GST

Some Examples The Model GST Law was kept in the public domain in June 2016. It is a race against the time in order to implement the GST across the entire country by 1st April 2017. From origin based t...

GST Model Law- Section 35 -Payment of Tax, Interest, Penalty (1) As per Section 35 “Payment of Tax, Interest, Penalty and other amount” of Chapter IX of GST Model Law, Every deposit made towards tax,...

Q 1. Will the CENVAT/ITC carried forward in the last return prior to GST under earlier law be available as ITC under GST? Ans. Yes, the registered taxable person shall be entitled to such credit and i...

Q 1. What is GSTN? Ans. Goods and Services Tax Network (GSTN) is a non­profit non-government company, which will provide shared IT infrastructure and service to both central and state governments incl...

Q 1. What is the need for the Place of Supply of Goods and Services under GST? Ans. The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination the...

Q 1. What is IGST? Ans. “Integrated Goods and Services Tax” (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade or commerce. Q 2....

Q 1. What are the prescribed offences under MGL? Ans. The Model GST Law codifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 66, apart from the penalty prescribed u...

Q 1. What is the meaning of the term “Search”? Ans. As per law dictionary and as noted in different judicial pronouncements, the term ‘search, in simple language, denotes an action of a government mac...

Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the...

Q 1. What is the meaning of Advance Ruling? Ans. As per section 94 of Model CGST/SGST Law, ‘advance ruling’ means a written decision provided by the authority to an applicant on matters or on question...

Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal? Ans. Yes. Any person aggrieved by any order or decision passed against him has the right to appea...

Q 1. Which is the applicable section for the purpose of recovery of tax short paid or not paid or amount erroneously refunded or input tax credit wrongly availed or utilized? Ans. Section 51A in cases...

Q 1. What is refund? Ans. Refund has been discussed in section 38 of the MGL. “Refund” includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the...

Q 1. Who is the person responsible to make assessment of taxes payable under the Act? Ans. Every person registered under the Act shall himself assess the tax payable by him for a tax period and after...

Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of...

Q 1. What is Input Service Distributor (ISD)? Ans. As per Section 2(56) of MGL, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towar...

Q 1. What is input tax? Ans. “Input tax” has been defined in section 2 (57) of the MGL and section 2 (1) (d) of the IGST Act. Input tax in relation to a taxable person, means the {IGST and CGST} in re...

Q 1. What is job-work? Ans. Section 2(62) of the MGL provides that ‘job-work” means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the exp...

Q 1. What is e-commerce? Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/ or services, or transmitting of funds or data, over an electronic net...

Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) a...