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GST Draft Rules released; No tax to be collected from consumers if one opts for Composition Scheme

By TIOL News Service

NEW DELHI, APR 02, 2017: WITH the GST Council vetting the Draft Rules at its Friday meeting here in Delhi, the Union Government has finally released all the EIGHT Draft Rules for feedback from the trade and industry. Apart from the four finetuned business processes rules, the Rules relating to valuation, input tax credit, composition and transition, have been made public.

Along with the Draft Rules the CBEC has released a detailed FAQ based on the GST Bills passed by the Lok Sabha and the Draft Rules. The FAQs have been compliled by the officers of the NACEN and also State VAT Commissioners who have been patted for doing good job by former CBEC Chairman, Mr Najib Shah.

If one goes by the FAQ, it may emerge that for the purpose of the Composition Scheme which is going to be available for the turnover up to Rs 50 lakhs, the GST authorities are going to work out Aggregate Turnover in a financial year. And the Aggregate Turnover shall include the aggregate value of all taxable supplies, exempt supplies and exports of goods and/or services and exclude taxes viz. GST.] Aggregate turnover shall be computed on all India basis. For NE States and special category states, the exemption threshold shall be [Rs. 10 lakhs]. All taxpayers eligible for threshold exemption will have the option of paying tax with input tax credit (ITC) benefits. Tax payers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for threshold exemption.

Small taxpayers with an aggregate turnover in a preceding financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover in a state during the year without the benefit of ITC. The floor rate of tax for CGST and SGST/UTGST shall not be less than [1% for manufacturer & 0.5% in other cases; 2.5% for specific services such as Serving of food or any other article for human consumption]. A tax payer opting for composition levy shall not collect any tax from his customers. The government may increase the above said limit of 50 lakhs rupees to up to Rs one crore, on the recommendation of GST Council.

Tax payers making inter- state supplies or making supplies through ecommerce operators who are required to collect tax at source shall not be eligible for composition scheme.

A person availing composition scheme during a financial year crosses the turnover of Rs.50 Lakhs during the course of the year i.e. say he crosses the turnover of Rs.50 Lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March? And its answer is NO. The option availed shall lapse from the day on which his aggregate turnover during the financial year exceeds Rs.50 Lakhs.

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Also See : TIOL TUBE Videos on GST

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