{"id":2226,"date":"2016-09-03T07:14:57","date_gmt":"2016-09-03T07:14:57","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?page_id=2226"},"modified":"2016-09-03T07:14:57","modified_gmt":"2016-09-03T07:14:57","slug":"faq-on-goods-and-services-tax-gst","status":"publish","type":"page","link":"https:\/\/www.caindelhiindia.com\/blog\/faq-on-goods-and-services-tax-gst\/","title":{"rendered":"FAQ ON GOODS AND SERVICES TAX (GST)"},"content":{"rendered":"

FAQ ON GOODS AND SERVICES TAX<\/strong><\/p>\n

\"Image<\/p>\n

Start of GST regime<\/strong><\/p>\n

Question.<\/strong>\u00a0What are the major features of the Constitution (122nd Amendment) Bill, 2014?<\/p>\n

Answer:<\/strong>\u00a0The salient features of the Bill are as follows:
\nA.<\/strong>\u00a0<\/strong>Conferring simultaneous power upon Parliament and the State Legislatures to make laws governing goods and services tax\u037e
\nB.<\/strong>\u00a0Subsuming of various Central indirect taxes and levies such as Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs\u037e
\nC.<\/strong>\u00a0<\/strong>Subsuming of State Value Added Tax\/Sales Tax, Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States), Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting and gambling\u037e
\nD.<\/strong>Dispensing with the concept of ‘declared goods of special importance’ under the Constitution\u037e
\nE.<\/strong>\u00a0<\/strong>Levy of Integrated Goods and Services Tax on inter-State transactions of goods and services\u037e
\nF.<\/strong>\u00a0<\/strong>GST to be levied on all goods and services, except alcoholic liquor for human consumption. Petroleum and petroleum products shall be subject to the levy of GST on a later date notified on the recommendation of the Goods and Services Tax Council\u037e
\nG.<\/strong>Compensation to the States for loss of revenue arising on account of implementation of the Goods and Services Tax for a period of five years\u037e
\nH.<\/strong>\u00a0<\/strong>Creation of Goods and Services Tax Council to examine issues relating to goods and services tax and make recommendations to the Union and the States on parameters like rates, taxes, cesses and surcharges to be subsumed, exemption list and threshold limits, Model GST laws, etc. The Council shall function under the Chairmanship of the Union Finance Minister and will have all the State Governments as Members.<\/p>\n

End of British-era legacy? Next Budget may be presented in January<\/p>\n

Software license is a part of compute system; depreciable at 60% instead of 25%.<\/p>\n

Question.<\/strong>\u00a0<\/strong>What are the major features of the proposed registration procedures under GST?<\/p>\n

Answer:<\/strong>\u00a0The major features of the proposed registration procedures under GST are as follows:
\ni.<\/strong>\u00a0Existing dealers: Existing VAT\/Central excise\/Service Tax payers will not have to apply afresh for registration under GST.
\nii.<\/strong>\u00a0<\/strong>New dealers: Single application to be filed online for registration under GST.
\niii.<\/strong>\u00a0<\/strong>The registration number will be PAN based and will serve the purpose for Centre and State.
\niv.<\/strong>\u00a0Unified application to both tax authorities.
\nv.<\/strong>\u00a0Each dealer to be given unique ID GSTIN.
\nvi.<\/strong>\u00a0Deemed approval\u00a0within three days.
\nvii.<\/strong> Post registration verification in risk based cases only.<\/p>\n

Question.<\/strong>\u00a0What are the major features of the proposed payment procedures under GST?
\nAnswer:<\/strong>\u00a0<\/strong>The major features of the proposed payments procedures under GST are as follows:
\ni.<\/strong>\u00a0Electronic payment process- no generation of paper at any stage
\nii.<\/strong>\u00a0Single point interface for challan generation- GSTN
\niii.<\/strong>\u00a0Ease of payment – payment can be made through online banking, Credit Card\/Debit Card, NEFT\/RTGS and through cheque\/cash at the bank
\niv.<\/strong>\u00a0<\/strong>Common challan form with auto-population features
\nv.<\/strong>\u00a0Use of single challan and single payment instrument
\nvi.<\/strong>\u00a0<\/strong>Common set of authorized banks
\nvii.<\/strong> Common Accounting Codes<\/p>\n

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The visitors may visit the web site of\u00a0Government site Like\u00a0Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n

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FAQ ON GOODS AND SERVICES TAX Start of GST regime Question.\u00a0What are the major features of the Constitution (122nd Amendment) Bill, 2014? Answer:\u00a0The salient features of the Bill are as follows: A.\u00a0Conferring simultaneous power upon Parliament and the State Legislatures to make laws governing goods and services tax\u037e B.\u00a0Subsuming of various Central indirect taxes and …<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/pages\/2226"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=2226"}],"version-history":[{"count":2,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/pages\/2226\/revisions"}],"predecessor-version":[{"id":2228,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/pages\/2226\/revisions\/2228"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}