Most Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By

Size: px
Start display at page:

Download "Most Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By"

Transcription

1 Most Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By CA Vivek Gaba 1. GST was first levied by? a) France in 1954 b) USA in 1985 c) India in 2017 d) U.K in Which of the following statement is correct:- I. GST is a broad-based tax II. GST is a destination based tax III. GST is collected through a staged process i.e. a tax on the value added to goods or services at every point in the supply chain IV. GST is a tax on the consumption of products from business sources, and not on personal or hobby activities a) Only I. b) I & II Both c) I, II & III d) I, II, III & IV all statement is correct 3. Currently, also follow dual GST model? a) Brazil and Canada b) USA and Canada c) France & U.K d) Germany & France 4. India follow GST Model? a) Single b) Dual c) Four. 5. It is a tax regime covering both goods and services, and be collected on value-added at each stage of the supply chain? a) Comprehensive b) Selective

2 c) Positive 6. Which of the following Central Taxes have been subsumed under GST? i. Central Excise Duty ii. Duties of Excise (Medicinal and Toilet Preparations) iii. Additional Duties of Excise (Textiles and Textile Products) iv. Service Tax v. Income Tax vi. Basic Custom Duty vii. Additional custom duties (commonly known as CVD) viii. Special Custom duties (commonly known as SAD) a) i, ii, iii, iv, vii & viii b) Only vii & viii. c) Only v & vi. 7. Which of the following State Taxes have been subsumed under GST? i. State VAT [Except 5 PP & A. Liquor for HC) ii. Central Sales Tax [Except 5 PP & A. Liquor for HC) iii. Purchase Tax iv. Luxury Tax v. Entry Tax vi. All forms Entertainment Tax (except those levied by the local bodies) a) i, ii, iii, iv, v & vi. b) Only iii, iv & v. c) Only vi 8. Final assent of Hon ble President (122 nd Constitution Amendment Bill) of India was given on? a) 8th September,2016 b) December 19, 2016 c) 8th September, Which of the following Bills passed by parliament? i. Central Goods and Services Tax (CGST)Bill ii. Integrated Goods and Services Tax(IGST) Bill iii. Union Territory Goods and Services Tax (UTGST)Bill iv. Goods and Services Tax (Compensation to States) Bill v. State Goods and Services Tax (SGST)Bill a) i, ii, iii & iv

3 b) Only i, ii & iv c) Only i, ii & iii 10. is the main decision-making body that has been formed to finalize the design of GST? a) GST Council b) Central government c) State government d) Parliament 11. Who will be the chairperson in GST Council? a) Union finance minister b) State finance minister c) Any minister nominated by Government 12. Vice Chairperson of GST Council will be from Member from? a) State Government b) Central government c) Any member nominated by central government d) Any of the above 13. In the GST Council, a decision will be taken by a majority with the Centre having a and the states the remaining? a) three-fourth, one-third vote, two-third b) three-fourth, Two-third vote, One-third c) Two-third, One-third, One third 14. The tax IGST charged by Government. a) Central / Parliament b) State c) Concerned department d) Both a and b e) All a, b and c 15. The maximum rate of IGST in current GST Laws is. a) 5% b) 12% c) 18% d) 28% e) No such limit 16. GST comes under which amendment bill? a) 118

4 b) 120 c) 122 d) 115 e) Under which Act GST was introduced? a) 100 b) 101 c) 102 d) 103 e) GST council formation based on Article number. a) 279A b) 289A c) 266A d) 255A e) 286A 19. The headquarters of GST council is. a) Mumbai b) New Delhi c) Ahmadabad d) Hyderabad e) Lucknow 20. GST Registration threshold limit For Jammu & Kashmir States is lakh a) 5 b) 10 c) 12 d) 15 e) GST threshold limit of Uttarakhand State is lakh a) 12 b) 15 c) 20 d) 10 e) The Central Board of Excise and Customs (CBEC) announced that every year will be considered as GST Day. a) April 1 b) March 1 c) June 1

5 d) July 1 e) January A special purpose vehicle has been launched to cater the needs of GST. a) GSTC b) GSTN c) GSTM d) GSTR e) GSTS 24. What does N stands for in HSN? a) Network b) Nationalization c) Nominee d) Nomenclature e) Nomination 25. What shall constitute quorum of the GST Council meeting? a) One half of the total number of its members b) Two-thirds of the total number of its members c) One Fourth of the total number of its members d) One Third of the total number of its members 26. Which article Introduce GST? a) 270 b) 246A c) 269A (1) d) 279A 27. Which of the following taxes leviable on Imports? a) CGST b) SGST c) IGST d) all of the above 28. What is the threshold limit of turnover for opting composition scheme under GST in Normal States? a) Rs 20 lacs b) Rs 10 lacs c) Not exceeding Rs 100 lacs 29. What is the rate applicable for a composition dealer, being a manufacturer for CGST & SGST? a) Not exceeding 1% b) 5%

6 c) 0% d) No composition for manufacturer 30. What is the rate applicable for a composition dealer, in case of providing Coaching Service? a)notexceeding1% b)2% c)0% d) not Eligible for composition Scheme 31. Taxable persons are eligible to opt for composition scheme only for one out of 3 business verticals? a)yes b)no c)central/state Government to decide 32. Can the taxable person under Composition Scheme claim input tax credit? a) Yes b) No c) Yes, only in some Cases d) cant say 33. Within how many days a person should apply for registration? a) Within 60 days from the date he becomes liable for registration. b) Within 30 days from the date he becomes liable for registration. c) No Time Limit d) Within 90 days from the date he becomes liable for registration. 34. Which of the following requires amendment in the registration certificate? a) Change of name of the registered person b) Change in constitution of the registered person c) Switching over form composition scheme to normal scheme or vice versa. d) All the above 35. What is the validity period of the registration certificate? a) One year b) Ten years c) Valid till it is cancelled. d) Five years. 36. Which of the following are considered for calculating the aggregate turnover under Composition scheme a) Taxable supplies b) Exempt Supplies c) Both the above

7 d) Non-taxable supplies 37. Every registered taxable person shall be entitled to take credit of input tax in his return and such input tax credit shall be credited to a) Personal Ledger Account b) Refund account c) Electronic Cash Ledger d) Electronic Credit Ledger 38. The due date for furnishing the annual return for every financial year by registered taxable person a) 30th of September following the end of the financial year b) 20th of October following the end of the financial year c) 31st of December following the end of the financial year d) 31st of May following the end of the financial year 39. The final return shall be filed by the registered taxable person within a) 3 months of the date of cancellation or; b) date of order of cancellation c) 1 month of the date of order of cancellation d) Later of (a) and (b) 40. The annual return shall be filed by the registered taxable person (other than composition suppliers) in Form a) GSTR 7 b) GSTR 9 c) GSTR 9A d) GSTR Which of the followings goods are kept out from GST whether Temporarily of permanent? a) alcoholic liquor for human consumption b) petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel c) Electricity d) All of the above 42. On Intra-state Supply which of the following liability will arise? a) CGST + SGST b) CSGT + UTGST c) Any of the above depends upon transaction d) IGST 43. On Inter-state Supply which of the following liability will arise? a) IGST b) CSGT + IGST c) SGST + IGST

