Essentials of Goods & Services Tax

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ISBN 9789393665485

Publication Date Tue Feb 01 00:00:00 UTC 2022

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Table of contents

Biographical note

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This book Essentials of Goods and Services Tax (GST) addresses the requirements of a simple, clear but comprehensive textbook for UG students of Commerce and Management.

Salient Features

 All provisions are arranged under appropriate heads and sub-headings
 Chapters, headings, sub-headings with the sections of CGST Act, 2017
 Exclusive sections on E-way Bill, Assessment of GST, Penalties, Fines and Punishments for Offences
 End of chapter review questions

Cover
Title Page
Copyright Page
CONTENTS
Preface
Chapter 1 Introduction
- 1.1 Introduction
- 1.2 The Need for GST
- 1.3 Objectives of GST
- 1.4 Constitution of India and The Goods and Services Tax Act
- 1.5 Evolution and Implementation of GST in India
- 1.6 Characteristics of GST
- 1.7 Composition of GST Law in India
- 1.8 Advantages of GST
- 1.9 Limitations of GST
- 1.10 Taxes Subsumed by GST
- 1.11 Important Definitions in CGST Act, 2017 1.12 Abbreviations used in the Context of GST
  - Review Questions
Chapter 2 Class, Powers, Function and Jurisdiction of Gst Officers and Institutions
- 2.1 Meaning of ‘Board’ (Section 2(16))
- 2.2 Class of Officers in the Administration of GST in India
- 2.3 Officers to Assist Proper Officers (Section 72)
- 2.4 Officers under the SGST Act, 2017
- 2.5 Jurisdiction of Proper Officers
- 2.6 Empowering Provisions in GST (Section 5)
- 2.7 Major Powers of the GST Officers in India
- 2.8 Specific Functions and Powers of the GST Officers under CGST Act
- 2.9 Cross-Empowerment Model in GST
- 2.10 GST Council
- 2.11 The Goods and Service Tax Network (GSTN)
- 2.12 Notification of the Common Goods and Services Tax Electronic Portal (Section 146)
- 2.13 Serving decision, Order, Summons, Notice or Other Communications (Section 169)
- 2.14 GST and Prevention of Anti-profiteering
- 2.15 Making General or Special Orders by the Central Government
  - Review Questions
Chapter 3 Registration
- 3.1 Meaning of Registration
- 3.2 Basic Concepts to be Understood for Registration
- 3.3 Aggregate Turnover (Section 2(6) & 22))
- 3.4 Threshold Limit
- 3.5 Amount of Threshold Limit (Section 22(1)) (As per Notification No. 10/2019, Dated 7-3-19)
- 3.6 Meaning of Normal/ ordinary States
- 3.7 Meaning of Special Category States
- 3.8 Types of Registration under CGST Act, 2017
- 3.9 Conditions and Procedure of Registration (Section 25) (Rules 8-10)
- 3.10 Process of Registration (Section 25) (Rules 8-10)
- 3.11 Process of making the Application Online
- 3.12 Documents to be Uploaded Along with the Application
- 3.13 Amendment of Registration (Section 28) (Rule 19)
- 3.14 Aadhaar Authentication
- 3.15 Suspension of Registration (Section 29(1)) (Rule 21A)
- 3.16 Cancellation of Registration (Section 29)
- 3.17 Revocation of Cancellation of Registration (Section 30) (Rule 23)
- 3.18 Notification of Certain Classes of Registered Persons (Section 148)
- 3.19 CGST Rules Governing Registration
  - Review Questions
Chapter 4 Scope, Nature and Types of Supply
- 4.1 Taxable Event in GST
- 4.2 Conditions or Elements that make a Supply the Taxable Event
- 4.3 Meanings and Definitions
- 4.4 Nature of Supply
- 4.5 The Establishments of Distinct Persons
- 4.6 Establishment in the Territory
- 4.7 Types of Supply
- 4.8 Job Work
- 4.9 Notification of Certain Supplies of Goods as Deemed Exports (Section 147)
  - Review Questions
Chapter 5 Place of Supply
- 5.1 Introduction
- 5.2 Classification of Supply of Goods and Services for Determining the Place of Supply
- 5.3 Classification of Supply Services for Determining the Place of Supply (Section 12 & 13)
- 5.4 Place of Supply for Supply of Goods
- 5.5 Liability to Pay Tax in Case of Online Information and Database Access or Retrieval Services (Section 14)
  - Review Questions
Chapter 6 Time and Value of Supply
- 6.1 Need of Time and Value of Supply
