Page 12 - Banking Finance August 2017

GST UPDATE

Businesses must display Phone, Credit card bill to attract GST
GST impacts the consumer's phone and credit card bills and the rates are in-
GSTIN on sign boards
creased. "If the invoice was generated after June
30, it will attract GST. For services, the tax is lev-
ied based on the date of supply of service or is-
sue of invoice," a senior Finance Ministry official
said.
The service providers are mandated to provide
an invoice within 30 days of the supply of service.
As a relaxation for insurance and banking companies, the law allows them to
issue an invoice within 45 days. "Our appeal is that issuing revised stickers with
Traders and businesses will have to the new price is not difficult. It should be done at the earliest," said Revenue
display the GST registration number Secretary, Hasmukh Adhia.
on their business sign boards and the "Services provided by an educational institution to students, faculty and staff are
registration certificate in their pre- exempt," it said, adding that there is no change in taxability of educational and
mises. other services on account of GST.

Also, composition dealers will have All traders to be registered under GST by August 15:
to mention that they are availing the
composite scheme and are not en- PM
titled to collect taxes from people. Prime Minister Narendra Modi urged all Chief Secretaries to ensure that GST
registrations are closed by August 15. The Prime
"Every taxable person is required to Minister interacted with PRAGATI - the ICT based
display his GSTIN number on name platform for Pro Active Governance and Timely
board or sign board of business and Implementation, and reviewed the progress
is also required to display his regis- long-pending infrastructure projects in the rail-
way, road and petroleum sectors, spread over
tration certificate in business pre-
mises so that a citizen can easily find several States including Maharashtra, Karnataka,
Andhra Pradesh, Tamil Nadu, West Bengal,
out whether a person is registered
Odisha, Uttar Pradesh, Uttarakhand, Himachal Pradesh, and Arunachal Pradesh.
or not," a tax official said.
The Prime Minister also reviewed the progress of the Pradhan Mantri Awas
The composition dealer is required Yojana (Urban), handling and resolution of grievances related to CPWD, and
to mention in the business premises Directorate of Estates. Modi urged CPWD to encourage all vendors to come
aboard the Government e-Marketplace (GeM) platform.
along with registration certificate
that he is not entitled to collect tax
from taxpayers. Assocham seeks way to compress use of chemical
fertilizers
"That is the legal requirement. So
Industry body Assocham requested the cen-
that the citizen can find out whether tral government to review 18 % GST rate on
the person from whom he is buying select agriculture inputs like bio-fertilisers,
is entitled to collect tax from him or bio-pesticides and organic manures so as to
not," the official added. The Goods compress the use of chemical fertilisers.
and Services Taxpayer Identification
"Higher GST in this segment will directly pro-
Number (GSTIN) is a 15-digit number
mote chemical usage thereby leading to in-
which taxpayers get after register-
crease in green house gas emissions, besides
ing with the GST network portal. it will adversely impact public health," as mentioned in the letter to Mr. Jaitley.

12 | 2017 | AUGUST | BANKING FINANCE

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