8 d) UTGST + IGST 44. To be eligible for registration under Composition scheme it is required that the aggregate turnover of a registered tax payer should not exceed in the preceding financial year & the limit is for North Eastern & Special Category States) a) Rs. 100,00,000/-, Rs. 75,00,000/- b) Rs. 50,00,000/-, Rs. 25,00,000/- c) Rs. 100,00,000/-, Rs. 50,00,000/- d) Rs. 75,00,000/-, Rs. 20,00,000/- 45. Which of the following states covered North Eastern and Special Category States under GST i. Assam, Arunachal Pradesh, ii. Manipur, Meghalaya, iii. Mizoram, Nagaland, iv. Tripura, Sikkim, v. Delhi, Bihar vi. Jammu & Kashmir vii. Himachal Pradesh a) i, ii, iii, iv & vi b) i, ii, iii, iv, vi & vii c) Only vi d) Only i, ii & iii 46. Which of the following supply will be excluded for the computation of Aggregate turnover? a) exempt supplies b) exports of goods or services or both c) value of inward supplies on which tax is payable by a person on reverse charge basis d) inter-state supplies of persons having the same Permanent Account Number 47. Which of the following taxes excluded at the time of computation of aggregate turnover? a) central tax, b) State tax, c) Union territory tax, d) integrated tax and cess e) all of the above 48. Under GST the taxable event is of goods or services or both? a) SUPPLY b) Manufacturing c) Sale d) Provision of services 49. Supply defined under which of the following section

9 a) Section 7 of CGST Act, 2017 b) Section 11 of CGST Act, 2017 c) Section 9 of CGST Act, Definition of Supply given under Act is a) Inclusive definition b) Exhaustive definition c) Neither A Nor B d) Both A & B 51. The law provides that in certain cases, even though there is no consideration, the same would be treated as Supply. Such cases are Listed in? a) Schedule I b) Schedule II c) Schedule I & II 52. Which of the following activity deemed as Supply under Schedule I even if no consideration exists a) Sale (permanent transfer) of business assets (goods) on which ITC has been availed b) Supplies of goods and/or services between related person, except gift upto Rs. 50,000 to employees. c) Agent to principal of vice-versa, if agent supplies / receives goods on behalf of principal d) All of the above 53. Which of the following activity deemed to be Supply of Goods i. Transfer of title of goods ii. Permanent Transfer of business assets iii. Transfer of right without transfer of title iv. Treatment of process to another person s goods [job-work, repair, maintenance, etc.] v. Supply of Goods by unincorporated AOP/BOI to its members a) i, ii & iii b) i, ii & v c) Only i & ii d) Only iii & iv 54. Which of the following activity deemed to be Supply of Services i. Transfer of title of goods ii. Permanent Transfer of business assets iii. Transfer of right without transfer of title iv. Treatment of process to another person s goods [job-work, repair, maintenance, etc.] v. Supply of Goods by unincorporated AOP/BOI to its members

10 a) i, ii & v b) ii & iii c) iii & iv d) Only iii 55. Transfer of title of goods is deemed to be a) Supply of goods b) Supply of Services c) Both A & B depends upon situation d) Neither A & Nor B 56. Gift upto value of Rs 50,000 in a year to an employee & Gifts in value in excess of Rs. 50,000 a) shall not be treated as Supply, shall be taxable as Supply b) shall be taxable as Supply, shall not be treated as Supply c) Both activity not covered under supply 57. Any transfer of right or undivided share in goods Service without transfer of title is a) Supply of Goods b) Supply of Services c) Any of the above at the option of GST council 58. Transfer of title in goods under an agreement where property in goods passes at a future date on payment of full consideration a) Supply of Goods b) Supply of Services c) Any of the above 59. Any lease, tenancy, easement, licence to occupy land a) Supply of Goods b) Supply of Services c) Any of the above / 60. Works Contract as defined under Section 2(119) a) Supply of Goods b) Supply of Services c) Any of the above 61. Which of the followings Activities which are neither supply of goods nor supply of services

11 a) Services by employee to employer b) Services by any court or tribunal c) Functions performed by the Members of Parliament etc d) All of the above 62. Which of the followings Activities which are neither supply of goods nor supply of servicesa) Services of funeral, burial, crematorium or mortuary including transportation of the deceased. b) Actionable claims, other than lottery, betting and gambling c) Both A & B d) Only A 63. Composite supply is similar to the concept of a) Bundled service b) Mixed Supply c) Joint supply 64. Which of the following persons are not eligible of composition scheme? a) The scheme is not available for services sector, except restaurants. b) Supplier of goods which are not taxable under the CGST Act/SGST Act/UTGST Act is not eligible to register under this scheme c) Tax payers making inter- state supplies is not eligible for composition scheme d) All of the above 65. Determine time of supply of goods under and time of supply of services under of the Act a) section 12, Section 13 b) section 13, Section 12 c) section 7, Section 8 d) none of the above 66. What shall be Time of Supply in case of Supply of goods? a) last date when invoice is required to be issued (sec 31(1)) b) Date of issuance of invoice c) Date of receipt of payment d) earlier of a), b) or c) 67. What shall be Time of Supply in case where advance (Upto Rs.1,000) is received? a) date of issue of invoice b) date of receipt of such advance c) last date when invoice is required to be issued d) earlier of the above

12 68. Which of following conditions must be satisfied for eligibility to obtain ITC is i. he should be in possession of tax invoice or debit note or such other tax paying documents as may be prescribed ii. he should have received the goods or services or both iii. the supplier should have actually paid the tax charged in respect of the supply to the government iv. he should have furnished the return under section 39 a) Only i & ii b) Only ii & iii c) i, ii, iii & iv d) Only iii & iv 69. Where the goods against an invoice are received in lots or instalments, the registered person shall be entitled to take credit upon a) receipt of the last lot or instalment b) receipt of the First lot or instalment c) 100% at the time of receipt of 1 st invoice 70. if a recipient fails to pay the amount of supply along with tax payable thereon from the date of issue of invoice, the recipient will be liable to pay along with the output tax liability an amount equal to the input tax credit availed by the recipient along with interest thereon a) within 180 days b) within 6 months c) within 90 days d) none of the above 71. Input tax credit is on supply of services of rent-a-cab, life insurance and health insurance a) not available b) 100% Available c) Partially available 72. Input tax credit is on travel benefits extended to employees on vacation such as leave or home travel concession a) not available b) 100% Available c) Partially available

