FREE E BOOK ON GST BY ICAI UPDATED NOV-2019

The introduction of Goods & Services Tax (GST) is one of the major reforms in Indian indirect tax regime as well a big step in busines...

The introduction of Goods & Services Tax (GST) is one of the major reforms in Indian indirect tax regime as well a big step in business arena of Indian economy. The reform took more than a decade of intense debate and finally implemented with effect from 1st July 2017, subsuming almost all indirect taxes at the Central and State levels. As the GST journey progressed, Industry faced various challenges, however, appreciably authorities have been quick to address these concerns by issuing a series of notifications, clarifications, press releases and FAQs.  

The Government has recently launched ‘Sabka Vishwas - Legacy Dispute Resolution Scheme, 2019’ aimed at resolving the legacy cases of Central Excise and Service Tax which are subsumed in GST. 

Further, extension of due date for furnishing Annual Return and Reconciliation Statement, introduction of new GST return system, reduction in rates on various goods and services, extension in due date for filing various returns, etc. are few of the examples. The Institute of Chartered Accountants of India (ICAI) has always been at forefront with all its resources, expertise and efforts for creating awareness and dissemination knowledge and to make the GST regime in India an immense success. 

The Institute has also been continuously undertaking various initiatives to support the Government’s endeavors for smooth implementation of GST and submit suggestions to Government, GSTN and other authorities from time to time.  Keeping pace with the ongoing developments in the GST law, ICAI has now come up with 8th revised edition of its exclaimed publication namely “Background Material on GST”. This publication contains clause by clause analysis of the GST laws as well as Flowcharts, diagrams and MCQ’s & FAQ’s on GST, etc. for better understanding of stakeholders at large

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FREE E BOOK ON GST BY ICAI UPDATED NOV-2019

1. Volume-I
2. Volume-II

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Contents

VOLUME 1 I. THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 

1-674

CHAPTER 1: PRELIMINARY 1-80 (Section no. 1 - 2, Rule no. 1 - 2) 1. Short title, extent and commencement 1 2. Definitions 4 CHAPTER 2: ADMINISTRATION 81-88 (Section no. 3 - 6) 3. Officers under this Act 81 4. Appointment of officers 83 5. Powers of officers 84 6. Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances 85 CHAPTER 3: LEVY AND COLLECTION OF TAX 89-201 (Section no. 7 - 10, Rule no. 3 - 7) 7. Scope of supply 89 8. Tax liability on composite and mixed supplies 130 9. Levy and collection 135 10. Composition levy 156 11. Power to grant exemption from tax 194 CHAPTER 4: TIME OF SUPPLY 202-245 (Section no. 12 - 14) 12. Time of supply of goods 202 13. Time of supply of services 225 14. Change in rate of tax in respect of supply of goods or services 241 CHAPTER 5: VALUE OF SUPPLY 246-286 (Section no. 15, Rule no. 27 - 35) 15. Value of taxable supply 247

CHAPTER 6: INPUT TAX CREDIT 287-410 (Section no. 12 - 15, Rule no. 36 - 45) 16. Eligibility and conditions for taking input tax credit 288 17. Apportionment of credit and blocked credits 310 18. Availability of credit in special circumstances 366 19. Taking input tax credit in respect of inputs and capital goods sent for job-work 382 20. Manner of distribution of credit by Input Service Distributor 390 21. Manner of recovery of credit distributed in excess 408 CHAPTER 7: REGISTRATION 411-476 (Section no. 22 - 30, Rule no. 8 - 26) 22. Persons liable for registration 412 23. Persons not liable for registration 422 24. Compulsory registration in certain cases 428 25. Procedure for registration 434 26. Deemed registration 451 27. Special provisions relating to casual taxable person and non-resident taxable person 452 28. Amendment of registration 456 29. Cancellation of registration 459 30. Revocation of cancellation of registration 469 CHAPTER 8: TAX INVOICE, CREDIT AND DEBIT NOTES 477-519 (Section no. 31 - 34, Rule no. 46 - 55A) 31. Tax invoice 477 32. Prohibition of unauthorised collection of tax 509 33. Amount of tax to be indicated in tax invoice and other documents 510 34. Credit and debit notes 511 CHAPTER 9: ACCOUNTS AND RECORDS 520-539 (Section no. 35 - 36, Rule no. 56 - 58) 35. Accounts and other records 520 36. Period of retention of accounts 536

