GST – A Practical Approach, 2017 by Vashishtha Chaudhary, Ashu Dalmia & Shaifaly Girdharwal

GST – A Practical Approach, 2017

As you are aware, the Goods and Services Tax has been launched from 1st of July, 2017. Five Acts i.e. Central Goods and Services Tax (CGST) Act, 2017, Integrated Goods and Services Tax (IGST) Act, 2017, Union Territory Goods and Services Tax (UTGST) Act, 2017, State Goods and Services Tax (SGST) Act, 2017 and the Goods and Services Tax (Compensation to States) Act, 2017 have been passed by the Parliament and have been assented by the President of India. CGST Rules, 2017 have also since been issued.

Further, vide Notification No. 1/2017, dated 19 June, 2017 certain provisions of the Acts have been made operational from 22nd June, 2017. Several applications of GST are rolled out like Registration of normal taxpayers, opt in under composition scheme, Registration of GSTP, Enrolment, upload of Invoice, Offline utility, creation of rolls of the officers and their role mapping, and further development and testing of the applications by different stakeholder of GST has been taken up at war footing level so that the time line given by the Govt. may be met and end to end IT solution, which is essential for GST implementation may be provided. Similarly vide Notification No. 2/2017, dated 19th June, 2017 the officers have been appointed under GSTR to perform their duty. Notification No. 4/2017, dated 19th June, 2017 notify the www.gst.gov.in as Common GST Electronic Portal for facilitating Registration, Payment and filing of Return, Computation and settlement of IGST and e-Way Bill. Notification No. 7/2017, dated 27th June, 2017, issued for GST (Amendment) Rules, 2017, Notification No. 8/2017, dated 28th June, 2017 notify the composition rates of 1%, 2.5% and ½% applicable in different scenarios. Notification No. 9/2017, dated 28th June, 2017 enable most of the provisions of the law to be operational from 1st July, 2017 and Notification No. 12/2017, dated 28th June, 2017 specify the class of taxpayers for mentioning number of digits of HSN in the Invoice and Notification No. 13/2017 notify the rates of Interests applicable in different scenarios.

States have also passed their SGST Acts, 2017 and have notified corresponding Rules thereunder. It is important to mention here that the SGST Acts, 2017 and Rules are made in consonance of the CGST Act, 2017 and Rules made thereunder so as to maintain parity. Further, relevant provisions of Customs Act, 1962 and Customs Tariff Act, 1975 have also been modified with a view to implement the provisions of GST law and processes.

Accordingly, it is apparently clear that All the GST Acts and most of the Rules are now passed, notified and implemented. Customs GST integration process has also been started with implementing relevant portion of GST in customs like charging IGST in the place of SAD and Special Additional Customs Duty (popularly known as CVD) Drawback related laws and other notifications have been suitably modified.

In the light of above facts, efforts have been made to bring this book, with a view to provide very crisp but effective inputs on the various provisions of law, the procedures, its implementation prospects for the business and the processes of GST applications.

An explicit approach has been embraced in this book for providing a crisp and precise view of elaborative provisions of the Acts, Rules and the most importantly GST applications, which is very important for the officers of both the Centre and State departments, the taxpayers and tax professionals as well. This book contains the provisions of five Acts (CGST/SGST/ IGST/UTGST and GST (Compensation to States) Acts, 2017) and 14 Rules which are notified. This book contain all the notifications issued upto 7-7-2017 and is updated till 10th July, 2017. Special provisions related to Customs – GSTR interfaces are dedicated under a separate chapter of this book.

To bring this book, we are thankful to our friends and the colleagues who have contributed immensely in shaping up the contents and rectifying the mistakes. Without their valuable support, this book could not have been published within such a short span of time.

We hope, the efforts made by us must be appreciated with valuable supports and responses of our readers. Your suggestions, feedback and constructive criticism are always welcomed for continual improvement of the quality of this book. You may send your feedback at [email protected].