13 73. The time duration for retention of accounts and records under GST is until expiry of from the due date of furnishing of annual return for the year pertaining to such accounts and records a) Seventy-two months b) seventy months c) seventy-one months d) none of the above 74. A registered person, who is a party to an appeal or revision or any other proceedings shall retain books of accounts for a period - a) One year after final disposal of such appeal or revision or 72 months from due date of annual GST return whichever is Later. b) Two year after final disposal of such appeal or revision c) One year after final disposal of such appeal or revision 75. Which of the following person is not liable for registration? a) Person supplying exempted goods or services or goods or services which are not liable for tax under GST b) An agriculturist, to the extent of supply of produce out of cultivation of land c) Both A & B 76. Registered Composition Supplier file within? a) Quarterly Return, 18 days after the end of each quarter b) Monthly Return, 18 days after the end of each Month c) Quarterly Return, 10 days after the end of each quarter 77. Every Registered non-resident Taxable Person file inwards and outwards supplies on a) Within 20 days after the end of a calendar month b) Within 7 days after the last day of the period of registration (section 27 (1)) c) Earlier between A & B d) Later between A & B 78. Every Input Service distributor (ISD) file details of Tax invoices on a) On or Before 13 of next month b) Within 20 days after the end of a calendar month c) Before 13 of next month 79. Under GST regime, all the taxpayers will get electronic ledgers a) Three b) Four c) Two

14 d) One 80. Under GST regime, all the taxpayers will get three electronic ledgers namely - a) E-cash Ledger b) E-credit Ledger c) E-liability Ledger d) All of the above 81. Over the Counter Payment can be made in branches of Banks Authorized (for deposits up to per challan per tax period, by cash, cheque or demand draft) to accept deposit of GST a) ten thousand rupees b) One thousand rupees c) Two thousand rupees 82. If a person liable to pay tax, fails to pay such tax or any part thereof shall for the period for which the tax or any part thereof remains unpaid, is liable to pay, on his own, interest a) not exceeding 18% b) not exceeding 24% c) not exceeding 36% d) not exceeding 15% 83. Whereas if a taxable person who makes an undue or excess claim of input tax credit or undue or excess reduction in output tax liability, shall pay interest at such rate a) not exceeding 24% b) not exceeding 36% c) not exceeding 18% d) none of the above 84. Which of the following sequence is correct for utilisation of CGST Credit a) 1 st CGST, 2 nd IGST b) 1 st IGST, 2 nd CSGT c) 1 st CGST, 2 nd SGST d) 1 st SGST, 2 nd CSGT 85. Which of the following sequence is correct for utilisation of SGST Credit a) 1 st SGST, 2 nd IGST b) 1 st IGST, 2 nd SGST c) 1 st CGST, 2 nd SGST d) 1 st SGST, 2 nd CSGT 86. Which of the following sequence is correct for utilisation of IGST Credit a) 1 st CGST, 2 nd IGST, 3 rd SGST b) 1 st IGST, 2 nd CSGT, 3 rd SGST

15 c) 1 st CGST, 2 nd SGST, 3 rd IGST d) 1 st SGST, 2 nd CSGT, 3 rd IGST 87. Cross utilisation of CGST and SGST is a) not available b) available c) Defined by GST Council 88. Proper office make an order within from the date of receipt of application and the amount so determined shall be credited to the Consumer Welfare Fund a) sixty days b) Thirty days c) Ninety days d) forty days 89. In which of the following case refund will not credit in Consumer Welfare fund a) refund of tax paid on zero-rated supplies of goods or services or both or on inputs or input services used in making such zero-rated supplies b) refund of unutilised input tax credit under sub-section (3) c) refund of tax paid on a supply which is not provided, either wholly or partially, and for which invoice has not been issued, or where a refund voucher has been issued d) all of the above 90. A is done when the taxable person is unable to determine the value of goods or services or both or determine the rate of tax applicable thereto a) Provisional assessment b) Re assessment c) Summary assessment d) Any of the above 91. Which of the following person will undertake of General Audit a) Commissioner or officer authorised by commissioner b) Officer not below the rank of Assistant Commissioner c) Any of the above 92. Which of the following person will direct for Special Audit a) Commissioner or officer authorised by commissioner b) Officer not below the rank of Assistant Commissioner c) Any of the above 93. A prior notice of General Audit not less than working days will be sent to the registered person before the audit is conducted a) 15

16 b) 30 c) 60 d) Where the amount of tax evaded or the amount of input tax credit wrongly availed or utilised or the amount of refund wrongly taken exceeds 500 lakhs then a) imprisonment for a term which may extend to 5 years and with fine b) imprisonment for a term which may extend to 7 years and with fine c) imprisonment for a term which may extend to 5 years and without fine d) imprisonment for a term which may extend to 3 years and with fine 95. Where the amount of tax evaded or the amount of input tax credit wrongly availed or utilised or the amount of refund wrongly taken exceeds 200 lakhs upto 500 lakhs then a) imprisonment for a term which may extend to 5 years and with fine b) imprisonment for a term which may extend to 7 years and with fine c) imprisonment for a term which may extend to 5 years and without fine d) imprisonment for a term which may extend to 3 years and with fine 96. Input tax credit on Compensation cess paid under GST (Compensation to States) Act, 2017 is available for payment of a) IGST only b) IGST and CGST only c) compensation under GST (Compensation to States) Act 97. A report of Special audit signed and certified by the appointed Chartered Accountant or Cost Accountant is required to be submitted within days although this period can be further extended to days a) 90, 90 b) 90, 30 c) 30, 90 d) 60, One of the following states does not fall under special category given under Art. 279A of the Constitution a) Himachal Pradesh c) Uttarakhand b) Chhattisgarh d) Jammu & Kashmir 99. Agriculturist Means a) Individual or HUF c) Company b) Partnership d) All the above 100. A person is having multiple business vertical under different state requires registration a) Single c) Each business separately

17 b) Either A or B 101. GST is a) applicable to the state of J&K b) not applicable to the state of J&K c) going to be applicable to the state of J&K from later date d) both (b) and (c) above 102. The rate of GST as applicable on goods and services are: a) 0% 5% 12% 16% 28% c) 0% 6% 12% 18% 28% b) 0% 5% 12% 18% 28% d) 0% 5% 12% 18% 26% 103. When did the President of India gave assent to the Central GST Law? a) 18 th April 2017 c) 22 nd April 2017 b) 5 th April 2017 d) 13 th April An assessee who has opted for the Composite Scheme, can he collect tax under GST? a) Yes c) No a) May be d) In certain cases 105. What is the threshold limit for composite tax levy in the States of Assam? a) ` 60 lakh c) ` 50 lakh b) ` 75 lakh d) ` 1 crore 106. When does the liability to pay tax on goods arise? a) at the time of supply b) at the time when goods reach supplier c) at the time of preparing invoice 107. GST registration is a) PAN based c) passport based b) Aadhar based d) none of the above 108. When the taxable turnover is above ` 1.5 crore, it is under the control of a) State c) Centre b) Both 50% Centre and 50% State d) exempt from the purview of GST 109. Mr A is a salaried employee in A Ltd. It has availed services of an foreign architect for construction of his house. which of the following statement is correct a) Such supply of service is not in course or furtherance of any business in hands of Mr A. But it will constitute supply in terms of section 7(1)(b). b) Such supply of service is not in course or furtherance of any business in hands of Mr A & it will not constitute supply in terms of section 7(1)(b). c) Any of the above 110. Development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software