CHAPTER 10: RETURNS 540-608 (Section no. 37 - 48, Rule no. 59 - 84) 37. Furnishing details of outward supplies 544 38. Furnishing details of inward supplies 551 39. Furnishing of Returns 556 40. First return 568 41. Claim of input tax credit and provisional acceptance thereof 569 42. Matching, reversal and reclaim of input tax credit 569 43. Matching, reversal and reclaim of reduction in output tax liability 575 44. Annual return 583 45. Final return 586 46. Notice to return defaulters 589 47. Levy of late fee 590 48. Goods and services tax practitioners 592 CHAPTER 11: PAYMENT OF TAX 609-652 (Section no. 49 to 53, Rule no. 85 - 88A) 49. Payment of tax, interest, penalty and other amounts 609 50. Interest on delayed payment of tax 629 51. Tax deducted at source 634 52. Tax collected at source 643 53. Transfer of input tax credit 650 CHAPTER 12: REFUNDS 653-777 (Section no. 54 - 58, Rule no. 89 - 97A) 54. Refund of tax 653 55. Refund in certain cases 729 56. Interest on delayed refunds 735 57. Consumer Welfare Fund 738 58. Utilisation of Fund 745

II. THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 779-930 CHAPTER 1: PRELIMINARY 779-801 (Section no. 1 – 2) 1. Short title, extent and commencement 780 2. Definitions 783 CHAPTER 2: ADMINISTRATION 802-803 (Section no. 3 - 4) 3. Appointment of officers 802 4. Authorisation of officers of State tax or Union territory tax as proper officer in certain circumstances 802 CHAPTER 3: LEVY AND COLLECTION OF TAX 804-820 (Section no. 5 – 6) 5. Levy and Collection 804 6. Power to grant exemption from tax 815 CHAPTER 4: DETERMINATION OF NATURE OF SUPPLY 821-838 (Section no. 7 - 9) 7. Inter-State supply 821 8. Intra-State supply 831 9. Supplies in territorial waters 836 CHAPTER 5: PLACE OF SUPPLY OF GOODS OR SERVICES OR BOTH 839-893 (Section no. 10 - 14) 10. Place of supply of goods other than supply of goods imported into, or exported from India 839 11. Place of supply of goods imported into, or exported from India 848 12. Place of supply of services where location of supplier and recipient is in India 854 13. Place of supply of services where location of supplier or location of recipient is outside India 878 14. Special provision for payment of tax by a supplier of online information and database access or retrieval services 888

CHAPTER 6: REFUND OF INTEGRATED TAX TO INTERNATIONAL TOURIST 894-895 (Section no. 15) 15. Refund of integrated tax paid on supply of goods to tourist leaving India 894 CHAPTER 7: ZERO RATED SUPPLY 996-911 (Section no. 16) 16. Zero rated supply 896 CHAPTER 8: APPORTIONMENT OF TAX AND SETTLEMENT OF FUNDS 912-918 (Section no. 17 - 19) 17. Apportionment of tax and settlement of funds 912 18. Transfer of input tax credit 917 19. Tax wrongfully collected and paid to Central Government or State Government 918 CHAPTER 9: MISCELLANEOUS 919-930 (Section no. 20 - 25) 20. Application of provisions of Central Goods and Services Tax Act 919 21. Import of services made on or after the appointed day 924 22. Power to make rules 926 23. Power to make regulations 927 24. Laying of rules, regulations and notifications 928 25. Removal of difficulties 928

