“Job work” means any treatment or process on raw material, intermediate or finished goods undertaken by a person on goods belonging to another registered person.The principal shall, subject to such conditions and restrictions as may be prescribed, be allowed input tax credit on inputs sent to a job worker for job work. The tax shall not be payable, only if the manufacturer and the job worker declare the details of the inputs or goods held in stock by the job worker on behalf of the manufacturer on the appointed day.
Nutraceuticals and food supplements, which represent a Rs. 30,000-crore market, have been absent from categorisation under the goods and services tax (GST) that's set to be rolled out on July 1, according to people aware of the matter. That could mean they are levied the top GST rate of 28%, up from 18-22% now. "In the absence of differential classification, based on specific parameters, there is risk of several products attracting GST at the higher rate." “Malt-based products like Bournvita, Horlicks, Complan, Boost and AmulPro and other similar products, which are consumed by children, have been placed at 28%.
The Indian Railways is the 4th largest railway network and the 8th largest employer in the world. A tax invoice shall include a ticket for the supply of services. Suitable changes need to be made in respect of discount/concession given to specified categories of persons and goods transportation so that such relief shall not become part of the transaction value for the purpose of GST. However, in the case of free pass cards, invoice of the same to be prepared by showing 100% discount from normal fares. It may be noted that the ticket should contain prescribed information such as: • name, address and GSTIN of the supplier. • date of its issue. • name, address, and GSTIN/ Unique ID Number, if registered, of the recipient etc. Under the GST, the rate of tax on the transport sector would be 5 per cent. As of now, the railways will have to register each of its 17 zones or 73 divisions in all the states. Yatri Ticket Suvidha Kendra have been appointed or set up by the IR for the facilitation of issuing tickets and rendition of other services.
With the Goods and Services Tax (GST) getting implemented from July 1, watching movies might turn out to be a costlier affair in several parts of the country. Initially, a flat GST of 28% was levied on all movie tickets, regardless of their price.Union Finance Minister Arun Jaitley announced revised GST rates, wherein tickets costing `100 and below were brought under the 18% slab, while those costing higher than `100 will continue to fall in the 28% slab.Keshav Garg, chartered accountant and faculty member for GST Indirect Tax Committee of ICAI, said: “There is going to be least impact on the cinema tickets in Chandigarh where the entertainment tax was already 30 per cent. It can create an impact in those states where entertainment tax is up to 65 per cent.” Keshav added that food and beverages sold at cinemas would also continue to cost more or less the same.
“Since moviegoers are already paying a tax of Rs 18.5 per cent (VAT- 12.5 per cent and service tax 6 per cent) on the food and beverages being served at the multiplex, the same head, after the implementation of GST, would come in the slab of 18 per cent. There would be a difference of just 0.5 per cent in the snacks and beverages one buys there,” said Rajiv Sharma, a chartered accountant.
Under the amended Registration rules it is provided that before applying for registration, every person shall declare his Permanent Account Number (PAN), mobile number, e-mail address, State or Union territory in Part A of FORM GST REG-01 on the Common Portal, either directly or through a Facilitation Centre notified by the Commissioner. A Special Economic Zone developer shall make a separate application for registration.
After verifying the PAN, mobile number and e-mail address, a temporary reference number shall be generated and communicated to the applicant on the said mobile number and e-mail address