18 a) Supply of Goods b) Supply of Services c) Any of the above

Important MCQ of GST

Important MCQ of GST Important MCQ of GST By CA Vivek Gaba (Expected in Exam) 1. Compensation to states under GST (Compensation to States) Act, 2017 is paid by a) Central Government from consolidated fund of India b) Central

More information

M/s PRANJAL JOSHI & CO

M/s PRANJAL JOSHI & CO Introduction to GST Basic information GST stands for Goods and Service Tax. GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture

More information

FAQ. Hindustan Shipyard Limited

FAQ. Hindustan Shipyard Limited FAQ Hindustan Shipyard Limited 1 Q 1. What is Goods and Service Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from

More information

Association of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017

Association of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017 Association of Mutual Funds in India Goods and Services Tax - FAQs for Distributors October 2017 Page 1 of 12 Table of Contents Introduction to GST... 3 Registration... 4 Place of Supply & Levy of GST...7

More information

CA ROHIT GAMBHIR. Page i

CA ROHIT GAMBHIR. Page i Page i INDEX Lesson Description Page No 1. Overview of GST -- 2. GST International Scenario 1 3. GST in India 3 4. Introduction to CGST Act, 2017 8 5. Supply 10 6. Composite and Mixed Supply 17 7. Composition

More information

GST MSME SECTORAL SERIES CENTRAL BOARD OF EXCISE & CUSTOMS. Directorate General of Taxpayer Services. Follow

GST MSME SECTORAL SERIES CENTRAL BOARD OF EXCISE & CUSTOMS. Directorate General of Taxpayer Services. Follow GST SECTORAL SERIES MSME Directorate General of Taxpayer Services CENTRAL BOARD OF EXCISE & CUSTOMS www.cbec.gov.in Question 55: Whether a registered person under the composition scheme needs to learn

More information

CENTRAL BOARD OF EXCISE & CUSTOMS

CENTRAL BOARD OF EXCISE & CUSTOMS CENTRAL BOARD OF EXCISE & CUSTOMS GST (Goods and Services Tax) www.cbec.gov.in www.aces.gov.in CENTRAL BOARD OF EXCISE & CUSTOMS Concept of GST Registration g ITC Return PRESENTATION PLAN www.cbec.gov.in

More information

Goods and Services Tax

Goods and Services Tax Association of Mutual Funds in India Goods and Services Tax FAQs June 2017 Page 1 of 11 Table of Contents Introduction to GST... 3 Registration... 5 Place of Supply & Levy of GST...7 Input tax credit...

More information

BRIEF ON GST. GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer.

BRIEF ON GST. GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer. BRIEF ON GST GST is a destination based tax and levied at a single point at the time of consumption of goods or services by the ultimate consumer. GST will be levied on all goods and services except on

More information

UPDATE ON AMENDMENTS TO CGST ACT, 2017

UPDATE ON AMENDMENTS TO CGST ACT, 2017 UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-

More information

GOODS AND SERVICES TAX AN OVERVIEW

GOODS AND SERVICES TAX AN OVERVIEW GOODS AND SERVICES TAX AN OVERVIEW CENTRAL BOARD OF EXCISE & CUSTOMS GOODS AND SERVICES TAX (GST) 1. Benefits: 1. GST is a win-win situation for the entire country. It brings benefits to all the stakeholders

More information

Registration. Chapter IV FAQS. Registration (Section 22 to 30)

Registration. Chapter IV FAQS. Registration (Section 22 to 30) Chapter IV Registration FAQS Registration (Section 22 to 30) Q1. If a person is operating in different states, with the same PAN number, can he operate with a single Registration? Ans. No. Every person

More information

INTRODUCTION TO GST & CONSTITUTIONAL PROVISIONS

INTRODUCTION TO GST & CONSTITUTIONAL PROVISIONS INTRODUCTION TO GST & CONSTITUTIONAL PROVISIONS Discussing the concept of GST and the basis of its levy - By Prakhar Jain HISTORY OF GST IN INDIA Idea of a national GST was first brought about by Kelkar

More information

All About GST and Model GST Law

All About GST and Model GST Law All About GST and Model GST Law 1 Contents GST Basics Supply Meaning & Scope Supply - Time & Place Valuation Rules Input Tax Credit Administration & Procedures Transitional Provisions 2 Basics of GST 3

More information

GST Workshop 9th June 2017

GST Workshop 9th June 2017 GST Workshop 9 th June 2017 GST Model- Basic Features GST is tax on the supply of goods and services, right from the manufacturer/service provider to the consumer. Destination based consumption Tax (Tax

More information

Registration. Chapter IV. FAQ s. Registration (Section 22 to 30)

Registration. Chapter IV. FAQ s. Registration (Section 22 to 30) Chapter IV Registration FAQ s Registration (Section 22 to 30) Section 22 to 30 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of the UTGST

More information

COMPONENTS OF GST GST. IGST (Interstate and Imports) CGST (Intrastate) SGST (Intrastate)

COMPONENTS OF GST GST. IGST (Interstate and Imports) CGST (Intrastate) SGST (Intrastate) WHAT IS GST Largest tax reform in the Indirect Taxation regime. PAN Based Registration Levied on supply of goods or services. Supply includes Stock Transfer. Supply being the Taxable Event, the concept

More information

Basics of GST. Ganesh Pathuri

Basics of GST. Ganesh Pathuri Basics of GST Ganesh Pathuri Background of Indian GST The Constitution (115th Amendment) Bill, 2011 The Constitution (122nd Amendment) Bill, 2014 Introduced in Lok Sabha on December 19, 2014. It was passed

More information

Downloaded from Update PPT on GST (As on 01 st January 2018)

Downloaded from  Update PPT on GST (As on 01 st January 2018) Update PPT on GST (As on 01 st January 2018) 1 This presentation is for education purposes only and holds no legal validity 2 The Journey to GST 2006 First Discussion Paper was released by the Empowered

More information

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

GOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017) GOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017) 1 PRESENTATION PLAN WHY GST : BENEFITS EXISTING INDIRECT TAX STRUCTURE FEATURES OF CONSTITUTION AMENDMENT ACT GST COUNCIL MAIN FEATURES OF GST

More information

GST Law Guide. Introduction. 1.1 Background of GST. 1.2 What is Goods and Services Tax?

