Please find attached GST – Financial Impact Sheet / Calculator, which can be used for evaluating Financial Impact of GST on a business.
The following discussion focuses on Place of supply of Goods aspect. Place of supply (‘POS’) should mean the place where supply happened or made to be happened by some government force.
Free Supplies are goods and services supplies free of cost i.e. nothing in return apparently. They all say free supplies are taxable under GST Act(s) (‘the law’), let us examine the truth behind such statement and the extent of truthiness.
The present article deals with the provisions of job work provided under Model GST Law. Let us first take a look at the job work provisions prevailing under current laws and their comparison with Model GST Law in a nutshell;
How often do we hear exports are zero rated, like whenever an assessee think of doing an export transaction, he perceives it to be duty free, tax free and cess free (pun). Zero rated situs means no tax on inputs and no tax on output. What zero rated miss is tax freeness on intermediate.
The Central Excise duties are duties on manufacture of goods. The Counter vailing duty (CVD) u/s 3(1) of customs Act, 1965 is a customs duty in disguise of central excise duty leviable on importer when the goods are imported instead of domestically procured. More or less these two duties work on similar footings.
The article deals with the spin offs with respect to one of the proposed amendments in Service tax by Finance Bill 2016 A. THE VALUATION ISSUE As we know it today, the activity of transportation of goods by an aircraft or a vessel from a place outside India up to the customs station of clearance […]
Central Government had already introduced a system of tax collection at verifiable source rather than through an unverifiable source under Income Tax Act, 1961 as Tax Deduction at Source (TDS). The system was successful enough to contribute to the foundation of Reverse Charge Mechanism. Vide Finance Act, 1996 the Legislature sought to cast the tax net much wider.
A. PERCEPTIVE OF TERMING IT AS SALE Article 366(29A)(c) of Constitution: Such delivery of goods on hire purchase or any system of payment on installment shall be deemed as “Sale of Goods” 2. Power to levy tax on sales is vested to State Governments under Entry 54 of List II and thus VAT has been […]
