Equalisation Levy was introduced via the Finance Act 2016 with effect from 1st June 2016. The EL was levied at 6% on consideration received or receivable by a non-resident for specified services from (i) any person resident in India carrying on business or profession in India or (ii) a non-resident having a PE in India.
Tax Authorities around the world are facing the challenge as to determine the policy which will be most effective for long term voluntary compliance from taxpayers. The debate revolves around those who think that penalties and sanctions are necessary and those who think that gentle persuasion is enough.
Supply consists of elements that can be separated in time, like purchase order/agreement, despatch (of goods), delivery of goods or provision or performance of service, an entry in the records payment and entry of payment in the records or deposit in the bank. So, at which of these points of time will GST become payable? […]
The concept of ‘Supply’ is the cornerstone of GST architecture. The provisions relating to meaning and scope of supply are contained in Chapter III of the Act read with various Schedules given under the said Act.