GST Law Guide. Introduction. 1.1 Background of GST. 1.2 What is Goods and Services Tax? GST Law Guide Chapter 1 Introduction 1.1 Background of GST The structure of indirect taxes in India (as existing upto 30-6-2017) was based on three lists in Seventh Schedule to Constitution of India, which

More information

GOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016

GOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016 GOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016 (No. of 2016) [ th, 2016] A Bill to provide for compensation to the States for loss of revenue arising on account of implementation

More information

for 3-DAYS REFRESHER COURSE GOODS AND SERVICE TAX (GST)

for 3-DAYS REFRESHER COURSE GOODS AND SERVICE TAX (GST) BACKGROUND MATERIAL for 3-DAYS REFRESHER COURSE on GOODS AND SERVICE TAX (GST) I. INTRODUCTION The present system of indirect taxation has multiplicity of taxes levied by the Centre and State. This has

More information

Indirect Taxes Committee, ICAI

Indirect Taxes Committee, ICAI 1 GST Constitutional Provisions and Features of Constitution (101 st Amendment) Act, 2016 101st Constitution Amendment Act 2 Under current regime - Centre levies Excise duty on manufacture, Service tax

More information

GST Concept and Road Map... Atul Gupta

GST Concept and Road Map... Atul Gupta GST Concept and Road Map... Atul Gupta Goods and Service Tax What will be incidence of tax (which Activity will attract GST Definition of Supply. Schedule 1 & 2 Classification Based on HSN, A/c Code for

More information

Levy and Collection of Tax

Levy and Collection of Tax FAQ Meaning and scope of supply (Section 7) Chapter I Levy and Collection of Tax Q1. What is the scope of the term supply as defined in CGST Act, 2017? Ans. As per Sub-section (1) of Section 7, Supply

More information

GST: Frequently Asked Questions(FAQs) for Traders

GST: Frequently Asked Questions(FAQs) for Traders GST: Frequently Asked Questions(FAQs) for Traders Q 1. How will GST benefit the Trading Community? Under GST, a trader would be entitled to avail input tax credit paid on their domestic procurements of

More information

C. B. Thakar, Advocate

C. B. Thakar, Advocate Refresher Course on GST by WIRC 26 th June,2017 Basic Concepts of GST Presentation by C. B. Thakar, Advocate B.Com., F.C.A., LLB C. B. THAKAR, Advocate 1 Journey towards GST 122 nd CAB Approved by Lok

More information

Air India. June Page 1

Air India. June Page 1 Air India June 2017 Page 1 Contents GST Overview Comparative tax scenarios: Current vs. GST Credit Mechanism Concept of Place & Time of Supply Valuation under GST Compliances under GST Page 2 Overview

More information

GST: FREQUENTLY ASKED QUESTIONS [FAQS] FOR COMPOSITION SCHEME

GST: FREQUENTLY ASKED QUESTIONS [FAQS] FOR COMPOSITION SCHEME Q 1. What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs (Rs. 50 lakhs in case of few

More information

GST Implications. All India Distillers Association Hotel Crowne Plaza February 23, Discussion by: CA Gaurav Gupta

GST Implications. All India Distillers Association Hotel Crowne Plaza February 23, Discussion by: CA Gaurav Gupta GST Implications All India Distillers Association Hotel Crowne Plaza February 23, 2017 Discussion by: CA Gaurav Gupta FCA, LLB, DISA Author GST Law & Practise - Service Tax Law & Practise Agenda GST exclusion

More information

BIRD S EYE VIEW OF GST LAW

BIRD S EYE VIEW OF GST LAW BIRD S EYE VIEW OF GST LAW This part covers major aspects of CGST, IGST Act for understanding what GST is all about. The UTGST and State GST laws are expected to follow the same principles. Comparison

More information

THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) BILL, 2018

THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) BILL, 2018 1 As INTRODUCED IN LOK SABHA Bill No. 143 of 2018 THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) BILL, 2018 A BILL further to amend the Central Goods and Services Tax Act, 2017. BE it enacted by Parliament

More information

GST: An Integrated Tax

GST: An Integrated Tax The Journey to GST 2006 First Discussion Paper was released by the Empowered Committee 2009 Constitution (115th Amendment) Bill introduced and subsequently lapsed 2011 The Constitution (122 n d Amendment)

More information

BIRD S EYE VIEW OF GST LAW

BIRD S EYE VIEW OF GST LAW BIRD S EYE VIEW OF GST LAW This Chapter covers major aspects of CGST Bill, IGST Bill for understanding what GST is all about. It does not cover the dispute resolution mechanism as that stage shall come

More information

GST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No

GST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No GST Overview ~CA Unmesh G. Patwardhan~ Mobile No.98224 24968 Unmesh Patwardhan Mobile No.98224 24968 1 Brief History & Concept of GST Unmesh Patwardhan Mobile No.98224 24968 2 1 st Jul 2017 The D Day Journey

More information

EXECUTIVE PROGRAMME SUPPLEMENT FOR TAX LAWS & PRACTICE

EXECUTIVE PROGRAMME SUPPLEMENT FOR TAX LAWS & PRACTICE EXECUTIVE PROGRAMME SUPPLEMENT FOR TAX LAWS & PRACTICE (INDIRECT TAX PART-B) (Relevant for Students appearing in December 2017 Examination) Module I-Paper 4 Disclaimer- This document has been prepared

More information

THE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T

THE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T THE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T 1 Understanding GST Covering 2 Legislations, 174 Sections,3 Schedules TAXES IN INDIA There are mainly two types of taxes DIRECT TAXES INCOME TAX

More information

CHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST What is GST?

CHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST What is GST? CHAPTER 1: INTRODUCTION TO GST 1.1 BASICS OF GST 1.1.1 What is GST? Goods and Services Tax (GST) is a value-added indirect tax at each stage of the supply of goods and services precisely on the amount

More information

A. Introduction on GST:

A. Introduction on GST: GST FAQ S Contents A. Introduction on GST: 02 B. Meaning and Scope of Supply: 04 C. Tax liability on composite and mixed supplies 06 D. Registration under GST 07 E. Levy of GST 11 F. Time of supply of

More information

26 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...

