it was planned to introduce the GST in the year 2006 itself. But it has been delayed due to various reasons. To enable the Central Government and State Governments for the levy of GST the Constitution was amended vide Constitution (One Hundred and First Amendment) Act, 2016, with effect from 16.09.2016. The amendment Act provides for a levy of GST on supply of all goods or services except for Alcohol for human consumption. A Goods and Services Tax Council (GSTC) was

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

y Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017 and GST (Compensation to the States) Act, 2017, with effect from 12.04.2017. In addition CGST (Extension to Jammu & Kashmir) Act, 2017 and IGST (Extension to Jammu & Kashmir) Act, 2017 were also enacted so that it would be applicable to Jammu and Kashmir. All States have enacted the respective State Goods and Services Tax Act and also the Union territories. The Central Government also notified Central Goods and Services Tax Rules, 2017 which has met many amendments and also the Integrated Goods and Services Tax Rules, 2017. Similarly the States and Union Territories framed Rules for this purpose. The Central Government as well as State Governments issued many notifications, circulars, instructions, orders etc., The Central Government issued till date – 76 notifications for Central tax; 47 notifications forCentral tax (Rate); 12 notifications for integrated tax; 50 notifications for integrated tax (R

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ferred to the new regime. The transitional provisions allowed to transfer their CENVAT credit to be utilized in the GST regime. The due dates for filing returns were prescribed by various types of assessees like that of composition scheme supplier, turnover not exceeding ₹ 1.5 crores, turnover exceeding ₹ 1.5 crores etc., To guide taxpayers in relation to GST matters, CBEC has issued a range of frequently asked questions on 12 sectors and other topics related to GST law, procedures, tax rates, specific industry or sector. The following table will show the number of registrations in GST regime- Table – 1 Registration under GST regime as on 01.01.2018 Sl. No. Details Number 1 No. of transited (migrated) taxpayers 70,75,617 2 Of which, how many are yet to be migrated 6,66,325 3 No. of completely migrated taxpayers (1-2) 64,09,292 4 Total No. of new applications received for registration 40,67,357 5 No. of applications approved 35,00,257 6 No. of applications rejected 4,23,445

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

10,55,826 8 No. of GSTR 1 returns filed for September, 2017 27,27,704 9 No. of GSTR 1 returns filed for October, 2017 7,80,849 10 No. of GSTR 1 returns filed for November, 2017 2,89,386 11 No. of GSTR 1 returns filed for December, 2017 5414 12 No. of GSTR 2 returns filed for July, 2017 56,11,071 13 No. of GSTR 4 return filed for quarter Jul-Sep, 2017 25,72,552 Source: www.cbec.gov.in The following are the details of GST collections from July 2017- July 2017 – ₹ 94,063 crores August 2017 – ₹ 90,669 crores; September 2017 – 92,150 crores; October 2017 – 83,346 crores; November 2017 – 80,808 crores; The Center released compensation cess of ₹ 10,806 crores to States for July and August 2017 and ₹ 13,695 crores for September and October 2017. Though, GST has already been implemented from the 1st of July 2017 a number of implementation issues related to IT systems, legal challenges, exports, return filing and reconciliations, passing on transition credit, anti-profite

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Leave a Reply