GST Roll-out and Legal Provisions Notification
With the GST roll-out just two days away, the Finance Ministry has begun notifying various legal provisions related to interest calculation, input tax credit, and valuation. The Central GST Act (CGST), Integrated GST (IGST) Act, and Union Territory GST Act provisions, along with the rules under them, are being notified. These notifications cover matters related to tax invoices, credit and debit notes, accounts and records, returns, tax payments, refunds, assessments, audits, and advance rulings. Additionally, appeals and revisions, transitional provisions, anti-profiteering, and e-way rules have also been notified and will take effect from July 1.
Interest Rates on Delayed Payments and Excessive Claims
According to the notification, a delayed tax payment will attract an 18% interest, and an excessive claim of input credit or undue/excessive reduction in output liability will attract a 24% interest. If the refund is withheld, a 6% interest would accrue.
IGST Provisions and Refunds
In terms of IGST, a provision that prescribes a refund of 50% of IGST on supplies to defense-run CSD canteens has been notified. Provisions related to the supply of goods for which no refund of unutilized input tax credit will be allowed have also been notified.
Prohibition under the Composition Scheme
The Ministry has prohibited manufacturers of ice cream, pan masala, and tobacco from paying tax under the composition scheme, which has also been notified. Under this scheme, businesses whose sales do not exceed Rs. 75 lakh will have to pay 1% of turnover as GST, traders 2.5%, and other suppliers 0.5% of turnover in the state.
Amendments to CGST Rules
The Ministry has also notified 12 amendments to the CGST Rules. Among other things, these amendments allow for the cancellation of registration of businesses violating anti-profiteering rules.
The Goods and Services Tax (GST) will be rolled out from July 1, and in the run-up to this new indirect tax regime, the finance ministry is notifying various provisions. This information is relevant to Ahmedabad, India.
From India, Ahmadabad
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34With the GST roll-out just two days away, the Finance Ministry has begun notifying various legal provisions related to interest calculation, input tax credit, and valuation. The Central GST Act (CGST), Integrated GST (IGST) Act, and Union Territory GST Act provisions, along with the rules under them, are being notified. These notifications cover matters related to tax invoices, credit and debit notes, accounts and records, returns, tax payments, refunds, assessments, audits, and advance rulings. Additionally, appeals and revisions, transitional provisions, anti-profiteering, and e-way rules have also been notified and will take effect from July 1.
Interest Rates on Delayed Payments and Excessive Claims
According to the notification, a delayed tax payment will attract an 18% interest, and an excessive claim of input credit or undue/excessive reduction in output liability will attract a 24% interest. If the refund is withheld, a 6% interest would accrue.
IGST Provisions and Refunds
In terms of IGST, a provision that prescribes a refund of 50% of IGST on supplies to defense-run CSD canteens has been notified. Provisions related to the supply of goods for which no refund of unutilized input tax credit will be allowed have also been notified.
Prohibition under the Composition Scheme
The Ministry has prohibited manufacturers of ice cream, pan masala, and tobacco from paying tax under the composition scheme, which has also been notified. Under this scheme, businesses whose sales do not exceed Rs. 75 lakh will have to pay 1% of turnover as GST, traders 2.5%, and other suppliers 0.5% of turnover in the state.
Amendments to CGST Rules
The Ministry has also notified 12 amendments to the CGST Rules. Among other things, these amendments allow for the cancellation of registration of businesses violating anti-profiteering rules.
The Goods and Services Tax (GST) will be rolled out from July 1, and in the run-up to this new indirect tax regime, the finance ministry is notifying various provisions. This information is relevant to Ahmedabad, India.
From India, Ahmadabad
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