Thursday, August 18, 2016

84 Suggestions on Model GST Law by ICAI


The ICAI Memorandum contains 84 suggestions on issues relating to leviability, registration, credit mechanism, transitional issues etc. for the consideration of the Government while framing the final GST Law. Addressing the issues in the ICAI Memorandum may make GST laws simple, fair and transparent and avoid litigation.

Download ICAI Memorandum containing Suggestions on Draft/ Model GST Law

Table of ICAI Suggestions on Draft/ Model GST Law is as follows:-
Sl. No. Contents of ICAI Memorandum on Model GST Law Page No.
I. INTRODUCTION 1
II. EXECUTIVE SUMMARY 2-21
III. SUGGESTIONS ON MODEL GST LAW 22-71
1 Aggregate Threshold limit for Registration under GST 22
2 Exclusions from definition of aggregate turnover 22
3 Definition of Business Vertical 23
4 Definition of “export of goods” 23
5 Taxation of Electricity not be included in GST 23
6 Definition of Inputs& Input Services 24
7 Correction of definition of “Input Tax Credit” 25
8 Definition of term “Manufacturer” 25
9 Meaning of “Substantial Interest” under the definition of
“Related Person” 25
10 Definition of Term “Service” 26
11 Definition of “Works Contract” 26
12 Definition of “Inter-state Taxable Supply” 27
13 Definition of Words ” Captive Plant including mines” and
“Captive use” 28
14 Definition of “Supply” 28
15 Authority to Central/ State Government to notify a transaction as Supply 29
16 Taxability of Importation of Services for personal use 29
17 Movement of goods within same business not to be treated as supply 30
18 Levy and Collection of Central/State Goods and Services
Tax 30
19 Definition of terms “Intra-state Supply” & “Inter-state
Supply” 31
20 Levy & Collection under Reverse Charge 32
21 Scope & Collection of Taxes under Composition Levy 32
22 Basic Exemption Limit for Small Suppliers 34
23 Agriculturist not considered as Taxable Person 35
24 Exclusion from scope of taxable persons 36
25 Power to grant exemption from Tax 36
26 Remission of tax for deterioration in quality due to natural causes 37
27 Taxation of Advance Payments received for goods/
services 37
28 Deferment of levy till Time of Supply 38
29 Time of Supply of Goods not to include receipt of payment 38
30 Reverse Charge on Goods 39
31 Time of Supply of goods sent or taken on approval or sale or return or similar terms 40
32 Cessation of services before completion of contract 41
33 Change in Rate of tax w.r.t Supply of Services 41
34 Value of Taxable Supply 42
35 Method of determination of Value 42
36 Authority of proper officer to reject declared value 43
37 Eligibility for Availing Input Tax Credit 43
38 Availment of pre-registration Credit 44
39 Non-availability of Input Tax Credit w.r.t to certain supplies 44
40 Condition for payment and filing of return for availing input tax credit 46
41 Tax to be paid to the credit of Government for utilizing input tax credit 47
42 Setting up Procedure for availing Input Tax Credit 47
43 Input Tax Credit of inputs sent for job work 48
44 Time Limit for availing CENVAT Credit 48
45 Recovery of excess input credit distributed by Input
Service Distributor 49
46 Time limit to fix effective date of Registration 50
47 Explicit contents of a Tax Invoice 50
48 Amount of tax to be indicated in tax invoice and other documents 51
49 Clarification regarding furnishing details of outward supplies 51
50 Rectification of Returns by Input Service Distributors
(ISD) 51
51 Interest on delayed payment of tax 52
52 Payment of refundable amount to applicant 53
53 Definition of Books of Accounts for the purpose of GST 53
54 Removal of goods for job work 53
55 Definition of “Brand Name” referring only to a service 54
56 Collection of Tax at Source by e-Commerce operators 54
57 Return of goods received in pursuance of an inward supply 55
58 Scrutiny of Returns 55
59 Filing of return to revoke best judgement assessment 56
60 Audit by Tax authorities of business transactions 57
61 Time Limit for issuing Notice to be prescribed. 57
62 Double tax payment for tax wrongfully collected and deposited 58
63 Reasons to believe Suppression to undertake a search 59
64 Summoning taxable persons to give evidence and produce documents 59
65 Access to business premises to inspect books of accounts, documents etc. 59
66 All offences put in one class and penalty imposed thereupon 60
67 Imprisonment for 5 years for repeated offences 60
68 Cognizable and Non-bailable Offences 61
69 Criteria for determining range of compounding amount 61
70 Appeals to First Appellate Authority& Appellate Tribunal 62
71 Calling of records for admitting application for Advance
Ruling 63
72 Definition of “Manufacturer” 63
73 Amount of CENVAT credit carried forward in a return to be allowed as input tax credit 64
74 Transitional Provisions for Taxability on Return of goods from Job workers 64
75 Downward revision of price of goods after implementation of GST 65
76 Refund claim filed after the date of applicability of GST 66
77 Taxability of Supply without Consideration 66
78 Reversal of Credit for Inputs used for Personal use 68
79 Nexus of the term “Taxable Threshold” 68
80 Compulsory Registration for person making Inter-state taxable supply 69
81 Provision of Centralized Registration 69
82 Mandatory registration for Casual Taxable Person & Non- resident Taxable person 70
83 Tax Treatment of Stock in Transit under GST 70
84 Sharing of expenses borne by Shared Service Centres 71

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