Author: Pallavi

FAQ on GST

1. What is a taxable event under the Goods and Services Tax (GST)?

The taxable event under GST shall be the supply of goods, services, or both made for consideration in the course of business. The taxable events under the existing indirect tax laws, such as for manufacturing, sales, and services, shall be subsumed in the taxable event known as ‘supply’.

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Clarification in respect of goods taken out of India for exhibition or on consignment basis for export promotion:

The Central Board of Indirect Taxes and Customs (CBIC) has issued a comprehensive clarification in this regard vide Circular No. 108/27/2019-GST dated 18.07.2019. The key points clarified in the Circular are the following:

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Rate of GST applicable on construction of commercial apartments [shops, godowns, offices etc.] in a real estate project?

With effect from 01-04-2019, effective rate of GST, after deduction of value of land or undivided share of land, on construction of commercial apartments [shops, godowns, offices etc.] by promoter in real estate project are as under:

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Rate of GST applicable on Construction of Residential Apartments

With effect from 01-04-2019, effective rate of GST applicable on construction of residential apartments by promoters in a real estate project are as under:

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GST Exemption on Gold, Silver and Platinum

As per the GST Council meeting held on 20th September 2019, the council announced exempted or reduced Goods and Services Tax in the interest of the public. Of which, the GST is exempted on the export of Gold, Silver and Platinum. This revised rate of GST is effective from 1st October 2019.

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Compensation Cess on Passenger Vehicles

Passenger vehicles of engine capacity 1500 cc in case of diesel, 1200 cc in case of petrol and length not exceeding 4000mm designed for carrying upto 9 persons attract compensation cess of 1% for petrol and 3% for diesel vehicle. Council recommended same compensation cess rate for vehicles having these specifications (length and engine capacity) but designed for carrying more than 10 persons but upto 13 persons. (Presently these vehicles attract compensation cess at the rate of 15%)

Source : http://cbic.gov.in/resources//htdocs-cbec/press-release/PRESS_RELEASE_Final.pdf

Clarifications as regards applicability of GST rate in respect of certain goods recommended by GST Council which inter-alia includes:

a) Mere heating of leguminous vegetables (gram/lentil) for removing moisture, or to soften and puff it or removing the skin, and not subjecting to any other processing or addition of any other ingredients (salt, oil etc.) would be classified under HSN Code 0713.

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