Handbook of GST Procedure, Commentary and Rates

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Incorporating Amendments upto 20/08/2024
Description
We feel immense pleasure in releasing Tenth Edition-August 2024 of this Book, titled "HANDBOOK OF GST - PROCEDURE, COMMENTARY AND RATES", and expressing our gratitude to the esteemed readers for their response, support and confidence. We are grateful to the readers as every observation from our readers, either suggestion or criticism, is a source for improvement of future editions.
Post 2024 Lok Sabha elections, it has been a busy period for the GST Council, legislature and executory. In past two months, besides through 44 sections in the Finance (No. 2) Act, 2024 amending/inserting various sections of the CGST/IGST Act, the Government has issued 5 CGST notifications, 3 CGST Rates Notifications and 23 Circulars. The GST Council, in its 53rd Meeting held on 22 June 2024, has taken number of steps to simplify the provisions, to give relief to the taxpayers in interest and penalty due to non- compliance in the initial years of the implementation of GST and to clarify various aspects. Section 128A has been inserted in the CGST Act through the Finance (No. 2) Act, 2024 to waive interest and penalties for demand notices and order issued under sec 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the financial years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025.
On the recommendation of the Council, sec 9(1) of the CGST Act and sec 5(1) of the IGST Act have been amended for not levying GST on extra neutral alcohol or rectified spirit (ENA) used for manufacture of alcoholic liquor for human consumption. Sec 11A has also been inserted in the CGST Act to give powers to the Government to regularize instances of non-levy or short levy of GST due to prevailing common trade practices. Sec 11A provides a legal mechanism for addressing situations where GST was either not levied or short-levied due to established trade practices: it is certainly a welcome move.
Presently, two separate sections of the CGST Act, namely sec 73 and sec 74, deal with cases where charges of fraud, suppression, wilful misstatement etc. are not involved, and cases where said charges are involved, respectively. In order to simplify the implementation of those provisions, both these sections have been merged through a new section 74A, which would provide for a common time limit for issuance of demand notices and orders in respect of demands for the FY 2024-25 and onwards. Also, the time imit for the taxpayers to avail the benefit of reduced penalty, by paying the tax demanded along with interest, has been increased from 30 days to 60 days.
Further, sec 16(5) of CGST Act has been inserted to specify the time limit as 30 Nov.2021 to avail input tax credit pertaining for four financial years from 2017-18 to 020-21. Sections 107 and 112 have also been substituted to reduce the quantum of mandatory pre-deposit required to be paid for filing of appeals under the GST.
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Table of Contents
PART-A GLANCE & REFERENCE TABLES
A1. The Finance Acts - 2024 and related Notifications and Circulars
A2. Tariff Notifications under GST since 01 April 2021
A3. Non-Tariff Notifications under GST since 01 April 2021
A4. Orders under GST since 01 April 2021
A5. Circulars, Clarifications, Instructions and Guidelines since 01 April 2021
A6. Reverse Charge under GST
A7. Compliance due dates with extensions and COVID-19 related relaxation
A8. Non-Creditable Goods/Services and Supplies (Blocked Credits)
A9. Interest, Penalties and Offences
A10. Port Codes
A11. State Codes
A12. SEZ - List of Services Recognized for Authorised Operations
A13. Online Money Gaming
A14. Amendments by The Finance Act, 2024 SCN and Amnesty Scheme
PART-B COMMENTARY
B1. GST-A Preamble
B2. Steps to Determine Liability under GST and Key Definitions.
B3. Supply - Meaning and Scope.
B4. Time of Supply
B5. Value of Supply
B6. Concept of IGST - Inter-State Supply, Intra-State Supply, Import & Export
B7. Place of Supply
B8. Levy, Rates and Exemptions
B9. Reverse charge and deemed suppliers under Section 9(5)
B10. Composition Levy
B11. Input Tax Credit (ITC)
B12. Input Service Distributor (ISD)
B13. Job Worker, Casual Taxable Person, Non-Resident Taxable Person & Cor Debtors
B14. E-Commerce, TCS & Supply of Online Data - Special Provisions
B15. Registration, Amendment and Cancellation
B16. Returns under The GST
B17. Payment of Tax and Interest
B18. Tax Deduction at Source
B19. Refund.
B20. Invoice, Accounts and Records
B21. Assessment and Audit
B22. Show Cause Notice and Adjudication
B23. Collection of Tax, Demands & Recovery and Liability in certain cases
B24. Inspection, Search & Survey
B25. Inspection of Goods in Movement, Confiscation and E-Way Bill
B26. Penalties and Prosecution
B27. Appeal, Advance Ruling and Anti-Profiteering Provisions
B28. Miscellaneous Provisions
PART-C GST RATES
C1. GST Rates on Goods as on 15 August 2024
C2. Exemptions in the GST - Goods as on 15 August 2024
C3. GST Rates on Services as on 15 August 2024
C4. Exemptions in the GST - Services as on 15 August 2024
C5. Rates of Compensation Cess as on 15 August 2024
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Author Details
Rakesh Garg
Sandeep Garg