26 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community... Experience Next Generation Banking A monthly publication from South Indian Bank To kindle interest in economic affairs... To empower the student community... www.southindianbank.com Student s corner ho2099@sib.co.in

More information

Composition Levy Under GST- A Boon or Bane

Composition Levy Under GST- A Boon or Bane Composition Levy Under GST- A Boon or Bane INTRODUCTION T he appointed date for Goods and Services Tax Law (GST Law or GST) role out is 1st of July, 2017. GST Law will affect, directly and indirectly,

More information

Frequently Asked Questions on Composition Levy

Frequently Asked Questions on Composition Levy Frequently Asked Questions on Composition Levy Q 1. What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is

More information

FAQs on Goods and Service Tax (GST)

FAQs on Goods and Service Tax (GST) FAQs on Goods and Service Tax (GST) 1. What is GST? Ans.It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final

More information

PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD

PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD SIMPLIFYING THE GST CODE PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD CURRENT STRUCTURE CASCADING EFFECT TAX ON TAX Excise/VAT/CST/Entry Tax/BCD/CVD/AED, ETC. Excise/VAT/CST Branch Transfers VAT/CST WHY

More information

BASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST

BASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST BASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST GST Basic Concepts Single Tax Payable on Taxable Supply of G&S Multi Stage & Destination based Consumption Tax GST Charged only on Value Addition No (Reduced)

More information

Goods and Service Tax in India. CA Ashutosh Thaker

Goods and Service Tax in India. CA Ashutosh Thaker Goods and Service Tax in India CA Ashutosh Thaker Ashutosh.thaker@verita.co.in Contents 01 Why &Salient features of Indian GST 02 Key Concept of GST 03 What should be of concern Central Govt. & State Govt.

More information

IGP-CS CS EXECUTIVE TAX LAWS CA Vivek Gaba

IGP-CS CS EXECUTIVE TAX LAWS CA Vivek Gaba Mock Test 1 (Tax Laws & Practice) CS EXECUTIVE By CA Vivek Gaba Time : 3 Hour Marks: 100 Part A [ Direct tax] 1. HSK, an LLP had taken keyman insurance policy on the life of its managing partner. The policy

More information

Goods & Service Tax. (GST) BBNL Vendor MEET

Goods & Service Tax. (GST) BBNL Vendor MEET Goods & Service Tax (GST) BBNL Vendor MEET 28.6.2017 1 Overview GST In short How to Charge Tax Changes Now Tax on both goods and services when supplied Replacing - Central Excise, Service Tax, VAT, Entry

More information

Goods and Service Tax The Constitution (101 Amendment) Act, 2016 Notified on 16 th Sept. 2016

Goods and Service Tax The Constitution (101 Amendment) Act, 2016 Notified on 16 th Sept. 2016 J.K.Mittal FCA, FCS,LLB Goods and Service Tax The Constitution (101 Amendment) Act, 2016 Notified on 16 th Sept. 2016 Presented By J.K. MITTAL (Advocate) Co-Chairman, National Council (Indirect Taxes),

More information

Summary of Notifications, Circulars from 16 th January2018 to 15 th February 2018

Summary of Notifications, Circulars from 16 th January2018 to 15 th February 2018 Summary of Notifications, Circulars from 16 th January2018 to 15 th February 2018 Collection of Revenue from Indirect Taxes Post introduction of GST, Central Revenue from Indirect Taxes has been estimated

More information

Goods & Services Tax Educational Series

Goods & Services Tax Educational Series S.NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. TOPIC Understanding Basics of GST Nature of Supply The Institute of Company Secretaries of India, as a capacity

More information

VAT CONCEPT AND ITS APPLICATION IN GST

VAT CONCEPT AND ITS APPLICATION IN GST CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system

More information

CA NAVYA MALHOTRA. CA Navya Malhotra [B.Com(H), M. Com, ACA, DISA Certified GST Member- The I.C.A.I] Latest Developments including Audit under GST

CA NAVYA MALHOTRA. CA Navya Malhotra [B.Com(H), M. Com, ACA, DISA Certified GST Member- The I.C.A.I] Latest Developments including Audit under GST CA NAVYA MALHOTRA Latest Developments including Audit under GST MAY 2018 CA Navya Malhotra [B.Com(H), M. Com, ACA, DISA Certified GST Member- The I.C.A.I] CA NAVYA MALHOTRA +91 84471 37367 GST- STORY SO

More information

Registration. Chapter VI

Registration. Chapter VI Chapter VI Registration Statutory provision 22. Persons liable for registration (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category

More information

GST. Concept & Roadmap By CA. Ashwarya Agarwal

GST. Concept & Roadmap By CA. Ashwarya Agarwal GST Concept & Roadmap By CA. Ashwarya Agarwal 1 What is GST?? GST Goods and Services Tax Clause 12A of Article 366 of The Constitution of India goods and services tax means any tax on supply of goods,

More information

INTRODUCTION TO GOODS AND SERVICE TAX

INTRODUCTION TO GOODS AND SERVICE TAX The Union Finance Minister Mr. P. Chidambaram in his budget speech in 2006 has said: It is my sense that there is a large consensus that the country should move towards a National Level Goods and Service

More information

GST MSME SECTORAL SERIES. Directorate General of Taxpayer Services Central Board of Indirect Taxes and Customs. Follow us on: cbicindia.

GST MSME SECTORAL SERIES. Directorate General of Taxpayer Services Central Board of Indirect Taxes and Customs. Follow us on: cbicindia. GST SECTORAL SERIES MSME Directorate General of Taxpayer Services Central Board of Indirect Taxes and Customs www.cbic.gov.in received the assent of the hon ble President of India and were enacted on

More information

GOODS & SERVICE TAX. Unleashing of the new era in the Indirect Taxation Arena. By CA. Chitresh Gupta

GOODS & SERVICE TAX. Unleashing of the new era in the Indirect Taxation Arena. By CA. Chitresh Gupta GOODS & SERVICE TAX Unleashing of the new era in the Indirect Taxation Arena Date : 22 nd May 2015 Venue: District Tax Bar Association, Faridabad By CA. Chitresh Gupta B.Com(H), FCA,IDT(Cert),IFRS(Cert)

More information

1 P a g e K N O W L E D G E E X P R E S S

1 P a g e K N O W L E D G E E X P R E S S 1 P a g e K N O W L E D G E E X P R E S S 9773060060 16 central goods and services tax 1. GST is one of the widely accepted indirect taxation system prevalent in more than countries across the globe. (a)

More information

Beginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC 3rd October Presenter CA Mandar Telang

Beginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC 3rd October Presenter CA Mandar Telang Beginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC Presenter CA Mandar Telang 1 Registration 2 Registration Legal Framework v Taxable Person means a person who carries

More information

Goods and Service Tax (GST)

Goods and Service Tax (GST) Goods and Service Tax (GST) 1. Basics of GST 2. Working Model of GST 3. GST Compliances- Monthly and Annual Filings 4. GST Impact on E-Commerce 5. GST Impact on Services ( IT/ITES) BASICS of GST GST is

More information

Simple Handbook on GST

Simple Handbook on GST Simple Handbook on GST Team Hiregange 01.12.2017 Published by Team Hiregange #1010, 26th Main (Above Corporation Bank), 4 th T Block, Jayanagar, Bangalore 560041 www.hiregange.com 1 P a g e Contents 1.

