GOODS AND SERVICES TAX
News / Updates / Circulars :
CBEC Came up with few
more New notifications and Circulars on 07th July, 2017.
CBEC Press Release :
1.
A taxpayer/user can
search for applicable CGST, SGST, UTGST rate and Compensation Cess on a supply.
The search can be made based on description of goods or services or HSN Chapter
or section or heading number. GST Rates
Finder app would also work in offline mode, once downloaded on the smartphones by the users. It is available on android platform at https://play.google.com/store/apps/details?id=in.gov.cbec.gsttaxratemanual and will soon be available on iOS
platform. This will empower not only the
taxpayers, but every citizen, to ascertain the correct GST rate on goods and
services.
Full press release can be
access at http://www.cbec.gov.in/resources//htdocs-cbec/press-release/cbec-press-release-GST-Rate-Finder-07-07-2017.pdf
2.. Impact of GST on School Education : CBEC clarifies
that School Education would not be Costlier under GST era.
There is no change made
in any subject relating to education in the GST era, except to reduce tax rate
on certain items of education such as school bags etc. It may be mentioned that
services provided by an educational institution to students, faculty and staff
are exempt:
(i) pre-school education
and education up to higher secondary school or equivalent;
(ii) education as a part
of a curriculum for obtaining a qualification recognised by any law for the
time being in force;
(iii) education as a part
of an approved vocational education course.
Full press release can be
access at http://www.cbec.gov.in/resources//htdocs-cbec/press-release/CBEC-Press-Release-07.07.2017.pdf
It is clearly mentioned
that there has been no change in taxability of educational and other services
on account of GST.
CBEC Circulars :
1. Circular No. 4/2017-CGST regarding Issues
related to Bond/Letter of Undertaking for exports without payment of integrated
tax – Reg.
It is stated that all exporters,
not covered by the notification no 16/2017- Central Tax, would submit bond as
per the procedure prescribed vide circular No. 2/2/2017-GST dated 4th July,
2017. The bond shall be furnished on non-judicial stamp paper of the value as
applicable in the State in which bond is being furnished.
Instructions Mentioned under the Circular shall apply to exports on or after 1st July, 2017. It is requested
that suitable trade notices may be issued to publicize the contents of this
circular.
Full Circular can be
access at : http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-4-gst.pdf
2. Circular No. 1/2017-IGST
regarding Clarification on
Inter-state movement of various modes of conveyance, carrying goods or
passengers or for repairs and maintenance
it is clarified that “the
inter-state movement of goods like movement of various modes of conveyance,
between distinct persons as specified in section 25(4) of the Central Goods and
Services Tax Act, 2017, including the ones specified at (i) to (viii) of para
3, may not be treated as supply and consequently IGST will not be payable on
such supply.
However, applicable
CGST/SGST/IGST, as the case may be, shall be leviable on repairs and
maintenance done for such conveyance.
Grt
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