Goods and Services Tax (GST) in Australia is a value added tax of 10% on most goods and services sales, with some exemptions (such as for certain food, healthcare and housing items) and concessions (including qualifying long term accommodation which is taxed at an effective rate of 5.5%).GST is levied on most transactions in the production process, but is in many cases … Summary of Model GST law. The commission can rectify an order passed by it for the mistake apparent from the record. Rule 8 of the Valuation Rules regarding the supply of services is similar to the existing provisions in current law. Professional Course, Course on GST Exports National Goods and Services Tax settlement Commission shall be constituted headed by National chairman. Directors held liable for recovery of the dues of the company unless contrary is proved. A bill of supply has been prescribed for non-taxable supplies. Refund to be granted on the principal of unjust enrichment. Any balance lying in the ITC or cenvat credit in electronic credit ledger shall lapse. All assesses except ISD, composition scheme payers and person paying TDS, On or before 31st December following the end of relevant FY, Tax not paid / short paid / erroneously refunded on account of Other than fraud/ wilful misstatement / suppression of facts, Tax not paid / short paid / erroneously refunded on account of fraud/ wilful misstatement / suppression of facts, 3 years from the due date or the actual date, whichever is earlier, for filing of annual return/ 3 years from the date of erroneous refund, 5 years from the due date or the actual date, whichever is earlier, for filing of annual return/ 5 years from the date of erroneous refund, No penalty payable, if tax and interest is paid, Penalty @ 15%, if tax and interest is paid, No penalty payable, if tax and interest is paid within 30 days of issue of notice, Penalty @ 25% payable, if tax and interest is paid within 30 days of communication of notice, Penalty @ 50% of tax, if tax and interest is paid within 30 days of communication of order else 100% of tax, 10% of the tax or Rs.10,000/- whichever is higher. If the taxable person switching over to composition scheme, the Cenvat credit and ITC inputs held in held in stock and inputs contained in semi-finished or finished goods held in stock shall be debited to the electronic credit ledger or electronic cash ledger. No IGST shall be paid on import of services or inter -state supplies of goods /services made on or after the appointed date to the extent the tax paid under the provisions of current law. Credit of certain eligible duties and taxes under CGST/SGST in respect of inputs held in held in stock and inputs contained in semi-finished or finished goods held in stock on the appointed day shall be allowed subject to conditions mentioned in, Credit of eligible duties and taxes on inputs held in stock shall be allowed to a taxable person switching over from composition scheme to normal tax payment under CGST/SGST laws subject to conditions mentioned in. National Goods and Service tax Appellate Tribunal shall be constituted on recommendation of the Council. Location of the event/ park/ other place etc., as the case may be. Every taxable person shall himself asses the tax payable and furnishes a return under relevant section. Goods used for private or personal consumption. Along with GST Rules, CBEC has also released draft formats of the various Forms mentioned in the said Rules. The time can be extended further by 6 months in case the Commissioner is satisfied for the reasons recorded. When to register for and start charging the GST/HST. matter where two or more States, or a State and Centre, have a difference of views regarding place of supply. An order confirming, modifying or annulling the decision or order appealed against or may refer the case back to the First Appellate Authority or to the original adjudicating authority, with such directions as it may think fit, for a fresh adjudication or decision, as the case may be, after taking additional evidence, if necessary. Pending refund claims, claim of cenvat credit, reviews, reference, appeal, revisions etc. The advance rulings can be rectified for the mistakes apparent from record within six months from the date of the order. Registration of casual taxable person and non-resident person shall be effective for 90 days and have to make an advance deposit of the estimated tax liability. Involving substantial question of law to be admitted having aggregate turnover over INR 100 crs any... North Eastern states including Sikkim ) to food, beverages, outdoor etc! Person, detaining and selling any goods belonging to such person, detaining selling! 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