ॐ असतो मा सद्गमय
Exemption issued will make specific reference to HSN code along with description of the goods to be exempted. Exemption must be jointly read so as to apply to the goods described and falling within the specific HSN code. Other goods that may also be classified in the same HSN but not matching the description will not enjoy the exemption.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION: FAQ NO.7)
Exemption notifications will apply from the date specified in the said notification as the effective date.
(ICAI FAQ PUBLICATION 06-09-2017 EXEMPTION: FAQ NO. 6)
No, it is not possible since CGST and SGST laws will operate in a coordinated manner. However, SGST exemption does not automatically exempt the supply under CGST. So to this extent there can be difference due to changes in SGST law. But the requirement of ‘recommendation of GST Council’ being incorporated in the SGST / UTGST Acts, for grant of any such exemptions, the required balance would be maintained.
( ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTION: FAQ NO. 5)
GST on import of goods is levied under proviso to section 5(1) of IGST Act which provides that IGST will be levied ‘at the point’ when customs duties are leviable. Accordingly, to determine the IGST applicable under section 3(7) of Customs Tariff Act, reference must be made to the IGST rate prevailing on the date of levy of such IGST. Hence, any exemption issued under IGST Act will apply to import of goods.
( ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTION: FAQ NO. 4)
No, there is no such correlated sections in the two Acts.
(ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTION : FAQ NO. 3)
Yes, notification issued under section 11(1) or 11(2) of the CGST Act will be deemed to be issued under the SGST Act / UTGST Act, reference can be taken from section 11(4) of SGST Act and section 8(4) of UTGST Act.
(ICAI FAQ PUBLICATIONS 06-09-2017 EXEMPTION : FAQ NO. 2)
No, the power to grant exemption is vested with the Government. In other words, the Government by notification on the recommendations of the Council may grant exemption from tax generally, either absolutely or subject to such conditions as may be notified from the whole or any part of the tax leviable thereon.
(ICAI FAQ PUBLICATION 06-09-2017 POWER TO GRANT EXEMPTION FROM TAX: FAQ NO. 1)
Following are the consequence for non-compliance with the conditions specified for composition scheme:
1. shall be liable to pay additional taxes at the rates applicable to regular taxable person;
2. shall be liable to penalty; and
3. the amount of tax and penalty shall be recovered in terms of Section 73 or 74of the CGST Act, 2017.
(ICAI FAQ PUBLICATION 06-09-2017 COMPOSITION LEVY: FAQ NO.61)
In terms of Section 10(3), the option availed for paying tax under composition scheme shall lapse with effect from the day on which his aggregate turnover during a financial year exceeds the limit specified i.e. seventy-five lakh rupees. However, the threshold limit for special category states have been kept at ` 50 lakh rupees except Uttarakhand.
(FAQ ICAI PUBLICATION 06-09-2017 COMPOSITION LEVY: FAQ NO. 60)
In terms of Section 2(6) of the CGST Act, 2017, “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax,Union territory tax, integrated tax and cess;
(FAQ ICAI PUBLICATION 06-09-2017 COMPOSITION LEVY: FAQ NO.59)