Basi

GST REVISION DAY 1

Online Exam Oriented Revision Class

1. GST Effective date 01/07/2017

2. Before GST and after GST
• Price
• ITC
3. One Nation One Tax
4. France 1954
5. Currently, there are 160 countries in the world that have implement VAT/GST
6. Taxes subsumed by introducing GST
 Excise Duty
 Central Sales Tax
 Services Tax
 Entry Tax
 Luxury Tax
 Entertainment Tax
 VAT
 Tax on Advertisement
 Tax on Betting, Gambling and Lottery

7. Section 2(56), “India” means:

• The territory of India as referred to in Article 1 of the Constitution
• its territorial waters (12NM) (1 nautical mile = 1.852 KM)
• seabed and sub-soil underlying such waters,
• continental shelf (24NM)
• exclusive economic zone (200NM)
• or any other maritime zone as referred to in the Territorial Waters,
Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act,
1976,
• and the air space above its territory and territorial waters;
8. CONSTITUTION [101ST AMENDMENT] ACT, 2016
• Constitution (122nd Amendment) Bill, 2014 received the assent of the
President of India on 8th September, 2016 and became Constitution (101st
Amendment) Act, 2016, which paved the way for introduction of GST in
India.
• Constitution (101st Amendment) Act, 2016 was enacted on 8th September,
2016, with following significant amendments:

1. Concurrent powers on Parliament and State Legislatures to make laws governing

goods and services. It means there will be dual control of State and Central authorities
for all assessees.
2. As per Article 246A, the power to levy GST has been given to the Parliament as well
as to Legislature of every State.
a. CGST – enacted by Central Government of India.
b. IGST – enacted by Central Government of India.
c. SGST – enacted by respective State Governments
d. UTGST – enacted by Central Government of India
3. IGST will be apportioned between Centre and the States in the manner provided by
Parliament by Law as per the recommendation of the GST Council.
4. GST will be levied on all supply of goods and services except alcoholic liquor for
human consumption.
5. The explanation to Article 269A of Constitution of India provides that the import of
goods or services will be deemed as supply of goods or services or both in the course
of inter-State trade or commerce. In case of import of goods IGST will be levied
along with the Basic Customs duty. It means IGST is levied in replacement of CVD +
Spl. CVD. In case of import of services only IGST will be levied.
6. The power to levy Central Excise duty on goods manufactured or produced in India is
available in respect of the following products:
a. Petroleum crude;
b. High speed diesel;
c. Motor spirit (commonly known as petrol);
d. Natural gas;
e. Aviation turbine fuel; and
f. Tobacco and tobacco products.
9. GST Council
• As per Article 279A of the Constitution of India, the President of India is
empowered to constitute Goods and Services Tax Council.
• The President of India constituted the GST Council on 15th September,
2016.
• 1/3 Central + 2/3 State
• ¾ Majority
• Chairman – Union Finance Minister (Nirmala Sitharaman)
• Vice Chairperson (Elected by the council)

10. Functions of the GST Council: GST Council is to make recommendations to the Central
Government and the State Governments on
1. tax rates,
2. exemptions,
3. threshold limits,
4. dispute resolution,
 5. GST legislations including rules and notifications etc.

11. Union Territory (28+8)

1. Chandigarh (UTGST)
2. Lakshadweep (UTGST)
3. Daman and Diu and Daman and Diu and Dadra and Nagar Haveli (UTGST)
4. Ladakh (UTGST)
5. Andaman and Nicobar Islands (UTGST)
6. Delhi (SGST) {union territory with state legislature}
7. Puducherry (SGST) {union territory with state legislature}
8. Jammu and Kashmir(“)

12. Special Category States

1) Arunachal Pradesh
2) Assam
3) Jammu and Kashmir
4) Manipur
5) Meghalaya
6) Mizoram
7) Nagaland
8) Sikkim
9) Tripura
10) Himachal Pradesh
11) Uttarakhand

13. IMPORTANT DEFINITIONS UNDER CGST LAW

1. Sec 2(6), “aggregate turnover” means:
*The aggregate value of all taxable supplies
* (excluding the value of inward supplies on which tax is payable by a person on reverse charge
basis),
* exempt supplies,
*exports of goods or services or both and
*inter-State supplies of persons having the same Permanent Account Number,
* to be computed on all India basis
*but excludes central tax, State tax, Union territory tax, integrated tax and cess;

2. Sec 2(52), Goods means:

*Every kind of movable property
*other than money and securities
*but includes actionable claim, growing crops, grass and things attached to or forming part of the
land which are agreed to be served before supply or under a contract of supply.