THE GST (COMPENSATION TO STATES) ACT, 2017 The Act for the levy of compensation cess on certain supplies, to provide for the compensation to be given to the States by Center for loss of revenue - … , In the 2014 Lok Sabha election, the Bharatiya Janata Party (BJP)-led NDA government was elected into power. Notification issued for extending due date for filing FORM GSTR-4 for financial year 2019-20. Finally, in August 2016, the Amendment Bill was passed. 55 of 1999 as amended, taking into account amendments up to Treasury Laws Amendment (GST Low Value Goods) Act 2017. GST Rates & HSN Codes 2017 The page is exclusively for GST Rates and HSN Codes. Entitled to take means rights ; …  In the run-up to the elections in various states of India, Rahul has intensified his "Gabbar Singh" jibes on Modi government. The single GST subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. 2) Under GST act what rate of tax is applicable if entire work including all material is used by printing press & he supplies finished goods in the form of Printed books in case of B to B supply. The goods and services tax (GST; French: Taxe sur les produits et services) is a value added tax introduced in Canada on January 1, 1991, by the government of Prime Minister Brian Mulroney.The GST replaced a previous hidden 13.5% manufacturers' sales tax (MST); Introduced at an original rate of 7%, the GST rate has been lowered twice and currently sits at rate of 5%, since January 1, 2008. , The GST was launched at midnight on 1 July 2017 by the President of India, and the Government of India. It was originally using 6-digit HSN codes to classify commodities for Customs and Central Excise. The GST council is responsible for any revision or enactment of rule or any rate changes of the goods and services in India. This Act assumed that the GST revenue of each State would grow at 14% every year, from the amount collected in 2015-16, through all taxes subsumed by the GST. Vajpayee set up a committee headed by the Finance Minister of West Bengal, Asim Dasgupta to design a GST model. GST Provisions of Finance Act 2020 to be applicable form 01.01.2021 CBIC appoints January 1, 2021, as date on which various sections of Finance Act, 2020 shall come into force The CBIC vide Notification No. Dasgupta admitted in an interview that 80% of the task had been done. Under the previous system, a state would only have to deal with a single government in order to collect tax revenue.. 2. The purpose of the A New Tax System (Goods and Services Tax) Regulations 2019 (the Regulations) is to remake and improve the operation of the A New Tax System (Goods and Services Tax) Regulations 1999 before they ‘sunset’. In May 2016, the Lok Sabha passed the Constitution Amendment Bill, paving way for GST. Circular clarifying issues relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017, cumulatively for the months of February, 2020 to August, 2020 issued. The returns u/s 27 i.e. However, no concrete laws have yet been made to support such action. IGST complicates tax collection for State Governments by disabling them from collecting the tax owed to them directly from the Central Government. For inter-state transactions and imported goods or services, an Integrated GST (IGST) is levied by the Central Government. GST Act 2017 is an Act to make a provision for levy and collection of tax on supply of goods or services or both by the Government of India. Advisory No. The rate of GST is 18% for soaps and 28% on washing detergents. A State that had collected tax less than this amount in any year would be compensated for the shortfall. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes. 5. World Bank's 2018 version of India Development Update described India's version of GST as too complex, noticing various flaws compared to GST systems prevalent in other countries; most significantly, the second-highest tax rate among a sample of 115 countries at 28%. 68/2020 - Central Tax issued. If you are going to turn 19 years of age before April 2021 , make sure that you file your 2019 tax return. Notifications issued for providing further relief during COVID-19 epidemic, Notification issued for bringing into force the rules pertaining to FORM GST PMT-09.  Total number of taxpayers were above 1.14 crore in October 2018. The launch was marked by a historic midnight (30 June – 1 July) session of both the houses of parliament convened at the Central Hall of the Parliament. GST is levied on most transactions in the production process, but is in many cases refunded to all parties in the chain of production other than the final consumer. , Technicalities of GST implementation in India have been criticized by global financial institutions/industries, sections of Indian media and opposition political parties in India. Central Board of Indirect Taxes and Customs, Government of India, New Delhi, India. While every effort has been made to ensure that the information hosted in this website is accurate and up-to-date, Central Board of Indirect Taxes and Customs does not hold itself liable for any consequences, legal or otherwise, arising out of use or abuse of any such information. Notification issued to appoint Revisional Authority under CGST Act, 2017. The GST/Tax Officers tally the e-Way Bill listed goods with goods carried with it. Notifications issued to extend the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C and to prescribe due dates for filing of return in FORM GSTR-3B in a staggered manner. Those with turnover up to 100 Crore, voluntary and trial basis start from 1st October 2020 as per the sources.  After its launch, the GST rates have been modified multiple times, the latest being on 22 December 2018, where a panel of federal and state finance ministers decided to revise GST rates on 28 goods and 53 services. The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years. Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 issued.  It was successfully introduced in Karnataka from 1 April 2018. The receiver of the goods is eligible for Input Tax Credit, while the unregistered dealer is not. It ran into opposition from the Bharatiya Janata Party and other parties and was referred to a Standing Committee headed by the BJP's former Finance Minister Yashwant Sinha. And what rate of tax is applicable in case of B to C supply. GSTR – 4: Return For Composition Dealers.  They also argued that the GST would increase existing rates on common daily goods while reducing rates on luxury items, and affect many Indians adversely, especially the middle, lower middle and poorer income groups.. Can a GST registered person, entitled to take eligible input tax credit (ITC) even as on date for the year 2017-18 and 2018-19 ? In 2002, the Vajpayee government formed a task force under Vijay Kelkar to recommend tax reforms. 7/2020 dated 10/7/2020 by DGS Bangalore for production role out of Recovery forms DRC 20 and 21 (application for Deferred payment/payment in instalments) is released.  GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services.  Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range. Rectification of Appeal Orders by Appellate Authority. The tax was introduced by the Howard Government and commenced on 1 July 2000, replacing the previous federal wholesale sales tax system and designed to phase out a number of various State and Territo Notifications and Circular issued to provide relief to taxpayers in view of spread of Novel Corona Virus (COVID-19), Circular on Clarification on refund related issues. The five states piloting this project are Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh, which account for 61.8% of the inter-state e-way bills, started mandatory intrastate e-way bill from 15 April 2018 to further reduce tax evasion. , Members of the Congress boycotted the GST launch altogether. If a company has turnover more than INR 15 million but up to INR 50 million, then they need to mention the first two digits of HSN code while supplying goods on invoices. The GSTN software is developed by Infosys Technologies and the Information Technology network that provides the computing resources is maintained by the NIC. The remaining 51 percent were held by non-Government financial institutions, HDFC and HDFC Bank hold 20%, ICICI Bank holds 10%, NSE Strategic Investment holds 10% and LIC Housing Finance holds 11% . Notifications issued for implementation of provisions related to e-invoice and QR Code for a class of taxpayers, Notifications issued to extend the due date for various FORMs for taxpayers of Jammu and Kashmir, Circular No. Identify and explain three key features of A New Tax System (GST) Act 1999. It was made compulsory for inter-state transport of goods from 1 June 2018. Read Official Press Release. The CRA will automatically determine your eligibility for the GST/HST credit and you may start getting it with the first payment after the month of your 19th birthday (see When will you get your credit? 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