Deepak Gupta | Dec 27, 2018 |
CBIC releases Latest FAQ’s on GST updated upto 15th December 2018
CBIC has released latest set of FAQ’s on GST updated upto 15th December 2018
Q 1. What is Goods and Services 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 manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
Q 2. What exactly is the concept of destination based tax on consumption
Ans. The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.
Q 3. Which of the existing taxes are proposed to be subsumed under GST
Ans. The GST would replace the following taxes:
(i) taxes currently levied and collected by the Centre:
a. Central Excise duty
b. Duties of Excise (Medicinal and Toilet Preparations)
c. Additional Duties of Excise (Goods of Special Importance)
d. Additional Duties of Excise (Textiles and Textile Products)
e. Additional Duties of Customs (commonly known as CVD)
f. Special Additional Duty of Customs (SAD)
g. Service Tax
h. Central Surcharges and Cesses so far as they relate to supply of goods and services
(ii) State taxes that would be subsumed under the GST are:
a. State VAT
b. Central Sales Tax
c. Luxury Tax
d. Entry Tax (all forms)
e. Entertainment and Amusement (except when levied by the local bodies)
f. Taxes on advertisements
g. Purchase Tax
h. Taxes on lotteries, betting and gambling
i. State Surcharges and Cesses so far as they relate to supply of goods and services
The GST Council shall make recommendations to the Union and States on the taxes, cesses and surcharges levied by the Centre, the States and the local bodies which may be subsumed in the GST.
| 1 | Overview of Goods and Services Tax (GST) |
| 2 | Levy of and Exemption from Tax |
| 3 | Registration |
| 4 | Meaning and Scope of Supply |
| 5 | Time of Supply |
| 6 | Valuation in GST |
| 7 | GST Payment of Tax |
| 8 | Electronic Commerce and Tax Collected at Source |
| 9 | Job Work |
| 10 | Input Tax Credit |
| 11 | Concept of Input Service Distributor in GST |
| 12 | Returns Process |
| 13 | Assessment and Audit |
| 14 | Refunds |
| 15 | Demands and Recovery |
| 16 | Appeals/Revision |
| 17 | Advance Ruling |
| 18 | Inspection, Search, Seizure and Arrest |
| 19 | Offences, Penalties, Prosecution and Compounding |
| 20 | Overview of the IGST Act |
| 21 | Exports and Imports |
| 22 | Place of Supply of Goods and Service |
| 23 | GSTN and Frontend Business Process on GST Portal |
| 24 | Transitional Provisions |
| 25 | Anti-profiteering provisions |
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