1 news0107042017

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GOODS &
SERVICES TAX
(GST)
(Status as on 01st April, 2017)
1

PRESENTATION PLAN
 WHY GST : BENEFITS
 EXISTING INDIRECT TAX STRUCTURE
 FEATURES OF CONSTITUTION AMENDMENT ACT
 GST CO...

WHY GST?
BENEFITS
3

WHY GST : BENEFITS
 To Trade
 Reduction in multiplicity of
taxes
 Mitigation of cascading/ double
taxation
 More effic...

EXISTING INDIRECT TAX
STRUCTURE
5

EXISTING INDIRECT TAX STRUCTURE
6
Central
Levies
Customs
Duty
Service
Tax
Excise
Duty
Cess
Central
Sales Tax
Electricity D...

FEATURES OF
CONSTITUTION
AMENDMENT ACT (CAA)
7

NEED FOR CAA
 Taxation powers distributed between Centre & States
 Centre levies duty on manufacture (except alcohol for...

FEATURES OF CAA….
 CAB passed by Rajya Sabha on 03.08.2016 & Lok
Sabha on 08.08.2016
 Notified as Constitution (101st Am...

….FEATURES OF CAA….
 Key Features contd.
 Compensation for loss of revenue to States for five years on
recommendation of...

….FEATURES OF CAA
 Key Features contd.
 GSTC - Article 279A
 To be constituted by the President within 60 days from the...

DECISION MAKING IN COUNCIL
 GSTC - proposed Article 279A
 Weightage of votes:
o Centre – 1/3rd of total votes cast
o Sta...

GST COUNCIL
13

GST COUNCIL….
 GST Council constituted w.e.f. 12.09.2016
 Twelve meetings held so far: Decisions:
 Threshold limit for ...

….GST COUNCIL….
 Decisions:
 To ensure single interface – all administrative control
over
 90% of taxpayers having turn...

….GST COUNCIL
 Decisions:
 CGST, UTGST, IGST, SGST & GST Compensation Law
approved
 Formula for calculating compensatio...

MAIN FEATURES OF GST
LAW
(AS RECOMMENDED BY GSTC)
17

MAIN FEATURES OF LAW….
 Taxable event:
 Tax on supply of goods or services rather than manufacture /
production of goods...

….MAIN FEATURES OF LAW….
 Determination of nature of supply:
 Elaborate Rules provided for determining the place of
supp...

….MAIN FEATURES OF LAW….
 Composition Scheme:
 Provision for levy of tax on fixed rate on aggregate turnover
upto a pres...

….MAIN FEATURES OF LAW….
 Input Tax Credit (ITC):
 ITC is available in respect of taxes paid on any
supply of goods or s...

….MAIN FEATURES OF LAW….
 Input Tax Credit (ITC):
 Full ITC allowed on capital goods in one go
 Proportionate credits a...

….MAIN FEATURES OF LAW….
 Input Tax Credit (ITC):
 ITC cannot be availed after filing of return for the month
of Septemb...

….MAIN FEATURES OF LAW….
 Registration:
 PAN based Registration
 required to be obtained for each State from where taxa...

….MAIN FEATURES OF LAW….
 Registration:
 A person, though not liable to be registered, may take
voluntary registration
...

….MAIN FEATURES OF LAW….
 Returns:
 Normal taxpayers, compositions taxpayers, Casual
taxpayers, non-resident taxpayers, ...

….MAIN FEATURES OF LAW….
 Payment:
 System of electronic cash ledger and electronic ITC
ledger
 Tax can be deposited by...

….MAIN FEATURES OF LAW….
 Payment:
 Cross-utilization of ITC between CGST & IGST, between
SGST/UTGST & IGST allowed
 Hi...

….MAIN FEATURES OF LAW….
 Refund:
 Time limit for refund of tax or interest is two years
 Refund of accumulated ITC all...

….MAIN FEATURES OF LAW….
 Refund:
 Refund claim along with documentary evidence to be
filed online without any physical ...

….MAIN FEATURES OF LAW….
 Assessment and Audit:
 Self –assessment of tax
 Provisions for assessment of non-filers, unre...

….MAIN FEATURES OF LAW….
 Demand:
 Adjudication order to be issued within 3/5 years of
filing of annual return in normal...

….MAIN FEATURES OF LAW….
 Power of officers and taxpayers right to appeal:
 Officers to have power of search & seizure w...

….MAIN FEATURES OF LAW
 Miscellaneous:
 Advance ruling mechanism
 Comprehensive transitional provisions for smooth
tran...

GST NETWORK (GSTN)
35

GSTN….
 Incorporated on 28.03.2013 as Section 25 private
limited company with authorized equity of Rs. 10 crore
 Strateg...

….GSTN
 To function as a Common Pass-through portal for
taxpayers-
 submit registration application
 file returns
 mak...

ROLE OF CBEC
38

ROLE OF CBEC
 Prominent role as custodian of Centre’s fiscal destiny in relation
to indirect taxes
 Role in Policy makin...

WAY FORWARD
40

WAY FORWARD….

Passage of CGST, UTGST, and IGST & GST Compensation
Cess laws by Parliament and passage of SGST laws by al...

….WAY FORWARD
 Meeting implementation challenges
 Effective coordination between Centre & State tax
administrations
 Re...

43
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