{"id":216309,"date":"2019-07-01T18:00:05","date_gmt":"2019-07-01T12:30:05","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=216309"},"modified":"2019-07-01T21:57:15","modified_gmt":"2019-07-01T16:27:15","slug":"goods-and-services-tax-gst-one-nation-one-tax-completes-2-years","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/01\/goods-and-services-tax-gst-one-nation-one-tax-completes-2-years\/","title":{"rendered":"Goods and Services Tax (GST) : &#8216;One Nation, One Tax\u2019 &#8212; Completes 2 Years!"},"content":{"rendered":"<p style=\"text-align: justify;\">Goods and Services Tax (GST) was launched on the 01-07-2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30-06-2017.<\/p>\n<p style=\"text-align: justify;\">As we enter the third year in the GST regime, let&#8217;s look at some of the advantages of this system along with the developments that have taken place since the year 2017.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #008000;\">Some advantages of GST:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Simplified Tax Structure:-<\/strong> Reduction in cascading effect of taxes, transparent and has harmonization of laws and procedures.<\/li>\n<li><strong>Easy Compliance:-<\/strong> compliance burden has come down with one pan-India tax replacing multiple taxes and automated processes.<\/li>\n<li><strong>Promoting Trade and Industry:-<\/strong> Seamless flow of tax credit.<\/li>\n<li><strong>Spurring Economic Growth:-<\/strong> Creation of unified common national market<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #008000;\">Some developments during the GST journey since 2017:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><strong>Subsuming of taxes:-<\/strong> It was a new experience of subsuming 17 different types of taxes under GST. Pre \u2013 GST, Trade &amp; Industry had to undergo compliances under Central Excise, Service Tax &amp; VAT and doing business in multiple states involved adhering to different VAT laws, compliance through different portals and answering to different authorities. All that has been unified into a single robust online system. Starting up has become simple with one-stop online GST registration for wanting to do business anywhere in the country.<\/li>\n<li style=\"text-align: justify;\"><strong>Formalization of the economy:-<\/strong> More and more businesses moving in the formal economy is evident from the significant increase in the GST taxpayer base. Moving to the formal economy has brought in more visibility and hence more opportunities for Trade and Industry.<\/li>\n<li style=\"text-align: justify;\">\u00a0<strong>State borders:-<\/strong> The State boarders\u2019 glitches and delays have come down significantly. Due to different VAT laws in different states, inter-state transactions were a pain for Trade and Industry. CST charged on inter-state transactions were an additional cost with no input-credit available and thousands of productive hours were wasted at state border crossings. Cost and time of doing inter-state transactions have come down significantly after the implementation of E \u2013 waybill.<\/li>\n<li style=\"text-align: justify;\"><strong>Rate Rationalization:-<\/strong> Major changes in the Tax rates of various items whereby 28% items pulled to 18%, 18% items pulled to 12% &amp; 12% items pulled to 5%. Further various essential goods were made tax free. Mostly goods are unbranded and manufactured by MSMEs. The reduction in almost all the cases has been from the higher to the immediately lower tax slab (whether from 12% to 5% or 18% to 12%) and involves indigenously processed foods, man-made textile yarn, stationery and other job-work items.<\/li>\n<li style=\"text-align: justify;\"><strong>Return filing:-<\/strong> The original concept of four Tax returns in a month (GSTR3B, 1, 2 &amp; 3) was gradually curtailed to two tax returns viz: GSTR-3B &amp; 1. Further the Govt. extended due dates for filing tax returns as and when felt necessary. Quarterly Returns were also prescribed for small taxpayers. Reduction in the late fee payable for delay in filing tax returns from Rs 200\/- per day to Rs 50\/-per day \/Rs 20\/- per day. For the Trade and Industry whose turnover was turnover below five crores, quarterly return filling system is proposed. This will benefit 93% of the taxpayers, reduce their compliance burden and increase ease of doing business.<\/li>\n<li style=\"text-align: justify;\"><strong>Exports &amp; Refunds:-<\/strong> Exports are made possible on the basis of Bond\/LUT and without payment of IGST tax. A major package for exporters\/merchant exporters has been announced after discussions with various Export Promotion Councils &amp; organizations like FIEO, APEC, GJEPC, EEPC, Handicraft EPC etc. Refund Fortnights were conducted on 15th March to 31st March, 2018, 31st May to 14th June, 2018 and 16th July to 30th July, 2018.<\/li>\n<li style=\"text-align: justify;\"><strong>GST Law Amendment Act, 2018:-<\/strong> In its 28th meeting of GSTC held in New Delhi on 21.07.2018, the GST Council recommended certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act. In order to ensure that the changes in the Centre and the State GST laws are brought into force simultaneously, these amendments are made effective from 01.02.2019.<\/li>\n<li style=\"text-align: justify;\"><strong>MSME support and outreach programme:-<\/strong> With effect from 2nd November 2018 GST Help desks were created by CBIC at 80 places all over India to support MSMEs and hand-holding of MSMEs was done with regard to GST Registration \/ Return Filing \/ Refunds \/ E \u2013 way bill etc.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong>Reforms in current fiscal (2019-20):<\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\">New return system:-<\/span><\/strong> Introduction of New Return System on trial basis from 01-07-2019 and on mandatory basis from 01-10-2019. SAHAJ &amp; SUGAM Returns for small taxpayers are proposed<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>Single Cash Ledger: &#8211;<\/strong><\/span> Rationalization of Cash Ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one Cash Ledger for Tax, interest, penalty, fee &amp; others.<\/li>\n<li style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\">Single Refund Disbursing:-<\/span><\/strong> The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and Cess.<\/li>\n<li style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\">Threshold limit for goods: &#8211;<\/span> <\/strong>Threshold Limit of Rs. 40 Lacs is offered of suppliers of goods as per the choice of States.