More information

Amendments in Goods and Services Tax- Legislative Background & Tracking

Amendments in Goods and Services Tax- Legislative Background & Tracking Amendments in Goods and Services Tax- Legislative Background & Tracking Contents Amendments to Goods and Services Tax: Constitutional Powers Summary of GST Amendments since implementation Tracking of Amendments

More information

REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By CA Sandip Agrawal Sandip Satyanarayan & Co Chartered Accountants

REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By CA Sandip Agrawal Sandip Satyanarayan & Co Chartered Accountants REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By BRIEF INTRODUCTION TO GST GST is a Tax on Goods and services and it is proposed to be a comprehensive indirect tax levy on manufacture,

More information

By: CA Sunnay Jariwala

By: CA Sunnay Jariwala By: CA Sunnay Jariwala Existing Indirect Tax Structure Source: cbec.gov.in What is Goods and Services Tax? Article 366 (12A) Tax on supply of goods or services or both. Except on supply of alcoholic liquor

More information

INPUT TAX CREDIT (ITC) PROVISIONS. CA Nammitta Gangwal Nilange LCS, DISA, GST Faculty R. I. Nilange & Co. Chartered Accountant

INPUT TAX CREDIT (ITC) PROVISIONS. CA Nammitta Gangwal Nilange LCS, DISA, GST Faculty R. I. Nilange & Co. Chartered Accountant INPUT TAX CREDIT (ITC) PROVISIONS LCS, DISA, GST Faculty R. I. Nilange & Co. Chartered Accountant WHAT SHOULD WE KNOW UNDER ITC? Sec. 16 Eligibility & Conditions for taking ITC Sec. 19 Taking ITC in respect

More information

Proposed Amendments in GST Law

Proposed Amendments in GST Law Proposed Amendments in GST Law On 09.07.2018, the Goods and Service Tax Council has issued draft proposal for the amendment in the "Goods and Services Tax" Law. The entire proposal gives brief view on

More information

Goods and Services Tax INPUT TAX CREDIT September 22, P V SRINIVASAN Corporate Advisor Mobile:

Goods and Services Tax INPUT TAX CREDIT September 22, P V SRINIVASAN Corporate Advisor   Mobile: Goods and Services Tax INPUT TAX CREDIT September 22, 2016 P V SRINIVASAN Corporate Advisor Email: pvs@pvsadvisors.com Mobile: +919845057597 1 Input Tax Credit Key definitions 1. Input : S 2(54): means

More information

Goods and Service. By CMA Sachin Kathuria. CMA Sachin Kathuria

Goods and Service. By CMA Sachin Kathuria. CMA Sachin Kathuria Goods and Service Tax (GST) in India By 1 Existing Tax structure in India 2 Tax Structure Direct Tax Indirect Tax Income Tax Wealth Tax (Now abolished) Central Tax State Tax Excise Service Tax Customs

More information

Presentation by CA RITESH MEHTA, NAGPUR. B. Com., F.C.A., D.I.S.A (ICAI).

Presentation by CA RITESH MEHTA, NAGPUR. B. Com., F.C.A., D.I.S.A (ICAI). Presentation by CA RITESH MEHTA, NAGPUR B. Com., F.C.A., D.I.S.A (ICAI). 1 Overview of GST Law Components of GST law Levy under GST Taxable event under GST Meaning & scope of the term Supply and its Implications

More information

FAQs. Yes. He is liable for registration as he is engaged in Inter State supplies.

FAQs. Yes. He is liable for registration as he is engaged in Inter State supplies. FAQs 1. A registered person s business is in many states. All supplies are below 10 lakhs. He makes an Inter State supply from one state. Is he liable for registration? Yes. He is liable for registration

More information

GOODS AND SERVICES TAX

GOODS AND SERVICES TAX GOODS AND SERVICES TAX The Ultimate Indirect Tax reform The information provided in this document is for general information only. It is based on the information available publicly and the advice received

More information

A PRESENTATION GOODS AND SERVICES TAX AN OVERVIEW

A PRESENTATION GOODS AND SERVICES TAX AN OVERVIEW A PRESENTATION ON GOODS AND SERVICES TAX AN OVERVIEW BY ASHU DALMIA & ASSOCIATES CHARTERED ACCOUNTANTS A-36, 2 nd Floor, Guru Nanak Pura Laxmi Nagar, Delhi-110092, INDIA Tel: +91 11 22466591, 22422707,

More information

Composition Scheme. CA Yashwant J. Kasar B.Com, FCA, DISA, CISA, PMP, FAIA

Composition Scheme. CA Yashwant J. Kasar B.Com, FCA, DISA, CISA, PMP, FAIA Composition Scheme under GST CA Yashwant J. Kasar B.Com, FCA, DISA, CISA, PMP, FAIA 22.07.2017 General Principles applicable to composition schemes In State of Kerala v. Builders Association of India 104

More information

Current Tax Structure in India

Current Tax Structure in India History of GST More than 150 countries have already introduced GST. France was the first country to introduce GST system in 1954. Typically it is a single rate system but two/three rate systems are also

More information

UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017

UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 [14 OF 2017]* An Act to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Union territories and

More information

MODEL GST LAW Decoding The Regulation. Khandhar Mehta & Shah

MODEL GST LAW Decoding The Regulation. Khandhar Mehta & Shah MODEL GST LAW Decoding The Regulation Khandhar Mehta & Shah 1 CONTENTS BASICS OF GST LEVY IN GST REGIME TIME AND PLACE OF SUPPLY GST VALUATION RULES INPUT TAX CREDIT (ITC) TAX ADMINISTRATION SECTOR-SPECIFIC

More information

GST OUTREACH PROGRAMME FOR STAKEHOLDERS

GST OUTREACH PROGRAMME FOR STAKEHOLDERS GST OUTREACH PROGRAMME FOR STAKEHOLDERS Who is Liable for GST Registration A person who supplies goods and/or services with a turnover in excess of Rs. 20 Lakhs. A person who supplies goods and/or services

More information

Master class on GST. Institute of Company Secretaries of India - WIRC. CA Ashit Shah. Shah & Savla LLP. Chartered Accountants

Master class on GST. Institute of Company Secretaries of India - WIRC. CA Ashit Shah. Shah & Savla LLP. Chartered Accountants Master class on GST Institute of Company Secretaries of India - WIRC CA Ashit Shah Chartered Accountants Matters to be covered Job work E-Commerce Valuation of Goods and Services Accounts & Records Tax

More information

CA. Hrishikesh Wandrekar Wandrekar & Co.

