A Reference Library for Customs, Excise & Service Tax Officers and Tax Payers

GOODS AND SERVICES TAX (GST)

I. GST Laws and Rules

1. THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) ACT, 2016
2. GST Acts
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (CGST Act, 2017)
THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 (IGST Act, 2017)
THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 (UTGST Act, 2017)
THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017 (GST (CS) Act, 2017)
3. GST Rules Advance Ruling Rules and Formats
Anti Profiteering Rules
Appeals and Revision Rules and Formats
Assessment and Audit Rules , Assessment Formats and Audit Formats
E-Way Bill Rules
Composition Rules and Formats
Valuation Rules
Input Tax Credit Rules and Formats
Tax Invoice, Debit & Credit Notes Rules
Payment of Tax Rules and Formats
Refund Rules and Formats
Registration Rules and Formats
Return Rules and Goods and Services Tax Practitioner Formats, Mismatch Formats, Return Formats
Transition Rules and Formats
Credit Transfer Document
Accounts and Records Rules and Formats
4. GST Rates GST Rates on Goods Chapter wise GST Rate Schedule for Goods decided in the GST Council Meeting held on 18.05.2017
Chapter wise GST Rate Schedule for Goods Decided in the GST Council Meeting Held on 03.06.2017
GST Compensation Cess Rates Decided in the GST Council Meeting Held on 18.05.2017
Addendum to the GST Rate Schedule for Goods - 18.05.2017
Addendum to the GST Rate Schedule for Goods - 03.06.2017
IGST Exemption, Concession List - 03.06.2017
GST Rates Approved by the GST Council Meeting Held on 11.06.2017
IGST Exemptions Approved by the GST Council Meeting Held on 11.06.2017
Revised Threshold for Composition Scheme Approved by the GST Council Meeting Held on 11.06.2017
Composition Levy & GST Rate on Certain Goods Decided in 17th GST Council Meeting Held on 18.06.2017
GST Rates on Services GST Rate Schedule for Services
List of Services under Reverse Charge
Classification Scheme for Services under GST
Decisions Taken by the GST Council in the 16th Meeting Held on 11.06.2017
Decisions taken by the GST Council in the 17th Meeting Held on 18.06.2017

II. GST Related News Headlines

20-07-2017

CBDT: GST not to be added for TDS computation.

The Central Board of Direct Taxes (CBDT) has clarified that, where the recipient of a service is required to deduct tax at source (TDS) when making a payment to the supplier, the amount of TDS shall be computed without grossing up for the goods and service tax (GST) component, which is also part of the bill.

To enable TDS to be computed exclusive of the GST component, it is vital that the GST component is indicated separately, adds the CBDT in its circular issued on Wednesday. The CBDT is continuing with the stand adopted by it earlier in case of service tax, where the amount payable was not grossed up with the service tax component for determining TDS.

There are several payments, such as works contracts which attract GST (at 18%) and which also attract TDS (at 10% on fees for read more »

19-07-2017

Desi fizzy drinks add juice to cut GST.

Local beverage players, numbering in hundreds, have firmed up plans to add fruit juice to carbonated beverages as part of their attempts to lower the Goods and Services Tax (GST) burden. While fizzy drinks such as Coke, Pepsi cola and Sprite attract 40% tax under GST, beverages based on fruit pulp or fruit juice fall in the 12% tax slab.

In a bid to increase sourcing from Indian farmers, in 2014, PM Narendra Modi had urged multinational beverage companies such as Coca-Cola and PepsiCo to add 5% natural fruit juice in their products. It resulted in Coke launching Fanta with 5% Indian-origin orange juice in select markets. The global giants had pitched for lower taxes on these products, arguing these were not aerated drinks that face higher levies as the government believes that they are not healthy.

“Business has taken a read more »

18-07-2017

GETS Rs 5,000CR MORE REVENUE - Govt raises cess on cigarettes, expects prices to stay same.

The GST Council on Monday stepped in to check the windfall being reaped by cigarette manufacturers and increased the cess by 48 to 79 paise per stick, although the impact on prices is currently unclear.

While the government said the price will not increase, an ITC spokesperson said the company is studying the details of the decision. Finance minister Arun Jaitley told reporters that the move was aimed at fixing an anomaly that had crept in during fixing the rates.

While the peak GST rate of 28% stays and so does 5% ad valorem cess on top of it, the fixed cess has been hiked between Rs 485 and 792 per thousand sticks.

The increase in cess is expected to help the government raise around Rs 5,000 crore of additional tax revenue which would have been pocketed by read more »

16-07-2017

Govt to traders: Register for GST, don't wait till July 30.

The government urged traders on Saturday to register for the goods and services tax (GST) soon, and not wait for the July 30 deadline.

If one is owns a business with an aggregate turnover exceeding Rs 20 lakh in the preceding financial year (Rs 10 lakh in special-category states), they will need to register in all the states and Union territories to which they make taxable supplies. “However, one need not register if one is engaged exclusively in the supply of exempted goods or services or both,” the finance ministry said.

The ministry said GST registration was a very simple process -one can register from home by filing an online application on https: http:www.gst.gov.in. The documents needed are a valid PAN card, email id and a mobile phone number. Once the details are verified, applicants will be asked to furnish other read more »

15-07-2017

Khadi may get GST exemption, says minister.

Minister for micro, small and medium enterprises (MSME) Kalraj Mishra on Friday said that he was hoping that Khadi products would be exempted from Goods and Service Tax (GST) in the coming days. Currently, khadi products face a 5% levy while the tax on goods produced by village industries is 12%.

