The GSTC has been notified with effect from 12th September, 2016. GSTC is being assisted by a Secretariat. The following major decisions have been taken by the GSTC in different meetings held by them: The threshold exemption limit would be ` 20 lakh. For special category States enumerated in article 279A of the Constitution, threshold exemption limit has been fixed at ` 10 lakh.  Composition threshold shall be ` 75 lakh. Composition scheme shall not be available to inter-State suppliers, service providers (except restaurant service) and specified category of manufacturers.  Existing tax incentive schemes of central or state governments may be continued by respective government by way of reimbursement through budgetary route.  There would be four major tax rates namely 5%, 12%, 18% and 28%. The tax rates for different goods and services have been finalized. Besides, some goods and services would be under the list of exempt items. The exempted services has been final...

Introduction Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing. Many facilities, procedural concessions have been given to the job workers as well as the principal supplier who sends goods for job-work. The whole idea is to make the principal responsible for meeting compliances on behalf of the job-worker on the goods processed by him (job-worker), considering the fact that typically the job-workers are small persons who are unable to comply with the discrete provisions of the law. The GST Act makes special provisions with regard to removal of goods for job-work and receiving back the goods after processing fr...

Meaning of Reverse Charge under GST As per section 2(98) of CGST Act, 2017 “reverse charge” Means the liability to pay tax by the Recipient of supply of goods or services or both  instead of the supplier  of such goods or services or both under sub-section (3) or subsection (4) of section 9 or under sub section (3) or sub section (4) of section 5 of the Integrated goods and services tax Act. Liability to Pay Tax under Reverse Charge Section 9(3) The Government may , on the recommendation of the council , by notification, Specify Categories  of supply of goods or services or both , the tax on which shall be paid on Reverse charge basis by the Recipient of such goods or services or both and All the Provision of this act shall apply to such recipient as if the person liable for paying the tax in relation to the tax in relation to the supply of such Goods or services or both. List of Service under Reverse Charge Taxable services provided or agreed to be ...