CA. Hrishikesh Wandrekar Wandrekar & Co. Wandrekar & Co. Basic Concept of GST Destination Based Consumption Tax Tax leviable on value added in the transaction chain Tax on goods & services borne by the ultimate consumer Input tax credit available

More information

ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES

ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES DEFINITIONS:- Aggregate Turnover means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and Inter-State

More information

Answer to MTP_Intermediate_Syllabus 2016_Jun2018_Set 2 Paper 11- Indirect Taxation

Answer to MTP_Intermediate_Syllabus 2016_Jun2018_Set 2 Paper 11- Indirect Taxation Paper 11- Indirect Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 11- Indirect Taxation Full Marks: 100 Time allowed:

More information

All you should know while filing GSTR - 3B Return

All you should know while filing GSTR - 3B Return All you should know while filing GSTR - 3B Return Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance

More information

Transferring efficiency Advancing new options. Indirect Tax Seminar Issues and Prospects June 22, 2013 Anjlika Chopra

Transferring efficiency Advancing new options. Indirect Tax Seminar Issues and Prospects June 22, 2013 Anjlika Chopra Transferring efficiency Advancing new options Indirect Tax Seminar Issues and Prospects June 22, 2013 Anjlika Chopra Contents Important obligations under VAT Registration Returns and payment of taxes VAT

More information

Bare Law on GST Act(s) and Draft Rule(s)

Bare Law on GST Act(s) and Draft Rule(s) Bare Law on GST Act(s) and Draft Rule(s) The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi The Institute of Chartered Accountants of India All rights reserved.

More information

HANDBOOK TO G S T AUDIT. (with GSTR-9 and 9C) BY :- CA ATUL KUMAR GUPTA ASSISTED BY :- CA SMELLY KINRA CA MOHIT GUPTA

HANDBOOK TO G S T AUDIT. (with GSTR-9 and 9C) BY :- CA ATUL KUMAR GUPTA ASSISTED BY :- CA SMELLY KINRA CA MOHIT GUPTA HANDBOOK TO G S T AUDIT (with GSTR-9 and 9C) BY :- CA ATUL KUMAR GUPTA ASSISTED BY :- CA SMELLY KINRA CA MOHIT GUPTA HANDBOOK TO GST AUDIT (With GSTR 9 & GSTR 9C) By- CA Atul Kumar Gupta Assisted by-

More information

Input Tax Credit & Refunds under GST Law. Presentation by CA. Gaurav V Save WIRC of ICAI June 28, 2017

Input Tax Credit & Refunds under GST Law. Presentation by CA. Gaurav V Save WIRC of ICAI June 28, 2017 Input Tax Credit & Refunds under GST Law Presentation by CA. Gaurav V Save WIRC of ICAI June 28, 2017 Agenda Definitions in ITC Eligibility & Conditions for ITC Apportionment & Blocked Credits Input Service

More information

Refunds. Chapter IX. FAQ s. Refund of tax (Section 54)

Refunds. Chapter IX. FAQ s. Refund of tax (Section 54) FAQ s Refund of tax (Section 54) Chapter IX Refunds Q1. Is the word refund defined in the CGST Act? Ans. Yes, the word refund is defined in explanation to Section 54 of the CGST Act, 2017. As per the said

More information

The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of

The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of Concept Note on GST 1.Introduction The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of India to facilitate the introduction of Goods and Services Tax

More information

Accounts and Records. Chapter VI. FAQ s. Accounts and other records (Section 35)

Accounts and Records. Chapter VI. FAQ s. Accounts and other records (Section 35) FAQ s Accounts and other records (Section 35) Chapter VI Accounts and Records Section 35 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of

More information

Marking Scheme. Session TAXATION (782) CLASS XII. Total marks: 100 Theory: 60 Marks Practical: 40 Marks. 1 Deduction From Gross Total Income

Marking Scheme. Session TAXATION (782) CLASS XII. Total marks: 100 Theory: 60 Marks Practical: 40 Marks. 1 Deduction From Gross Total Income Marking Scheme Session 2018-19 TAXATION (782) CLASS XII Total marks: 100 Theory: 60 Marks Practical: 40 Marks UNITS UNIT NAME TOTAL 1 Deduction From Gross Total Income 2 Computation Of Ta x Liability Of

More information

Introduction to Goods and Services Tax (GST)

Introduction to Goods and Services Tax (GST) Introduction to Goods and Services Tax (GST) CHAPTER 2 GST is the most ambitious and remarkable indirect tax reform in India s post-independence history. Its objective is to levy a single national uniform

More information

Yogendra Garg IRS Addl. DG, Centre of Excellence NACIN

Yogendra Garg IRS Addl. DG, Centre of Excellence NACIN Yogendra Garg IRS Addl. DG, Centre of Excellence NACIN Pre-GST Indirect Tax Structure in India Central Taxes Central Excise duty Additional duties of excise Excise duty levied under Medicinal & Toilet

More information

Goods and Services Tax (GST) M.R.Narain & Co., Chartered Accountants 1

Goods and Services Tax (GST) M.R.Narain & Co., Chartered Accountants 1 Goods and Services Tax (GST) 1 How GST Works Following are the Important Features of GST 1. Tax on Supply of Goods and Service (Except Alcoholic Liquor) 2. Multistage Tax 3. Tax on Value Added 4. Destination/Consumption

More information

GST - AN OVERVIEW I-5

GST - AN OVERVIEW I-5 Contents 1 GST - AN OVERVIEW 1.1 What is Goods and Services Tax? 1 1.1-1 Amendments made to GST Acts vide Amendment Act, 2018 3 1.1-2 Broad definition of service 6 1.1-3 Dual GST for supply of goods and

More information

FREQUENTLY ASKED QUESTION (FAQs) ON GOODS AND SERVICE TAX (GST)

FREQUENTLY ASKED QUESTION (FAQs) ON GOODS AND SERVICE TAX (GST) FREQUENTLY ASKED QUESTION (FAQs) ON GOODS AND SERVICE TAX (GST) As the GST has been rolled out with effect from 1 st July 2017, it is important to analyze the impact of GST on our Bank. For smooth functioning

More information

Levy and Collection of Tax

Levy and Collection of Tax FAQ Levy and collection of Tax (Section 5) Q 1. What type of tax is levied on inter-state supply? Chapter I Levy and Collection of Tax Ans. In terms of Section 5 of the IGST Act, 2017, inter-state supplies

More information

REFUND UNDER GST. Law, Rules & Forms. 4 December 2017 Copyrights Reserved of 21

REFUND UNDER GST. Law, Rules & Forms.  4 December 2017 Copyrights Reserved of 21 REFUND UNDER GST Law, Rules & Forms www.alankitgst.com 4 December 2017 Copyrights Reserved 2017 1 of 21 What is GST? Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based

More information

Virtual Certificate Course on GST Organised by: IDT Committee of ICAI

Virtual Certificate Course on GST Organised by: IDT Committee of ICAI 1 Virtual Certificate Course on GST Organised by: IDT Committee of ICAI Sector Specific Studies on Construction Information Technology Tourism Service Trader Manufacturer 23 of June 2017 2 HIGHLIGHTS OF

More information