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Archive: 05 January 2019

Posts in 05 January 2019

GST on Sale or leasing of land

January 5, 2019 62535 Views 11 comments Print

The term lease has not been defined anywhere in GST Act or Rules. To classify a lease transaction as either supply of goods or supply of service, we have to refer Schedule II of the CGST Act, 2017 where in clear guidelines for classification of a transaction as either “supply of goods” or supply of services has been enumerated, based on certain parameters.

New Year and a New Ray of Hope for IIM’s !!! (GST Circular for IIM’s)

January 5, 2019 1254 Views 0 comment Print

BACKGROUND At the outset, a happy and a prosperous new year to all the readers. With the New Year comes new joys, new rays of hope, new resolutions as well as New Circulars and Notifications!!!(A New Year gift from the Government) The Government has issued Circular No. 82/01/2019-GST on 01-01-2019, which clarifies on applicability of […]

Court cannot direct Parliament to amend Section 80DD or any other Act

January 5, 2019 981 Views 0 comment Print

Ravi Agrawal Vs Union of India (Supreme Court of India) The Legislature has provided the condition that amount/annuity under the policy is to be released only after the death of the person assured. This is the legislative mandate. There is no challenge to this provision. The prayer is that Section 80DD of the Act be […]

DIPP clarifies on FDI policy on e-commerce after recent media reports

January 5, 2019 1593 Views 0 comment Print

FDI policy on e-commerce, first pronounced through Press Note 2 of 2000, permitted 100% FDI in B2B e-commerce With a view to clarify the already existing policy framework, after extensive stakeholder consultations, Press Note 3 was issued by DIPP in 2016. B2C e-commerce, that is multi-brand retail through inventory based model, has all along remained prohibited for FDI.

GST Council only can decide on Levy of GST on Petroleum Products

January 5, 2019 834 Views 0 comment Print

While, petroleum products are constitutionally included under GST, the date on which GST shall be levied on such goods, shall be as per the decision of the GST Council. As per the section 9(2) of the CGST Act, inclusion of all excluded petroleum products, including petrol and diesel in GST will require recommendation of the GST Council.

7 Issues 32nd GST Council Meeting may discuss on 10th January 2019

January 5, 2019 4449 Views 2 comments Print

GST Council has announced that 32nd GST Council Meeting of it is to be held on 10th January 2019 in New Delhi. 32nd GST Council Meeting may consider following issues- 1. Rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh. 2. Composition scheme for […]

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