III. THE UNION TERRITORY GOODS AND SERVICES TAX Act, 2017 931-953 CHAPTER 1: PRELIMINARY 933-937 1. Short title, extent and commencement 933 2. Definitions 934 CHAPTER 2: ADMINISTRATION 938-940 3. Officers under this Act 938 4. Authorisation of officers 938 5. Powers of officers 938 6. Authorisation of officers of Central Tax as proper officer in certain circumstances 938

CHAPTER 3: LEVY AND COLLECTION OF TAX 941-953 7. Levy and Collection 941 8. Power to grant exemption from tax 947 IV. GOODS AND SERVICES TAX (COMPENSATION TO STATES) Act, 2017 955–962 1. Short title, extent and commencement 955 2. Definitions 955 8. Levy and collection of Cess 956 9. Returns, payments and refunds 956 10. Crediting proceeds of Cess to Fund 957 11. Other provisions relating to Cess 958

NOTE ON STATE GST LAWS & RULES 963–965

VOLUME 2

I. THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 967-998

CHAPTER 13: ASSESSMENT 967-998 (Section no. 59 - 64, Rule no. 98 - 100) 59. Self-assessment 967 60. Provisional assessment 970 61. Scrutiny of Returns 977 62. Assessment of non-filers of returns 984 63. Assessment of unregistered persons 989 64. Summary assessment in certain special cases 994 CHAPTER 14: AUDIT 999-1009 (Section no. 65 - 66, Rule no. 101 - 102) 65. Audit by tax authorities 999 66. Special audit 1004 CHAPTER 15: INSPECTION, SEARCH, SEIZURE AND ARREST 1010-1064 (Section no. 67 - 72, Rule no. 138 - 141) 67. Power of inspection, search and seizure 1010

68. Inspection of goods in movement (including E-way bill) 1021 69. Power to arrest 1055 70. Power to summon persons to give evidence and produce documents 1058 71. Access to business premises 1060 72. Officers to assist proper officers 1063 CHAPTER 16: DEMANDS AND RECOVERY 1065-1124 (Section no. 73 - 84, Rule no. 142 - 161) 73. Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful misstatement or suppression of facts 1066 74. Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts 1073 75. General provisions relating to determination of tax 1080 76. Tax collected but not paid to the Government 1086 77. Tax wrongfully collected and paid to the Central or a State Government 1091 78. Initiation of recovery proceedings 1093 79. Recovery of tax 1095 80. Payment of tax and other amount in instalments 1109 81. Transfer of property to be void in certain cases 1113 82. Tax to be first charge on property 1115 83. Provisional attachment to protect revenue in certain cases 1117 84. Continuation and validation of certain recovery proceedings 1120 CHAPTER 17: LIABILITY TO PAY IN CERTAIN CASES 1125-1158 (Section no. 85 - 94) 85. Liability in case of transfer of business 1125 86. Liability of agent and principal 1132 87. Liability in case of amalgamation or merger of companies 1134 88. Liability in case of company in liquidation 1140 89. Liability of directors of Private Company 1144 90. Liability of partners of firm to pay tax 1145

