Today I have sent another significant article on GST to get published in VAT LAW JOURNALs January,15 issue . This article relates to Place of Supply Rules in GST . The taxation of services is a very complex and tedious subject . The Empowered Committee has constituted its sub-committee to formulate Rules relating to Place of Supply of Goods and Services in the proposed GST . The discussions and deliberations between the Centre and the States are still in progress to finalize such rules . However understandably the service tax has assumed tremendous significance in the past five years . In 2009-10 the revenue receipts from service tax were 58,000 Crores which enhanced to 69,400 Crores in 2010-11 , 97,509 Crores in 2011-12 , 1,32,601 Crores in 2012-13 and 1,80,141 Crores in 2013-14 . This stupendous rise in the revenue collection by service tax has placed Centre at a very decisive position on the issues of revenue sharing with the States in the proposed GST . It is also significant that The Central Excise which is also to be subsumed in the proposed GST has also contributed to the Exchequer significantly . The yield from Central Excise in 2009-10 was 1,02,000 Crores which enhanced to 1,37,778 Crores in 2010-11 , 1,45,607 Crores in 2011-12 , 1,76,535 Crores in 2012-13 and 1,97,553 Crores in 2013-14 . Thus these figures emphatically make it quite evident that the Service Tax despite being new entity in revenue collection has almost gained parity with the Central Excise . In this background the taxation of services in proposed GST has assumed utmost importance and as such the place of supply of rules in GST are extremely significant . I have tried to discuss the related issues in details considering the law prevailing in other countries and am sure that this article will certainly be significant . Yogendra Kumar
Posted on: Fri, 26 Dec 2014 02:56:45 +0000
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