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Posted @ July 31, 2016, 9:44 pm under (GST Compliances)

GST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operating on negative concept.

GST will include following Central & State taxes Central Tax – Central Excise Duty, Service Tax, Additional Custom Duty, Central Surcharge, State Tax – Sales Tax, Entertainment Tax, Octroi Tax, Entry Tax, Purchase Tax, Luxury Tax, Lottery Tax, Betting and Gambling Tax, State Surcharges, State Cesses 

1. Integrated GST levied on inter State transactions by Central Government (IGST)
2. Central CST levied by Central Government. (CGST)
3. State GST levied by State Government. (SGST)

GST will lead to increased inflation during the initial period (As the services will become costlier considering higher rate of GST). However, from a larger and long term perspective, GST would really be a boon for the Indian economy. 


FAQ on GST as issued by CBEC

Q 7. What is the time limit for taking a Registration under Model GST Law?

Ans. Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.

Q 8. If a person is operating in different states, with the same PAN number, whether he can operate with a single Registration?

Ans. No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law.

Q 9. Whether a person having multiple business verticals in a state can obtain for different registrations?

Ans. Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed. 

Q 10. Is there a provision for a person to get himself voluntarily registered though he may not be liable to pay GST?

Ans. Yes. In terms of Sub-section (3) of Section 19, a person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.

Q 11. Is possession of a Permanent Account Number (PAN) mandatory for obtaining a Registration?

Ans. Yes. Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 (43 of 1961) in order to be eligible for grant of registration under Section 19 of the Model GST Law.

Refund Under GST

To claim refund under GST, Assessee needs to submit CA Certificate that GST burden not passed to customer beside a Self certification upto threshold amount is also applicable.

Under GST TDS, TCS, Tax under Reverse charge, composition tax, interest, penalty, fee or any other amount can be paid only from Electronic cash ledger.

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