06 March 2017 Current Affairs: The Goods and Services Tax (GST) Council on 4 March 2017 approved the draft Central Goods and Services Tax (CGST) Bill and the Integrated Goods and Services Tax (IGST) Bill.
With this, the Union Government can now take these two Bills to the Parliament for their passage in the Budget Session.
A State-wise single registration will be required for a taxpayer for filing returns, paying taxes and to fulfil other compliance requirements.
A taxpayer needs to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them.
A business entity with an annual turnover of up to Rs 20 lakhs will not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain.
A business entity with turnover up to Rs 50 lakhs can avail the benefit of a composition scheme under which a much lower rate of tax will be paid.
In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course or furtherance of business, except on a few items listed in the Law.
In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law is retained to allow the flow of ITC in respect of input services within a legal entity.
To prevent lock-in of capital of exporters, a provision has been made to refund within seven days of filing the application for refund by an exporter.
An agriculturist, to the extent of supply of produce out of cultivation of land, will not be liable to take registration in the GST regime.
In order to provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.Exhaustive provisions for Appellate mechanism have been made.
An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers.
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