91. Liability of guardians, trustees, etc. 1147 92. Liability of Court of Wards, etc. 1149 93. Special provisions regarding liability to pay tax, interest or penalty in certain cases 1151 94. Liability in other cases 1156 CHAPTER 18: ADVANCE RULING 1159-1202 (Section no. 95 - 106, Rule no. 103 - 107A) 95. Definition clause – interpretation 1159 96. Authority for Advance Ruling 1162 97. Application for Advance Ruling 1165 98. Procedure on receipt of application 1169 99. Appellate Authority for Advance Ruling 1174 100. Appeal to Appellate Authority 1175 101. Orders of Appellate Authority 1177 102. Rectification of advance ruling 1190 103. Applicability of advance ruling 1193 104. Advance ruling to be void in certain circumstances 1195 105. Powers of Authority and Appellate Authority 1198 106. Procedure of Authority and Appellate Authority 1200 CHAPTER 19: APPEALS AND REVISION 1203-1245 (Section no. 107 - 121, Rule no. 108 - 116) 107. Appeals to Appellate Authority 1203 108. Powers of Revisional Authority 1211 109. Constitution of Appellate Tribunal and Benches thereof 1214 110. President and Members of Appellate Tribunal, their qualification, appointment, conditions of service, etc. 1219 111. Procedure before Appellate Tribunal 1222 112. Appeals to Appellate Tribunal 1224 113. Orders of Appellate Tribunal 1230 114. Financial and administrative powers of President 1233 115. Interest on refund of amount paid for admission of appeal 1234

116. Appearance by authorised representative 1235 117. Appeal to High Court 1238 118. Appeal to Supreme Court 1241 119. Sums due to be paid notwithstanding appeal, etc. 1243 120. Appeal not to be filed in certain cases 1243 121. Non-appealable decisions and orders 1244 CHAPTER 20: OFFENCES AND PENALTIES 1246-1287 (Section no. 122 - 138, Rule no. 162) 122. Penalty for certain offences 1246 123. Penalty for failure to furnish information return 1256 124. Fine for failure to furnish statistics 1257 125. General penalty 1258 126. General disciplines related to penalty 1260 127. Power to impose penalty in certain cases 1263 128. Power to waive penalty or fee or both 1265 129. Detention, seizure and release of goods and conveyances in transit 1265 130. Confiscation of goods or conveyances and levy of penalty 1270 131. Confiscation or penalty not to interfere with other punishments 1273 132. Punishment for certain offences 1274 133. Liability of officers and certain other persons 1279 134. Cognizance of offences 1280 135. Presumption of culpable mental state 1280 136. Relevancy of statements under certain circumstances 1281 137. Offences by companies 1282 138. Compounding of offences 1283 CHAPTER 21: TRANSITIONAL PROVISIONS 1288-1365 (Section no. 139 - 142, Rule no. 117 - 121) 139. Migration of existing taxpayers 1288 140. Transitional arrangements for input tax credit 1297 141. Transitional provisions relating to job work 1336

142. Miscellaneous transitional provisions 1344 CHAPTER 22: MISCELLANEOUS 1366-1454 (Section no. 143 - 174, Rule no. 122 - 137) 143. Job work procedure 1367 144. Presumption as to documents in certain cases 1381 145. Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence 1381 146. Common Portal 1384 147. Deemed exports 1385 148. Special procedure for certain processes 1388 149. Goods and services tax compliance rating 1390 150. Obligation to furnish information return 1392 151. Power to collect statistics 1396 152. Bar on disclosure of information 1396 153. Taking assistance from an expert 1398 154. Power to take samples 1398 155. Burden of proof 1399 156. Persons deemed to be public servants 1399 157. Protection of action taken under this Act 1400 158. Disclosure of information by a public servant 1401 159. Publication of information in respect of persons in certain cases 1405 160. Assessment proceedings, etc., not to be invalid on certain grounds 1409 161. Rectification of errors apparent on the face of record 1410 162. Bar on jurisdiction of Civil Courts 1415 163. Levy of fee 1416 164. Power of Government to make rules 1418 165. Power to make regulations 1421 166. Laying of rules, regulations and notifications 1421 167. Delegation of powers 1422 168. Power to issue instructions or directions 1424

169. Service of notice in certain circumstances 1428 170. Rounding off of tax, etc. 1432 171. Anti-profiteering measure 1434 172. Removal of difficulties 1444 173. Amendment of Act 32 of 1994 1446 174. Repeal and saving 1446

LIST OF NOTIFICATIONS, CIRCULARS AND ORDERS 1455-1488

1. Volume-I
2. Volume-II