Goods and Service (GST)

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As per notification issued by ICSI on  18th July, 2017 GST will be applicable for CS executive students and Service Tax Laws and Value Added Tax related questions will not be asked in December, 2017 exam.

GST is defined in Article 366 (12A) to mean “any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption.

Services  is defined as services means anything other than goods

GST was first introduced in France and now more than 150 countries have adopted GST.  In India Dual GST system has been introduced. 

1 Central Government Goods and Service Tax Rule
31 State Government Goods and Service Tax Rule
2 Union Territories Goods and Service Tax Rule

GST is the single tax system for indirect taxes prevailing in India. It was introduced as Constitution 122nd Amendment Bill and was cleared by Lok Sabha on 6th May 2015 and by Rajya Sabha on 3rd August 2016

Under  GST regime, all supply of goods and services like as sale, transfer, barter, lease, import of services etc made for a consideration will attract CGST which will be levied by Centre Government and SGST which will be levied by State Government. 

As GST is applicable on Supply so the erstwhile taxable events such as Manufacture, Sale, Provision of Services etc. have lost their relevance.

In some exceptional conditions supplies made even without consideration will also attract GST. These conditions are like permanent transfer of business assets on which credit is availed, transaction with related entities, transactions with agent etc. 

It is important to determine whether a transaction is a INTRA-STATE or INTER- STATE as taxes will be applicable accordingly.  In case of Goods the place of supply is the location where the good are delivered. However for Services the place of supply is the location of recipient.

All the existing taxpayers registered who were registered under indirect taxes like VAT, Service Tax, and Excise are required to furnish the details at GST Common portal so that they can be migrated to GST.

Tax Structure under GST

0%
It will be applicable on basic commodities like food grains, rice, wheat etc

5%
It will be applicable on products of mass consumption like Tea, Spices, Mustard Oil Etc.

12%
It will be applicable on processed food Items. 

18%
It is applicable on items like Toothpaste, soaps, Smart phones, refrigerators etc. 

28% Tier I
Flat 28% of tax is applicable on items like cars etc

28%Tier II
28% plus Cess is applicable on items like tobacco, pan masala, luxury cars etc. 

Assam on 12 August 2016 became the first state in India to ratify the GST Bill.



These online MCQ Mock tests and MCQ questions includes all main concepts of the chapter (Goods and Service Tax)  in CS Executive Module I Tax Laws & Practice (MCQ based OMR) Exam

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