Every supplier shall be liable to be registered under this Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds twenty lakh rupees
Permanent transfer/disposal of business assets where input tax credit has been availed on such assets. Supply of goods or services between related persons, or between distinct persons as specified in section 10, when made in the course or furtherance of business.
Notwithstanding anything contained elsewhere in the Act and until specifically so or otherwise prescribed or notified or done in accordance with the provisions of the Act,
From the date of commencement of the Act, the (State) General Sales Tax/Value Added Tax Act, the Central Excise Act 1944, and the Central Excise Tariff Act 1985 shall apply only in respect of goods included in the entry 84 and entry 54 of the Union List and the State List respectively, of the Schedule VII to the Constitution of India.
The Central/State Government may, on recommendation of the Council, by notification and subject to such conditions and safeguards as may be specified therein, in respect of certain classes of taxable persons to be notified in this behalf
Where a taxable person, liable to pay tax under this Act, transfers his business in whole or in part, by sale, gift, lease, leave and license, hire or in any other manner whatsoever, the taxable person and the person to whom the business is so transferred shall jointly and severally be liable wholly
Where any document- (i) is produced by any person under the Act or any other law, or (ii) has been seized from the custody or control of any person under the Act or any other law, or (iii) has been received from any place outside India in the course of any proceedings under the Act or any other law
advance ruling means a written decision provided by the Authority or, as the case may be, the Appellate Authority to an applicant on matters or on questions specified in sub -section (2) of section 116 or sub-section (1) of section 118
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the Repealing and Amending Bill, 2017 to repeal 105 Acts.
Following is Exposure Draft of changes proposed in Ind AS 12, Income Taxes, issued by Accounting Standards Board of Institute of Chartered Accountants of India, for comments.
