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On Tuesday, The Central Board of Excise and Customs (CBEC) has taken one further step and create anti- profiteering body in new GST Regime. As per the Anti- Profiteering Rules declared on Tuesday if any business firm fails to pass the benefits of lower tax rates to consumers must have to face penalties and cancellation of licence in new GST Regime.
Giant e-commerce marketplace Amazon is in the herd of those who are not clear of GSTs future probabilities and impact the business internally and externally both. Recently it was learned that the highly privileged seller’s program i.e. invites only Platinum Seller Program (PSP) has been suspended due to the uncertainties arising from GST.
Under the indirect taxation regime, all other indirect taxes such as VAT, excise duty and service tax will be replaced and the buyer will have to pay a single 12 percent tax, excluding stamp duty on the purchase of house or apartments.
Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.
Several business segments and industries are worrying about the new Goods and Service Tax (GST) Regime in India, as less than three weeks are left now for implementing GST. Most of the industries are not prepared for the new GST Regime but still, there is a confusion on what taxation rates will be levied on automobile industry either it is 28 percent or 30 percent.
FMCG companies made a full proof plan to by-pass anti-profiteering measure to ensure its benefits and profits, letting common people go in the bin.
The government has finally taken a step towards the clarification of backdated tax credit being due within the transition towards GST scheme. In the latest notification, it is said that all the retailers and traders can declare filing within 90 days and claim a tax credit for transitioning of the stock after the implementation of the GST.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