- 6.2 Classification of Supply of Goods to Determine the Time of Supply (Section 12)
- 6.3 Classification of Supply of Services to Determine the Time of Supply (Section 13)
- 6.4 Classification of Supply of Goods or Services in Case of Change in Rate of Tax (Section 14)
- 6.5 Time of Supply of Goods (Section 12)
- 6.6 Time of Supply of Services (Section 13)
- 6.7 Time of Supply of Goods or Services in Case of Change in Rate of Tax (Section 14)
- 6.8 Value of Taxable Supply (Section 15)
- 6.9 CGST Rules Governing Value of Supply
  - Review Questions
Chapter 7 Levy and Collection of Gst
- 7.1 Levy of CGST on Intra-state Supplies (Section 9(1))
- 7.2 Exemption from the Levy of CGST (Section 9(1))
- 7.3 Levy of CGST on a Future Date (Section 9(2))
- 7.4 Notification of Supplies to be Levied on ‘Reverse Charge’ Basis (Section 9(3))
- 7.5 Levy of CGST on ‘Reverse Charge’ Basis (Section 9(4))
- 7.6 Levy of CGST on Interstate Supply of Services by Electronic Commerce Operators (ECOs) (Section 9(5))
- 7.7 Levy on the Representative of the ECO (Section 9(5))
- 7.8 Duty of the ECO to Appoint an Agent for Paying Tax (Section 9(5))
- 7.9 Composition Levy Scheme (Section 10) (Rule 5)
- 7.10 Power to Grant Exemption from GST (Section 11)
- 7.11 Rounding off of the Amount of Tax, Interest,Penalty, Fine and Refund (Section 170)
- 7.12 CGST Rules Governing Composition Levy
  - Review Questions
Chapter 8 E-Way Bill
- 8.1 Electronic Way Bill (E-Way Bill)
- 8.2 Features of E-Way Bill
- 8.3 Contents of E-Way Bill
- 8.4 Parts of E-Way Bill
- 8.5 Advantages of E-Way Bill
- 8.6 Furnishing Information and Generating the E-Way Bill (Rule 138(1))
- 8.7 Cancellation of the E-Way Bill (Rule 138(9))
  - Review Questions
Chapter 9 Maintenance of Accounts and Records and Audit
- 9.1 Place and Form of Maintenance of Accounts (Section 35(1))
- 9.2 Content of Accounts (Section 35(1)) and (Rule 56(1))
- 9.3 Details of Stock Account (Rule 56(2))
- 9.4 Records and Account
- 9.5 Maintenance of Accounts in Case of Multiple Places of Business (Rule 56(7))
- 9.6 Accounts and Documents
- 9.7 Maintenance and Production of Electronic Records (Rule 57)
- 9.8 Maintenance of Accounts and Records
- 9.9 Retention of Books of Accounts and Records
- 9.10 CGST Rules Governing Maintenance ofAccounts and Records
  - Review Questions
Chapter 10 Input Tax Credit, Electronic Liability Register, Electronic Credit Ledger, Electronic Cash Ledger and Output Tax Liability
- 10.1 Input Tax (Section 2(62))
- 10.2 Composition of Input Tax (Section 2(62))
- 10.3 Input Tax Credit
- 10.4 Apportionment of ITC and Blocked ITC (Section 17)
- 10.5 Non-Availability of ITC (Section 17(5))
- 10.6 Availability of ITC in Special Cases (Section 18) (Rule 40)
- 10.7 ITC in Respect of Inputs and Capital Goods Sent for Job-work (Section 19) (Rule 45)
- 10.8 Manner of Distribution of Credit by Input Service Distributor (Section 20)
- 10.9 Matching, Reversal and Reclaim of Input Tax Credit (Section 42)
- 10.10 E-Register and Ledgers in GST Act
- 10.11 Right to Claim and Use ITC
- 10.12 Utilization of Input Tax Credit (Section 49)
- 10.13 Prescription of the Order of Utilization of Input Tax Credit (Section 49B)
- 10.14 Matching, Reversal and Reclaim of Reduction in Output Tax Liability (Section 43)
  - Review Questions
Chapter 11 Assessment of Gst
- 11.1 Assessment (Section 2(11))
- 11.2 Types of GST Assessments
- 11.3 CGST Rules Governing Assessment
  - Review Questions
Chapter 12 GST Returns Qrmp Scheme, IF Facility and Gst Practitioners
- 12.1 GST Returns
- 12.2 Options for Preparing and Filing GST Returns
- 12.3 Online Filing
- 12.4 Offline Preparation and Filing
- 12.5 Process of Filing GSTRs On-line
- 12.6 Advantages of Filing GST Returns
- 12.7 Types of GST Returns
- 12.8 Forms of GST Returns
- 12.9 Outward Supplies
- 12.10 Furnishing of Returns (Section 39) (Rule 61)
- 12.11 Furnishing of the First Return (Section 40)
- 12.12 Furnishing Annual Return (Section 44)
- 12.13 Furnishing of Final Return on Cancellation of Registration (Section 45) (Rule 81)
- 12.14 Notice to defaulters in furnishing GST Returns (Section 46)
- 12.15 Late Fee
- 12.16 GST Practitioners (Section 48) (Rules 83-84)