While addressing the meeting of Khadi Institutions of the country here at India Habitat Centre on Friday, Mishra said that for the larger interest of weavers and spinners associated to khadi industries, the GST panel had started analysing the pros and cons of GST exemption, to benefit the workers, weavers and spinners -associated with Khadi.

“Even the finance minister (Arun Jaitley) had assured me to give a GST ex emption for the financial development of otherwise economically backward lot of weavers and spinners,” he said.

read more »

14-07-2017

No GST on sales of old jewellery.

The sale of old jewellery by an individual to a jeweller will not attract provisions of section 9(4) of the CGST (Central GST) Act and a jeweller will not be liable to pay tax under reverse charge mechanism on such purchases, the finance ministry said on Thursday.

However, if an unregistered supplier of gold ornaments sells it to registered supplier, the tax under the reverse charge mechanism will apply. Even though the sale of old gold by an individual is for a consideration, it cannot be said to be in the course or furtherance of his business (as selling old gold jewellery is not the business of the said individual), and hence does not qualify to be a supply per se, the ministry said in a clarification. It also said no GST would be applicable on annual subscription, fees charged as lodging, boarding by read more »

12-07-2017

Eateries should cut rates of food items post-GST: Adhia

Restaurants, hotels and eateries should cut rates on food items in their menu to reflect the benefit of being able to set off tax paid on inputs under GST, revenue secretary Hasmukh Adhia said on Tuesday.

He also said that GST will be levied on entire sum of food bill, including service charge, in a restaurant, while the value of alcohol or alcohol products consumed will attract VAT.

Previously, a service tax was levied on the bill. But the tax the hotel or restaurant operators paid on inputs could not be set off against the tax on final bill. This facility, called input tax credit (ITC), is available in the Goods and Services Tax (GST) regime.

“Most of the restaurants should revise downward the rate charged on food items in their menu because of ITC, which is now read more »

12-07-2017

Job growth to trip on GST, DeMon.

Domestic structural changes because of demonetisation and GST, coupled with an uncertain global scenario due to H-1B visa issues, has turned the job market tepid. Getting employment this year appears tougher than in previous years as industrial growth is yet to gain traction. The pace of job growth this year could be flat or a moderate 5-7% -lower than 2016's 12-15%.

While retail, hospitality and fintech show a small increase in hiring, a major reason for the reduction in job growth forecast is the IT layoffs and slowdown in that sector. Data from Kelly's Services shows a 15% increase in hospitality, 8% port also says that the growth rate would be lower than last year in the BFSI, internet businesses, IT services and hospitality sectors, increase in retail and an 18% reduction in IT jobs in 2017. “Going by early trends, increased hiring in read more »

12-07-2017

No GST on free food given by religious institutions.

The government said on Tuesday that free food supplied in `anna kshetras' (food areas) run by religious institutions has been kept out of GST ambit. Even `prasadam' distributed by places of worship would not attract any GST. Clarifying on media reports suggesting GST would be levied on free food supplied in anna kshetras run by religious institutions, a finance ministry statement said “This is completely untrue. No GST is applicable on such food supplied free”. However, some of the items and services required for making `prasadam' would be subject to GST, including sugar, vegetable edible oils, ghee, butter, service for transportation of these goods and so on. Under the GST regime, it is difficult to prescribe a separate rate of tax on items for a particular purpose. It is difficult to administer end use-based exemptions or concessions, as GST is a multistage tax. Hence GST does not read more »

11-07-2017

No GST on gifts worth up to Rs 50k from employer: Finmin

Free Membership Of Club Not Under New Tax Regime

The government on Monday said gifts up to Rs 50,000 per year by an employer to his employee will be outside the ambit of the goods and services tax (GST) while free membership of a club, health or fitness centre will not come under the new tax regime.

The finance ministry also said free housing to employees, when it is provided in terms of the contract between the employer and employee and is part of the cost-to-company will not be subject to GST.

“It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. However, gifts of value more than Rs 50,000 made without consideration are subject to GST, when made in the course or furtherance of business,” the finance read more »

III. Goods and Services Tax in India - Overview

1. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
2. Goods and Services Tax (GST) - Booklet of Rates on Goods
3. Goods and Services Tax (GST) - Booklet of Rates on Services
4. Guidance Note for Importers and Exporters on Goods and Services Tax (GST)
5. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Second Edition
6. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Hindi
7. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - First Edition
8. The Goods and Services Tax (GST) - Concept Status as on 03.06.2017
9. The Goods and Services Tax (GST) - Concept Status as on 01.05.2017
10. Benefits of Goods and Services Tax (GST)
11. The Goods and Services Tax (GST) - Overview (Hindi)
12. Integrated Goods and Services Tax (IGST)
13. The Goods and Services Tax (GST) - Accounts and Records
14. The Goods and Services Tax (GST) - Imports
15. The Goods and Services Tax (GST) - Input Tax Credit (ITC)
16. The Goods and Services Tax (GST) - Inspection, Search, Seizure and Arrest
17. The Goods and Services Tax (GST) - Jobwork
18. The Goods and Services Tax (GST) - Meaning and Scope of Supply
19. The Goods and Services Tax (GST) - GST Practitioners
20. The Goods and Services Tax (GST) - Recovery of Tax
21. The Goods and Services Tax (GST) - Refunds
22. The Goods and Services Tax (GST) - Registration
23. The Goods and Services Tax (GST) - Returns
24. The Goods and Services Tax (GST) - TCS Mechanism
25. The Goods and Services Tax (GST) - TDS Mechanism
26. The Goods and Services Tax (GST) - Transitional Provisions

IV. Goods and Services Tax in India - Migration

V. Dr. Hasmukh Adhia, Revenue Secretary, GOI on GST

VI. Goods and Services Tax in India - Background


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