Following under a contract of supply.· Services

Following are some of the features of GST·       A common threshold exemption would apply to both CGST and SGST. Taxpayers with an annual turnover of Rs. 20 lac(Rs. 10 lac for special category States as specified in article 279A of the Constitution) would be exempt from GST. A compounding option (i.e. to pay tax at a flat rate without credits) would be available to small taxpayers (including to specified category of manufacturers and service providers) having an annual turnover of up to Rs. 50 lac. The threshold exemption and compounding scheme would be optional. In special category state aggregate turnover limit being 10lakhs. As per CBEC website.·       GST would apply to all goods and services except Alcohol for human consumption.·       Tobacco and tobacco products would be subject to GST. In addition, the Centre would continue to levy Central Excise duty.·       Exports would be zero-rated.·       Service providers like Paytm ,consultants, Biz etc , providing services on e commerce platforms are now exempted from registration under GST if annual turnover is below 20 lakhs in a FY year.·       Job workers and interstate suppliers who were earlier mandatorily required to register under previous tax regime, shall now register only if their turnover exceeds 20 lakhs.Following persons are compulsorily required to register :·              Casual taxable person- who doesn’t have permanent business address ·              People who come under Reverse charge mechanism·              E commerce operators·              Non Resident taxable persons·              Input service distributors·              Persons required to deduct or collect TDS/TCS  *Aggregate turnover includes all supplies made by taxable person, weather on his own account or made on behalf of his principle, excluding the value of supplies on which tax is payable under reverse charge mechanism.Some TechnicalitiesTax slab rate: Four tax rates namely 5%, 12%, 18% and 28%·    Some goods and services would be exempt·    Separate tax rate for precious metals ·    Cess over the peak rate of 28% on specified luxury and sin goods   Other important features of GST·              The taxable event under GST is “SUPPLY” of goods and services as oppose to manufacture of goods or provision of services.·              Supplier can opt for composition scheme, where supplier will pay tax at fixed rate on aggregate turnover upto a prescribed limit in a financial year.·              Import of goods would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties.·              Import of services would be treated as inter-State supplies and would be subject to IGST. (http://www.cbec.gov.in/resources//htdocs-cbec/gst/gst-concept-status-ason05Apr2017.pdf)·              Sec 2(72) defines manufacturing as processing of raw material or inputs in any manner that results in emergence of a new product having distinct name ,character and  use.·              Sec 2(52) defines goods as every kind of movable property other than money and securities but includes actionable claims, growing crops, grass and things attached to or forming part of the land which agreed to be severed before supply or under a contract of supply.·              Services means anything other than goods and securities but includes activities relating to use of money or its conversion by cash or by any other mode from one form ,currency or denomination, to another form.   1.3 Research methodology1.3.1 Research Motivation : This paper is researched in order to highlight the conceptual knowledge of GST law and aims to identify various implications on Foreign trade of India. 1.3.2 Data sources: This research paper is explanatory in nature therefore most of the data has been collected through secondary data like internet, magazines, newspaper, online journals etc.   1.4. Research and FindingsCommerce Secretary, Rita Teaotia( June 2017), in an event organised by Federation of Indian Export Organisation (FIEO) in Mumbai,
said two main export promotion schemes, Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), will be continued after GST also as per new new taxation system.

Further she said, that although there negative apprehensions made by EXIM community(Export and Import) but introduction of GST will ultimately result in lowering the cost of exports and making our exports more competitive.

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