15 Things You Should Know About Model GST Law

7/26/2019 15 Things You Should Know About Model GST Law

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15 things you should about Model GST L

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On June 14, 2016 the Finance Ministr has re!ease" the #Mo"e!$%& 'aw#. (t out!ines the structure o) the $%& re*ime. Further,the "ra)t o) #(nte*rate" $%& +i!!, 2016# is a!so re!ease" a!on*with such Mo"e! $%& !aws. (t a!so roi"es the )ramewor )or!e an" co!!ection o) C$%& an" %$%&. /C$%&/ is the tax !eie"un"er the Centra! $oo"s an" %erices &ax +i!!, 2016. /($%&/ isthe tax !eie" un"er the (nte*rate" $oo"s an" %erices &ax +i!!,2016.

e taeawas )rom Mo"e! $%& !aw are *ien hereun"er

1) Threshold limit for registration

&he "ea!er is reuire" to tae re*istration un"er this !aw i) hisa**re*ate turnoer in a 3nancia! ear excee"s s.9 !ahs.oweer, "ea!ers con"uctin* usiness in an North 7astern%tate are reuire" to tae re*istration i) their turnoer excee"ss.4 !ahs.

2) Place of registration &he "ea!er has to tae re*istration in the %tate )rom where

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Customer Care No. 91-11- www



) Migration of e!isting ta!"ayers to GST

7er erson a!rea" re*istere" un"er extant !aw wi!! e issue" a certi3cate o) reroisiona! asis. &his certi3cate sha!! e a!i" )or erio" o) 6 months. %uch erso)urnish the reuisite in)ormation within 6 months an" on )urnishin* o) such in)ore*istration certi3cate sha!! e *rante" the Centra!8%tate $oernment.

#) GST com"liance rating score

7er taxa!e erson sha!! e assi*ne" a $%& com!iance ratin* score ase" oncom!iance with the roisions o) this ct. &he $%& com!iance ratin* score sha!! erio"ic intera!s an" intimate" to the taxa!e erson an" a!so !ace" in the u!ic

5) Le$y of Ta!

&he erson re*istere" un"er this !aw is !ia!e to a tax i) his a**re*ate turnoeear excee"s s 10 !ahs. oweer, a "ea!er con"uctin* usiness in an o) the Noreuire" to a tax i) his a**re*ate turnoer excee"s s. 5 !ahs.

ne*atie !ist has a!so een rescrie" )or transactions an" actiities o) $oernmuthorities which sha!! e exemt )rom $%& !e, !ie actiities o) issuance o) "riin* !icense, irth certi3cate or "eath certi3cate, etc.

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%) Ta!able &$ent

&he taxa!e eent un"er $%& re*ime wi!! e su! o) *oo"s or serices. %u

)orms o) su! o) *oo"s an"8or serices such as sa!e, trans)er, arter, exchrenta!, !ease or "isosa! ma"e or a*ree" to e ma"e )or a consi"eration. (timortation o) serice, whether or not )or a consi"eration.

') Point of ta!ation

C$%&8%$%& sha!! e aa!e at the ear!iest o) the )o!!owin* "ates, name!

<i= >ate on which the *oo"s are remoe" )or su! to the reciient <in cas*oo"s=.

<ii= >ate on which the *oo"s are ma"e aai!a!e to the reciient <in case o) immo

<iii= >ate o) issuin* inoice su!ier? or

<i= >ate o) receit o) ament su!ier? or

<= >ate on which reciient shows the receit o) the *oo"s in his oos o) accoun

() TS on online sales of goods or ser$ice

7er 7-commerce oerator en*a*e" in )aci!itatin* the su! o) an *oo"s a!ie ma@on F!i art etc. sha!! co!!ect tax at source at the time o) cre"it or

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wwwCustomer Care No. 91-11-



*) +aluation ,ules

%uch u!es sha!! a! to the su! o) *oo"s an"8or serices un"er the ($%&8C%ome o) the metho"s rescrie" )or a!uation are *ien hereun"er

a) Transaction +alue- s er this metho" the a!ue o) *oo"s an"8or sericetransaction a!ue.

b) Transaction $alue of goods or ser$ices of like kind- Ahere a!ue o) su"etermine" un"er reious metho" Bi.e. oint a, the a!ue sha!! e "etermine" transaction a!ue o) *oo"s an"8or serices o) !ie in" an" ua!it su!ie" at or a

time to customers.

c) om"uted +alue Method- Ahere a!ue cannot e "etermine" un"er rBi.e., oint , it sha!! e ase" on comute" a!ue which sha!! inc!u"e cost manu)acture or rocessin* o) the *oo"s or, the cost o) the roision o) serices, an, )or "esi*n an" ran" an" amount towar"s ro3t an" *enera! exenses.

d) ,esidual Method- Ahere the a!ue cannot e "etermine" un"er the cometho", the a!ue sha!! e "etermine" usin* reasona!e means consistent with

an" *enera! roisions o) these u!es.

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15 Things You Should Know About Model GST Law