  - Review Questions
Chapter 13 Deduction, Payment and Refund of Gst
- 13.1 E-Ledger
- 13.2 Payment of Interest
- 13.3 GST Deduction at Source (Section 51) (Rule 66)
- 13.4 Collection of GST at Source (Section 52)
- 13.5 Refund of GST (Section 54)
- 13.6 Refund in Special Cases (Section 55) (Rule 95)
- 13.7 Interest on Delayed Refunds (Section 56) (Rule 94)
- 13.8 Rates of Interest Fixed by the Government forDifferent Sections of the CGST Act, 2017
  - Review Questions
Chapter 14 Demands and Recovery
- 14.1 Determination of Tax in Cases Other than Frauds, Misstatement or Suppression of Facts, etc (Section 73)
- 14.2 Determination of Tax in Case of Frauds, Misstatement or Suppression of Facts, etc (Section 74)
- 14.3 Determination of Tax and Orders by Appellate Authority or Appellate Tribunal or Court, etc (Section 75)
- 14.4 Tax Collected but Not Paid to the Government (Section 76)
- 14.5 Tax Wrongly Collected and Paid to the Governments (Section 77)
- 14.6 Recovery Proceedings and Recovery of Tax (Section 78 and 79)
  - Review Questions
Chapter 15 Gst Audit, Inspection, Search and Seizure
- 15.1 Responsibility of the Registered Persons
- 15.2 GST Audit (Section 2(13))
  - Review Questions
Chapter 16 Advance Ruling
- 16.1 Advance Ruling
- 16.2 procedure to Get an Advance Ruling
- 16.3 Procedure for Disposing the Applicationfor Advance Ruling (Section 98(1) to Section 98(7))
- 16.4 Deemed Appellate Authority for Advance Ruling(Section 99)
- 16.5 Appeal to Appellate Authority (Section 100)(Rule 106)
- 16.6 National Appellate Authority (Section 101A)
- 16.7 Appeal to National Appellate Authority(Section 101B (1))
- 16.8 Rectification of Order
- 16.9 Binding of Advance Ruling (Section 103(1))
- 16.10 Void Advance Rulings (Section 104(1))
- 16.11 Powers of Authority and Appellate Authority
- 16.12 Power to Self-Regulate their Procedure (Section 106)
- 16.13 Manual Filing and Processing (Rule 107A)
- 16.14 CGST Rules Governing Advance Ruling
  - Review Questions
Chapter 17 Appeals and Revision
- 17.1 Definitions
- 17.2 Meaning of an Appeal
- 17.3 Types of Appeals
- 17.4 Appeals to Appellate Authority (Section 107)(Rule 108)
- 17.5 Revisional Authority
- 17.6 Appeals to Appellate Tribunal
- 17.7 Appeal to High Court
- 17.8 Appeal to Supreme Court
- 17.9 Non-Appealable Decisions and Orders (Section 121) 17.9 Provisions Relating to Invalidity of Assessmenton Notice
- 17.10 Rectification of an Error which is Apparenton the Face of Record (Section 161)
  - Review Questions
Chapter 18 Penalties, Fines and Punishmentsfor Offences
- 18.1 Offences under GST
- 18.2 Penalities
- 18.3 General Guidelines for Imposing Penalty (Section 126
- 18.4 Waiving Penalty or Fine or Both (Section 128)
- 18.5 Punishment and Fine under Section 132(1 & 2)
- 18.6 Compounding of Offenses
- 18.7 CGST Rule Governing Offences and Penalties
  - Review Questions
Chapter 19 Basics of Customs Law
- 19.1 Introduction
- 19.2 Objectives of Levying Customs Duty
- 19.3 Custom Law in India
- 19.4 Central Board of Indirect Taxes and Customs
- 19.5 Definitions and Important Conceptsin Customs Act, 1962
- 19.6 Officers of Customs
- 19.7 Taxable Event
- 19.8 Levy of Customs Duty (Section 12)
- 19.9 Customs Valuation and WTO
- 19.10 Customs Law and GST Law
- 19.11 Power of the Central Government to Amendthe Schedules (Section 8)
- 19.12 Appeals and Revision
- 19.13 Offences under the Customs Act, 1962
- 19.14 Confiscation of Goods and Conveyancesand Imposition of Penalties
  - Review Questions
Index

Dr. L. J. Chaarlas was Head and Associate Professor (Retired), Department of Commerce, St. Joseph’s College (Autonomous), Trichy. He has more than 36 years of experience in teaching. His areas of interest include Income Tax, Marketing, Business Management, Business Ethics, Human Resource Management (HRM), Entrepreneurship and GST. He is a well-acknowledged HR trainer and Quiz Master. He has authored books like Understanding Behavioural Finance: Making Better Decisions, Principles and Practices of Accounting, and Goods and Services Tax.

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