<\/li>\n<li style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\">Composition Scheme for Services: &#8211;<\/span> <\/strong>Composition Scheme for small service providers up to annual turnover of Rs 50 lacs with a tax rate of 6%<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>E-invoicing system: &#8211;<\/strong><\/span> electronic invoicing system in a phase-wise manner for B2B transactions is proposed to be introduced.<\/li>\n<li style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\"> GSTAT: &#8211;<\/span><\/strong> GST Appellate Tribunals are being established at various State Headquarters and area benches also.<\/li>\n<\/ul>\n<hr \/>\n<p>[Press Release]<\/p>\n<p>[Source: Central Board of Direct Taxes and Customs]<\/p>\n<p style=\"text-align: right;\">[Image Credits: The Hindu]<\/p>\n<hr \/>\n<h3><span style=\"color: #ff0000;\"><strong>Recommendations to read more on GST:<\/strong><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=99011915\">Understanding GST<\/a> by GST Gurukul<\/li>\n<li><a href=\"https:\/\/www.ebcwebstore.com\/product_info.php?products_id=99022062\">Goods And Services Tax &#8211; Constitutional Law and Policy<\/a> by Tarun Jain<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Goods and Services Tax (GST) was launched on the 01-07-2017 in a majestic ceremony held in the Central Hall of Parliament on <\/p>\n","protected":false},"author":8808,"featured_media":216310,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[36373,6241],"class_list":["post-216309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-goods-and-services-taxes","tag-gst"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Goods and Services Tax (GST) : &#039;One Nation, One Tax\u2019 -- Completes 2 Years! 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The Lok Sabha had already passed the Bill in May, 2015. Frequently asked questions relating to GST: Question 1.What is GST? How does it work? GST is one indirect tax for the whole\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":49881,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/06\/01\/goods-and-services-tax-a-study\/","url_meta":{"origin":216309,"position":1},"title":"Goods and Services Tax: A study","author":"Sucheta","date":"June 1, 2016","format":false,"excerpt":"by Madhavi Singh","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/Madhvi-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/Madhvi-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/Madhvi-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/Madhvi-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/06\/Madhvi-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":112361,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/03\/06\/gst-council-approves-the-central-goods-and-services-tax-bill-and-the-integrated-goods-and-services-tax-bill\/","url_meta":{"origin":216309,"position":2},"title":"GST Council approves the Central Goods and Services Tax Bill and the Integrated Goods and Services Tax Bill","author":"Saba","date":"March 6, 2017","format":false,"excerpt":"The Goods and Services Tax (GST) Council, in its meeting held in Vigyan Bhawan in New Delhi under the Chairmanship of the\u00a0Union Minister for Finance & Corporate Affairs has approved the draft CGST Bill and the draft IGST Bill as vetted by the Union Law Ministry. This clears the deck\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":294960,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/20\/examining-applicability-of-input-tax-credit-on-corporate-social-responsibility-in-2023\/","url_meta":{"origin":216309,"position":3},"title":"Examining Applicability of Input Tax Credit on Corporate Social Responsibility in 2023","author":"Editor","date":"June 20, 2023","format":false,"excerpt":"by Urja Joshi\u2020 and Amisha Upadhyay\u2020\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"input tax credit","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/input-tax-credit.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/input-tax-credit.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/input-tax-credit.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/input-tax-credit.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":225473,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/12\/ebcs-goods-and-services-tax-law-and-practice-1st-edn-2019-is-out-in-the-stores-everything-you-need-to-know-about-gst-is-available-here-buy-your-copy-soon\/","url_meta":{"origin":216309,"position":4},"title":"EBC&#8217;s  &#8212; Goods and Services Tax: Law and Practice [1st Edn., 2019] &#8212; is out in the stores! Everything you need to know about GST is available here [Buy your copy soon!]","author":"Bhumika Indulia","date":"February 12, 2020","format":false,"excerpt":"by Milind Kumar","rel":"","context":"In &quot;New releases&quot;","block_context":{"text":"New releases","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/book-releases\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/02\/kumar_goods_and_services_tax_1_2019.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/02\/kumar_goods_and_services_tax_1_2019.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/02\/kumar_goods_and_services_tax_1_2019.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/02\/kumar_goods_and_services_tax_1_2019.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/02\/kumar_goods_and_services_tax_1_2019.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":115101,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/03\/21\/cabinet-approves-four-gst-bills\/","url_meta":{"origin":216309,"position":5},"title":"Cabinet approves four GST Bills","author":"Saba","date":"March 21, 2017","format":false,"excerpt":"The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following four GST related bills: The Central Goods and Services Tax Bill 2017 (The CGST Bill) The Integrated Goods and Services Tax Bill 2017 (The IGST Bill) The Union Territory Goods and Services Tax Bill 2017\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/03\/GST.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/216309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=216309"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/216309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/216310"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=216309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=216309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=216309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}