Page 8 - Chapter 1

place of supply; v Facilitating registration
CH 1 (iv) the threshold limit of turnover below which goods and services may be v Forwarding the returns to Central & State authorities
Introduction of GST (v) the rates including floor rates with bands of GST; v Matching of tax payment details with banking network
v
Computation & settlement of IGST
exempted from GST;
v
Providing various MIS reports to the Central & the State Governments based
(vi) any special rate or rates for a specified period, to raise additional resources
on the taxpayer return information
during any natural calamity or disaster;
v
Providing analysis of taxpayers profile
(vii) special provision with respect to Special Category States
(viii) the date on which the GST be levied on petroleum crude, high speed diesel,
credit
motor spirit (commonly known as petrol), natural gas and aviation turbine fuel. v Running the matching engine for matching, reversal & reclaim of input tax
(ix) any other matter relating to the GST, as the Council may decide.

Note: Any five points may be mentioned. 10. Benefits of GST
CCP 01.10.21.00
08. Special category state List some of the benefits that GST to accrues to the economy. [ICAI Material]
CCP 01.08.18.00 Answer:- GST accrues following benefits to the economy:

Which states have been categorized as special category states under GST? (a) Creation of unified national market: GST has made India a common market
Answer :- Special provision in GST have been made with respect to states of with common tax rates and procedures. Further, it has removed the economic
Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, barriers resulting in an integrated economy at the national level.
Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand. (b) Boost to ‘Make in India' initiative: GST has given a major boost to the ‘Make in
India' initiative of the Government of India by making goods and services
09. Goods and Service Tax network(GSTN) produced in India competitive in the national as well as international market.

CCP 01.09.19.00 This will make India a manufacturing hub.
What is GSTN? (c) Enhanced investment and employment: The subsuming of major Central and
Answer: GSTN stands for Goods and Service Tax Network (GSTN). A Special Purpose State taxes in GST, complete and comprehensive set-off of input tax on goods
Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall and services and phasing out of Central Sales Tax (CST) has reduced the cost of
provide a shared IT infrastructure and services to Central and State Governments, tax locally manufactured goods and services. Resultantly, the competitiveness of
payers and other stakeholders for implementation of GST Indian goods and services in the international market has increased which has
given boost to investments and Indian exports. With a boost in exports and
CCP 01.09.20.00 manufacturing activity, more employment is likely to be generated and GDP is

What are the functions performed by the GSTN? likely to be increased.
Answer:- The functions of GSTN are as follows:

www.vsmartacademy.com
6 CA VISHAL BHATTAD 09850850800 V’Smart Academy
CA Final GST Questioner