FAQ on GST Rates - CBDT - 20170724
Sunday, July 23, 2017
Wednesday, March 8, 2017
The Goods and Services Tax GST) Council, in its meeting held today in Vigyan Bhawan in New Delhi under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Shri Arun Jaitley has approved the draft CGST Bill and the draft IGST Bill as vetted by the Union Law Ministry. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the ongoing Budget Session.
Some of the main features of the two Bills, as finalized by the GST Council, are as follows:
i. A State-wise single registration for a taxpayer forfiling returns, paying taxes,and to fulfil other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official.
ii. A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxescan be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).
iii. A business entity with an annual turnover of upto Rs. 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain. The annual turnover threshold in the Special Category States (as enumerated in Article 279A of the Constitution such as Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh, Assam and the other States of the North-East) for not taking registration is Rs. 10 lakhs.
iv. A business entity with turnover upto Rs. 50 lakhs can avail the benefit of a composition scheme under which it has to pay a much lower rate of tax and has to fulfil very minimal compliance requirements. The Composition Scheme is available for all traders, select manufacturing sectors and for restaurants in the services sector.
v. In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.
vi. In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State Law, it has been provided that the ITC entitlement arising out of taxes paid under the Central Law can be cross-utilised for payment of taxes under the laws of the States or Union Territories. For example, a taxpayer can use the ITC accruing to him due to payment of IGST to discharge his tax liability of CGST / SGST / UTGST. Conversely, a taxpayer can use the ITC accruing to him on account of payment of CGST / SGST / UTGST, for payment of IGST. Such payments are to be made in a pre-defined order.
vii. In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law has been retained to allow the flow of ITC in respect of input serviceswithin a legal entity.
viii. To prevent lock-in of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, ninety percent of the claimed amount on a provisional basis.
ix. In order to ensure a single administrative interface for taxpayers, a provision has been made to authorise officers of the tax administrations of the Centre and the States to exercise the powers conferred under all Acts.
x. An agriculturist, to the extent of supply of produce out of cultivation of land, would not be liable to take registration in the GST regime.
xi. To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.
xii. Exhaustive provisions for Appellate mechansim have been made.
xiii. Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilised ITC in the GST regime.
xiv. An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.
xv. In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments.
The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of the CGST Act, would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on 16 March 2017.
Tuesday, January 17, 2017
Saturday, January 7, 2017
CA VIKRAM SHANKAR MATHUR
CA Vikram Shankar Mathur,
BA (Eco) Hons., FCA, DISA (ICAI), FAFP (ICAI)
B-404, Shashwat Apartments,
Atithi Dining Hall Lane,
Behind GNFC InfoTower,Bodakdev,
Thursday, August 18, 2016
Wednesday, March 9, 2016
Very nice Article by ....
Really a good read!
When my daughter, the elder one of my two children got married &
left the house,
I felt as if I could not let her leave me..
Having a daughter & a son,
I know what both mean, but differently ..
Once my daughter reached her teens
I had started feeling as if my daughter was a "physical extension" of me !
So when she was leaving home to set up her own nest,
it was as though
I was losing a limb...
The next time she came for a short stay with us,
I was astonished how her priorities had changed.
( ofcourse we must have given the same shocks to our own parents ! ).
When she said Amma,
she meant her MIL & not me!
I imagined that she was always in a hurry to go back to her house &
not stay with me for a few more days..
That was the first time,
it dawned on me that
I have to start practising detachment in attachment...
Two years after
my daughter’s marriage,
my son left for higher studies to U S.
Having experienced a child's separation once,
I was better equipped emotionally.
I plunged head long into various classes held in the city starting from vedanta to healing to ikebana -
I just wanted to be away from home..
since my husband was a 24/7 worker & a workaholic.
My son used to write how he was missing my home cooked food,
how he was waiting to come back to live in Chennai with us etc...
After a few years, he did come back
& we got him married.
He started living separately with his wife &
we were also happy that they wanted to be independant from the beginning...
it was all changed !
When in the U S,
he missed my cooking, now if I called him to come over with his wife for a meal,
it was always some excuse like
" oh, amma, we have other plans for the day,
please don't mistake us if we don't drop in today " !
I could see that his priorities had also changed completely..
We talk in theory so many things &
give advice to others etc
but when it comes to your own children,
acceptance comes very late &
next step is just leaving them undisturbed
in every way,
mainly without advice from our end.
It was at that time, I made the following lines as my
" new profile":
In all my relationships , rather interactions , I give my best.
I work hard to mature &
My attachment with them is complete.
However , I remain detached in the sense that I do not expect them to reciprocate my affection.
Most importantly ,
I make a conscious effort ,
not to interfere or pass judgements on the lives they choose to lead.
My concern for my near & dear ones will not fade with my detachment.
If you let go of the ones you love ,
they will never go away –
this is the beauty of attachment with detachment !
I have learnt to love & let go.
This dictum has developed tolerance in me.
When I let the people live the way they want to ,
I learn to accept them for what they are.
Most importantly ,
I learn to tolerate the world around me &
this tolerance brings in me a sense of peace & contentment.
I ask God to guide me in being loving , compassionate , tolerant & understanding when
I interact with others.
If a person wants to share a thought or concern with me
I want that person to feel comfortable to do so.
I want to remain peaceful & approachable to others.
Before I speak , I pray to God to give me the right words so that I express myself clearly & with consideration to others.
Since both my children live in Chennai, I follow this very strictly, you know why !
Now I have realised that we start growing mentally much more only after the children leave the house &
we have to tackle the emotional vacuum,
that arises, along with age-related problems .
I find this is the most testing period for a woman,
as well & emerging successfully is a slow process.
I specially dedicate this post to my friends,
who are totally dependant on their children's lives,
to nurture their own selves emotionally.
Please develop your own intersts, hobbies etc, however mundane they seem to be..
We must learn
To love whatever we do
Doing whatever we love !!
( Shared as received in WhatsApp from my dear auntie.)