Daily Archives: September 29, 2016

GST Refunds – Analysis of Draft Rules released by Govt of India

By | September 29, 2016

GST Refunds – Analysis of Draft Rules released by Govt of India Key Points about Draft Rules Related to GST Refunds 10  Forms (Form GST RFD-01 to GST RFD-10) pertain to GST refund are released. A common GST refund application is prescribed for all refunds arising on various instances including refund of unutilised input tax credits… Read More »

What is GST Council in India ?

By | September 29, 2016

Q  What would be the role of GST Council? Ans. A GST Council would be constituted comprising the Union Finance Minister (who will be the Chairman of the Council), the Minister of State (Revenue) and the State Finance/Taxation Ministers to make recommendations to the Union and the States on (i) the taxes, cesses and surcharges… Read More »

Category: GST

Who will decide rates for levy of GST ?

By | September 29, 2016

Q  Who will decide rates for levy of GST? Ans. The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council. Education Guide on Goods & Service Tax (GST)   S. No. Title of the Post… Read More »

Category: GST

What is IGST?

By | September 29, 2016

Q  What is IGST? Ans. Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of inter-State trade or commerce shall be levied and collected by the Government of… Read More »

Category: GST

What will be benefits from GST to India

By | September 29, 2016

Q  What are the benefits which the Country will accrue from GST? Ans. Introduction of GST would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would mitigate the… Read More »

Category: GST

Why is Dual GST required in india

By | September 29, 2016

Q . What type of GST is proposed to be implemented? Ans. It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST)… Read More »

Category: GST