GST is levied only at the Destination point, It is taxed only at the value addition at each stage and supplier at each stage is permitted to set off through tax credit mechanism which would eliminate all cascading effect. There will be a no distinction between goods and services.
STRUCTURE OF GST IN INDIA:
INTRA STATE TAXABLE SUPPLY: Excise and service tax will be known as CGST.
Local VAT and other taxes will be known as SGST.
INTER STATE TAXABLE SUPPLY: CST will be replaced by integrated GST (IGST).
IMPORT FROM OUTSIDE INDIA: In this case custom duty like CVD, SAD etc. IGST will be charged
FEATURES, REGISTRATION & RETURNS UNDER GST:
GST shall have two component one levied by the central and the other levied by the states .Rates for GST would be prescribed appropriately reflecting revenue consideration and acceptability.
IGST is applicable on the import of goods & services and inter-state stock transfer of goods & services and is levied and collected by the central.
The taxpayer would need to submit periodical return, in common format as far as possible , to both central GST authority and to the concerned state GST authorities
Export of goods and services are zero rated.
Each taxpayer would be allotted a PAN linked identification number with a total of 13-15 digits. This would bring the GST PAN-linked system in line with in existing PAN based system for income tax facilitating data exchange and taxpayer compliance.
The taxpayer would need to submit periodic return to both the central GST authority and to the concerned state GST authority. ITC credit can also be verified on the basis of return filed and revenues reconciled against challan data from bank.
Current threshold limit under central excise duties is RS 1.50 lacs and that under service tax is RS 10 lacs. Whereas the threshold limit under state VAT is between 10 lacs to 20 lacs.
Constitutional amendment bill is required to be passed in both the house of parliament. The CG has full majority in lok sabha however a lot depend on how the CG will ensure safe passage of the bill in rajya sabha , where it does not have the sufficient majority.
Hope GST Bill is approved in this monsoon session of Parliament: Arun Jaitley The finance minister
Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders.
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