GST update
Now, Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax. more
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I think GST update is incomplete unless consumers are informed of a concealed section of a Notification of CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS, dated 18.04.218. The relevant extract is reproduced as follows for analysis particularly by you and other participant: "(ii) for rule 97, the following rule shall be substituted, namely:- “97. Consumer Welfare Fund.-(1) All amounts of duty/central tax/ integrated tax /Union territory tax/cess and income from investment along with other monies specified in sub-section (2) of section 12C of the Central Excise Act, 1944 (1 of 1944), section 57 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017) and section 12 of the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017) shall be credited to the Fund: "Provided that an amount equivalent to fifty per cent. of the amount of integrated tax determined under sub-section (5) of section 54 of the Central Goods and Services Tax Act, 2017, read with section 20 of the Integrated Goods and Services Tax Act, 2017, shall be deposited in the Fund." My observation is that while Section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, has made the rules, but why this particular Notification of 18.04.2018 notifying the proviso that an amount equivalent to fifty per cent of the amount integrated tax shall be deposited in the Fund? My objection is that consumers paid the entire integrated GST and after assessment was ordered to be paid into CWF, who is CBDT to draw this Notification and order deduction of 50% of the assessed amount? My view is that after assessment the entire assessed amount has to be deposited in CWF without any deduction e.g. the said 50%. Comments are invited. more
Aug 29
I HAD CHECKED GST SITE BUT NOT SUCH CIRCULAR OR NOTIFICATION FOUND KINDLY POST CIRCULAR OR NOTIFICATION OF THE SAME more
Aug 24
